Crypto Guides, Knowledge & Insights

BNB Can’t Break Through $255, What Happens Next?

BNBs value has fallen due to external pressures and investor sentiment, failing to break through the Fib 23.6% level and currently trading below $240.　　The market for Binance Coin is currently pessimistic due to regulatory issues related to the Binance exchange.　　If the coin breaks below the $220-$225 price zone, it could lead to panic selling, but a slow rally could help strengthen its position and potentially reclaim the $250 price point.　　BNB still seems to be in a pessimistic state, as the whole market is still bullish. The reason is why？　　The date of Greenfields future maintenance update has been revealed by BNB Chain. The update will not only correct a few flaws in BNB Greenfield, but it will also include a slew of new features.　　According to the notice, all objects previously saved on the Greenfield Testnet will be wiped and will no longer be accessible for inquiry. Some noteworthy features include support for multiple messages in a transaction using the EIP712 sign method.　　BNB will provide functionality that will enable mirroring buckets, objects, or groups by ID or name. Moreover, the upgrade will add keyManager support to txOpt, allowing it to manage a huge batch of transactions submitted by a single client.　　Despite the

2023-06-26Deep Dive

Hong Kong’s ‘One Country, Two Systems’ Policy Boosts Virtual Asset Ecosystem

As we approach next month, Hong Kong is set to commemorate a significant milestone: the 25th anniversary of its reunification with mainland China.　　As the milestone approaches, the citys burgeoning crypto hub is seen as a major benefit of the “One Country, Two Systems” policy.　　In recent days, regulators and other stakeholders have been discussing opportunities for Hong Kongs virtual assets sector.　　As Hong Kong continues its efforts to become a leading global hub for virtual asset services, regulators have acknowledged that crypto trading plays a crucial role.　　Opportunities in the space are being debated ahead of the 25th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR). And as they mark the milestone, officials are talking up Hong Kongs growing status as a major center of virtual asset activity in the Asia Pacific and beyond.　　Crypto Trading is an Important Part of the Virtual Asset Ecosystem　　During an event in Bangkok last week, Leung Fung-yee, the Chief Executive of the Hong Kong Securities and Futures Commission (HKSFC), delivered a speech on the citys new virtual asset licensing regime.　　In her speech, Fung-yee said that the Commissions goal is not to make HKSAR a cryptocurrency trading center. However, she said it recognizes that crypto

2023-06-26Deep Dive

To HODL or not? Bitcoin investors should rethink their strategy as…

Bitcoin‘s illiquid supply equated to more than 78% of BTC’s total circulating supply, indicating a marked rise in HODLing sentiment.　　As per the on-chain analytics firm Glassnode, a fascinating divergence came to light between supply on exchanges (i.e, liquid supply) and supply held in illiquid wallets with no history of spending. While the exchange balance dropped to 2.3 million, the lowest since early 2018, the illiquid supply reached a fresh all-time high of 15.2 million.　　Source: Glassnode　　BTC available for trading falls　　BTC‘s illiquid supply has continuously increased in Q2 2023, as shown below, revealing an inversely proportional relationship with BTC’s price. It was interesting to note that the illiquid supply equated to more than 78% of BTCs total circulating supply, indicating a marked rise in HODLing sentiment.　　Source: Glassnode　　This trend could be explained by the fact that Bitcoin was increasingly viewed as a ‘Store of Value’ rather than a speculative asset in intraday trading, lending credence to its long-held narrative of being a safe-haven asset.　　Will the sentiment change？　　After extended periods of rangebound price movement, BTC breached the $30,000 mark at press time, the first time since mid-April, as per CoinMarketCap. According to blockchain analytics firm Santiment, this caused a dramatic shift in investors behavior

