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Japanese Company Launches New Stablecoin Pegged to the US Dollar

A Japanese company has launched a ERC-20-compliant stablecoin that is pegged to the U.S. dollar and supported by major Ethereum crypto wallets.

A Japanese company has launched an ERC-20-compliant stablecoin that it says offers “absolute decentralization, maximum security and a reliable source of stability in the face of volatility.”

As its name suggests, USDDex is directly pegged to the United States dollar, helping traders to move their money into crypto without exposing themselves to the erratic price movements seen in other major digital assets such as Bitcoin and Ethereum.

The company believes that its stablecoin could become a viable alternative to fiat and trigger the mainstream adoption of cryptocurrencies, giving employers a safe way of paying their workers’ salaries while enabling consumers to make purchases with confidence.

USDDex firmly believes that 2019 is going to be the year of the stablecoin, citing research that suggests that the monthly trading volume of the first five such coins in the market has now exceeded $100 billion. Indeed, even major corporations are getting in on the action, with reports suggesting that Facebook is engaged in a top-secret project to launch its own.

The fixed rate of USDDex means that one of its tokens equates to $1. Adaptable to both centralized and decentralized exchanges, the firm says that its cryptocurrency is supported by most major Ethereum wallets, including MyEtherWallet, MetaMask, Ledger and Parity.

Presently, the company is also preparing to list on 20 exchanges, including HitBTC, Stellar, Bibox and Changelly.

Reliable and stable

The company says that every USDDex stablecoin is collateralized in excess, meaning that those who own this cryptocurrency are inoculated against wild price swings, irrespective of how the market behaves.

More than 800 trading pairs are also supported, enabling users to switch from Ethereum, Bitcoin, XRP, EOS, Litecoin and hundreds of others to USDDex with ease.

USDDex is available here

In a video explaining its vision, USDDex executives argue that stablecoins are essential if crypto is going to be used on a widespread basis, as right now, prominent coins and tokens only prove beneficial to speculative traders.

Ayako Nakamura, the company’s chief marketing officer, explained: “USDDex introduces the breakthrough technology and the possibility to develop an independent, transparent and potentially more stable monetary policy than ever before. The priority in the corporation is interaction with leading decentralized exchanges.

“The highest level of estimated reliability is provided by open-source code — proved by a repeated comprehensive security audit as well as open information of each USDDex token. Everyone can review this information.”

An experienced team

USDDex’s CEO and founder is Hitoshi Shibata. The entrepreneur — who is part of a working group on blockchain integration into Japan’s banking sector — started the business after leaving a 15-year career at Mizuho Financial Group. According to the company’s website, he “successfully developed and implemented complex economic projects for governmental and private organizations” while serving in this role. He believes that decentralized stablecoins are going to represent the next big breakthrough in the crypto industry — and in the past, he has invested in blockchain projects including 0x and Binance Coin.

He is joined by Naoki Sakamoto, the chief operating officer; Masaki Hatano, chief technology officer; Jiho Hong, chief information officer; and Ayako Nakamura as CMO. Tatsuo Okuda, Naoki Tamura and Satoko Kudo all serve in an advisory capacity.

The company raised funds in a closed round in December 2018, and says this initiative exceeded expectations after achieving its target in a matter of hours. An additional sale of limited amount of USDDex stablecoin with 45 percent bonus is launching on March 19, one month before the stablecoin is officially offered to the public. The company says its main goal “is the open and active participation of the crypto community in the life of the project.”

Learn more about USDDex

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

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How to Predict Crypto Price Trends, Explained

Ever wonder how traders have a sixth sense about where crypto prices are heading? Well, a lot of it depends on charts. Discover their secrets here.

Are there any tools that make analyzing market movements simpler?

If staring at charts all day isn’t your scene, there are alternatives.

As we mentioned earlier, our regular price analysis feature prepares charts for you and provides written context about what might have caused these movements. Of course, data can be interpreted in different ways, and no two analysts are the same, meaning each will pick up on trends based on their own research. Therefore, it’s a good idea to stay plugged into as much crypto news as possible to guarantee that you’re getting the bigger picture.

Charts and articles can also make it difficult to see what’s happening across the whole crypto market at a glance. Websites like Coin360 help to visualize where the industry is right now in a simple and accessible way. The size of a cryptocurrency on Coin360 offers an indication of its volume or its market capitalization, while green and red colors help indicate whether the asset has seen price rises or price falls. Along with the current prices, percentage changes for the past hour, day, week or month are provided — and users can hover over each cryptocurrency for a chart illustrating how prices have fluctuated over a period of time. Users can also download historical information on demand.

