|All Time High:|
|Market Cap: |
|The price of #RSV today is $1.00 USD.|
The lowest RSV price for this period was $0, the highest was $1.003, and the exact current price of one RSV crypto coin is $1.00260.
The all-time high RSV coin price was $1.24.
Use our custom price calculator to see the hypothetical price of RSV with market cap of BTC or other crypto coins.
|The code for Reserve crypto currency is #RSV. |
Reserve is 1.6 years old.
|The current market capitalization for Reserve is $1,577,873.|
Reserve is ranked #1283 out of all coins, by market cap (and other factors).
|There is a modest daily trading volume on #RSV.|
Today's 24-hour trading volume across all exchanges for Reserve is $10,203.
|The circulating supply of RSV is 1,573,788 coins, which is 100% of the total coin supply.|
A highlight of Reserve is it's limited supply of coins, as this tends to support higher prices due to supply and demand in the market.
More Reserve (#RSV) News
|U.S. Federal Reserve Set To Hike Rates Above 400 BPs – How Will Cr...
The United States Federal Reserve is tightening, and interest rates hike has heavily impacted on the crypto market. Earlier this month, Bloomberg Analyst Mike McGlone McGlone said Bitcoin would outperform traditional stocks as interest rates hike. However, to this point, Bitcoin does not seem to follow Bloomberg's predicted trend.
As a matter of fact, despite Bloomberg's bullish standpoint, Bitcoin and other cryptocurrencies are still in a crash. For example, BTC and ETH dropped by 2% after the Fed’s announcement and bounced back. BTC is currently trading below $19,000.
Bitcoin trends sideways below $19,000 l BTCUSDT on Tradingview.com
The Fed's Federal Open Market Committee (FOMC) manages the economy during inflation and recession by controlling the money supply in the country. The Fed maintains the money supply via quantitative tightening and easing of reserves. As a result, a rise in interest rates triggers volatility in the market.
Inflation Would Drop To 2% By 2025, Says Federal Reserve
The Federal Reserve revealed its plans to tackle inflation at Thursday's FOMC. The Fed 75bps interest rate hike is just the tip of the iceberg as it plans to raise the rates as high as 400bps by the end of 2022.
In August, the CPI indicated 8.3% YoY inflation, but the Federal Reserve forecasts inflation to come down to 2% by 2025. The Fed Reserve plans to bring inflation down to 5.4% by 2022 and 2.8% by 2023. Reports show that Fed raised this year's interest benchmark by four times...
|Reserve Right Token Spikes Leaving Many In Euphoria, Eyes $0.01
RSR price holds above daily 50 EMA as price eyes $0.01
Price continues to look bullish, holding above key support areas
RSR price breaks out of daily asymmetric triangle with high buy orders.
Reserve Right (RSR) token price has had a rough time in recent weeks breaking out of its range but could rally to $0.01 as price broke out with more buy orders against tether (USDT). Despite the crypto market facing so much uncertainty as to where the market is headed, the price of the Reserve Right (RSR) token has shown a tremendous amount of strength as the price cracks double-digit gains. (Data from Binance)
Reserve Right (RSR) Price Analysis On The Weekly Chart
Weekly RSR Price Chart | Source: RSRUSDT On Tradingview.com
Despite a decline in its price from $0.1 to $0.0037, over 70% decline from its all-time high. The price of RSR showed great strength as the price bounced from its weekly low of $0.003, rallying to a high of $0.008 before facing a rejection to break above that region to higher heights.
The price of RSR has continued to move in range as the price cannot break above a weekly resistance of $0.008 for the price of RSR to trend higher to a region of $0.01.
RSR price needs to break and close above $0.008 to have a better chance of trading higher. The Fibonacci retracement ratio shows the price of RSR is faced with resistance at 23.6%; flipping this area of resistance into support will signal a more relief bounce for the price of RSR.
If the price of...
|Federal Reserve Hikes Benchmark Bank Rate by 75bps to Battle Elevated In...
The U.S. Federal Reserve raised the federal funds rate on Wednesday afternoon by three-quarters of a percentage point. The central bank's move follows the consumer price index (CPI) report last week that showed U.S. inflation jumped last month by 8.3% per annum.Fed Raises Federal Funds Rate by 75bps anticipates 'Ongoing Increases'
On September 21, 2022, the U.S. central bank and Fed chair Jerome Powell increased the benchmark bank rate by 75 basis points (bps). The Fed's federal funds rate is now coasting along at 3.25%. The decision follows the recent CPI report published by the U.S. Bureau of Labor Statistics and Fed officials like Powell noting that that the American economy may feel 'some pain.'
The Fed's 75bps rate hike is the third three-quarters of a percentage point raise in a row. During the last rate hike, senator Elizabeth Warren (D-Mass) said if the Fed wasn't careful the central bank could 'trigger a devastating recession.'
Prior to the 75bps rate hike in July, the U.S. central bank increased the federal funds rate by three-quarters of a percentage point on June 15, 2022. It was the largest Fed rate hike since 1994 when the 13th chair of the Federal Reserve Alan Greenspan codified the 75bps hike that year.
