Crypto Guides, Knowledge & Insights

Floki and Binance Pay Join Forces to Revolutionize Crypto Payments

Floki, one of the most prominent cryptocurrencies in the market, has recently made a significant announcement that has sent ripples throughout the crypto community. The digital currency has entered into a strategic marketing partnership with Binance Pay, the leading crypto payment service provider. This exciting move is aimed at expanding the adoption and utility of $FLOKI through a mutually beneficial collaboration with Binance Pay.　　Floki and Binance Pay Unleash an Unprecedented Marketing Campaign to Drive Floki Adoption　　The initiative, which commenced on June 1, 2023, takes the form of a unique marketing campaign designed to reward users who make purchases of at least $1 worth of goods using $FLOKI via Binance Pay from any eligible Binance Marketplace merchants.　　The primary objective of this partnership is to boost the adoption of $FLOKI by utilizing Binance Pay as the primary crypto payment service provider for Flokis merchandise store. By doing so, the scope and reach of the utilization as a payment token will be broadened, offering users more avenues to transact with the cryptocurrency. Binance Pay has carefully outlined a specific campaign that incentivizes purchases made with Floki through their payment platform from eligible merchants. This month-long campaign, which will run until June 30, 2023,

2023-06-14Deep Dive

Bitcoin Miners Dump $174M Worth of Coins on Exchanges in Two Weeks

According to recent data tracked by blockchain analytics firm Glassnode, there has been a significant increase in the transfer of bitcoin miners to centralized exchanges since May 31.　　Over the last two weeks, miners or entities minting coins by verifying transactions on the blockchain have moved a total of 6,671.99 BTC ($174 million) to exchanges, with 2,606 BTC moved in a single day on June 3 – the largest daily tally in over four years. The 14-day average of miner transfers to exchanges has also risen sharply to 489.26 BTC, which is the highest since March 2021.　　The transfer of coins from miner or investor wallets to exchanges is often viewed as a sign of intention to sell or liquidate the coins, which is usually perceived as bearish. However, the recent transfers represent only 1.3% of bitcoin‘s 24-hour trading volume of $13 billion, which may not have a significant impact on the cryptocurrency’s price.　　The increased miner transfers may also indicate confidence in bitcoin‘s price prospects. According to a recent article, miners’ profitability is closely linked to bitcoins price, and they tend to increase their sales when they believe the market can handle extra supply. This is similar to a central bank of

2023-06-14Deep Dive

Tether Prints 1B USDT, Invests in Green Mining Amidst SEC Lawsuit

Tether is reported to have recently printed an additional one billion USDT. Furthermore, it has been revealed that Tether has made a significant investment in Bitcoin mining in order to reduce emissions emitted during the mining process.　　The current mining operations are purportedly responsible for 22 megatons of CO2 emissions per year, which is similar to the emissions produced by the city of Las Vegas. This figure must be reduced in order to ensure long-term viability.　　While the company is working to revolutionize the mining industry, Tradecurve has made headlines for raising $1.5 million in just four weeks. The latest presale stage of the project has reached record-breaking sales, smashing prior marks. If current trends continue, it is projected that the projects price would rise further by the end of June.　　Tether to Turn Bitcoin Mining More Environmentally Friendly　　According to reports, Tether has made a significant investment of $1 billion into a Bitcoin mining farm located in El Salvador, with ambitions to establish it as the largest facility of its kind globally. The company aims to leverage its expertise in energy, equipment, and communications to enhance the efficiency of operations at this mining farm.　　The project is anticipated to harness the power of Volcano

2023-06-14Deep Dive

Pepecoin Price Drops, Breaking Key Support Level – Further Downfall Ahead?

