Will Altcoin Season Happen Again?!? – Daily Crypto News!
For today news segment, I have picked four very cool pieces of news to share with you. Let me show you what they are now. First up, as reported on Ethereum world news, it looks like smart money will soon diversify for 50 to 100-time gains when it comes to altcoins. Second up, Ripple’s executive unveils a strategy to transform cross-border payments, which will boost XRP and its blockchain ecosystem. Furthermore, Binance pledges to burn over $2 billion and focus its entire team allocation on BNB, with the aim to put the dominant exchange’s position closer to other crypto-projects without pre-mines or initial token allotments. And finally, Cointelegraph reported that Tether mistakenly minted 5 billion USDT and then immediately burned all of them. Now, if you find these news items interesting and want to know all of them, please make sure you stay here with me until the very end of this video.
And this week, we still have a super cool giveaway for you guys. We are very glad to announce a $70 Bitcoin Giveaway for this week. Once again, all you need to do is to like, comment, and subscribe, to go in the draw to win. We will announce the winner on the weekend, by drawing out a video from this week and then drawing the winner from that video. And remember guys, all you need to do is to like, comment, and subscribe! It is super easy to be the next lucky winner.
The Market Today
Now, let’s see how the crypto market is performing. It looks like the market today is very bearish. On the top 10 tokens, Bitcoin is still at the top but losing 10.35%, standing at $10,194. Similarly, Ethereum and XRP are also plummeting by 19.4% and 8.89%. But that’s not all. Bitcoin Cash and Bitcoin SV are dropping by 20.86% and 27.35%, which is crazy guys! On the top 20, we can notice an identical trend with all the cryptocurrencies in reds. 8 out of 10 tokens are losing more than 10%, with the biggest loss from NEO with an 18.07% decline.
Smart money will soon diversify for 50 to 100-time gains in altcoins
Now, let’s jump to our first news segment. As mentioned on Ethereum World news it looks like the altcoins will soon surge up to more than 50 times, and it can probably reach more than 100 times the amount it is now. Traditionally many other digital currencies have kept pace with Bitcoin’s movement in value with it. But it looks like, this year, as Bitcoin advances forwards, it seems to be cannibalizing the altcoins. Yet despite this, Crypto analysts, however, believe that the situation could soon change, as BTC’s prices sharply increase. One of the analysts said on Reddit:
“The smart people will start diversifying into other low priced tokens such as ETH, VET, KIN, XRP, and LINK… all strong buys in the end. The bulls and whales know that a x10 is chump change. They know a x50 to x100 is possible. It happens often in our crypto market. As a matter of fact, it’s the only market in the world to do this”.
Some analysts have said that the signs are there, an altcoin season is coming. A respected member of Crypto Twitter has even offered some technical evidence to that effect. By his projections, the Crypto Dog, a twitter user, mentioned that:
“Altcoins Total Market cap resembles an ascending broadening wedge. While certainly not a guaranteed bullish signal, the last time we saw one of these in cryptocurrency there was quite a pop.”
Sounds like great news for our altcoins and altcoin holders!
Ripple will transform cross-border payments
Moving on to the second news item for today. Per a report on Daily Hodl, Ripple is revealing more on its multi-million dollar strategy to transform cross-border payments, which will ultimately boost XRP, grow the digital assets ecosystem and bring distributed ledger technology to the masses. At a recent roundtable hosted in New York, the director of strategic growth at Ripple’s investment arm Xpring, Vanessa Alexandra Pestritto, offered a look at the company’s overall strategy:
“I recently made an investment in Agoric, and that is a secure smart contract platform that can integrate into other layer ones. And this is going to allow for the ability to eventually make cross payments into other chains”.
“We’ve been spending a lot of time there at Xpring and taking a look at where there might be some opportunities for new decentralized BitMEX platforms or what might a new derivatives exchange look like.”
As for what Xpring will take to actually achieve its goals, Pestritto believed that marketing strategies should differ depending on who you’re trying to reach, whether it is towards a business or a consumer.
Binance burns $2.5 billion and focuses entire team allocation on BNB
And here we come to the third piece of news. According to a report on Crypto Slate, the world’s leading cryptocurrency exchange Binance pledged to burn 80 million BNB worth $2.5 billion and its entire team allocation of BNB, a token representing pseudo-equity in the exchange, which provides ‘dividends’ through burn appreciation and additional value in the Binance ecosystem. For those who are unaware, Binance has initially generated 200 million BNB during its ICO. 40% of those token, which means $2.5 billion, will be allocated to the team.
“We are not going to cash a penny of that out, we’re going to burn it all.”
said Binance CEO, Changpeng Zhao. Meanwhile, Zhao asserts the incentives between users and the exchange will still remain well aligned. Binance will still be one of the largest holders of BNB. The difference is that any tokens the exchange owns will have been earned through its services or purchased from holders directly. Zhao added that:
“Everything considered, we want to give back more to the community and we also think that’s best for the BNB token. At this stage, we want to increase the utility of the token and have more people use it”
Tether mistakenly minted 5 billion USDT
Moving to the last news item for today guys. On July 13, Whale Alert — a Twitter account dedicated to reporting large cryptocurrency transactions — noted that Stablecoin operator Tether accidentally minted 5 billion USDT tokens on the TRON blockchain, and subsequently burned all of them afterward. In a tweet, Tether CTO Paolo Ardoino explained that Tether meant to perform a swap of 50 million Omni-based USDT tokens to the Tron blockchain, but a mistake was made with the decimals of the number, which resulted in that huge number. Cryptocurrency exchange Poloniex confirmed in a tweet:
“Paolo is correct – this occurred while Poloniex was conducting a USDT chain swap with the help of Tether. An incorrect amount of USDT was accidentally minted, and this has since been resolved to the intended value.”
And there you have it guys! That news is a wrap for today video.
So what are your thoughts in this situation?
Do you believe that the altcoins will surge up to 100 times?
How about the possibility of the strategy to transform cross-border payments of Xpring?
Is it the right strategy for Binance to burn $2.5 billion?
And what do you think about the 5-billion-USDT mistake from Tether?
Please pop a comment right below to let me know what you guys are thinking. And guys, please don’t forget to like and subscribe to go into the draw to win $70 worth of Bitcoin. It’s your girl Cindy with CryptoPig. I’ll see you guys soon.
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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.