On Wednesday, the Fed said: 'The committee seeks to achieve maximum employment and inflation at the rate of 2 percent over the longer run. In support of these goals, the committee decided to raise the target range for the federal funds rate to 3 to 3-1/4 percen...
|Bitcoin Falls to $19k as Federal Reserve Announces 75 BPS Rate Hike
Following a two-day Federal Open Markets Committee (FOMC) meeting, the Federal Reserve has risen its benchmark interest rate by another 75 BPS.
Bitcoin’s price reacted erratically to the news, dropping by $1000 mere moments after the announcement.
The hike, revealed at 18:00 UST on Wednesday, takes the central bank’s new policy rate up between 3.0% to 3.5%.
Most investors expected a 75-point rise heading into the meeting, but markets had priced in a roughly 15% chance of a full percentage point rate increase.
Merely 1 minute after the announcement, Bitcoin fell from roughly $19,700 to $18,700. It’s since recovered to about $18,946, at the time of writing.
Volatility following a Federal Reserve decision is familiar territory for Bitcoin. The price fluctuated rapidly after Fed Chairman Jerome Powell’s speech at Jackson Hole last month, where he reiterated his commitment to addressing inflation.
Reducing inflation has been the theme of Fed policy for months, as inflation has marked historic highs throughout 2022. August CPI came in at 8.3% last week – higher than analysts were expecting.
Tightening monetary policy has caused both stocks and crypto to plummet throughout the year. Bitcoin is now 70% down from its November high of $69,000, while the NASDAQ is down 28% year to date.
Bitcoin / USD. Source: TradingView
The post Bitcoin Falls to $19k as Federal Reserve Announces 75 BPS Rate Hike appeared first on Crypt...
|Bitcoin Derivatives Reserve Surges Up, More Volatility Soon?
On-chain data shows the Bitcoin derivatives exchange reserve has surged up recently, a sign that the crypto may face more volatility in the near future.
Bitcoin Derivatives Exchange Reserve Observes Uplift Over Last Two Days
As pointed out by an analyst in a CryptoQuant post, conditions seem to be brewing up in the BTC market that could lead to higher volatility in the price.
The 'derivatives exchange reserve' is an indicator that measures the total amount of Bitcoin currently sitting in the wallets of all derivatives exchanges.
When the value of this metric goes up, it means investors are depositing their coins into these exchanges right now. Since BTC going up on derivatives generally leads to an increase in leverage, such a trend can result in higher volatility in the price of the crypto.
On the other hand, the value of the indicator registering a decline implies coins are exiting derivatives exchanges as holders are withdrawing them. This kind of trend may precede a more calmer BTC price.
Now, here is a chart that shows the trend in the Bitcoin derivatives exchange reserve over the past few weeks:
The value of the metric seems to have climbed up in recent days | Source: CryptoQuant
As you can see in the above graph, the Bitcoin derivatives exchange reserve has seen some upwards momentum during the last couple of days.
|Senator Warren 'Very Worried' About Federal Reserve Raising Interest Rat...
U.S. Senator Elizabeth Warren says she is 'very worried' that the Federal Reserve will tip the economy into recession. 'There is nothing in raising the interest rates, nothing in Jerome Powell's tool bag that deals directly with' the causes of inflation, she explained.Senator Elizabeth Warren on Inflation and the Fed Raising Interest Rates
U.S. Senator Elizabeth Warren (D-Mass.) discussed inflation and the Federal Reserve raising interest rates during an appearance on CNN's State of the Union Sunday.
She began by commenting on the speech by Federal Reserve Chairman Jerome Powell in Jackson Hole on Friday. 'While higher interest rates, slower growth, and softer labor market conditions will bring down inflation, they will also bring some pain to households and businesses. These are the unfortunate costs of reducing inflation. But a failure to restore price stability would mean far greater pain,' Powell said.
'I want to translate what Jerome Powell just said,' the senator from Massachusetts said. 'What he called 'some pain' means putting people out of work, shutting down small businesses because the cost of money goes up, because the interest rates go up.'
Replying to a question about whether she believes it's a mistake for the Federal Reserve to keep raising interest rates, Warren stressed:
I am very worried about this.
She proceeded to list 'The causes of inflation - things like the fact that Covid is still shutting down parts of the economy around the world, that we still hav...
|USDC Exchange Reserve Spikes – Can This Help Push Bitcoin Back Up?
On-chain data shows the USDC exchange reserves sharply rose recently, something that could help push Bitcoin back up after the latest drop.
USDC Exchange Reserve Observes Sharp Rise In Recent Days
As pointed out by an analyst in a CryptoQuant post, the large amount of USD Coin that flowed into exchanges recently could be deployed to act as fuel for Bitcoin.
The 'exchange reserve' is an indicator that measures the total amount of USDC currently sitting in wallets of all centralized exchanges.
Since stablecoins are tied to fiat (which in the case of USDC is USD), their value is as constant as the fiat currency itself. Because of this, investors often take shelter by shifting coins like Bitcoin into stablecoins during times when they want to avoid the volatility generally associated with much of the crypto market.
Once these investors feel the prices are right to dive back into the volatile markets, they exchange their stables for whatever crypto they want to buy into.
An especially large amount of buying from such holders can therefore help propel the prices of the major cryptos like Bitcoin.
Now, here is a chart that shows the trend in the USDC exchange reserve over the last few months:
The value of the metric seems to have jumped up in recent days | Source: CryptoQuant
As you can see in the above graph, the USDC exchange reserve has usually made a top around when the BTC price has slid down in the last few months.
