Petro Coin | Beginning Global Trade in Venezuela Come October

Venezuela’s president, Nicolas Maduro, just made a bold statement regarding his oil-backed cryptocurrency, the Petro Coin. The Petro Coin Maduro appeared on the national VTV channel today and delivered a speech about his country’s latest economic issues. According to VTV’s official website, Maduro said: “The Petro enters the street, as a currency of exchange, purchase and convertible currencies for the world.” However, the Venezuelan president didn’t specify the areas where the Petro will be used. Maduro also didn’t name any countries willing to accept the Petro Coin. This oil-backed cryptocurrency was…

Crypto Market Surges as Ripple Continues Rally

Within the past 48 hours, the valuation of the crypto market has increased from $198 billion to $218 billion in a rally boosted by a surge in Ripple token XRP. XRP, the native cryptocurrency of the Ripple blockchain network, recorded a 40 percent rise on September 21, continuing its momentum that was established earlier this week. Qtum, Stellar, 0x and Cardano were some of the best performing cryptocurrencies on the day, recording 15 percent gains against the US dollar. End of the Bear Market? Throughout this week, Bitcoin recorded a…

Tether’s Impact on Bitcoin Price Not ‘Statistically Significant,’ Study Finds

The issuance of tether (USDT), the controversial cryptocurrency tied to the U.S. dollar’s value, has had no meaningful impact on the price of bitcoin, an academic study has found. The findings by Dr. Wang Chun Wei, a lecturer at the business school of Australia’s University of Queensland, contradict widespread and long-running speculation that Tether, the company behind the stable cryptocurrency, has been issuing USDT to pump up the price of bitcoin. Wei’s findings have been accepted for the October 2018 issue of Economics Letters. (The paper was originally published online in May.)…