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What role did Tether play in Bitcoin’s recovery?

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Bitcoin faced a massive setback on the 21st of January after the asset dropped below $29,000 for the first time since 3rd January. At press time, Bitcoin had recovered back above $33,000 but there was one particular narrative that was picking up more steam in the current bullish landscape.

Leading with the facts, stablecoin inflows to exchanges during a Bitcoin dump was evident in 2021. According to a recent report by Santiment, the timeline of every dip has been highlighted in the chart below, and USDT registered massive exchange inflows during the same time.

Bitcoin

Source: Santiment

The report suggested that Bitcoin suffered a dip on January 4th-5th, 11th-13th, and recently between 21st-22nd. During the same period, USDT inflows into exchanges recorded the following numbers:

  • January 4th-5th: $2 billion USDT inflows
  • January 11th-13th: $3.6 billion USDT inflows
  • January 21st-22nd: $2.4 billion USDT inflows

Now, the above condition does point towards a narrative where USDT has been responsible for assisting Bitcoin in the recovery during a dip but the narrative might not be completely accurate in different conditions.

Control and Impact: Reading the lines

Before heading into an explanation, the functionality of a stablecoin needs to be understood once again. A stable asset is just dollar-pegged crypto that can be used to buy other assets on the exchange.

One of the reasons why USDT always retains high volumes is because it replaces the USD component for many offshore exchanges. Investors do not need to deal with US regulations and unlike USDT, it does not have a slow settlement time like the traditional banking system.

Hence, the fact that USDT registers high inflows during a Bitcoin dip can simply be the convenience of accessing BTC with the stable asset, without the speculatory manipulation reasoning.

Santiment report mentioned another key observation in the chart.

USDC

Source: Santiment

During the dips, it wasn’t just USDT that exhibited higher inflows as other stablecoins such as USDC also recorded a series of inflows, with TrustToken’s TUSD and DAI stablecoin, displayed notable inflows as well.

Hence, the FUD created another Tether-Bitcoin that could be down to the following statement: Tether impacts Bitcoin’s value during upswing trades but it does not manipulate it. A part of the community believes that if USDT witnesses a crash, Bitcoin will go down as well but there is not conformity to that situation.

And interesting;y, taking a different approach to the debate regarding USDan Held, Kraken exchange representative recently stated,

Source: https://ambcrypto.com/what-role-did-tether-play-in-bitcoins-recovery

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Bittrex Global Lists TheFutbolCoin (TFC)

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[PRESS RELEASE – Please Read Disclaimer]

Valduz, Liechtenstein, 4th March, 2021, // ChainWire //

TheFutbolCoin (TFC) token aims to provide a means of financial support for disparate organizations within the football ecosystem

23rd February 2021, Vaduz, Liechtenstein — Bittrex Global GmbH will be listing the TheFutbolCoin  (TFC) cryptocurrency on its digital asset exchange.  TFC is a high utility token that is interwoven with TheFutbolApp (TFA) – a gamified social network themed around football/soccer.  TheFutbolApp, launched in September 2019, is growing organically at the same rate as Twitter in its early days and has a current play store user rating of 4.8★ out of 5★.  TheFutbolApp only accepts TFC for advertising.

TFC and TFA appeal to all elements of the football ecosystem:  3.5+ billion fans worldwide,  supporting merchants/businesses, football players, professional football clubs big and small and recreational/amateur football clubs. TFC enables the sharing of the digital wealth of football with its participants, primarily the football fan.

futbolpr

TheFutbolCoin’s utility is so high and diverse that it is already accepted by more than 20 different types of businesses for goods and services. These include KFC, Farmer Boys, burger & other restaurants, coffee shops, convenience stores, car washes, tattoo parlors, hearing aid centers, nail & hair salons, gymnasiums, motorbike & car sellers, creative agencies, electronic supplies and more.

Prior to the Bittrex Global listing, there are already more than 150,000 unique TFC wallet holders in less than 18 months with hundreds of thousands of transactions. TFC and TFA plan to significantly increase their geographic economies in Europe, USA, Africa and Asia.

“The COVID-19 pandemic has been particularly hard on everyone both psychologically and economically.   This includes football fans, clubs, players and all that are associated with football.  More than 3.5 billion football fans globally have the uplifting, fun opportunity to join TheFutbolApp community and enjoy TFC’s sharing of the digital wealth of football, the biggest and richest sport in the world” said Bittrex Global’s CEO Tom Albright.  “Football clubs also have a significant economic opportunity to benefit from TheFutbolCoin and TheFutbolApp.”

“We are proud of TheFutbolApp and its high utility TFC token.  Our business model is explicitly to share the digital wealth of football via the TFC utility token with all participants in all continents of the world” said Steve Van Zutphen, CEO and founder of TheFutbolApp.  “We believe in community, breaking barriers and bringing millions of people together in an uplifting, inspiring and sustainable fashion.  We hope and expect to make a significant difference for football clubs and millions of football fans worldwide.”

The football industry is a multibillion-dollar industry supported by billions of people around the world; however, the impact COVID-19 has had on traditional sources of revenue has been considerable, particularly for people providing support and auxiliary services to the industry. TheFutbolCoin aims to provide an example of how communities and specific industries can band together and provide a decentralised economic network dedicated to football fans around the world.