Following this top, the reserve has started declining, while...
|US Federal Reserve Board Unveils Final Guidelines Used When Reviewing Re...
The U.S. Federal Reserve Board has said it has released the final guidelines which are set to be used by Reserve Banks when 'reviewing requests to access Federal Reserve accounts and payment services.' According to the board, the final guidelines will become effective as soon as they are published in the Federal Register. New Guidelines Aimed at Establishing a Transparent and Consistent Set of Factors for Reserve Banks
The board of the U.S. Federal Reserve recently announced what it called the 'final guidelines which establish a transparent, risk-based, and consistent set of factors for Reserve Banks to use in reviewing requests to access Federal Reserve accounts.'
As per the bank's statement, the latest guidelines are almost identical to the ones proposed in May 2021 and the supplemental ones which were proposed in March this year. These new guidelines will become effective once they are published in the Federal Register.
The move could pave the way for fintech and crypto banks and special purpose depository institutions (SPDIs). Kraken Bank applied for a master account with the Federal Reserve Bank in October 2020. In the Fed's recent statement, Lael Brainard, the vice chair of the U.S Federal Reserve, is quoted explaining why the guidelines are needed.
'The new guidelines provide a consistent and transparent process to evaluate requests for Federal Reserve accounts and access to payment services in order to support a safe, inclusive, and innovative payment system,' Braina...
|Reserve Bank of Zimbabwe 'Developed a Roadmap for Adoption of CBDC,' Say...
The governor of the Zimbabwean central bank, John Mangudya, recently said his organization 'has developed a roadmap for adoption of CBDC [central bank digital currency] in Zimbabwe.' Mangudya also revealed that two fintech startups had been admitted into the central bank's fintech regulatory sandbox. Stakeholders' Views Wanted
Nearly six months after announcing the Reserve Bank of Zimbabwe (RBZ)'s intention to explore the feasibility of launching a central bank digital currency (CBDC), the bank's governor John Mangudya recently revealed that the central bank now has a roadmap for the envisaged digital currency. He said the bank's development of the roadmap is in line with the government's decision on the CBDC which was made in November 2021.
Nevertheless, Mangudya suggested in his second monetary policy statement of the year that the RBZ is now eager to get the views of stakeholders. He said:
The role of stakeholders in the CBDC journey is paramount and in that regard, the Bank has developed a public consultation paper on CBDC to be released soon. The consultation paper is aimed at fostering a broad and transparent public dialogue regarding the potential benefits and risks of CBDC.
According to the RBZ, once the document has been released, the public will have an opportunity to comment on the consultation paper. This must be done within 90 days after the release of the consultation paper, Mangudya said.
Besides the consultation paper, the RBZ will also 'carry-out consumer per...
|USDD Continues to Trade for Under $1 — Tron DAO Reserve Insists St...
Since June 12, 2022, the Tron-based stablecoin USDD has remained below a U.S. dollar in value. On Monday, USDD had a 24-hour trading range of around $0.943 to $0.966 per unit and the day prior on June 19, USDD saw an all-time low at $0.928 per unit. Despite being below the U.S. dollar parity, the Tron DAO Reserve says the stablecoin has not depegged in a Twitter thread that discusses a combination of an 'on-chain mechanism [and] collateralized assets.'USDD Trades Below $1 for an Entire Week
USDD has been trading for lower than a U.S. dollar for over a week and on Sunday, USDD tapped an all-time low at $0.928 per unit. The following day on Monday, the stablecoin has been exchanging hands for $0.966 at the time of writing, and it saw a 24-hour low at $0.943. USDD is the ninth-largest stablecoin by market capitalization, with approximately $696.28 million on Monday evening at 7:00 p.m. (ET). The stablecoin has seen roughly $83 million in global trade volume and the top USDD exchanges on Monday include Kucoin, Huobi Global, Poloniex, and Pancakeswap version two (V2).
To safeguard the overall blockchain industry and crypto market, TRON DAO Reserve have purchased 10,000,000 #USDD on #TRON.
- TRON DAO Reserve (@trondaoreserve) June 20, 2022
The Tron DAO Reserve account on Twitter has been announcing numerous crypto asset purchases to safeguard the crypto ecosystem. On Monday, the Tron DAO Reserve revealed it added ten million USDC to 'safeguard the overall blockchain industry and ...
|Bitcoin Derivatives Exchange Reserve Surges Up As BTC Continues To Plung...
On-chain data shows the Bitcoin reserve of derivative exchanges has surged up recently as the price of the crypto has continued to crash down.
Bitcoin Derivatives Exchange Reserve Observes Sharp Uptrend
As explained by an analyst in a CryptoQuant post, the crashing BTC price may be forcing whales and long-term holders to open short positions in order to hedge their portfolios.
The 'derivative exchange reserve' is an indicator that measures the total amount of Bitcoin currently present on wallets of all derivative exchanges.
When the value of this metric goes up, it means coins are entering into derivative exchanges right now. Such a trend may mean investors are opening leveraged positions at the moment, which can result in higher volatility in the value of the crypto.
On the other hand, a downtrend in the indicator implies investors are withdrawing their coins from these exchanges currently.
