Bitcoin Drops As Tether Prints and Destroys $5 Billion in USDT – Plus Ripple and XRP, Ethereum, EOS, IOTA

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From a burst of strange activity from Tether to new support for XRP, here’s a look at some of the stories breaking in the world of crypto.

Bitcoin and Tether

Crypto traders are going through an emotional rollercoaster after some unusual activity from the stablecoin company Tether.

Traders were briefly elated when Tether suddenly printed a staggering 5 billion USDT.

Historically, when Tether mints new USDT, the price of Bitcoin goes up. Tether has been accused of using USDT to manipulate the price of Bitcoin, but Kraken CEO Jesse Powell recently said it’s simply a sign that new traders are entering the market.

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But this time around, Tether burned 5 billion USDT less than 30 minutes later, leaving people wondering what’s going on. So far, Tether has not released a statement on why it created and destroyed the huge trove of crypto.

The price of Bitcoin dropped amid the Tether frenzy and is currently at $11,308 according to CoinMarketCap at time of publishing.

Ethereum

The Ethereum Foundation is hosting an ask-me-anything to answer questions about Ethereum 2.0, which is designed to drastically improve the number of transactions the network can process per second.

The event is set for a twelve hour period on July 15th.

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Ripple and XRP

The leading Japanese crypto exchange DMM has added support for XRP. The digital asset is paired with the yen as well as Bitcoin.

EOS and IOTA

Weiss Ratings has updated its crypto rankings, giving EOS and IOTA an “A” for technology and adoption, in addition to Bitcoin and Ethereum.

Weiss is also assessing the top digital assets by what it calls their risk and reward potential.

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Bitcoin is the only cryptocurrency that earns a “B+” based on its risk and reward, with all other digital assets at a “C” or lower.

Weiss has provided financial market research and analysis for consumers and businesses for more than three decades, and released its first crypto rankings in January of 2018.