About Bittrex Global

Bittrex Global has one of the most secure trading platforms and digital wallet infrastructures in the world, where customers can access exciting new products. Built on Bittrex’s cutting-edge technology, Bittrex Global provides a high-level experience for professional and novice customers alike.

About TheFutbolApp

TheFutbolApp (TFA) is a gamified social network themed around the global sport of football.  Through TheFutbolCoin (TFC) its high utility token, TheFutbolApp enables the sharing of the digital wealth of football with its participants, primarily the football fan.

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Source: https://cryptopotato.com/bittrex-global-lists-thefutbolcoin-tfc/

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BitGo To Introduce Crypto Custodial Services To New York Clients

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Digital asset trust company, BitGo has added another feather to its cap. The company announced today that it has received a Trust Charter that will enable it to operate as an independent qualified custodian in the United States’ commercial hub, New York. The license was issued by the New York State Department of Financial Services.

Go, BitGo

California-based digital asset solutions provider, BitGo has expanded its horizon. It will now render cryptocurrency custodial services to New York-based institutional clients. The news was confirmed after the state’s Department of Financial Services issued the New York Trust charter to the company.

The news reiterates the company’s motive to exhaust the possibilities of the new financial landscape. It announced in December last year that it had over $16 billion in assets in its custody. With the surge in institutional interest, BitGo now has its eyes set on the world’s financial and commercial epicenter. Speaking on the latest milestone, BitGo CEO Mike Belshe said:

“We are extremely proud to receive the approval for a trust charter from NYDFS to serve the world’s premier financial organizations that are based in New York State. The past year has been exceptional for BitGo and the digital asset markets overall, primarily due to the influx of large financial services institutions that bring a new level of credibility, liquidity and stability to the crypto ecosystem.”

The license will enable New York’s premier institutions to key into the digital revolution while staying within the state’s regulatory framework. BitGo’s list of reputable partners adds an extra layer of trust. It claims to be backed by Goldman Sachs, Craft Ventures, Digital Currency Group, Redpoint Ventures, and Valor Equity Partners.

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What’s In Store?

BitGo intends to go all-in for its prospective clients. Asides from its fully secured custodial services, it outlined several benefits of the New York Trust.

It will adopt a sophisticated, independently verified system control – SOC 2 Type 2. The SOC 2 Type 2 compliance records how a company safeguards customer’s data. This system control type verifies compliance with standard procedures and often gives a competitive edge.

Prospective clients will benefit from BitGo’s “comprehensive insurance coverage,” which it says covers up to $100 million in digital assets. Its multi-signature technology is yet another selling point.

New York – The New Crypto Hub?

The city of New York is becoming a destination for mainstream cryptocurrency companies. This week, leading blockchain sports and entertainment platform, ChiliZ announced that it would set up an office in New York.

Perhaps this is fueled by the state’s unwavering efforts to maintain a regulated framework that attracts investment and prioritizes asset protection. The New York Financial Services Law, which was enacted five years ago, necessitates the regulation of companies in the digital asset space. The state’s Department of Financial Services approved the sale and trading of eight cryptocurrencies in August last year.

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Source: https://cryptopotato.com/bitgo-to-introduce-crypto-custodial-services-to-new-york-clients/

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Analyst tells Tesla to dump Bitcoin for buybacks as shares plunge alongside MSTR’s

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A former equities CIO of Goldman Sachs drew an strong response on Twitter after suggesting Tesla should sell its Bitcoin and buy back company shares.

The price of TSLA shares have fallen 28% from $863.42 to $621.44, since news broke on Feb. 8 that Tesla had made a $1.5 billion BTC acquisition.

MicroStrategy’s shares have fared even worse in the short term. The company, which is headed by Bitcoin bull Michael Saylor and just completed its latest acquisition of $15 million in BTC on Mar. 3, is now down 50% from its all-time high of $1,315 from Feb. 9.

Tesla’s share market woes are likely due to a number of factors. In early February, it was reported that Tesla had been reprimanded by the Chinese government over quality control issues after receiving consumer complaints. The broader stock market has also experienced volatility, with the S&P 500 down 4.1% in the last 30 days. 

But the tweet from longtime Tesla analyst Gary Black, who has several decades of financial management experience, sparked a debate on whether Tesla’s purchase of $1.5 billion in Bitcoin last month had benefited investors.

“I don’t want them buying back stock,” said Twitter user Techgnostik. “I want them investing in growth, and making another billion on their BTC position.”

Black countered by suggesting TSLA would also draw inclusion by more fund managers with a share buyback program, considering it of greater value to the investor than buying BTC “with excess cash.”

Some users on Twitter agreed that a stock buyback seemed to be a more appropriate use of funds, while others felt too much attention was being paid to what Tesla did with 8% of their cash reserves.

It’s not easy to ascertain the impact buying Bitcoin has had on a company’s bottom line. While MicroStrategy’s share price has halved in a month, shares of MSTR are still up 340%, (from $146.63 to $645.66), since the company announced its first purchase of 21,454 BTC on Aug. 11, 2020. The price of BTC is currently up 310% from the same date.

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Source: https://cointelegraph.com/news/analyst-tells-tesla-to-dump-bitcoin-for-buybacks-as-shares-plunge-alongside-mstr-s

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