Now, here is a chart that shows the trend in the Bitcoin derivative exchange reserve over the past year:
The EMA 7 value of the metric seems to have observed some uptrend recently | Source: CryptoQuant
As you can see in the above graph, the Bitcoin derivative exchange reserve had been heading down for quite a while, until recently when the indicator's value once again started rising up.
Recent data suggests that the crash in the coin's price has pushed around 50% of the total BTC supply into loss. A lot of demand and a sudden reversal in the price of Bitcoin will need to occur befor...
|Bitcoin Exchange Reserve Spikes Up, Selloff Not Over Yet?
As expected, its value also shot up over the last few days.
The fact that the Bitcoin exchange reserve doesn't seem to have changed trend and is still rapidly rising after the crash may mean that the crypto's price could see further decrease in its value in the near future.
At the time of writing, Bitcoin's price floats around $21.1k, down 30% in the last seven days. Over the past month, the crypto has lost 32% in value.
The below chart shows the trend in the price of the coin over the last five days.
The price of BTC seems to have ben moving sideways since the crash | Source: BTCUSD on TradingView
Following the crash, Bitcoin touched as low as $20k, before rebounding back a little to the current levels.
|TRON DAO Reserve to Withdraw Another 3 Billion TRX to Protect USDD Peg
TRON DAO Reserve is prepared to withdraw another 3 billion TRX tokens from a centralized exchange and a decentralized finance (DeFi) lending protocol as part of efforts to prevent a similar occurrence of Terra's UST collapse.
The foundation made the announcement in a tweet on Thursday (June 16, 2022). However, the DAO did not name the CeFi and DeFi platforms where the withdrawals will occur.
With the latest announcement, the foundation intends to pull back a total of 5.5 billion TRX. The planned withdrawals are part of efforts to shrink liquidity for short traders and prevent a collapse, as was the case for Terra's UST stablecoin.
Also, the move will stop short-traders from tanking the price of TRX as the token is used to redeem USDD like LUNA for UST. If they can cause TRX to decline sharply, the coin will not be valuable enough to honor USDD redemptions.
As previously reported by CryptoPotato, the decentralized organization revealed plans to withdraw 2.5 billion TRX tokens from Binance to 'safeguard the blockchain industry and crypto market.'
The TRON DAO Reserve transferred $100 million USDC to Binance to purchase TRX and further deployed another $120 million to buy the token.
Earlier in June, Sun said TRON DAO will inject $2 billion to fight short positions on Binance and protect the USDD peg.
However, USDD is yet to gain parity with the U.S. dollar as the algorithmic stablecoin is currently trading at $0.97, according to CoinGecko. TRX's price, on the other hand, is $0....
|TRON DAO Reserve Withdraws 2.5 Billion TRX From Binance to Safeguard USD...
The last thing Justin Sun - founder of TRON - would like to see is the UST-Terra fiasco being repeated again on his stablecoin project USDD. The confident founder, who had vowed the lost peg of the stablecoin would be soon recovered, injected $220 million on Wednesday to purchase TRX on Binance.
According to the announcement on Tuesday, he had at least another $280 million available for defending the peg.
Following Terra's debacle, Justin Sun's algorithmic stablecoin USDD has been the new target by short-sellers.
As market selloffs deepened, TRX - one of the predominant crypto assets that back USDD as collateral - has been down over 30% in the past seven days, causing its sister stablecoin to lose peg, as reported by CryptoPotato on Tuesday.
In order to maintain that dollar parity, the DAO Reserve - the foundation behind the stablecoin - deployed $100 million USDC to Binance to purchase TRX on Wednesday. Only hours later, the foundation injected another $120 million to prop up its price.
The Reserve revealed earlier that it had received another $500 million to defend the USDD peg.
Besides actively purchasing such an asset, the Reserve announced the withdrawal of 2.5 billion TRX from the exchange to 'safeguard the overall blockchain industry and crypto market.'
The idea behind such a strategy is to reduce the circulating supply of TRX in the exchange, so short-sellers have to pay a higher fee for shorting the asset. As sellers run out of bullets, resulting in the decline of s...
|Bitcoin, Ethereum Technical Analysis: ETH, BTC Remain Lower Ahead of Fed...
ETH was close to falling below $1,000 on Wednesday, as markets began to prepare for the latest Fed policy meeting. Many expect that the FOMC will opt to hike interest rates today, as inflation continues to peak. BTC was also lower, hovering slightly above $20,000.
BTC was hovering marginally above $20,000 in today's session, as markets were anticipating the latest FOMC policy meeting.
Following a high of $22,729.56 yesterday, BTC/USD sank to an intraday low of $20,178.38 earlier in the day.
As a result of this latest low, bitcoin has now fallen for nine straight days, losing over 30% of its value within that time period.
This latest drop now sees BTC hit a fresh 19-month low, as prices dropped to their lowest point since December 2020.
Looking at the chart, the RSI is now at 22, however should this fall to the 20 level, we might see BTC hit a floor of around $19,000.
Some believe we may see this happen today, depending on what the Fed decides to do, as far as changes to its monetary policy.
ETH was close to falling below $1,000 on hump-day, as traders of the world's second-largest crypto token were also awaiting the latest Fed decision.
On Wednesday, ETH fell to an intraday low of $1,025.68, which is its lowest point since January last year.
Like bitcoin, today's move saw ETH fall for a ninth consecutive day, with traders still scrambling to find a solid price floor.
