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Paxos Standard Sees Great Demand After Bitfinex-Tether Debacle

  • Alex Dovbnya
    📰 News

    Tether breaks its pegged USD price while its alternatives are gaining momentum. All major stablecoins are trading above the $1.00 mark   
       


Paxos Standard Sees Great Demand After Bitfinex-Tether Debacle
Contents

Paxos Standard, the stablecoin that rivals Tether, appears to be the biggest winner in the recent Bitfinex controversy that took the crypto community by storm. A new report states that $10 mln worth of PAX tokens were minted since the bombshell allegations about Bitfinex and Tether were brought to light.

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A growing momentum

According to Paxos CEO Chad Cascarilla, the coins were minted due to greater demand. The timing makes it obvious that the sudden spike in interest is inextricably connected to the Bitfinex news.

“We don’t pre-mint PAX, so the PAX [volume] is going up or down based on market demand for Paxos dollars … so that increase is definitely related to market demand and I have to assume it’s because of the Tether news,” he said.

As reported by U.Today, the New York Attorney General obtained a court order against iFinex, the Hong Kong-based Bitfinex operator. Bitfinex allegedly siphoned at least $700 mln off Tether’s cash reserves to make up for the loss of $850 mln that was handed to a Panama entity, Crypto Capital. The embattled exchange dismissed these accusations, calling them ‘a great overreach’.

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Tether takes a hammering

Just like Paxos Standard, Tether is a dollar-pegged stablecoin, which means that it is fully backed by USD. However, there have been multiple concerns about whether Tether has enough funds to maintain the stability of its cryptocurrency. The Bitfinex bombshell is just another log on the fire.

The stablecoin market is gradually becoming more crowded, and Tether’s dominance is declining. At the time of writing, USD Coin, TrueUSD, Paxos Standard, and Gemini dollar are trading above the $1.00 mark while Tether is currently in the 0.98 range.

Cover image via u.today
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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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📈 Price Predictions
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XRP Price On The Verge Of Breakout? Twitter Users Expect XRP Hit $1 This Year

  • Vera Yurina
    📈 Price Predictions

    Can Ripple touch the $1 level this year? Check out interesting opinions and XRP price predictions from Twitter users


XRP Price On The Verge Of Breakout? Twitter Users Expect XRP Hit $1 This Year

Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Contents

Failing to sustain high price level, XRP is keeping around $0.30. It might seem that Ripple’s XRP stands still all the time, but Twitter users have the opposite opinion. They are sure that big changes are coming, and XRP is simply accumulating power for the price to explode. Can Ripple go to the moon in 2019? What will drive its overwhelming growth? Check out XRP price predictions from Twitter users. 

The history repeats

According to the long-term price charts, Ripple might be repeating its history, and the scenario of 2019 can actualize this year, too:

If XRP breaks out of the current resistance zones, its growth would exceed $1 easily. Some traders are sure it has enough potential to touch the $5 level, too.

Are there any certain triggers of XRP growth? There’s a bunch of theories. One of them claims that Ripple will burn its immense reserves of XRP for its price to rocket:

Although the petition is started, Ripple Labs itself does not plan to burn its tokens – it might have too serious outcomes. 

Card

 Here is the golden section pattern that proves XRP might soar:

However, it’s simply an amateur approach: what works with fiats might not work with altcoins at all. 

Better make mid- and short-term predictions based on traditional technicals, such as Fib levels:

XRP won’t grow overnight 

The short-term XRP price predictions are positive:

But simple moves to $0.4-0.5 won’t make any serious difference. As for higher XRP levels, there is no 100% confidence that we can reach them in 2019.

Don’t rush to the conclusions

All in all, time will show whether Ripple is able of groundbreaking moves. Right now, there are no signs of Ripple going to the ceiling. As one Twitter user ironically noticed, Ripple will discuss how liquidity has changed before they know the numbers:

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The XRP conspiracy theory

This post simply could not stay unnoticed:

What we are witnessing now is how Ripple Labs manipulates its XRP stocks and buys/sells XRP in large amounts to shift the value of the coin. Will their efforts turn out to be fruitful? 

For some reason, XRP gets more attractive for other blockchains’ representatives:

Seems like they know something usual traders aren’t aware of. Does it mean Ripple is preparing for a major breakout? Everything is possible.

Meanwhile, Ripple’s bottom levels keep growing from year to year:

Thus, Ripple Labs keeps actualizing its plans, even though slowly. So even if it’s a non-profitable variant for shorts, it must be a great choice for long-term investors. Patience is the key. 

Cover image via 123rf.com
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About the author

Crypto writer, blockchain geek & Bitcoin holder with a strong belief in the power of cryptocurrency. Veronika combines in-depth analytical approach with creative writing to deliver the texts that both inform and entertain. With hundreds of reviews, SEO articles and marketing texts under the belt, she has experience of working for blockchain Medium channels, Cryptodiffer site and ICOs. Part of U.Today team since 2018, she focuses on crypto price predictions and monitors the market to provide the most relevant info & opinions.

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