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Tether Maintains Its Third Position as Crypto Market Rebounds on US Stimulus

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Tether Remains the Third Most Capitalised Cryptocurrency Ahead of Ripple

Tether (USDT), one of the world’s stablecoins, maintained its third position ahead of Ripple (XRP) and Bitcoin Cash as the cryptocurrency market rebounded from the weekend low.

The stablecoin’s market capitalisation stood at $9.208 billion as at the time of writing, while the volume traded in the last 24 hours was $28,180 billion. This is more than Ripple’s $8.502 billion market value and $1.244 billion traded turnover in the last 24 hours.

Despite numerous controversies trailing the stablecoin, it continues to attract retail investors ahead of Ripple backed by former US President, Bill Clinton.

Tether current circulating supply stood at 9,187,991,663 USDT while the total supply was 9,479,177,442 USDT.

On the other hand, Ripple’s circulating supply stood at 44,257,803,618 XRP while the total supply was 99,990,932,726 XRP.

In the last 24 hours, Tether declined by 0.05 percent to remain at $1 a coin, stablecoins’ price movements are usually determined by both the fiat or assets they are tied to and their own fundamentals.

Stablecoins are cryptocurrencies tied to a fiat currency, an asset or basket of assets to reduce price volatility and ensure general stability.

Rippled gained 3.01 percent to $0.192 a coin on Tuesday, according to the available data on CoinMarketCap.

The entire crypto market came alive after the US central bank, the Federal Reserve, said it will begin the purchase of debt issued by individual corporations to further boost money flowing into the real economy.

The news bolstered traditional assets across the world with S&P gaining 0.89 percent on Monday and European stocks gained about 2 percent.

The arrival of new money also boosted the crypto market that in recent months has started exhibiting similar characters with traditional assets.

Cryptocurrency’s most dominant coin, Bitcoin, gained 3.94 percent to $9,539 per coin as at 3:12 pm Nigerian time. The second most capitalised cryptocurrency, Ethereum gained 4.31 percent to settled at $234.72 a coin.

Bitcoin Cash, Bitcoin Sv and Litecoin added 3.20 percent, 2.10 percent and 1.45 percent to close at $237.38, $175.68 and $43.74, respectively.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Pizza Hut Joins Burger King, Church’s Chicken to Accept Crypto Payments in Venezeuela

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Pizza Hut has joined other global fast-food chains like Burger King and Church’s Chicken already accepting crypto payments in Venezuela.

This was confirmed by a crypto services firm, CryptoBuyer, on November 27 after pizza Hut stores in the South American nation partnered with Mega Soft to drive adoption in Venezuela by encouraging crypto payments in its over 20,000 shops and businesses in the country.

Pizza Hut nowadays cannot be detached from these technological advances and all those incorporating new approaches for daily necessities,” said Richard ElKhouri, General Director for Venezuelan operations of the pizza chain, in an interview with local news outlet ElAxioma. “It is important that we accommodate young people, modern adults, and people technologically knowledgeable.”

According to Elkhouri, customers can buy pizza with Bitcoin (BTC), Litecoin (LTC), Dash (DASH), Binance Coin (BNB), Binance USD (BUSD), Ether (ETH), Tether (USDT), Dai (DAI), and its native token XPT.

This will further help deepen cryptocurrency adoption in the country and across the South American region.

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Bitcoin Rebounds; Gained 7 Percent to $18,116 Per Coin Amid Renewed Demand

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Bitcoin recovered most of its lost ground in the last 24 hours after dropping about $3,000 from $19,400 it exchanged a week ago to $16,800 per coin.

The world’s most dominant cryptocurrency gained 7.01 percent to close at $18,116.31 per coin on Monday morning at 8:46 am Nigerian time.

Investors jumped on the digital currency after Guggenheim Funds Trust filed an amendment with the U.S. Securities and Exchange Commission to allow its Macro Opportunities Fund to invest as much as 10 percent or $500 million of its $5 billion net asset in Bitcoin through Grayscale Bitcoin Trust (GBTC).

The news bolstered Bitcoin attractiveness as cryptocurrency investors interpreted as a new capital inflow that could aid the coin above the $20,000 per coin obstacle or resistance.

According to the amendment filed: “The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”), a privately offered investment vehicle that invests in bitcoin. To the extent the Fund invests in GBTC, it will do so through the Subsidiary.”

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Cryptocurrency: Facebook Owned Libra to Launch Stablecoin in January 2021

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Facebook Inc led Libra Association is planning to launch Libra stablecoin pegged to only the United States Dollar as early as January 2021, according to three anonymous people quoted by the Financial Times.

The stablecoin was initially proposed to be pegged to a basket of multiple currencies before the group faced several setbacks after the US parliament pressure Facebook on data breach and other issues that allegedly allowed Russia to meddle in the 2016 US presidential election.

The social media giant has now cut down on its ambition to focus on US dollar-pegged stablecoin in an effort to reduce regulatory bottleneck.

PayPal Inc., one of the first members of Libra Association that pulled out after regulators increased scrutiny on Facebook operations, has since started a cryptocurrency exchange business.

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