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Tezos (XTZ) Price Surges 70 Percent on Coinbase After Staking Announcement

ByBit
  • Alex Dovbnya
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    The Tezos (XTZ) price explodes on the Coinbase staking news

Tezos (XTZ) Price Surges 70 Percent on Coinbase After Staking Announcement
Cover image via www.123rf.com

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.

Tezos (XTZ) skyrocketed by an eye-popping 70 percent on the Coinbase exchange. At 2:20 UTC, XTZ touched the $1.70 price tag, reaching its highest level since May, but the rally swiftly cooled off. XTZ is still up by 30 percent, currently changing hands at $1.16, according to CoinStats data.       

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Tezos (XTZ) Price Spikes Almost 30 Percent After Getting Listed on Coinbase Pro

On Nov. 6, cryptocurrency exchange Coinbase announced the implementation of staking rewards for Tezos on its retail platform. In such a way, Coinbase wants to incentivize its users to participate in the Tezos network, thus making the underlying blockchain "more secure and efficient."

"Staking lets you earn income with your crypto by participating in the network of a particular asset. When you stake your crypto, you make the underlying blockchain of that asset more secure and more efficient. And in exchange, you get rewarded with more assets from the network."

The San Francisco-based exchange launched staking for deep-pocketed Coinbase Custody clients back in March, but it needed to iron out regulatory issues with the Securities and Exchange Commission (SEC) before offering the same service to ordinary investors. 

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In lieu of relying on delegated staking services, there is now a possibility to store XTZ on the number one exchange in the US. Coinbase will be able to get rewards every three days after the initial holding period of 35-40 days. 

However, there's a catch. Coinbase will trim the eight percent reward offered by Tezos for storing coins directly to just five percent. It is a reasonable trade-off for convenience and security provided by the $8 bln crypto giant, but it might rub, but it might rub many crypto enthusiasts the wrong way given that they see the exchange as an unnecessary intermediary. 

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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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Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff

ByBit
  • Alex Dovbnya
    📰 News

    Gold proponent Peter Schiff thinks that Bitcoin evaporating its 40 percent pump proves that it's a pump-and-dump scheme

Bitcoin Is Classic Pump-and-Dump Scheme, Says Peter Schiff
Cover image via u.today

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

Euro Pacific Capital CEO Peter Schiff has come up with a new insult for Bitcoin, calling it "a classic pump-and-dump scheme."

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Peter Schiff Reacts to Sudden Bitcoin Price Drop:

"You're being played"

Schiff continues to assert that Bitcoin's 40 percent pump on Oct. 25 was the result of price manipulations. The fact that Bitcoin's has completely trimmed these gains in just four weeks definitely flies in the face of bulls.

The gold bug explains that the pump was meant "to sucker in" momentum buyers to dump their bags later. This is supposed to be a wake-up call for all buyers.

Earlier, Schiff lambasted Bitcoin holders for not being able to see through the shenanigans of whales who are selling their coins on the verge of a major price.        

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Bitcoin Price Could Drop to $2,000 or Even to $200, According to Peter Schiff

Other bears are waking up 

Mark Dow, the trader who famously shorted Bitcoin at its current all-time high, recently resurfaced on Twitter with a succinct "Bitcoin is dying" tweet, which came in handy right on the verge of Bitcoin's drop to the $7,500 level.     

While some bulls might be tempted to dismiss Bitcoin price moves recorded on the lower time-frames as "noise," the long-term picture is also gloomy. As reported by U.Today, crypto market analyst Willy Woo opined that Bitcoin might not replicate the success of previous halvening cycles due to its unusual bearishness. 

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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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