Pepecoin (PEPE) has been grappling with a prolonged correction trend, finding itself caught in the midst of heightened selling pressure prevailing throughout the cryptocurrency market. 　　As the downtrend persists, new lower lows and lower highs have solidified the notion of an established downward trajectory for this peculiar meme coin. In the latest turn of events, the price of PEPE recently breached yet another local support level, dropping below $0.00000096.　　With this significant breach, an ominous question arises: Is the frog-themed token headed for further downfall or could there be a potential reversal in store for this once-popular coin.　　Social volume refers to the measurement of search volume associated with an asset. Therefore, the recent decrease in social volume suggests that the fervent pursuit of this meme-based coin has diminished.　　PEPE Social Volume. Source: Sentiment　　Declining Network Growth Raises Concerns For PEPE　　PEPEs potential for another price hike is further challenged as on-chain data reveals a decline in network growth. Traditionally, network growth serves as a metric to monitor the number of new addresses adopting a token.　　As of June 10, the network growth indicator was recorded at 287, signaling a notable decrease. This decline suggests that PEPEs previous effective strategy for gaining popularity has lost its

2023-06-13Deep Dive

Ethereum Price Could See Recovery If It’s Able to Clear $1,800

Ethereum price is attempting a recovery wave above the $1,740 level against the US Dollar. ETH could rise steadily if there is a move above the $1,780 resistance.　　Ethereum is still below the $1,780 and $1,800 resistance levels. The price is trading below $1,780 and the 100-hourly Simple Moving Average. There was a break above a major bearish trend line with resistance near $1,740 on the hourly chart of ETH/USD (data feed via Kraken).　　The pair could recover if there is a move above the $1,780 and $1,800 levels. Ethereum Price Forms Support Base　　Ethereums price settled below the $1,775 and $1,780 resistance levels. ETH tested the $1,720 zone and is currently forming a support base, similar to Bitcoin.　　A low is formed near $1,718 and the price is attempting a recovery wave. The price is slowly moving higher above the $1,740 level. There was a break above a major bearish trend line with resistance near $1,740 on the hourly chart of ETH/USD.　　Ether is now testing the 23.6% Fib retracement level of the main drop from the $1,854 swing high to the $1,718 low. However, it is still trading below $1,780 and the 100-hourly Simple Moving Average.　　Immediate resistance is near the $1,770 zone and

2023-06-13Deep Dive

Binance Fights Back Against SEC Lawsuit Over Alleged Securities Violations

The cryptocurrency exchange filed more than 20 motions and declarations late Monday.　　A week, after the US Securities and Exchange Commission filed charges against Binance, the largest cryptocurrency exchange by volume, filed several motions in the US District Court for the District of Columbia on Monday in opposition to the lawsuit.　　“The SEC‘s request for a temporary restraining order should be denied for several reasons, but the most important is this: there is no risk to BAM’s customer assets,” Binance attorney Daniel W. Nelson said in a motion signed by multiple lawyers for the exchange. “Indeed, there is no ‘emergency’ here at all, other than the one manufactured by the SEC for its own purposes, when the alleged securities law violations, according to the SEC, have been going on publicly and openly for years.”　　Last week, the SEC filed 13 charges against Binance, Binance.US, and Binance founder and CEO Changpeng “CZ” Zhao, claiming Zhao broke US securities rules, including operating unregistered exchanges, broker-dealers, and clearing agencies, misrepresenting trading controls and oversight on the Binance.US platform, and engaging in the unregistered offer and sale of securities.　　The SEC also alleges that Zhao and Binance engaged in an extensive “web of deception,” including conflicts of interest,

2023-06-13Deep Dive

SEC Enforcement Actions Up 9%, Reaching 760 Actions In 2022

The SEC is still taking strong actions to accomplish its goal of controlling the cryptocurrency market.　　In 2022, the agencys total assets increased by $1.9 billion, and accounts receivable increased by $1.5 billion, most of which included foreclosure income.　　The SEC launched 760 enforcement actions in fiscal year 2022, up 9% from the previous year.　　According to data from the SECs balance sheet, according to the annual report for fiscal year 2022, the total assets of the SEC have increased from $12.2 billion to $14.1 billion, an increase of $1.9 billion. Among them, the investment account increased by $400 million; accounts receivable increased by $1.5 billion. Most of these two include foreclosure income and investment accounts deducting expenditures during monitoring.　　In addition to fines and forfeitures, OMBs 2022 budget for its reserves is $50 million, and the investor protection budget is $390 million; SEC transaction fees are about $1.8 billion; and the registration fee is $640 million. Foreclosure income has become a kind of [pillar income].　　These enforcement actions have resulted in high revenue: Ordered payments totaled $6.439 billion, including civil penalties, forfeiture, and pre-judgment interest, the highest in its history and up from $3.852 billion in Fiscal Year 2021. Civil fines amounted to $419.4

