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This Week in Crypto – Bitcoin Slips Below $8K, BCH Slips to 5th Rank

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Key Highlights 

  1. Digibyte Founder Accuses Binance of Demanding Ransom
  2. OKEx  Denies BTI’s Allegations of Wash Trading
  3. Bitcoin Price Sinks Below $8K 
  4. Tether Holds On To The 4th Rank in Crypto Market
  5. US Presidential Candidate Standards In Support of NBA Player For Tokenizing His Contract

Was Digibyte Calling on Cz A “Publicity Stunt”?

DigiByte Founder, Jared Tate recently said that he did a video call with the Binance Team a few weeks back, for the purpose of listing Digibyte on Binance. Per the founder, Binance team laid out the conditions, which included, $300,000 and 3% of all DGB for ”insurance for their customers against blockchain hacks & defects” to list $DGB. To which Tate said that it was not possible with a truly decentralized blockchain like DigiByte. Interestingly, Binance CEO, Cz responded and said that it was indeed messed up but in an interesting way. He further said that it seemed that Tate specifically didn’t want DBG listed on Binance. 

BTI’s Report Receives Flak, Accused of Non- Transparency in Methods

Blockchain Transparency Institute (BTI) recently released its Market Surveillance Report for  Q3 2019. The report highlights the percentage of wash trading happening on major exchanges including Binance, Gemini, Bitflyer, and OKEx. According to the report, OKEx is among exchanges with over 99.7% of its volume made up by wash trading. OKEx’s Head of Operations Andy Cheung has denied the allegations and condemned the report on Twitter.

He further said that the methodology used by BTI was questionable as the company had not revealed how it had arrived at those figures on wash trading. He even mocked BTI saying that the institute did not seem very transparent on their website.

Bitcoin Price Goes Against Predictions- Slips Below $8K

Bitcoin took a hit a few days back when it first slumped below the $10k support level on Monday 23rd of September. Interestingly, it’s fall coincided with the launch of the bitcoin futures platform, Bakkt. This was the beginning of a new bearish movement in which bitcoin rapidly dropped to new monthly lows below $9.5k which later flung the price of Bitcoin towards the $8k mark as of Tuesday, 24th September. Against all indications, BTC broke the two major support levels at $8,500 and $8,000 marks respectively to establish a lower price below $8k. 

Bitcoin Cash Slips to 5th Position, Gets Replaced by Tether

Tether continues to hold the 4th rank on CoinMarketCap for the 5th day now. Bitcoin Cash (BCH), which was at No 4 on CoinMarketCap (CMC) before Tether, is at the 5th place now amid a bearish market. BCH’s fall began on Sept 23, when it fell from $308 to $293. Sept 24 saw a further plunge in BCH’s price to $216. It was also marked by a sharp drop in the cryptocurrency’s market cap, which went from 5.28 billion on the previous day to $4 billion. BCH not only lost over $1 billion in market cap but also its long-held rank 5 on CMC.

Spencer Dinwiddie Gets Support for Tokenizing Contract

Leading NBA player, Spencer Dinwiddie recently revealed that he wished to tokenize part of his contract on the Ethereum blockchain. He intended to raise  $13.5 million from his three-year, $35 million contracts. his initiative was not received well by the NBA.  The NBA on Friday has claimed that his plan to pledge part of his contact earnings for a security token violates the league’s collective bargaining agreement. Notwithstanding the NBA’s unfavorable stance on the issue, Dinwiddie’s plan received massive public support. Presidential candidate Andrew Yang stated that the plan was pure genius. Yang has also been advocating a regulatory framework for cryptocurrency and blockchain. 

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