Learn more about Coin360

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Should I rely on technical analysis alone?

Although it’s arguably the most common form of analysis in the crypto world, it’s important to take other factors into account.

Always remember that technical analysis won’t tell you the fundamental factors that are affecting the market and causing prices to head up or down. Hacking attacks, regulatory rulings, significant news stories, landmark agreements and new product launches can all help you to stay ahead — and give an idea of where the candlestick will fall before it does so. Relying on just one form of analysis is kind of like trying to eat steak with just a fork. You need a knife too.

What are the most popular techniques used for technical analysis?

Most analysts are trying to uncover trends that reveal where the market is going.

One popular method is known as trend lines. This tries to disregard anomalies and extreme outliers in a cryptocurrency’s price to detect an upward trend when assets carry on hitting new highs in their price — or lows, if prices are falling over consecutive days. This, combined with analyzing the shape of candlestick charts, can help reveal whether a trend is likely to continue or come crashing to an end, enabling traders to make considered decisions on what their short-term strategy should be.

A similar strategy involves something called a moving average. This involves tracking the typical prices of a crypto asset over a set period of time — and whether it’s a week, 10 days, 30 days or more is up to you. Comparing moving averages over a shorter time frame with a longer one can uncover new trends and enable you to pick up on significant levels of recent growth and decline that a more long-term statistical breakdown wouldn’t reflect too clearly.

Tools for Technical Analysis

Okay, so how do I act on what the charts tell me?

Certain shapes in candlestick charts can unlock opportunities for traders.

For example, a hammer candlestick usually features a long line at the bottom, which indicates that prices have fallen steeply before recovering to close higher. Usually, this can be interpreted to mean crypto assets were being sold extensively during the trading session, but buyers applied enough pressure to help prices rise again.

This pattern can also be inverted, meaning that the long line shoots out from the top of the body. Oftentimes, this can indicate that prices have been in decline but could be about to turn around and rise again.

Shooting star candlesticks look quite similar to inverted hammers but occur in a different context. These are typically seen after price advances and signal that an asset could be about to embark on a downward trend.

Hanging man candlesticks are also useful for assessing when markets might be about to start weakening. These candlesticks arise after a period when prices have been trending upward, with that long lower shadow we were talking about before indicating that selling pressure means the increases of recent sessions may come to an end.

Types of Candlesticks

When reading candlestick charts, it is crucial to get a short-term view as well as a long-term view — and take measures to protect yourself in case of volatility in the market. This is usually achieved using a stop-loss or stop-limit, which involves automatically selling an asset when it reaches a predetermined high or low point.

So are charts a form of technical analysis? Help! I don’t have a clue how to read them!

Don’t worry — it’s a lot simpler than you think. The charts you’ll commonly see in our price analyses, as well as on crypto exchanges, are known as candlesticks.

There is method behind the madness here. When performing technical analysis, you’ll want to see how prices have evolved over a period of days, weeks or months, but seeing an average value for each 24-hour period won’t tell the full story.

Candlesticks enable you to see the full details of how the price of a crypto asset fluctuated over the course of one trading session and make comparisons that span a longer period of time.

This is achieved down to their shape, and you’ll notice that each candlestick has two thin lines with a thicker rectangle in the middle. It almost looks like a vertical rolling pin.

Elements of Candlesticks

When prices have gone up over the course of the day, the candlestick will be green. The thin line at the bottom shows the lowest price that was recorded for the crypto asset during the trading session, while the thin line at the top shows the highest price that was reached. The bottom of the thicker section shows how much the asset was trading for when markets opened, while the top of that rectangle illustrates the price upon closing.

Meanwhile, when prices take a tumble, the candlestick turns red. The principle for reading the chart is the same, but everything is inverted. Now, the thin line at the top shows the highest price for the day, and the thin line at the bottom shows the low. The trading session illustrated by the thick red line, from top to bottom, illustrates where prices stood when the markets opened and closed.

It’s a beautiful invention that’s been tried and tested for centuries — and given how prices in the crypto world can be so volatile, it’s common to see charts that provide a candlestick for every hour over the course of the day.

Analyzing the market is so confusing! How do traders know what to do?

It’s all about knowing the right type of analysis to use — and when.

