Bitfinex Chainswap to Convert $5M
Bitfinex, with its decentralized trading partner, EOSFinex, declared a complete chainswap. And it converted $5 million worth of Tether (USDT) stablecoins onto the EOS blockchain protocol.
In addition to that, this recent achievement gives companies a chance to provide the EOS DApp ecosystem stable and liquid store of value. As a result, they could lessen the risk regarding digital assets’ volatility.
Bitfinex CTO Paolo Ardoino stated, “What EOS was lacking was a stablecoin that could help these project manage exposure to price volatility.”
Furthermore, Tether and its affiliate exchange Bitfinex explained that there might be a lawsuit alleging USDDT token is part of market manipulation. And this would be the result of yet unpublished research.
Elsewhere, for Bitcoin (BTC), this week is not looking good. And this was due to the price that keeps slipping following its high of &8,540 on October 1. It was down to $7,870 on October 6.
Last week, they already anticipated this continued decline. And all eyes were on China’s week-long Golden Week as a possible catalyst for the falling trading volume. But the Chinese will return to their desks next week.
In the one day Bitcoin chart, the trading range last week supposed to reach between $7,600 and $9,500. But very few trading opportunities presented themselves as the Bitcoin price stood firm in the middle around $8,200.
Then, almost every week, there is always some outlandish claim that Bitcoin will fly to epic all-time highs in the immediate future. In a report from state-backed German bank Bayerische, it predicted that $90,000 Bitcoin would likely happen in May 2020.
Moreover, Fundstrat’s Tom Lee mirrored this valuation previously. In March 2018, he predicted a nearly similar estimate of $91,000 within the same time scale.
Then, there are even traders who wish to know how these analysts come up with the figures. Because in reality, the charts are not displaying anything like this in the short term.
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