2023-06-25Deep Dive

Bitcoin bulls have one last hurdle before $35k

A recent report highlighted the growing accumulation among Bitcoin sharks but distribution among miners.　　The market was riding a wave of disbelief higher, and Bitcoins sally past $30.8k could open the bullish floodgates.　　A retracement back toward $28k could offer a buying opportunity.　　Bitcoin [BTC] did not see a retracement beneath the $29k mark over the past two days. Instead, the bulls could defend the $29.6k level, as at the time of writing, BTC was trading at $30.7k.　　A recent report highlighted the growing accumulation among Bitcoin sharks, but BTC miners and whales aided the distribution of the king coin. Despite market sentiment in recent weeks, demand and prices continued to grow, and could catch long-term bears offside.　　The price is at a vital resistance once more, but a breakout was likely　　Source: BTC/USDT on TradingView　　The daily timeframe bias for Bitcoin was bullish. The prices retested a crucial resistance in the vicinity of $30k. In particular, the $30.8k level served as resistance back in mid-April. A move above this level appeared likely.　　The trend has been bullish in 2023, although that doesnt mean a bull run was on. Above $30.8k-$31.5k, the next levels of resistance to watch out for are $32.8k and $34.5k. The 100% Fibonacci extension

2023-06-25Deep Dive

Stablecoins re-enter exchanges, what it means for you

The number of stablecoins getting transferred on to centralized exchanges has surged considerably in the last few days.　　The stablecoin influx was not entirely driven by crypto markets rally on 21 June.　　Binance.US asked its users to convert their USD holdings to stablecoins.　　After witnessing a large exodus from centralized exchanges (CEXs) over the last month, stablecoins made a comeback. According to a tweet by on-chain research firm Unlocks Calendar, the number of stablecoins getting transferred on to exchanges surged considerably in the last few days.　　Source: Unlocks Calendar　　Demand for stable coins shoots up　　Typically, a high influx of stablecoins indicates buying pressure. This is simply because they remain the primary way for traders on non-fiat crypto exchanges to enter and exit trades. Most novice investors prefer to convert their fiat currencies to U.S. dollar-pegged stablecoins like USD Coin [USDC], and Tether [USDT] before opening their positions.　　The crypto market got a fresh lease of life after bellwether Bitcoin [BTC] rallied to 30,000, persuading many long-term investors to lock in gains after weeks of HODLing.　　However, Glassnode revealed that 21 Junes surge did not solely cause the increase. Rather, the supply has been slowly expanding over a two-week period.　　Source: Glassnode　　Following the legal action against crypto behemoth Binance

2023-06-25Deep Dive

Twitter Suspends Memecoin-Linked AI Bot Amid Scam Crypto Allegations

The account of “Explain This Bob,” a prominent meme coin-linked artificial intelligence (AI) bot, has been formally suspended on Twitter. This suspension was announced lately, following Elon Musks charges that it was implicated in a “scam crypto account.” Furthermore, this move has sparked a wave of controversy and disagreement within the cryptocurrency community.　　Explain This Bob Case Explained　　Explain This Bob, as previously stated, used OpenAIs GPT-4 model to comprehend and respond to tweets from people who tagged the account. It was founded by Prabhu Biswal from India and has amassed over 400,000 fans.　　The bot‘s account, however, was suspended shortly after Musk publicly condemned it on June 18. Furthermore, the project’s link with the ERC-20 memecoin, Bob Token (BOB), which was created in April, has been called into question. According to CoinGecko, the suspension prompted a substantial drop in BOBs price, which fell by more than 30%.　　Interestingly, Musk‘s previous sentiments toward the bot were supposedly favorable, as indicated by a tweet from April 20 in which he proclaimed his affection for Bob. This tweet, which is prominently placed on the project’s website, stands in stark contrast to his previous charges.　　While Twitter suspended the Explain This Bob account, no action was taken against

2023-06-21Deep Dive

Layer 2 Polygon Wants To Upgrade Polygon PoS Chain Compatible With zkEVM

On Tuesday, Polygon, an Ethereum scaling solution, published a pre-proposal discussion post to make its primary chain, the Polygon PoS chain, compatible with zero knowledge (ZK) technology.　　According to the proposal, the update intends to connect the present Polygon PoS chain with the concept for Polygon 2.0, a future version of Polygon that employs zkEVM validium, a sort of zero-knowledge scaling technology.　　The proposal, named “Polygon 2.0,” indicates that it intends to employ Polygon‘s in-house zkEVM to improve the security and efficiency of the sidechain while maintaining its low fees. This would be distinct from the team’s current zkEVM, which was released in March 2023.　　The update would still be Ethereum Virtual Machine compatible. A valium varies from a ZK rollup in that it employs an off-chain data availability architecture. Polygon also provides a ZK rollup, which became live in March.　　According to Polygon co-founder Mihailo Bjelics blog post, if accepted by the Polygon community, the massive update would boost security and make the blockchain foundation more “future-proof.”　　Polygon Labs said that the updated Polygon PoS and the old zkEVM would coexist inside the Polygon ecosystem. If the update is authorized, it might be deployed on the mainnet by the end of 2024.　　Moreover, Bjelic claims