If you’ve ever read our price analysis articles, you would have noticed that they feature graphs that show how major cryptocurrencies have performed against fiat currencies, such as the United States dollar, over time. At first glance, they look like meaningless lines going up and down, but the data tells a story about how recent events in the crypto market have affected prices — and what might happen next.

Analysis is crucial for traders. It helps them make informed decisions on when is best to buy, sell or hold crypto. There are three main types of analysis in the industry — and although technology has made them more accessible and easier to conduct, they have been staples of the financial world for decades. Indeed, the earliest forms of analysis emerged way back in 18th century Asia, when it was used to plot changes in the price of rice.

Technical analysis involves detecting statistical trends based on historical activity — examining price movements and other vital indicators, such as trading volume. These analysts generally have the philosophy that prices follow trends and history repeats itself, and they use their data to predict whether the price will go up or down in the immediate future. That said, it’s like forecasting the weather, you may not be absolutely right.

Fundamental analysis takes a different approach. Instead of looking where prices are going, they look at the factors that drive the numbers — such as the economy or how a company is being managed — to determine an asset’s value. It strips out emotion from the process and follows the philosophy that the market may have underestimated or overestimated a cryptocurrency’s value, and a correction will eventually occur.

Sentimental analysis sees traders effectively take the pulse of key players in the market: journalists, influencers and everyday consumers among them. Here, the philosophy is that data doesn’t always tell the full story — and trends such as panic selling or a purchasing spree can be picked up beforehand based on public perceptions and expectations.

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Top Crypto Exchange Binance Adds Circle’s USDC to Its Combined Stablecoin Market

Major crypto exchange Binance has added Circle’s USD-pegged stablecoin USD Coin as a quote asset in its combined Stablecoin Market.

Crypto exchange Binance has added Circle’s USD-pegged stablecoin USD Coin as a quote asset for several new trading pairs in its combined Stablecoin Market (USDⓈ). The exchange has announced this in an official post published Dec. 14.

USD Coin (USDC), first announced by Goldman Sachs-backed Circle this May, and released in September, is one of a host of new stablecoins notionally pegged 1:1 to a major fiat currency.

This November, Binance, currently the world’s largest crypto exchange by daily trade volume, had rebranded its Tether (USDT) Market as the combined USDⓈ market to allow for the support of more trading pairs with different stablecoins offered as a base pair.

Today’s latest development will add six new trading pairs with USDC as a quote asset: native exchange token Binance Coin (BNB/USDC), Bitcoin (BTC/USDC), Ethereum (ETH/USDC), Ripple (XRP/USDC), EOS (EOS/USDC) and Stellar (XLM/USDC). In addition, Binance is also adding a USDC trading pair with fellow stablecoin Tether.

According to the announcement, the exchange will replace and delist its former USDC/BNB and USDC/BTC trading pairs, which had just been launched mid-November.

Just ahead of Binance, major United States’ cryptocurrency exchange Coinbase had made USDC the first stablecoin available for trade on its platform in October.

With the proliferating issuance of fiat-backed stablecoins, major exchanges have stepped in to list the new coins: both OKEx and Huobi recently opted to list four USD stablecoins at once.

Earlier this week, Binance launched a collection of educational content comprising almost 500 articles in order to provide “unbiased” information about crypto and blockchain, as part of its Binance Academy initiative, which launched this summer.

According to CoinMarketCap, the exchange has seen $464,404,519 in trades over the 24 hours before press time.

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Fundstrat’s Tom Lee: ‘Correlation’ Between BTC and Emerging Markets Is Sign of Upcoming Trend Reversal

Fundstrat’s Bitcoin (BTC) analyst Tom Lee has claimed that the cryptocurrency “could end the year explosively higher,” citing a correlation between it and emerging markets. Lee has made his new prediction in an interview during CNBC’s “Trading Nation” show August 25.

The Head of Research at Fundstrat Global Advisors has said that he “still think[s] it’s possible” that Bitcoin’s price could surge to as high as $25,000 this year. Lee has based this assumption on the relationship between the price of BTC and BlackRock’s iShares MSCI Emerging Markets exchange-traded fund (ETF), which tracks large and mid-sized companies in emerging markets.

The “important correlation,” according to Lee, lies in the fact that both markets are running somewhat parallel to each other, with both having “really essentially peaked” in early 2018, as well as “both [having been] in a downward trend” from then on.