Some still believe that this floor could be below $1,000, with $800 a strong target for cu...
|Circle to Issue Weekly USDC Reserve Reports — Tether Publishes May...
The co-founder and CEO of Circle, Jeremy Allaire, has announced the cryptocurrency firm that issues the stablecoin usd coin plans to provide the public with weekly stablecoin reserve reports. Additionally, the company Tether has also released an assurance report on its stablecoin reserves via the Cayman Islands auditing company MHA Cayman.Circle CEO Says Firm's Stablecoin Is a 'Very Efficient Pipe Between Legacy Electronic Dollars and Digital Currency Dollars'
The two largest stablecoin providers, Tether and Circle, want the public to be assured that tether (USDT) and usd coin (USDC) are fully backed by reserves. The latest assurances follow the recent terrausd (UST) de-pegging event, which saw UST drop from its once-stable $1 parity to today's $0.06 per UST.
Following the event, Circle published a blog post on May 13, called 'How to Be Stable,' which explained Circle's USDC reserves are backed entirely in cash and short-dated U.S. Treasuries. After the blog post, a week later the co-founder and CEO of Circle, Jeremy Allaire, explained that the company will now provide weekly USDC attestations concerning the stablecoin's reserves and liquidity.
'As promised a week ago, we are now providing weekly reports on USDC reserves and liquidity operations,' Allaire tweeted. Allaire also shared the USDC assurance report and further said: 'Over the past week, we saw 8.6 billion USDC issued, and 6.3 billion USDC redeemed, with a net weekly increase in circulation of 2.3 billion USDC.' The...
|Bank of England's Cunliffe Warns Crypto Will See Tough Times as Fe...
Bank of England's deputy governor for financial stability, Sir Jon Cunliffe, has warned of hard times ahead for cryptocurrency investors as the Federal Reserve and other central banks tighten monetary policy.Bank of England's Executive Warns About Crypto
Sir Jon Cunliffe, deputy governor for financial stability at the Bank of England (BOE), had a warning for crypto investors at a Wall Street Journal conference Tuesday, Reuters reported.
The Bank of England executive cautioned that crypto investors should expect more difficult times ahead. He explained that as the Federal Reserve and central banks around the world tighten financial conditions, investors will be more attracted to safer assets.
Replying to a question about whether rising interest rates would ramp up pressure on cryptocurrencies, Cunliffe was quoted as saying:
Yes, I think as this process continues, as (quantitative tightening) starts in the U.S. … I think we'll see a move out of risky assets.
Federal Reserve Chairman Jay Powell said last week that the Fed will continue tightening monetary policy until it sees 'clear and convincing' evidence that inflation is falling to the target rate of 2%.
Cunliffe also discussed another factor affecting the crypto market. Noting the Russia-Ukraine war is prompting investors to move funds into safer assets, he advised:
When there's a move out of risky assets, you would expect the most speculative assets to be the ones most affected.
In November last year, Cunliffe said...
|Circle Says USDC Reserve Backed Entirely in Cash and Short-Dated US Trea...
On May 13, Circle's chief financial officer Jeremy Fox-Geen published a blog post called 'How to Be Stable,' following the aftermath of Terra's stablecoin implosion. Circle's CFO explained that since usd coin's inception, the stablecoin aims to be 'the most transparent and trusted dollar digital currency.'Terra's Stablecoin De-Pegging Incident Has Cast a Spotlight on the Entire Stablecoin Economy
For a few years now, stablecoin assets have been a popular hedging vehicle among many participants within the cryptocurrency community. In more recent times, stablecoins are being loaned out in great numbers in order to gather interest and high yield returns. In the early days, stablecoins were centralized projects and these days there are a few decentralized and algorithmic stablecoin tokens among the giants.
Tether (USDT) and usd coin (USDC) are the two largest stablecoin projects in terms of market valuation. Both of them are centralized, which means the company guarantees the stablecoins are redeemable for the $1 parity by holding reserves that cover the funds in circulation. Even before Terra's stablecoin de-pegging event, more confidence has been placed in the top two stablecoins because they are centralized.
Three days ago, Bitcoin.com News reported on the stablecoin shuffle after the recent editorial our newsdesk published, showing that for the first time in history, three stablecoins entered the crypto top ten. That is still the case today, except that terrausd (UST)...
|Tron DAO Reserve Acquires Millions in TRX, Bitcoin, and Tether to Safegu...
Seven days ago, Bitcoin.com News reported on the Tron DAO Reserve purchasing $38 million in tron to safeguard the network's stablecoin USDD. Since then and since the terrausd (UST) de-pegging event, the Tron DAO Reserve has continued to purchase large quantities of digital assets to bolster the project's reserves. In addition to the tron purchases, the organization has been adding stablecoins and bitcoin into the mix as well.While Terra's Stablecoin Imploded, Tron's Algorithmic Dollar-Pegged Crypto Project Purchases Millions Worth of Tron, Bitcoin, and Tether to Defend USDD
During the past week, all eyes have been focused on the Terra blockchain and its native crypto assets LUNA and UST. Both coins divebombed significantly in USD value and more than $46 billion in value disappeared from the crypto economy in roughly three days. Amid all the carnage, the Tron DAO Reserve has continued to purchase crypto assets for its digital currency-based forex reserves. On May 7, Bitcoin.com News reported on Tron's founder Justin Sun and the Tron DAO Reserve purchasing $38 million in tron (TRX).
