Tether volume reaches new high, Telegram plans to release TON blockchain and Bitcoin hovers around 9,500 USD
Here is your daily overview of interesting, important and market moving crypto news
Tether volume reaching new all-time highs
According to Coinmarketcap, USDT activity reached a new all-time high earlier this month by exceeding the $4 billion marketcap.
Coindesk reports that Chinese traders are driving up the USDT market as China has banned local fiat on-ramps for crypto exchanges. USDT is used for 40–80% of all transactions on Huobi and Binance, and is also favored by OTC traders. It is also believed that the surge in USDT volume indicates an increased enthusiasm for a potential bull market, instead of it being used as a tool for capital flight.
Telegram to release TON blockchain soon
Telegram, the popular messaging app, is expected to release the code to their TON blockchain project on the 1st of September. According to two individuals familiar with the project.
Telegram raised at least $1.7 billion from investors in Russia in a 2018 token sale. If TON does not launch by the end of October, Telegram will have to refund its investors, minus any expenses associated with its development.
The project should already have launched last December.
Bitcoin hovers around 9,500 USD
After dropping below 10,000 USD on the 28th of August, Bitcoin set a new monthly low of around 9,320 USD yesterday and is currently hovering around 9,500 USD.
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