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Crypto Whales are coming in fast on Tether, Hold 80% of Global Supply

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Crypto Whales are coming in fast on Tether, Hold 80% of Global Supply

The Whales are beginning to enter the crypto space this summer.

Tether (USDT), seems not have been left out of the action.

About 318 wallets have been identified to own about 80% of Tether’s tokens.

According to Bloomberg, based on data obtained from coinmetrics, these 300 wallet addresses hold vast sums in $1 million and above.

According to the data obtained, the wallets that have over $1 million holds about $3 Billion combined value of the total Tether tokens in circulation.

This kind of scenario creates new problems for the already embattled cryptocurrency token which has had more than its fair share of problems with law enforcement and regulatory authorities.

Too Much Power in the Hands of Too Few

This kind of situation creates the kind of storm that anti-trust regulators love to take on.

It looks good for the anti-trust movement.

This also defeats the purpose of peer-to-peer transactions: decentralization.

This also could lead to accusations of a “mafia-type” of arrangement where the token is already held down by a few.

Bitcoin Price Manipulation Accusations are Rife

USDT is a stablecoin.

Hence, the concern of many within and outside the crypto space about the ownership structure of the tokens.

This will not go down well with the United States Securities and Exchange Commission whose stance is currently mixed on cryptocurrencies.

And it won’t either with other regulators globally.

No Cause for Alarm

There is no cause for alarm though as a significant portion of this list is owned by exchanges.

According to wallet.tether’s rich list, Binance, the Tether Treasury, and Huobi Cold wallet are the three largest wallet owners.

This, of course, gives a few indications that the stablecoin is being actively traded.

So, if there are any fears of an “inside mafia” controlling the cryptosphere, it’s most likely the people using cryptocurrencies daily: You and I.

What do you think? Is there a “mafia” type of arrangement controlling Tether and crypto?

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Peter Schiff Warns Of A Possible Crash Of Bitcoin Below $2,000

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Peter Schiff Warns Of A Possible Crash Of Bitcoin Below $2,000

Peter Schiff, a stockbroker, and financial commentator took to Twitter recently to voice his opinion on the direction of BTC. Though he said the crypto asset is on his way to $6K, however, warns that things can go worse, driving price below to $2K.

A Possible Crash Below $2,000 For Bitcoin (BTC)

Peter Schiff, is known for his love for gold while exhibiting intense hate for bitcoin. However, he has kept an eye on bitcoin, updating the community about its impending crashes to prove his point that bitcoin is worthless.

Though he admitted possessing some bitcoin, his recent tweet still shows he doesn’t see the asset as a wise choice for smart investors.

Peter Schiff, in his recent tweet, expressed how horrible things were looking for bitcoin. According to Mr Schiff, bitcoin is in a move to complete a popular pattern, the head-and-shoulder, which will see the asset drop in value to about $6,000. Furthermore, he opines that bitcoin could slump drastically below the $2,000 mark if the pattern is completed.

While many do not agree with Peter Schiff, some others think bitcoin crashing below $2,000 would be an opportunity to buy more bitcoin.

All these, however, is happening at a time when the institutional traders are trying to pick some interest in bitcoin as trading on the futures exchange, Bakkt, continues to rise.

At the time of writing, bitcoin is currently trading at $8,062.72, with a market cap of over $145 billion according to CoinMarketCap.

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Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price

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Ripple Sends $26 Million Worth of XRP to Jed McCaleb, XRP Army Fears Another Dump in Price

Time and again, several members of the XRP community have opined that the massive dump of the crypto asset in the market has impacted on its price, negatively. Now, there are speculations for another dip in XRP’s price. The latter is after Whale Alert informed on September 7, 2019, that 100 million XRP tokens have been transferred to Jed McCaleb, Ripple’s co-founder. 

Ripple Sends XRP Worth About $26 Million to McCaleb’s Wallet

According to Whale Alert, Ripple transferred 100 million XRP valued at $26,322,440 to Jed McCaleb’s wallet. The transfer has led to the sentiment in the crypto space that XRP might tank below its $0.262 price today. Also, the opinion is due to McCaleb’s reputation for dumping huge amounts of XRP in the market.

McCaleb is Ripple’s co-founder, and in 2014, Ripple transferred 9 billion XRP to him as his share for founding the company in 2012. However, the blockchain company entered a seven-year agreement with McCaleb to control how much XRP he can sell in the market yearly.

Per the agreement, the co-founder could sell $10,000 worth of XRP per week in the first year, $20,000 per week in the second, third, and fourth years, and “750 million XRP per year for the fifth and sixth years.” In the same vein, he could choose to dump 1 billion XRP yearly for the seventh year, and 2 billion XRP yearly after the seventh year.

McCaleb’s Dump of XRP Impacts of Asset’s Market Price

Given that this is the fifth year since the agreement was made, McCaleb can choose to dump thousands of XRP tokens daily. In 2014 when he announced his plans to sell a significant part of his XRP holdings, the value of the asset declined by 40%. As such, the continuous dump of the asset has also been pointed out as one of the reasons why it is not spiking like other top cryptocurrencies.

Asides from being reputable in the XRP community, McCaleb is also a name associated with Mt Gox, one of the first cryptocurrency exchanges. He founded the platform and sold it off years before its hack. Similarly, McCaleb is the creator of Stellar (XLM), the 11th largest cryptocurrency by market cap.

Nonetheless, the crypto community has aired its views about the potential for McCaleb to release another share of XRP to the market. Crypto BitLord, for instance, said: “Wow. Another cool $26M Jed can unload at market. This shits out of control.” Another remarked that: “know, right?! Private businesses shouldn’t be allowed to exist. The name “Jed” should be banned.”

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