Since then the project has continued to buy crypto amid the market carnage that took place because of the UST fallout. Tron's stablecoin USDD is also an algorithmic dollar-pegged crypto asset that has similarities to Terra's UST. After the purchase of 504.6 million tron (TRX), the Tron DAO Reserve tweeted that the team aims to 'guard the overall blockchain industry and market, prevent panic trading ...
|TRON DAO Reserve Bought BTC and TRX for $60 Million Amid Market Crash
Amid the market meltdown, the team behind the TRON DAO Reserve announced two acquisitions for the project's stablecoin. Additionally, they welcomed Ankr as the fourth member of the Reserve.
The past five days have been nothing short of turbulent in the cryptocurrency space, with bitcoin losing nearly $10,000 and the altcoins following suit.
While some blame the current landscape on Terra and its controversial UST stablecoin, TRON has decided to strengthen the backing of its own, which operates in a similar manner.
The TRON DAO Reserve announced earlier today the purchase of 500 BTC with an average price of $31,031 for over $15.5 million, as well as buying nearly 600,000,000 TRX for $45,641,630. Overall, the organization spent over $60 million on the pair.
It argued that the move comes in an attempt to 'safeguard the overall blockchain industry and crypto market.'
Separately, Justin Sun's brainchild said it had welcomed Ankr as the fourth member and whitelisted institution.
@ankr has officially become the fourth member and whitelisted institution of #TRON DAO Reserve. Welcome aboard
We will strive to effectively function as the decentralized crypto reserve to consolidate the value of #USDD as a true settlement currency. pic.twitter.com/WmaeWWqHjZ
— TRON DAO Reserve (@trondaoreserve) May 10, 2022
Apart from the TRON DAO Reserve, El Salvador also bought the dip, as reported yesterday. The nation's president - Nayib Bukele - said the country had purchased the same ex...
|Tron DAO Reserve Purchases $38 Million in TRX to Safeguard the Stablecoi...
On May 5, Tron's algorithmic stablecoin USDD went live and so far, the fiat-pegged token has been listed on a number of decentralized finance (defi) protocols. Two days later, the Tron DAO Reserve announced it purchased 504.6 million tron (TRX) to back the algorithmic stablecoin, as the project aims to leverage a decentralized forex reserve similar to Terra's UST reserves.Tron DAO Reserve and Justin Sun Reveal a $38 Million TRX Purchase
Terra's UST reserve system is becoming a popular scheme, and Tron's USDD stablecoin project is following the pattern. Bitcoin.com News reported on Tron's algorithmic stablecoin project on April 21, and since then the fiat-pegged crypto asset has officially launched. The project has a number of partners now and USDD is listed on Pancakeswap, Kyberswap, Sunswap, Sun.io, Curve Finance, Uniswap, and Ellipsis.
According to tronscan.org, there's approximately 211,245,005.49 USDD at the time of writing. Statistics show on Saturday, May 7, 2022, Uniswap version three (v3) is the most active exchange to buy and sell USDD. While USDD's $211 million market capitalization is small potatoes to Terra's UST ($18.7B), its only been around for two days. While terrausd (UST) saw $990.3 million in 24 hour trades, USDD saw $2.31 million during the past day. USDD's market valuation is larger than gemini dollar's (GUSD) $199.5 million market capitalization.
On Saturday, the Tron DAO and Tron's founder Justin Sun announced that the team purchased 504,600,250 TRX at ...
|TRON DAO Reserve Appoints Alameda Research as the First Member and White...
[PRESS RELEASE - Geneva, Switzerland / May 5]
The TRON DAO Reserve has announced Alameda Research as the first Member and Whitelisted Institution to mint Decentralized USD (USDD), a fully decentralized stablecoin underpinned by mathematics and algorithms. The TRON DAO Reserve aims to support the global blockchain industry and crypto market, prevent panic trading caused by extreme market volatility, and mitigate long-term economic downturns.
Alameda Research is a leading principal trading firm. They use internally developed technology and the team’s deep crypto expertise to trade thousands of digital asset products, including all major coins and altcoins and their derivatives. They have relentlessly built a globally focused team and infrastructure with the ability to trade on all major exchanges and markets since 2017.
The TRON DAO Reserve intends to formulate and implement monetary and exchange rate policies, play the role of a lender of last resort to market participants, and maintain reserve assets of various blockchains and blockchain-powered financial institutions to minimize systemic risks and contribute to the stability of the overall market. The Reserve aims to stabilize the exchange rates of centralized and decentralized stablecoins on TRON and other blockchains by benchmarking interest rates and guiding the market through liquidity provision. It also manages the permissions of USDD as its early custodian and ensures its price stability with crypto reserves.
|Luna Foundation Acquires $1.4 Billion in Bitcoin, Decentralized Reserve ...
According to a report published on Thursday, the Luna Foundation Guard (LFG) explained that it acquired 37,863 bitcoin worth more than $1.4 billion through two over-the-counter deals. The LFG now holds 80,394 bitcoin in its reserves currently worth just under $3 billion using today's exchange rates.Luna Foundation Guard Scoops up 37,863 Bitcoin
On May 5, 2022, the Luna Foundation Guard reported that it purchased 37,863 bitcoin (BTC), worth a touch over $1.4 billion at the time of writing. LFG, the non-profit based out of Singapore aims to have $10 billion of stablecoin reserves by the end of the third quarter of this year. While the organization has acquired a total of 80,394 bitcoin, LFG also purchased $100 million in avalanche (AVAX) to bolster the algorithmic stablecoin UST's decentralized forex reserves.
