{"id":21146,"date":"2018-10-20T14:49:42","date_gmt":"2018-10-20T14:49:42","guid":{"rendered":"http:\/\/ci027cfe6960012697"},"modified":"2018-10-20T14:49:42","modified_gmt":"2018-10-20T14:49:42","slug":"bitcoin-magazine-week-review-stablecoins-take-spotlight","status":"publish","type":"post","link":"https:\/\/bitcoinmagazine.com\/business\/bitcoin-magazine-week-review-stablecoins-take-spotlight","title":{"rendered":"Bitcoin Magazine Week in Review: Stablecoins Take the Spotlight"},"content":{"rendered":"
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With the exception of the SEC\u2019s FinHub announcement, it has been a quiet week for regulatory news \u2014 something we\u2019ve been getting a lot of recently as U.S. officials clamp down<\/a> on unscrupulous coin offerings<\/a> and crypto companies.<\/p>\n

Instead, stablecoins crowded headlines this week, as tether \u2014 among others \u2014 had difficulties retaining its peg, and top exchanges rolled out support for some of the asset class\u2019 regulatory-compliant newcomers.<\/p>\n

All the while, developers remind us that, even in bear markets, the tools of innovation continue to work against the buzz of speculation.<\/p>\n

Stablecoin News Takes Center Stage <\/h3>\n

As Tether\u2019s Peg Slips, Bitcoin\u2019s Price Distorted Across Markets<\/a><\/h3>\n

Tether took a dip this week. The market\u2019s leading stablecoin dropped to as low as $0.92 cents for its exchange-averaged price as a market-wide selloff left the coin wanting in demand. By consequence, bitcoin on tether-supported exchanges began trading at somewhat of a premium, an inflated price that reflected bitcoin\u2019s worth against tether\u2019s discounted price rather than its worth against the actual dollar. At the time of writing, tether has shaved off roughly $800 million from its market cap over the week \u2014 that\u2019s nearly a third of its entire value.<\/p>\n

Huobi <\/a>and OKEx <\/a>List the Same Four Stablecoins<\/h3>\n

As tether was unravelling, two of the industry\u2019s highest volume exchanges listed four of the top stablecoins\u2019 staunches competitors. Huobi and OKEx both announced support for TrueUSD, Gemini USD, USD Coin and the Paxos Standard earlier this week, moves that may have aggravated the sell off that crippled tether\u2019s peg. The four stablecoins, which are fiat-collateralized like tether, are considered transparent, regulator-friendly alternatives to what was the market\u2019s only viable stablecoin until this year<\/a>.<\/p>\n

Developers Keep On Developing <\/h3>\n

No Connection Required: How One Dev Sent Bitcoin While Off the Grid<\/a><\/h3>\n

An Auckland developer sent bitcoin to his girlfriend earlier this week without access to internet \u2014 seriously. Leveraging technology developed by goTenna and Samourai Wallet, the Kiwi dev was able to transfer bitcoin across New Zealand using only a $27 smartphone and some impressive mesh network architecturing. <\/p>\n

Decentralization Gains Traction: Go-Ethereum Fifth Most Active on GitHub<\/a><\/h3>\n

Commonly referred to as geth, Go-Ethereum, a command-line interface for running an Ethereum node using the Go programming language, is now the fifth fastest-growing, open-source project on GitHub. This puts it in the company of other, more mainstream projects like azure-docs from Microsoft Azure, pytorch from Facebook, godot from the GoDot Gaming Engine and nuxt.js, a Javascript framework.<\/p>\n

SEC Opens a Pipeline for FinTech Companies to Seek Guidance<\/h3>\n

SEC Sets Up Open Line of Communication for Fintech Projects With FinHub<\/a><\/h3>\n

On October 18, 2018, the U.S. Securities and Exchange Commission (SEC) announced that it has created a new offices dedicated to fintech startups, including cryptocurrency and blockchain companies. The office will be a resource for these fledging organizations as the try to navigate unspecified regulations and comply with government mandates. <\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin Magazine\u2019s Week in Review for week of October 20th, 2018<\/p>\n","protected":false},"author":3468,"featured_media":21147,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[3190,219,2271,215,804,811,3247],"class_list":{"0":"post-21146","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-gotenna","9":"tag-regulation","10":"tag-review","11":"tag-samourai","12":"tag-stablecoins","13":"tag-tether","14":"tag-week-in-review"},"author_data":{"id":3468,"name":"Aaron Van Wirdum And Colin Harper","nicename":"aaron-van-wirdum-and-colin-harper","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/88b6c65a7515990786b1c04473e15469e5b0d0fffef947ed629a60854e1cb426?s=96&d=robohash&r=g"},"featured_image_url":"https:\/\/bitcoinmagazine.com\/wp-content\/uploads\/2024\/11\/week-in-review-for-february-23.jpg","_links":{"self":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/21146","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/users\/3468"}],"replies":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/comments?post=21146"}],"version-history":[{"count":0,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/posts\/21146\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media\/21147"}],"wp:attachment":[{"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/media?parent=21146"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/categories?post=21146"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitcoinmagazine.com\/wp-json\/wp\/v2\/tags?post=21146"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}