2023-06-12Deep Dive

Bitcoin Dominance Hits 2-Year High After The SEC Pressured The Crypto Market

Bitcoin dominance is returning to 50% while the market is still volatile.　　The SEC hit altcoins labeled as securities causing them to drop.　　This is the prospect for BTC regaining its dominance if optimism grows.　　In recent times, with strong and drastic actions from the U.S. Securities and Exchange Commission, the crypto market has had some transitions in terms of cash flow. Currently, Bitcoin (BTC) holds the largest share of the market, and the trend is slowly increasing.　　According to Tradingview, with the recent drop of altcoins and Bitcoin‘s relative stability, Bitcoin’s market share has lately reached close to 50%, a new high since April 2021.　　BTC dominance chart. Source: TradingView　　Throughout the bear market era from 2018 to 2021, Bitcoins market share was consistently more than 50%, reaching 73% at the start of 2021.　　This is also an easy trend to explain when altcoins are facing pressure from the SEC. The SEC specifically specifies 19 cryptos as securities in the lawsuits against Binance and Coinbase. Tokens such as MATIC, SOL, and ADA, which were once considered cutting-edge solutions, are currently facing a severe decline. Meanwhile, Bitcoin and some proof of work (PoW) tokens (no PoW tokens are currently listed as securities on the list mentioned by

2023-06-12Deep Dive

What Is DRC-20? Will This New Token Standard Help Dogecoin Grow?

The number of DOGE transactions skyrocketed thanks to the recent introduction of the DRC-20 token standard.　　With DRC-20, it is very cheap to mint new tokens.　　The development has excited Dogecoin community members but has also sparked debate and discussion in the crypto community.　　DRC-20 is a token standard that has acquired popularity in the crypto world, especially in relation to Dogecoin (DOGE). With the success of BRC-20, new token standards such as ORC-20,… and now DRC-20 have been developed.　　So more specifically, what is DRC-20？ What‘s so special about this token standard？ Let’s find out with Coincu in this article.　　What is DRC-20？　　The DRC-20 token was released on May 9 and is built on the same technological foundation as the BRC-20 coin.　　Digital works, like the BRC-20 standard, are readable on the smallest DOGE unit, known as an Elon. According to the convention, 100,000,000 Elon equals one DOGE.　　DRC-20 is a token standard created to address the issues and deficiencies left by BRC-20. With its lightning-fast transaction speed and cheaper costs, it has piqued the interest of both investors and lovers of these token standards.　　When a better solution is required, creativity arises to save time. And the DRC-20 is designed to look to do just that.　　Inscriptions

2023-06-12Deep Dive

YouTube, TikTok, Twitter Face Challenge For Misleading Crypto Promotion

Instagram, YouTube, TikTok, and Twitter may be subject to regulatory action by a consumer organization that filed complaints with the European Commission.　　The emergence of deceptive marketing for crypto assets on social media platforms, according to the BEUC, is unfair business conduct.　　It claimed that advertising and influencers were causing considerable damage, including huge financial loss.　　BEUC, an umbrella organization of European consumer groups, has filed a complaint with European Union consumer protection regulators, requesting that Instagram, YouTube, TikTok, and Twitter tighten their crypto advertising policies.　　According to the organization, an increasing number of adverts promoting crypto assets on social media platforms constitute unfair business behavior, exposing customers to substantial losses.　　It was said that this was accomplished via advertising and influencers.　　The BEUC encouraged the Consumer Protection Cooperation Network to force internet platforms to implement tougher crypto advertising regulations and to take steps to prevent influencers from deceiving customers.　　According to the complaint, national authorities should force social media platforms to strengthen their regulations and prohibit influencers from promoting cryptocurrency. In a statement, Director General Monique Goyens said:　　Consumers are increasingly being promised ‘get rich quick’ investments by ads and influencers on social media. Unfortunately, in most cases, these claims are too good to be true and

2023-06-09Deep Dive

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