While 42,530.828 BTC can be seen on the blockchain via LFG's public address, the 37,863 bitcoin purchased were acquired via two over-the-counter (OTC) deals. According to the LFG press release, $1 billion worth of UST was traded with the prime broker Genesis for the BTC, and it purchased the other $500 million from the hedge fund Three Arrows Capital.
Terraform Labs Founder Says UST's Decentralized Forex Reserve Stash Is Aligned With the Bitcoin Standard
Do Kwon, the cofounder and CEO of Terraform Labs told CNBC during the announcement that the pegged currency's reserves are aligned with the Bitcoin standard.
'For the first time, you're starting to see a pegged currency ...
|Which Banks Manage the USD Reserve Backing Your TrueUSD?
Stablecoins have maintained a strong growth momentum against the occasionally frustrating crypto market. Recently, the TUSD-TRX pool on the decentralized trading platform SunSwap has yielded up to 12%, and the vault of TUSD achieved an APY of as high as 11.2% on the decentralized yield optimizer Beefy Finance (BNB). These APYs are eye-catching indeed!
Apart from the yield, security is also a major consideration for those who seek to entrust their assets to a stablecoin service provider. In the case of TUSD, asset security is ensured by two safeguards, one being its transparent reserves. TrueUSD is attested live by Armanino, one of the largest U.S.-based accounting firms, to ensure the 1:1 ratio of its USD reserve to its circulating token supply and thus a 100% collateral rate. The other safeguard is its partner banks. The banks (or custodians) matter as they are responsible for holding the USD assets that back the value of TUSD for safekeeping. So, which banks are holding TUSD's USD reserve, and what strengths do they have? Truly is here to help you find out the answer today.
At present, TrueUSD collaborates with five trusted partner banks—Signature Bank, Silvergate Bank, Prime Trust, First Digital Trust, and BitGo. Now we will walk you through the advantages of these banks.
Signature Bank is the first FDIC-insured bank to launch a blockchain-based digital payments platform. Introduced in January 2019, Signet the platform is committed to providing fast an...
|Former Chinese Central Bank Governor: US Dollar Will Remain Global Reser...
In remarks that appear to pour cold water on assertions that digital currencies will topple the U.S. dollar anytime soon, a former governor of the Chinese central bank, Zhou Xiaochuan, insisted the greenback will remain in its position as the global reserve currency. Xiaochuan said the dollar still 'has great inertia.' Process to Change Role of Dollar Very Slow
The former governor of the Chinese central bank, Zhou Xiaochuan, insisted in a recent interview that 'unless there is [a] change in the global landscape' the U.S. dollar will remain the global reserve and payment currency. While he admitted that digital currencies could potentially become alternatives to the dollar, the former governor claimed that any process to change the role of the dollar is likely to be 'very slow.'
In his remarks while being interviewed by CGTN, Xiaochuan, however, suggested that policy 'mistakes' by the U.S. government might potentially have a bearing on the dollar's continued dominance. Xiaochuan, who is now the vice-chairman of the Boao Forum for Asia, points to the use of the dollar as a sanctioning tool as one such mistake. Xiaochuan explained:
For example, if we rely too much on the dollar system to impose financial sanctions, of course, if you impose sanctions, people will hide from you, and your role in payment and reserves will inevitably decline.
Still, the former governor cautions that using the dollar system to impose sanctions just like other factors will not lead to the sudden wanin...
|The Eerie Similarities of Today's Great Monetary Shift and the Pan...
While many Americans believe the U.S. Federal Reserve is the caretaker of the country's monetary system, its also believed to be one of the worst financial institutions ever created. In 2022, amid a gloomy economy, war, and a number of global crises, the possibility of a great monetary shift has increased. The preceding years filled with panic, are very similar to the years that led to the creation of the Federal Reserve System.The Panics That Led to the Last Transition of Wealth May Help Us Understand Today's Monetary Transformation
During the last few years, just before the onset of Covid-19, discussions about a 'Green New Deal,' a 'Great Reset,' and a 'New Bretton Woods Moment' have increased a great deal. These topics have made people believe a great transition of wealth is taking place, and the consortium of modern central banking is bolstering the change. Many people wonder how these changes happen so fast, and why the public simply allows such transformative changes without question. The best way to understand such changes is to look at the great transition of wealth that took place in the late-1800s into the mid-1900s.
The first historical moment that took place back then was the creation of the Federal Reserve System. It is well documented that the Fed was born on December 23, 1913, after president Woodrow Wilson signed the Federal Reserve Act, but the central bank's inception started years before Wilson's Act. What most people don't know is that J.P. Morgan and the ...
|Vaneck Report Calculates Bitcoin Price Could Tap $4.8M if BTC Becomes th...
