Today in the crypto space we saw Basis shut down its stablecoin operation, as U.S. government officials warned against bomb threats that demanded bitcoin, and the Civic team gained a former Apple powerhouse. Binance also added another stablecoin, and Tom Lee explained bitcoin’s true price value.
Here are the details:
Basis Stablecoin Project Will Shut Down And Return All Funds
The Basis stablecoin project recently announced closure due to regulatory difficulties.
Basis reportedly had a great team and vision. However, their stablecoin system included two other tokens, “bond tokens” and “share tokens”. These other two tokens might have been the cause for concern in the situation.
In order to retain price stability, Basecoins needed to be switched out with the projects other two tokens, depending on market conditions.
US Government Issues Advice Over Bitcoin Bomb Threat Emails
The National Cybersecurity and Communications Integration Center (NCCIC) recently warned the public of recent bomb threat emails.
Emails included individuals threatening to bomb organizations, demanding bitcoin as payment to avoid such violence.
According to the NCCIC announcement, “[i]f you receive a bomb threat email, NCCIC recommends the following actions:
- Do not respond or try to contact the sender.
- Do not pay the ransom.
- Report the email to the Federal Bureau of Investigation (FBI) Internet Crime Complaint Center or to a local FBI Field Office.”
Blockchain Startup Civic Appoints Apple Veteran As Executive Director Of Identity.com
Civic, a popular blockchain project in the self-sovereign identity space, brought Phillip Shoemaker on board as Identity.com’s new executive director. (Identity.com is the ecosystem for the Civic project.)
Shoemaker is the former senior director for Apple’s App Store Review operation. He grew his team from a handful of employees to a team of more than 300 during his seven years there.
Civic’s Co-founder and CTO Jonathan Smith said in yesterday’s press release that the “caliber of [Phillip’s] experience immediately set him apart as a dynamic leader.”
Top Crypto Exchange Binance Adds Circle’s USDC To Its Combined Stablecoin Market
Binance recently added USD Coin (USDC) to the mix as yet another stablecoin option on their platform. USDC will be available on Binance’s USDⓈ Stablecoin Market.
Last month, Binance “rebranded its Tether (USDT) Market as the combined USDⓈ market to allow for the support of more trading pairs with different stablecoins offered as a base pair,” CoinTelegraph explained in today’s report.
Unabashed Bitcoin Bull Thomas Lee Says The Market Is Wrong
Fudstrat’s Tom Lee, known for his $25,000 end-of-year bitcoin price prediction earlier this year, recently made further comments on bitcoin’s value.
According to a Bloomberg report yesterday, Lee stated bitcoin was vastly undervalued at less than $3,400. He said the asset should be worth about $14,800.
Lee mentioned the number of active wallet addresses, account usage, and supply aspects, to explain why bitcoin should be valued in the price range of $13,800 to $14,800.