2023-06-21Deep Dive

Crypto Exchange Backed by Fidelity, Schwab, Citadel Launches With Trading of 4 Cryptocurrencies

The cryptocurrency exchange backed by Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial has launched and completed a new funding round. The platform offers the trading of four cryptocurrencies.　　EDX Markets announced Tuesday “the successful launch of its digital asset market and the completion of an investment round with new equity partners.” According to the announcement and the new exchanges website:　　Products traded on EDX include bitcoin (BTC), ethereum (ETH), litecoin (LTC), and bitcoin cash (BCH).　　EDX offers “a unique, non-custodial model designed to mitigate conflicts of interest,” the announcement adds. In addition, the platform has “introduced a retail-only quote to the crypto markets, allowing participants the benefit of better pricing for retail-originated orders” and plans to launch EDX Clearing later this year “to settle trades matched on EDX Markets.”　　The company also recently closed a funding round with the participation of new strategic investors, including Miami International Holdings, DV Crypto, GTS, GSR Markets Ltd., and HRT Technology. The firms founding investors include Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial. Bitcoin.com News first reported Schwab, Citadel, and Fidelity planning to launch a cryptocurrency trading platform in June last year.　　EDX Markets launched at a

2023-06-21Deep Dive

A Top Elon Musk Lawyer Leaves DOGE Price Manipulation Case

According to Decrypt, according to documents filed in federal court today, Tesla founder and CEO Elon Musk (Elon Musk) has lost one of the companys main internal litigation attorneys.　　Source: Decrypt　　Adam Gabor Mehes, an attorney on the verge of leaving, has signaled to withdraw his attorney in Musks $258 billion lawsuit related to the alleged Dogecoin (DOGE) market manipulation. It is reported that this lawyer has only been in office for less than a year and has actively participated in many legal proceedings related to Musk before.　　Meanwhile, Teslas legal team has applied to the court to invite their new attorney, Allison Huebert, who previously worked as a litigator at law firm Quinn Emanuel, in the DOGE market manipulation case.　　Earlier in the news in June of this year, Musk denied the “Dogecoin whale” allegation. It is known that in June last year, Musk was also accused of manipulating the price of Dogecoin to the detriment of the interests of retail investors.　　Musk has repeatedly denied allegations of market manipulation and insider trading related to the meme coin. A group of DOGE investors alleges he used his social media accounts to pump money after he appeared on NBCs Saturday Night Live.　　The Elon Musk‘s lawyer

2023-06-20Deep Dive

Binance Is Under Siege In Europe After The SEC Attack

According to Protos, police and financial officials in numerous European nations are partnering with the US Securities and Exchange Commission (SEC) to learn more about Binance.　　For some time, the SEC has been requesting information on Binances actions from many European nation-states and a number of them have been prompted to act after the exchange was indicted and accused of commingling money earlier this month.　　Several European agencies are currently examining the complexities of Binance‘s case and have yet to respond to the SEC’s disclosure demands.　　On June 5, the SEC filed a lawsuit against Binance, its CEO and founder, Changpeng Zhao, and Binance.　　The agency in the United States claims that Binance artificially inflates its trading volumes, diverts client money, fails to prohibit U.S. customers from its platform, and misleads investors about its market surveillance procedures.　　As a US district court signed off on a consent decree issued Saturday, Binance and the SEC struck an arrangement to avert a complete asset freeze of the platform in the US and retain customer funds in the US.　　The accord came as the SEC launched a broad, continuing complaint accusing the business of operating an unlawful securities exchange, which could take months, if not years, to settle.　　Binance has

2023-06-20Deep Dive

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