On Thursday, the investment firm Vaneck published a blog post that calculates how much gold or bitcoin would be worth if the two assets became global reserve assets. Vaneck's report explained that the investment team 'attempted to quantify the emergence of new gold or bitcoin-backed currency regimes.' The study's calculations estimate that gold could reach $31,000 per ounce and bitcoin could potentially hit $1.3 million per coin. If the assets became M2 monetary supplies, then the values of bitcoin and gold could be much higher. Vaneck's Investment Team Calculates 'Extreme' Scenarios Where Gold or Bitcoin Obtain Global Reserve Status
Executives from Vaneck's emerging markets (EM) bond investment team, Eric Fine and Natalia Gurushina, published a report on March 30, 2022, that touches on 'extreme scenarios' where gold or bitcoin theoretically become M0 or M2 money supplies. While a monetary base (M0 or narrow money) equates to all the physical currency and coins, M2 measures both cash and checking deposits and broad money as well.
Vaneck's Insights blog post says 'money has changed,' and highlights the recent sanctions against Russia which froze the country's USD, EUR, and JPY fiat reserves. Fine and Gurushina write that Vaneck's EM bond investment team thinks the world's central banks 'will act, as will private individual actors.' The team attempts to quantify the emergence of gold and bitcoin-backed regimes and after the calculations, both estimates are quite substantial in ...
|US Senator Cruz Introduces Bill to Prevent Federal Reserve From Using Di...
U.S. Senator Ted Cruz has introduced legislation to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals and competing with the private sector. The senator from Texas warned that not only would this CBDC model centralize financial information, leaving it vulnerable to attack, but it could also be used 'as a direct surveillance tool into the private transactions of Americans.'
Senator Cruz Introduces Bill to Prevent the Fed From Issuing Digital Dollar to Retail Consumers
U.S. Senator Ted Cruz (R-TX) introduced legislation Wednesday 'to prohibit the Federal Reserve from issuing a central bank digital currency (CBDC) directly to individuals,' an announcement posted on his official website describes. The bill was co-sponsored by Senators Mike Braun (R-IN) and Chuck Grassley (R-IA).
''No Federal Reserve bank may offer products or services directly to an individual, maintain an account on behalf of an individual, or issue a central bank digital currency directly to an individual,' the text of the bill reads.
Stating that 'The bill aims to maintain the dollar's dominance without competing with the private sector' and 'It is important to note that the Fed does not, and should not, have the authority to offer retail bank accounts,' the announcement details:
The legislation prohibits the Federal Reserve from developing a direct-to-consumer CBDC which could be used as a financial surveillance tool by the federal government, similar to ...
|Luna Foundation's Bitcoin Reserve Wallet Now Holds $1.1 Billion in...
During the last week, the cryptocurrency community has been discussing the bitcoin purchases made by Luna Foundation Guard (LFG), as onchain data shows LFG's bitcoin wallet currently holds 24,954.95 bitcoin worth $1.1 billion. LFG's Gnosis safe address shows over the last four days, there's been 660.6 million tethers sent out of the foundation's wallet. Do Kwon Confirms Bitcoin Wallet Belongs to LFG
On March 26, 2022, the Luna Foundation Guard's bitcoin wallet holds 24,954.95 BTC worth $1.1 billion. During the last four days, the address has accumulated a massive number of bitcoin after Terra's founder Do Kwon recently hinted at the blockchain project leveraging bitcoin-linked tokenomics. After someone asked Terra's founder why the project decided to choose bitcoin (BTC) for a reserve asset, Do Kwon replied:
Bitcoin is the only hard reserve asset that's been proven out of the digital currencies… It is very difficult for somebody in crypto to question bitcoin.
After the statement, the community noticed movement stemming from a Gnosis safe address that is reportedly owned by the LFG. Additionally, the news publication Bitcoin Magazine tweeted about the LFG's bitcoin address and said the foundation confirmed the address and purchases 'to back its UST stablecoin.' Following the statement, on March 25, the news publication further verified the tweet in an article that said: 'Terraform Labs founder Do Kwon on Wednesday confirmed via email that the address indeed belongs to L...
|Federal Reserve Bank President Pushes for Faster Rate Hikes — Says...
The president of the Federal Reserve Bank of St. Louis, James Bullard, has called for more aggressive measures to combat inflation and reduce the size of the Fed's balance sheet. 'The burden of excessive inflation is particularly heavy for people with modest incomes and wealth and for those with limited ability to adjust to a rising cost of living,' he stressed.
Fed's Bullard Pushes for More Aggressive Rate Hikes to Better Manage Economic Situation
St. Louis Federal Reserve Bank President James Bullard issued a statement Friday regarding his dissenting vote at last week's Federal Open Market Committee (FOMC) meeting.
At the meeting, the FOMC decided to 'raise the target range for the federal funds rate by 25 basis points to 0.25% – 0.50%,' Bullard explained, adding:
In my view, raising the target range to 0.50% – 0.75% and implementing a plan for reducing the size of the Fed's balance sheet would have been more appropriate actions.
Bullard is an economist who has been the president of the Federal Reserve Bank of St. Louis since 2008. He reiterated that in his judgment, 'a 50-basis-point upward adjustment to the policy rate would have been a better decision for this meeting.'
He explained that the FOMC 'has a mandate to provide stable prices for the U.S. economy and a 2% inflation target stated in terms of headline PCE (personal consumption expenditures price index) inflation.'
Noting that 'Headline PCE inflation measured from one year earlier is currently 6.1%, ...