In the ever-expanding universe of cryptocurrencies, Tether (USDT) has emerged as a significant player. Tether (USDT) is a cryptocurrency that serves as a stable coin, pegged to fiat currency, specifically the US dollar. It was created to provide stability in the cryptocurrency world, allowing users to conduct transactions without being subject to significant price fluctuations, and for storing and transferring value within the cryptocurrency space. Over the years, it has become one of the most popular cryptocurrencies among traders and investors, holding a special significance in the cryptocurrency market. In this article, we will explore what Tether is, how to buy and store it, and delve into the key aspects of using this cryptocurrency.
Bitcoin halving, launch of the Ethereum 2.0 testnet – important for the week
On May 11, the third halving of Bitcoin took place on the 630000 block.
The Antpool pool that mined this block received a reward of only 6.25 BTC. The main consequence of halving is a decrease in the amount of BTC for sale, which will lead to an increase in the exchange rate. This allowed the “whales” to swing the rate to $10,000 before halving, growth expectations were already laid down in the auction just before the “X” day.
In addition, the decrease in mining rewards will make some of the obsolete miners unprofitable. The Antminer S17 and Whatsminer M30S devices remain profitable so far, and the earlier generation Antminer S9 no longer pays for itself.
Analysts from The Block calculated that the daily profit from mining has decreased by 44%. Because of this, their owners have already switched to mining alternative currencies Bitcoin Cash and Bitcoin SV.
As a result of the departure of some miners, the Bitcoin hashrate fell by 16% from 122 Eh/s to 102 Eh/s. The average block mining time per halving day has increased to 10 minutes, but this indicator should be adjusted in the future. If the transaction processing time increases, the fees for them may also increase significantly.
Despite the fact that the halving has not yet affected the price of the main cryptocurrency, hedge fund manager Matt D’Souza predicts bitcoin collapse due to the surrender of miners. To stay afloat in the absence of profit, miners can start selling BTC from reserves.
In anticipation of the bull market of bitcoin after halving, many ETH ”whale” holders transfer their money to BTC. This is stated in the Glassnode study. At the same time, the number of wallets storing a large amount of BTC has increased: 111 addresses store more than 10,000 coins on each.
The Ethereum 2.0 team has launched the Schlesi test network.
Schlesi is the first multiclient test network for Beacon Chain ETH 2.0, the launch of which is one of the main stages of the Phase 0 deployment.
Ethereum 2.0 developer and coordinator Danny Ryan said that the launch of the network is delayed due to the multiclient model after Vitalik Buterin mistakenly announced the launch of the Ethereum 2.0 client in July. During the conference “Consensus: Distributed”, he did not hear the word “July” in the question about the launch of the project and answered in the affirmative, which somewhat misled the entire crypto community. According to pessimistic forecasts, the launch of Ethereum 2.0 can be expected no earlier than 2021.
Although the multiclient network structure requires a lot of time for testing, but it provides high network security. Previously, Geth and Parity clients were compromised, but the main network continued its work.
Currently, three clients are participating in network testing: Lighthouse, Prysm and Nimbus. According to Ryan, the fastest and safest is the Lighthouse client.
Meanwhile, there are more and more wallets storing from 32 ETH (Classnode data). This is due to the upcoming transition to the Proof-of-Stake protocol, and to participate in staking, you need to have a minimum amount of 32 ETH on your wallet.
The issue of Tether is rapidly gaining momentum this year.
The total supply of stablecoins on the market exceeded $ 10 billion, of which 85% of the capitalization is USDT.
On May 12, a sudden increase in the capitalization of the stablecoin allowed the coin to take third place among the largest digital assets, overtaking XRP.
According to Messari, 90% of cryptocurrency trading accounts for Bitcoin, Ethereum and Tether, which is 15% more than last year. It follows from this that investors prefer to work with the most popular cryptocurrencies and stablecoin. The analyst of the same company, Wilson Witham, explains the demand for USDT by the interest in the dollar as a means of preserving value in a crisis.
Bitwala has become the first crypto bank to offer bitcoin deposits.
There are already similar services among DeFi startups, but this particular bank cooperates with regulators and operates in 32 countries.
The interest rate for clients will be 4.3% per annum, and the minimum amount for a BTC deposit is 30 euros. It will be possible to receive dividends on a monthly basis. The deposits will be used to issue loans to “trusted partners". It will be possible to convert cryptocurrency back to fiat at any time.
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