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Tether Retakes Third Crypto Spot Surpassing XRP: Report

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Tether retakes the third position in crypto market cap over Ripple, but can it keep the spot? We are about to find out in the Tether coin news today.

Tether has become the third-biggest cryptocurrency by market cap today by pushing Ripple’s XRP down to the fourth position according to crypto analytics platform Messari and Coin Metrics. If you multiple the number of coins in one cryptocurrency by the price, you will get its market capitalization. This is a way of comparing assets that have wildly different supplies and since Tether is a stablecoin, the price doesn’t really move as it is designed to be equal to one US dollar so the only way to increase the market cap is to mint new tokens.

Tether retakes the third position from ripple as its market cap hit $12 billion recently after increased by $1 billion in a week. Today it has already reached $13.14 billion as Coin Metric Analyst Lucas Nuzzi tweeted. This is not the first time that Tether replaces Ripple as the third-biggest crypto. During the market meltdown back in March, USDT overtook XRP after surpassing $5 billion in market cap. The growth for USDT still came despite the parent company dealing with a few lawsuits.

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Right now, Tether and is sister company Bitfinex, are in the middle of a fraud investigation by the New York Attorney General’s office over allegations that they conspired to hide an $850 million dollar void in BitFinex’s finances. The class-action lawsuit accused Tether of damages of $1.4 million for printing billions of dollars worth of crypto and also manipulating the BTC price in 2017.

Following the tether coin news today, we also reported that OMG Network has just launched Tether transfers integration providing an alternative option for swapping the leading stablecoin on the market. Shifting Tether transactions to the OMG network will reduce ETH congestion by about 15%. Tether users will be able to deposit and withdraw directly from the Bitfinex exchange and this could relieve the Ethereum gas fees that recently hit an all-time high.

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According to the new analysis from the blockchain intelligence company Glassnode, the source of the skyrocketing fees resulting in more than $7 million being paid in gas each day is Tether. The examination identified that Tether is to blame as the single largest source of ETH gas spending along with the huge spending increases in the DeFi applications such as Uniswap and the arbitrage bots are trying to keep the market at an equilibrium level.

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Source: https://www.dcforecasts.com/tether-news/tether-retakes-third-crypto-spot-surpassing-xrp-report/

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The Changes Continue: Facebook’s Libra Has Been Rebranded To Diem

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  • Facebook shook the world last year after announcing plans to introduce a “single global digital currency” dubbed Libra. However, the social media giant’s efforts were quickly scalded by global regulators as the project received massive blowback.
  • Facebook didn’t give up on its idea. Instead, the company decided to rebrand its two main products. Firstly, the Calibra wallet became Novi, and today, Reuters reported that the Libra name had been changed to Diem (meaning ‘day’ in Latin.) 
  • Stuart Levey, CEO of the Geneva-based Diem Association behind the digital coin, confirmed that the name change comes as a direct consequence of the regulatory hurdles. He noted that “the original name was tied to an early iteration of the project that received a difficult reception from regulators. We have dramatically changed that proposition.”
  • The Diem currency would operate as a signal dollar-backed digital coin. Although Levey failed to specify the timing of the launch, recent reports suggested that it may arrive as early as January 2021. 
  • Levey further explained that the Novi team has already begun building a digital wallet that will eventually hold Diem coins. Apart from waiting for approval from Swiss regulators to launch, the Diem Network is also in talks with US federal and state watchdogs. However, Levey didn’t disclose the nature of those negotiations. 
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Source: https://cryptopotato.com/the-changes-continue-facebooks-libra-has-been-rebranded-to-diem/

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Coinbase Faciliated MicroStrategy’s $425M Bitcoin Purchase Without Moving The Market

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The leading US-based cryptocurrency exchange Coinbase assisted in MicroStrategy’s massive purchase of $425 million worth of BTC. The platform pledged to help other large firms diversify their portfolios with bitcoin in the future as well.

Coinbase Involved In MicroStrategy’s BTC Purchase

The NASDAQ-listed business intelligence firm made the news on two occasions earlier this year as it announced the total purchase of 38,250 bitcoins. At the time, this sizeable amount equaled about $425 million.

However, the entity that helped broker the deal remained unknown until today. The San Francisco-based crypto exchange Coinbase announced that it was “selected as the primary execution partner for MicroStrategy’s $425 million purchase of Bitcoin.”

The community speculated on how such a considerable amount didn’t move the markets as the price of BTC remained relatively still back then. Coinbase explained that this was the company’s intention in the first place:

“Using our advanced execution capabilities, leading crypto prime brokerage platform, and OTC desk, we were able to buy a significant amount of bitcoin on behalf of MicroStrategy and did so without moving the market.”

Furthermore, the exchange noted that its system takes a single large order and breaks it into many small pieces that are executed across multiple trading venues. This type of smart order routing reduces the trade’s impact on the market and assists in disguising the overall trade size.

This also helped MicroStrategy to get a better price for its BTC purchase as Coinbase’s trading team “achieved an average execution price that was less than the price at which the buying started.” The post highlighted that this strategy ultimately saved 1% (or about $4.25 million) for the NASDAQ-listed company.

More Large Companies To Come?

MicroStrategy’s purchase kicked off a wave of large companies and prominent individual investors who expressed willingness to get in bitcoin as well.

Jack Dorsey’s Square followed with a $50 million BTC allocation. More recently, the Wall Street giant Guggenheim Partners filed a document with the SEC to purchase about $500 million worth of bitcoin for one of its funds.

Coinbase asserted that more firms will look to BTC to hedge or diversify their excess cash. Consequently, the large US exchange will “look forward to helping more corporate companies and institutions looking to diversify their capital allocation strategies with crypto.”

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Source: https://cryptopotato.com/coinbase-faciliated-microstrategys-425m-bitcoin-purchase-without-moving-the-market/

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Hackers Using Monero Mining Malware as Decoy, Warns Microsoft

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Crypto-jacking is giving nation-state hackers a decoy for their more malicious attacks, warned Microsoft in a Monday report.

The company’s intelligence team said a group called BISMUTH hit government targets in France and Vietnam with relatively conspicuous Monero mining trojans this summer. Mining the crypto generated side cash for the group, but it also distracted victims from BISMUTH’s true campaign: credential theft.

Crypto-jacking “allowed BISMUTH to hide its more nefarious activities behind threats that may be perceived to be less alarming because they’re “commodity” malware,” Microsoft concluded. It said the conspicuousness of Monero mining fits BISMUTH’s “hide in plain sight” MO.

Microsoft recommended organizations stay vigilant against crypto-jacking as a possible decoy tactic.

Source: https://www.coindesk.com/hackers-using-monero-mining-malware-as-decoy-warns-microsoft

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