Correlation between Bitcoin and MSCI Emerging Markets ETF

Correlation between Bitcoin and MSCI Emerging Markets ETF. Source: CNBC “Trading Nation”

According to Lee, recent trading activity shows that hedge funds have stopped buying into funds tied to emerging markets due to market sell-off risks, which, in turn, leads to reduced purchases of Bitcoin.

As Lee believes, a change in direction in emerging markets would signal a similar change in Bitcoin’s trend:

“Until emerging markets begin to turn, I think in some ways that correlation is going to hold and tell us that sort of the risk on mentality is those buyers aren’t buying bitcoin.”

In the interview, Lee pointed out that the “tide is changing” for both Bitcoin and emerging markets, especially if the U.S. Federal Reserve slows down its interest rate hikes.

In early July, Lee voiced his stance that Bitcoin could reach anywhere between $22,000 to $25,000 by the end of 2018.

Earlier this month, Tom Lee said that Bitcoin cannot be considered “broken” for as long as it keeps the current levels of price and volatility. Back then, he cited the numbers shown by Fundstrat’s Bitcoin Misery Index (BMI), a tool which measures how “miserable” Bitcoin investors are, based on the cryptocurrency’s price and its volatility.

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Cardano Co-Founder: Wall Street Will Bring ‘Tens of Trillions of Dollars’ to Crypto

Charles Hoskinson, co-founder of altcoin Cardano (ADA), tweeted June 20 that the entry of Wall Street into the crypto sector will bring in “tens of trillions of dollars:”

Cardano, which is currently ranked 8th on Coinmarketcap, has a market cap of around $3.5 billion. Charles Hoskinson was also one of the founding members of Ethereum (ETH), crypto startup Invictus Innovations, and crypto tech company IOHK.

When asked by a commentator what exactly the crypto community is building, Hoskinson answered “an entirely new world:”

The intersection of cryptocurrency and Wall Street has been welcomed by those who also see a potential influx in capital. In mid-May, cryptocurrency wallet and exchange Coinbase released a new suite of products designed to attract institutional investors by relieving security and regulatory compliance concerns. Speaking about the product release, the VP of Coinbase referred to “$10 billion” of Wall Street money that now had the potential to enter the market.

The “trillion” value has also been bandied around before, as Dan Morehead, CEO of $1 billion crypto hedge fund Pantera Capital said in April that a $40 trillion crypto market is possible, in part due to Wall Street’s increasing interest in clearing crypto trades.

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Tether Has Enough USD to Back Tokens, Says Law Firm in Unofficial Statement

Tether’s (USDT) long-contested assertion that its digital currency is backed by the appropriate amount of dollar holdings has been seemingly confirmed, Bloomberg reports June 20.

According to an interview with Tether’s general counsel Stuart Hoegner, law firm Freeh Sporkin & Sullivan LLP had access to two of Tether’s bank accounts for weeks and released the amount of dollar holdings as of June 1, although not as part of an official audit.

The bank accounts will not be named due to privacy concerns, Hoegner notes, adding that the firm had access to banks statements and employees, as well as contact with Tether executives.

Law firm Freeh Sporkin & Sullivan LLP, co-founded by former FBI director Louis Freeh, noted in their statement that their conclusions are specific to the close of business on June 1, 2018:

“FSS is not an accounting firm and did not perform the above review and confirmations using Generally Accepted Accounting Principles […] FSS has assumed, without further inquiry, that the bank personnel providing the confirmations were duly authorized to provide such confirmations, and that the confirmations were correct.”

Tether’s general counsel said that the number of USDT issued was equal to $2.54 billion on June 1, and Coinmarketcap data shows that there is now a total of about 2.8 billion USDT currently in circulation. As to why an official audit was not conducted, Hoegner told Bloomberg that large accounting firms would not take on clients who work with cryptocurrencies:

“The bottom line is an audit cannot be obtained […] The big four firms are anathema to that level of risk. We’ve gone for what we think is the next best thing.”

Tether and crypto exchange Bitfinex, which share a CEO, had reportedly received subpoenas from U.S. regulators on Dec. 6, 2017, with the impetus for them still unclear. The cryptocurrency again fell under scrutiny from the crypto community in the wake of dissolving their connection with an auditor before the official audit was released.

However, in February, a study from Bitmex research showed that Tether could have enough cash reserves, possibly in a Puerto Rican bank, to match its token issuance.

