Cardano Update Imminent
Cardano creator Charles Hoskinson says the smart contract platform will implement a major upgrade in a matter of days.
Version 1.6 includes a long list of bug fixes and improvements, including an overhaul of Cardano’s crypto wallet Daedalus.
Poloniex Plans Reimbursement
Cryptocurrency exchange Poloniex says it will fully reimburse customers affected by the fallout from a recent flash crash.
The crash happened back in May when a crypto asset called Clams (CLAM) plunged nearly 80% in a matter of minutes. The force of the crash triggered an error in the company’s automated liquidation system, leaving margin traders with losses of around 1,800 BTC, which was worth $13.5 million at the time.
“Our work to make customers whole isn’t limited to our first payment or this new step of crediting trading fees. We are actively pursuing other strategies, and will update you when we can.
We understand how upset customers are with this loss and we appreciate your patience. In addition to being committed to making you whole, we remain dedicated to earning back your trust.”
The SEC Sues Veritaseum
The U.S. Securities and Exchange Commission says it’s filing an emergency lawsuit against the Ethereum-based peer-to-peer capital markets platform Veritaseum.
The agency says the company knowingly misled investors during its initial coin offering. The filing is designed to freeze the assets of Veritaseum and its CEO Reggie Middleton.
“Among other things, Defendants knowingly misled investors about their prior business venture and the use of offering proceeds; touted outsized—but fictitious—investor demand for VERI; and claimed to have a product ready to generate millions of dollars of revenue, when no such product existed; placed a series of manipulative trades in VERI Tokens to increase their price and to induce investors to buy more tokens; and misappropriated investor assets beginning during the ICO phase of the offering.”
According to the SEC, Veritaseum has about $8 million of investor funds remaining from its $14.8 million ICO.
Will Dogecoin Maintain its Stability it has been Pursuing for Days?
- Dogecoin stagnates near 0.0024 USD after four significant price swings in the last one day.
- The next resistance for Dogecoin may come at 0.002473 USD.
Dogecoin has probably shocked the whole market with its ability to hold the value over the last 24 hours amidst the gloomy conditions in the overall market. In the previous 24 hours, Dogecoin is down by meager 0.01%, and it has been stagnated near 0.0024 USD. Dogecoin has been through four major price shifts in the meantime.
Dogecoin Price Analysis
Dogecoin started its journey for the day at 00:05 UTC with a decline in the value and it fell by 5.56% and reached 0.00236867 USD by 07:12 UTC. The next swing was a hike in the value by 4.75% and it helped Dogecoin to add 0.00011 USD. It was followed by a price correction of 5.73%, which took Dogecoin to 0.00233910 USD, the lowest point of the day. The last variation started at 20:11 UTC and over the next 7 hours and 3 minutes, it scaled its value to 0.00247268 USD with the help of a 5.74% spike.
Dogecoin to USD Price Chart
Dogecoin’s current stability is commendable, and it is likely to hold the value against USD at the same level for the next few days. The next resistance for Dogecoin may come at 0.002473 USD. And it is likely to have a bullish medium-term outlook.
|Dogecoin (DOGE)||Resistance & Support Levels|
|2nd Resistance||$ 0.00245|
|3rd Resistance||$ 0.00247|
|1st Support Level||$ 0.00240|
|2nd Support Level||$ 0.00238|
|3rd Support Level||$ 0.00237|
Tether (USDT) Plans Another BigTranche to Ethereum (ETH) Network
Following the latest move of Tether, Inc., nearly half of all USDT supply will exist on the Ethereum network. Out of 4.087 billion coins in circulation, nearly 1.9 billion will move using the Ethereum protocol.
In few hours Tether will coordinate with a 3rd party to perform a chain swap (conversion from Omni to ERC20 protocol) for 300M USDt. Tether total supply will not change during this process.
— Tether (@Tether_to) September 12, 2019
Tether has been relatively conservative with new coin printings, while the switch to the new network is still unfinished. The switch involves Tether’s own wallets and a series of coin burns, but major exchanges are also helping, by being some of the first to switch to the new type of USDT. Binance was the first exchange to move to the ETH-based USDT and offer withdrawals only in the new coin.
The markets are closely watching the decisions of Tether, as the influence of USDT has proven capable of swaying most major coin prices within hours. In the case of BTC, USDT trading has ensured the possibility for thousand-dollar gains within a day.
But switching to a new network may spell trouble for Ethereum. Skeptics see the move of Tether as “breaking” the network, especially on days of accelerated transfers of coins. In addition to USDT, the network will also have to carry CNHt, the yuan-based stablecoin that is just now starting its minting. There are only 20 million CNHt as of September 12, with the potential to grow the supply.
Even with the current ETH-USDT supply, the network is feeling the strain. The USDT smart contract, responsible for moving coins, is taking up more than 36% of all gas on the Ethereum network, raising overall gas prices. Payments for USDT transfers specifically are also increasing. Tether has been the biggest gas burner on the network for the past month, show Ethgasstation data.
Still, Tether and its users have paid around $412,000 equivalent in fees, while USDT trading exceeds $17 billion in a day, making the fees relatively low in perspective.
The inflow of USDT has not helped ETH market prices, which still hover around $178.14. But the network congestion, which also takes into account other distributed apps, may make the usage of the network slower and more expensive. Currently, Ethereum sees more than 90% of its computational resources utilized, while the distributed ledger has grown to levels impossible to keep for regular users.
Zero Hash initiates settlement services for derivatives
Zero Hash, a custodian for digital asset and fiat currencies announced the support for derivatives. With this, users will be provided the ability to settle bilateral derivative transactions.
This latest feature on the Zero Hash settlement service will allow the users to customize their settlements, such as forwards contracts, as per their preferences. Additionally, the users will get the authority to decide the frequency of occurrence of calculations. This step will provide greater flexibility to crypto investors as well.
There was a growing demand for third-party settlement platforms for handling margin trades and settlements between counter-parties. With Zero Hash launching support for derivatives in addition to spot settlement infrastructure, it will enable movement of funds between users, along with reducing operational and counterparty risks latterly.
This latest update on Zero Hash, a subsidiary of Seed CX cryptocurrency platform, was shared over Seed CX’s official Twitter handle,
“Today, Zero Hash announces the launch of settlement for derivatives. This first-of-its-kind service gives institutional investors greater flexibility with the ability to settle bilateral derivative transactions.”
Previously, Zero Hash received the virtual currency license from the United States Financial Crimes Enforcement Network for carrying out transactions over SCXM, its affiliated exchange.