Bitcoin Dominance Continues To Rise, Bitfinex Publishes Marketing Document On Token Sale, Europol Busts More Darknet Markets And Project Libra — The Crypto2Cash Chronicle
Your daily dose of crypto and blockchain news, summarized by the Crypto2Cash team
Bitcoin Dominance Continues To Rise
The crypto market is in the red again, as all top 20 currencies are down in the last 24 hours. Bitcoin is among the best performers, only loosing 1.75%, while coins like Litecoin or Binance Coin are down almost 5%. Bitcoin currently has a total market capitalization of over $100 billion and it’s dominance rate is up to 56%, a new all year high. An interesting observation was recently made by Twitter user Kevin Rooke, showing that the number of Bitcoin full nodes is actually higher than the number of active XRP wallets. Full nodes are computers that are linked to the Bitcoin network and verify all incoming blocks and transactions by checking them against consensus rules. This shows how dominant Bitcoin still is in the cryptocurrency space.
Bitfinex Publishes Marketing Document On Token Sale
Bitfinex has recently published a “marketing document” on their upcoming token sale on Twitter. While it is not an official Whitepaper, the document gave some further details on the new “Leo tokens”. In total, 1 billion tokens will be issued and the price will be 1 USDT per token. After the initial token sale, iFinex, the parent company behind Bitfinex and Tether, will buy back tokens monthly, “equal to a minimum of 27 percent of the consolidated gross revenues of iFinex from the previous month, until no more than 100 million LEO tokens remain.” This basically means that the new tokens are simply a temporary way to solve Bitfinex’s liquidity issues.
Europol Busts More Darknet Markets
Europol, the law enforcement agency of the European Union, has busted several darknet markets over the last 72 hours. Through targeted hacking attacks lead by German law enforcement, two of the biggest markets called Valhalla and Wall Street were shut down. Police offers also carried out house searches and managed to seize €550,000 in cash and 6-digit amounts of Bitcoin and Monero. Currently 20 of 30 known darknet markets are down, however in the past it usually only took a small amount of time until new markets opened up again.
Project Libra- The Facebook Stablecoin
New details around Facebook’s cryptocurrency have emerged. The blockchain initiative will be called Project Libra and Facebook is planning to launch a Stablecoin backed by fiat currency. They are currently in discussion with payment networks Visa and Mastercard and are seeking up to $1 billion in investments. The Stablecoin will be launched to eliminate credit card fees and the company is also considering tying the coin to Facebook’s core ads engine rewarding users for viewing ads and then purchasing goods.
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