At the end of May, Tether had minted another 250 million USDT, rekindling the issue of their dollar reserves. Then, a study released this month by the University of Texas again brought Tether to the spotlight as it blamed both the cryptocurrency and connected crypto exchange Bitfinex for Bitcoin (BTC) price manipulation in 2017, specifically in regards to Bitcoin’s price rise to $20,000 in December of last year.

In response to the claims of Bitcoin market price manipulation, Tether CEO J.L. van der Velde told Bloomberg that the assertions were untrue:

“Despite speculation, we have consistently stated that Tether is backed by USD reserves at or exceeding the Tethers in circulation at a given moment, and we’re glad to have independent verification of this to answer some of the questions posed by the public.”

The suspected Tether Bitcoin manipulation had brought down Bitcoin futures prices 55 percent this week.

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Bitcoin Could Emerge As A ‘Threat’ To US Dollar In Future, Suggests St. Louis Fed Chief

A top US policy maker made mostly positive remarks about Bitcoin, also not ruling it out as a potential “threat” to the US dollar, in an interview with CNBC Monday, May 14.

Speaking to CNBC on the sidelines of the Consensus 2018 conference in New York Monday, St. Louis Fed president James Bullard also identified positive aspects of cryptocurrency, namely revolving around cutting costs in trade. He stated that crypto is “facilitating trade that would not otherwise occur. Some of that’s illegal, but some of that is avoiding costs that would otherwise be there.”

Asked whether Bitcoin was a threat to the US dollar, Bullard voiced uncertainty about the  potential competition the leading cryptocurrency could pose, saying, “I don’t think so at this point […]. We don’t know how the future’s going to unfold.”

“My idea is that there’s a lot of currency competition going on right now,” Bullard meanwhile continued on the topic of dollar supremacy, adding:

“The dollar has been the winner historically because it’s backed by the largest economy and a relatively stable policy in terms of low inflation and that’s going to be tough to beat. But a lot of people here want to beat it.”

On the topic of blockchain, Bullard was much more openly bullish, saying:

“we think blockchain technology is very interesting [..] we want to be very engaged and thoughtful as this proceeds.”

He also responded to a question of whether or not the Fed was considering issuing its own cryptocurrency, saying noncommittally, “we can certainly look at that as a possibility. And there are different parts of the Fed that look at all kinds of applications of blockchain technology. But I wouldn’t say there’s any plan at this point.

The comments continue the trend of general crypto support from the St. Louis Fed. In January this year, the reserve bank published a dedicated paper titled “A Short Introduction to the World of Cryptocurrencies” in which researches forecast it was “likely” that Bitcoin and altcoins would “emerge as their own asset class.”

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Marshall Islands Plans To Launch National Cryptocurrency And ICO, Gov’t Officials Report

The Republic of the Marshall Islands will release its own cryptocurrency complete with an ICO and free trading, according to two government officials that spoke with Bloomberg Wednesday, Feb. 28.

The two officials, one of which is house speaker and senator Kenneth Kedi, said that the Pacific nation’s parliament this week endorsed the creation of the currency, which will be called the Sovereign (SOV).

The Marshall Islands currently uses the US dollar as its official currency, and once issued the Sovereign will circulate alongside the dollar. The Sovereign will be distributed via an Initial Coin Offering (ICO) subject to final approval by council, with a rejection “unlikely,” Kedi told Bloomberg.

David Paul minister-in-assistance to the president told Bloomberg that the new state-issued coin should appear before the end of 2018, adding it would be “specifically targeted for the long-term needs of the country.”

The move comes at the same time as Venezuela launches its oil-pegged cryptocurrency Petro, while across the globe in Iran and Turkey lawmakers also made known they are considering a national coin.

Sovereign will meanwhile address “needs” on a comparatively smaller scale — those of the islands’ 53,000 citizens. According to the report, some cash raised from the ICO will go towards healthcare for citizens who fell victim to consequences of nuclear testing by the US in the past.

“This is a historic moment for our people, finally issuing and using our own currency, alongside the USD. It is another step of manifesting our national liberty,” President Hilda Heine meanwhile said in separate comments on the plan.

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Bitmex: Tether ‘Possibly’ Has Enough Cash Reserves, Could Still Be Shut Down

Bitmex Research released an in-depth report on Tether today, Feb. 19, detailing the reasons why Tether is most likely backed by sufficient fiat reserves after all, and what problems with regulatory bodies Tether will most likely encounter in the future.

Tether is a digital token backed by fiat currency, supposedly pegged 1:1 with the US dollar. Due to Tether’s lack of enough publically released bank audits, there are rumors that Tether does not actually have enough fiat in reserves to redeem all Tether tokens with US dollars if the need would arise.

