Binance to Release Stablecoin!!! + Bitcoin Giveaway
Today with the CryptoPig Channel and we have an explosive number of news to share with you today. So let’s dive into these topics now!
First up, Ethereum has been labeled as a usable currency be the SEC – will the positive news impact Ethereum’s price? Next, up, did you guys know that 74% of Bitcoin mining is powered by renewable energy? Third up, Bitcoin mining has migrated from China to the United States, and finally, Binance is looking to launch their own stable coin which will probably become a serious threat toward’s Tether’s position in the market.
So, guys, that’s four awesome news pieces for the day. If you want to hear all about it, please stay right until the very end! Guys today is the last day to go into the draw to win $70 Bitcoin for this week! All you need to do is to like, comment, and subscribe. We will be announcing who the winner is tomorrow on Saturday by drawing a video from this week and then drawing a winner from the Video. Good luck to you guys all who are entering. And please, if you love what we do, hit the like and subscribe button, and comment below to win!! We are also giving another giveaway. If you want to go in the draw to win a SafePal Hardware Wallet and $300 dollars worth of Bitcoin tokens, all you need to do is to jump on the comments and click on the Twitter link for more instructions.
The Market Today
Now, let’s look at the market. As you guys can see, there are mixed reds and greens in the market. We have Bitcoin falling by 0.63%, Ethereum decreasing by 0.27% and Ripple’s XRP increasing by 3.61%. You can see here that Bitcoin SV probably got a bad hit from the negative press lately with a decrease of 8.48%. Moving onto the top 20, you can see here we have a lot of red across the board, but Tezos one of the only greens is actually shooting up to 12.12%.
Ethereum’s Ether is Labeled As a Usable Currency Not a Security
Let’s move onto the news guys. First up, according to U Today, looks like the case between the SEC and Kik had resulted in Ethereum’s Ether being labeled as a usable currency and not a security. We knew in the past that the SEC does not consider Ethereum a security. However, the recent lawsuit solidified this precedent. The SEC now has a firm stance that Bitcoin is not a security and Ethereum’s Ether is also not one too.
The SEC has always had a bit of a rocky relationship with the cryptocurrency industry. With securities regulators often cracking down on new tokens and ICOs, while it does contain the level of scams and fraud prevalent in the market, some see it as a barrier to further development and innovation in the space. But if we look at what the SEC has done when it comes to boosting regulatory clarity in the cryptocurrency industry, you can see that they haven’t done much. SEC Chairman Jay Clayton did mention that Bitcoin was not seen as a security by the SEC, but he refused to comment on any of the other altcoins. But steering back to the news today, it looks like the SEC has approved of Ethereum which does make it more attractive to investors. I wonder if this announcement will influence Ether’s price in the long run.
74% Of Bitcoin Mining is Powered By Renewable Energy
Now, the next news item for today, according to a tweet from Pompliano:
74% of Bitcoin mining is powered by renewable energy, as reported by CoinSharesCo. Don’t tell the haters. It will ruin their narrative.
Now if I go onto the CoinShares Twitter page, you can see here that you can actually gain this report – all you need to do is to put in your name and email to download. Now to give you a high-level overview of this report, we always hear Bitcoin mining getting the bad end of the stick… what I mean by that is: we hear that it’s contributing to global warming, that it uses as much electricity as some major countries. But if you look at this map here, you can see that Bitcoin mining is primarily located in global regions where there are a lot of renewable electricity available. So while Bitcoin mining consumes a lot of energy, it looks like this energy – a large majority of it is renewable.
It’s really hard to make any conclusion about the mining industry because it’s always changing. This report is a great indicator to show that, while the mining industry changes, miners will always look for pockets of cheap, renewable energy. That’s something I don’t see changing in the short to mid-term.
Bitcoin Mining Migrating From China to the United States
Next up, we have Bitcoin mining migrating from China to the United States. While the Coinshares report shows that there is a large number of miners in China, according to Cryptoslate, it looks like Bitcoin mining is gaining a strong foothold in the United States. Major mining players such as Squire Mining, a publicly traded Canadian blockchain company and considered one of the largest miners in the world is now making the move to the United States. The decision to move is part of a deal Squire Mining signed with Core Scientific, an AI and blockchain firm run by Kevin Turner, the former Microsoft COO. The move is great when it comes to the decentralization of the Bitcoin, BitcoinCash, and Bitcoin SV mining networks. Since over 70% of crypto mining is localized in China, it’s great to see it being more dispersed around the world.
Binance Launches its Own Stablecoin
And finally, the last news item for today. Binance launched its own stablecoin. According to CCN, Binance is planning to launch a stablecoin in the next few weeks to a month or two. Wei Zhou, the Chief Financial Officer at Binance, revealed the news to CCN. She mentioned that:
Our business decisions are made with our users in mind. The goal for issuing a GBP stablecoin is to provide users with more options and more choice; to diversify the stablecoin assets for the ecosystem. BGBP will be issued on the Binance Chain, which offers an easy and fast way to tokenize.
I’m really interested and curious to see what will happen next to the stablecoin market. It looks like China is a major market for Tether, but if we look at the scale of Binance and the network effect it can have over the global cryptocurrency exchange market, I believe the GBP token can be a big game changer in the stablecoin and cryptocurrency market. While Circle and Coinbase released the USDC in October 2018 last year, it doesn’t look like the USDC has done much to take away from the dominance of Tether. But Binance is much larger than Circle and Coinbase.
What do you guys think of this situation?
First up, do you think Ethereum’s Ether will shoot up in price after the SEC’s declaration that it is a currency and not a security?
And what do you think about the fact that 74% of mining comes from renewable sources?
Are you glad to see companies move from China to the United States when it comes to Bitcoin Mining?
And finally, Are you going to buy the GBP token from Binance? And will it threaten Tether’s dominance in the market?
Let me know what you guys think in the comments below! Also don’t forget to like, comment, and subscribe to go into the draw to win $70 Bitcoin which we will announce tomorrow.
It’s Cindy with CryptoPig. I’ll catch you guys around!
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Disclaimer: Cryptopig content is written by a team of blockchain passionate people. We are not registered as investment advisors. Don’t take the information in this post as investment advice and make sure you do your own research before investing. Cryptocurrencies are a very risky investment, never invest more money than you can afford to lose.