COINFEED HEADLINES OF THE DAY

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Movers and Shakers

Winners: Icon roars upwards by over 12% with $31 million dollars of daily volume. XRP step ladders up to 44 cents after jumping up by almost 9%.

Losers: Nebulas sinks by 11% amidst an artificial bump in Bitcoin’s price. Not a good sign for Nebulas.

The Tether and TrueUSD gap remains at five cents. There is some curiosity around why Bitcoin’s price is going up if Tether is imploding. Here’s the bigger picture. Let’s assume those holding Tether are bearish want to stay in a stable coin. We’ll call them the bears. These Bears deem Tether to be risky and would like to move into a different stable coin. The only way to get out of Tether on Bitfinex is to trade it for another coin such as BTC, LTC, or what have you. Bulls holding BTC on Bitfinex however may also feel that Tether is risky. Bulls will charge a premium to take on that risk and also to take profit. Bulls charge that premium by selling Bitcoin over market value, asking for a discount on Tether, or both. This is why you see a discount on tether and am increase in Bitcoin price on Tether-based exchanges. Bears that overpaid for Bitcoin don’t want to stay in Bitcoin. Bears will dump BTC for a stable coin such as True USD. When this happens, the price for BTC will revert to the mean. Worst case scenario, assume that there is a bank run on USDT and Tether cannot pay out. USDT holders would lose all value. In this situation all that potential demand for crypto would be wiped out. Thus, leaving excess supply on the market that will eventually cause a downward pressure on price.

Top Headlines

And now the Headlines of the day.

Fidelity Digital Asset Services

Fidelity launches its institutional grade custody services. The Cryptosphere is excited as they believe it will be a catalyst for large institutions to jump in. We at Coinfeed however, remain skeptical since a flood of institutional money will likely not be a flood at all. Experienced Institutions do not operate on FOMO. The entry into the market will be controlled. Judging by the low volatility in the past few weeks, I wouldn’t be surprised if accumulation has already started.

https://coinfeed.com/share/2384283/64/24543/jxnzvw/fidelity-is-launching-a-crypto-trading-platform

BitPay Stable Coin Options

BitPay is making it easier for merchants to accept crypto and settle with dollars. The payment processor will now allow settlements in stable coins offered by Gemini and Circle. Another big adoption step not to be slept on.

https://coinfeed.com/share/2379649/64/24543/jxnzvw/bitpay-now-offers-settlement-for-gemini-dollar-and-circle-centre-coin

Hacked again

EOSBet has been hacked again for the second time in one month. This time hackers made off with $338,000 dollars.

https://coinfeed.com/share/2384793/64/24543/jxnzvw/eos-gambling-dapp-eosbet-hacked-for-a-second-time-338k-stolen

Oh Hai,

I'm Coinfeed TV. This is not your daddy's Bloomberg. We tell it like it is and we may hurt your feelings. But we do it because cause we love you. Now bring it in.

This show is slightly advanced. If you're just getting into crypto much of this will go over your head. But that's okay, we have a home for you too. Download the Coinfeed app and say hello. Someone there would be happy to help you.

We'll use this show to discuss cryptocurrencies (or as we prefer to call them: cryptoassets) such as Bitcoin. We'll also cover some alt coins from time to time. We likely won't mention any assets that have low liquidity since those assets are more prone to manipulation. Coins in our system include: Ethereum ETH, NEO, GAS, Litecoin LTC, Ripple XRP, Dogecoin, Pied Piper Coin PPI, Tether USDT, Stellar XLM, Nem XEM, Binance BNB, Kucoin KCS, ZCash ZEC, Monero XMR, Cardano ADA, Nano

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