The Bitmex report attempts to refute those rumors by showing a possible correlation between the rising cash reserves of the International Financial Entities (IFE) banking category in Puerto Rico, under a section entitled “The lack of transparency may not indicate fraud.”

Cointelegraph recently reported that Puerto Rico may be emerging as a “crypto tax paradise.”

The Bitmex reports puts forward Puerto-Rican-based Noble Bank as a possible candidate for holding Tether’s cash reserves, mainly because it is the one of the two full-reserve banks in Puerto Rico that publicly operates with crypto.

However, there is no way yet to know for certain where Tether’s cash reserves are located despite the Bitmex report, for although their website’s “Transparency” page lists their current balances and claims they are “regularly audited” and “fully transparent,” the company actually dissolved ties with their New York-based auditor in January before releasing any full audits publicly.

The report also covers the Nov. 2017 hack of around $31 mln from Tether, which led to the company, in essence, demanding users upgrade their software in order initiate a hard fork and freeze the stolen funds.

The Bitmex report writes that this “demonstrated that Tether is effectively in complete control of the ledger, as they can force a hard fork at will and reverse any transaction — although there may not have been any doubt about Tether’s control beforehand.”

The report then questions why Tether “bothers to put the database on the Bitcoin and Ethereum blockchains at all,” arguing that it would be actually more cost-efficient for Tether to not pay miner fees and create its own public database.

The report also brings up the subpoenas delivered to Tether and the Bitfinex exchange in Dec. 2017, after which relationship between the two companies was officially disclosed, i.e. that they have an almost identical management team.

Bitfinex’s involvement with Tether had publicly been questioned by critics, most famously anonymous blogger Bitfinex’ed, who saw the arrangement as suspicious in part due to the fact that no third-party audit has yet been released of Tether’s reserves.

In response to the vitriol against Bitfinex posted online by Bitfinex’ed, the exchange has vowed to pursue legal action.

Bitmex’s research report writes that this relationship between Bitfinex and Tether actually was relatively public even before the temporarily-posted disclosure on Tether’s “About Us” page, citing Tether founder Craig Sellars’ Linkedin, which lists both companies.

The report ends with a listing of case studies of various online money-sending services that have been shut down by regulators over the years due to violations of money-laundering restrictions. This correlation drawn between these now-defunct services and Tether leads Bitmex to conclude that Tether “may also attract criminals and ultimately suffer the same fate.”

Bitmex has two concrete takeaways from their research into Tether, which it also recommends that investors do not hold onto long term:

“1. Reform the system to include KYC/AML procedures that allow the operator to easily block transactions or freeze funds. In order to do this […] Tether would just be turning into a traditional (or full reserve) bank.

2. Continue as is and risk being be shut down by the authorities at some point.”

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KFC Canada Introduces ‘Bitcoin Bucket’ Of Chicken Tenders

In the latest example of mainstream crypto adoption as a PR stunt, KFC Canada has introduced a new menu item, the Bitcoin Bucket, that customers can buy exclusively with Bitcoin (BTC).

KFC Canada announced their new PR stunt promotion via Twitter on Jan. 11:

“Sure, we don’t know exactly what Bitcoins are, or how they work, but that shouldn’t come between you and some finger lickin’ good chicken.”

The Bitcoin Bucket, which sells for the Bitcoin equivalent of 20 Canadian dollars, contains ten chicken tenders, waffle fries, a medium side, a medium gravy, and two dips. Canadian citizens can order home delivery of the Bitcoin Bucket through Colonel & Co.’s website while the offer lasts.

KFC Canada also released a promotional Facebook live video for the Bitcoin Bucket, featuring a still graphic of a bucket of KFC chicken superimposed with the equivalent of 20 Canadian dollars in BTC updating every 5 minutes in real time for almost 4 hours. One Bitcoin Bucket costs about 0.001 bitcoin at press time.

In a similar PR stunt, on Jan. 9, Kodak announced the Initial Coin Offering (ICO) for their own cryptocurrency, KodakOne. KodakOne reportedly will be used to register and license images on the new KodakOne Platform.

Bitcoin had also already entered the fast food industry in July 2017, when the German food delivery company, Lieferando, began accepting Bitcoin for orders. More recently, in August 2017, Burger King Russia introduced its own virtual currency, the Whoppercoin, which is posited for use as part of a customer loyalty program.