Market Update 6.21.18 – Tether Tokens Backed by USD
Market News
Tether Tokens Backed by USD
Apparently, Tether tokens are backed by US dollars. According to the general counsel of the company, Stuart Hoegner, the law firm Freeh Sporkin & Sullivan LLP assessed the holdings of two of the company’s bank accounts for several weeks to check the amount of dollar holdings the company has. Tether did this in order to lay to rest the issue of whether they have enough USD to back up its crypto token.
Tether has claimed at that all of its tokens is backed by USD. So, with more than 2.3 billion tokens, that would mean the company would need to back them up with $2.3 billion. Industry experts have been skeptical about whether the company actually had that kind of monetary backing that it claimed.
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Chinese Academy of Sciences Launches Blockchain Lab
The federal science institution, the Chinese Academy of Sciences has now launched a new Big Data and Blockchain Laboratory. This lab, whose creation was announced during a seminar on June 15, is being launched in partnership with the Beijing based Blockchain startup called Tai Cloud Corp. This new research effort will focus around relationship between mathematics and Blockchain technology.
According to the deputy director of the center for mathematics and interdisciplinary sciences at the Academy, Xiaoshan Gao, mathematics will play a critical role in many key areas in Blockchain technology.
Find out more here.
AMD Shares Prices Too Dependent on Crypto Mining
Advanced Micro Devices (AMD), the maker of the GPUs that power mining hardware has seen substantial growth in its share prices since the crypto-mining industry started growing. Just in the last month, the share price of the company has shot up by 30% thanks to this boom.
GPU (Graphics Processing Units) were originally developed to power computer games, however, they have proven to be very effective powering devices used to mine cryptocurrencies. This has opened up a whole new market for the company. However, analysts are concerned that AMD is too dependent on the crypto mining market and that if that were to go bust, the company could suffer badly.
Find out the details here.
Total Market Cap: June 21
Trading volume since yesterday has slipped to $11.94 billion. The cryptocurrency market’s value inched up to $289.71 billion today.
Bitcoin Price Analysis: June 21
Since yesterday, the price of Bitcoin went up 1.95% to trade at $6754.61. Its volume of trade is $3.65 billion and its value is $115.51 billion.
Ethereum Price Analysis: June 21
Ethereum went up by 3.35% to trade at $538.93. In the last 24 hours, ETH’s trade volume has gone up to $1.51 billion and its market cap $53.92 billion.
State of the Top 10 Cryptocurrencies: June 21
All of the top ten cryptocurrencies have seen gains so far today. Despite the hack attack on South Korean cryptocurrency exchange – the 6th largest in terms of trading volume in the world – Bithumb, the markets have held steady, especially Bitcoin. The biggest gainer today has been TRON, whose price shot up by 6.91%. Ethereum, EOS and IOTA all gained more than 3% in their trading prices since yesterday.
- Bitcoin gained 1.95% to trade at $6754.61. Its market value is now $115.51 billion.
- Ethereum gained 3.35% to trade at $538.93. Its market value is now $53.92 billion.
- Ripple gained 2.09% to trade at $0.539662. Its market value is now $21.17 billion.
- Bitcoin Cash gained 2.39% to trade at $890.38. Its market value is now $15.31 billion.
- EOS gained 3.03% to trade at $10.54. Its market value is now $9.44 billion.
- Litecoin gained 1.69% to trade at $97.83. Its market value is now $5.58 billion.
- Stellar gained 1.70% to trade at $0.232545. Its market value is now $4.32 billion.
- Cardano gained 2.23% to trade at $0.161409. Its market value is now $4.18 billion.
- IOTA gained 3.53% to trade at $1.17. Its market value is now $3.24 billion.
- TRON gained 6.91% to trade at $0.048787. Its market value is now $3.20 billion.