Bitcoin price today October 14: Rebounds after hitting $18,000, Tether removes commercial paper from reserve

Bitcoin price today (October 14) increased slightly after falling to a low of $18,000. Tether has just removed commercial paper from its reserve asset portfolio to increase liquidity and safety.

Price bitcoin Today bounced back at 18,000 USD, while most coins on the market were down.

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Bitcoin price index today 10/14/2022. (Source: CoinDesk).

Bitcoin price today recorded at 6:10 at 19,415.50 USD, up 1.3% compared to 24 hours ago.

Bitcoin has a market value of $372.70 billion, which is 40.2% of the total market value.

In the market, 65 of the top 100 coins are down from 24 hours ago.

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Overview of the digital currency market on October 14, 2022. (Source: Coin360).

The currency that lost the most was the new Corvex Finance, which lost 9.52% on the day.

The biggest gainer in the market was TerraClassicUSD, up 16.37% on the day.

Among the top 10 coins by market value, 6 out of 10 coins are down from 24 hours ago.

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Top 10 cryptocurrencies by market value as of October 14, 2022. (Source: CoinMarketCap).

Ethereum fell slightly by 0.24%, to $1,291.88.

Tether is up 0.01%, recording at $1.00.

USD Coin fell to $0.9999, losing 0.01% on the day.

BNB is up slightly by 0.65% over the past 24 hours, to $272.73.

Ripple lost 0.12% on the day, down to $0.4865.

Binance USD is up 0.03% from 24 hours ago, currently at $0.9998.

Cardano fell 0.54% to $0.3792.

Solaa fell 1.77%, to $30.60.

Dogecoin fell 0.32%, to $0.0598.

The total cryptocurrency market value recorded at 6:10 am at $925.31 billion, up $3.16 billion from 24 hours ago.

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Total cryptocurrency market value as of October 14, 2022. (Source: CoinMarketCap).

The 24-hour trading volume on the market increased to 80.62 billion USD, 78.88% higher than on October 13.

Tether removes commercial paper from reserve

The stablecoin issuer Tether has removed commercial paper from its reserves and says it has increased its reserves of US Treasuries to more than $10 billion last quarter.

The move eliminated more than $30 billion in commercial paper without loss, the company said on Twitter.

“This is proof of our commitment to backing this coin with the safest, most liquid reserves on the market,” Tether wrote on Twitter.

Tether has been talking for the past several months about its plans to improve the quality of its reserves, including plans to reduce its stock of commercial papers. Tether claims their coin is tied 1-1 to fiat, and is backed by the company’s reserves.

This move by Tether comes in the wake of the Terra crisis in May, when their algorithmic stablecoin collapsed.

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Bitcoin illustration. (Source: CoinTelegraph).

UK government introduces law to digitize trade records, traceable via blockchain

A member of the UK Parliament has introduced new legislation that will eliminate the need for paper-based commercial records, increasing the applicability of blockchain technology for recorded history tracking.

In the announcement on October 12, British member of parliament Michelle Donelan and the Ministry of Digital, Culture, Media and Sport said that the Law on E-Commerce Records has been introduced in Parliament. The law proposes to eliminate “unnecessary paperwork and bureaucracy” by digitizing legal digital documents for commerce.

“E-commerce documentation also increases security and compliance through easy tracking of records, for example, through blockchain and distributed ledger technology,” according to the government, citing the document. from the World Economic Forum. “International trade remains largely dependent on a certain group of commercial documents, on hand processing by one person, and on to be passed on to another.”

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