Crypto Guides, Knowledge & Insights

Kenyan President William Ruto Calls for Dedollarization Fuels Crypto Industry Potential

Kenyan President William Ruto delivered a resounding speech urging African nations to move away from reliance on the U.S. dollar for international trade. The address garnered enthusiastic applause from lawmakers, signaling Kenyas intentions to join BRICS and adopt a new currency.　　Ruto Explained His Side　　Ruto emphasized that Kenya had no justifiable grounds to utilize the U.S. dollar for transactions within the African continent, asserting that the countrys local currency, the Kenyan Shilling, should take precedence in cross-border trade.　　This bold stance reflects Kenyas determination to promote regional economic autonomy and bolster the use of local currencies for intercontinental transactions. Kenyan President William Ruto clarified his stance on the U.S. dollar, stating that he does not oppose its use.　　However, he emphasized his preference for promoting native currencies as a means to strengthen the local economy. Ruto asserted that the U.S. dollar should be utilized for cross-border transactions specifically when conducting business with the United States.　　For transactions involving other countries, Ruto advocated for the use of the Kenyan Shilling, the local currency managed by the exchequer. This approach aligns with Ruto‘s commitment to bolstering Kenya’s economy by encouraging the use of local currencies in appropriate contexts.　　Ruto Backs Afrexims Local Currency Platform for Pan-African Trade　　Kenyan

2023-06-16Deep Dive

DOJ Now Convicts Only 8 Crimes With Sam Bankman-Fried

On June 15, prosecutors of the US Department of Justice (DOJ) currently intend to try FTX founder and former CEO Sam Bankman-Fried (SBF) only on eight charges brought in December 2022.　　The eight charges, namely conspiracy to commit wire fraud against a customer, wire fraud against a customer, conspiracy to wire fraud against a lender, wire fraud against a lender, conspiracy to commit commodity fraud, conspiracy to commit securities fraud, conspiracy to commit money laundering, conspiracy to defraud the United States and election violations financial law. Prosecutors stated:　　“In light of the uncertainty concerning when The Bahamas will render a decision with respect to specialty, and to simplify the proof at trial and decrease the burden of trial preparation on the defendant, the Government is prepared to proceed to trial as scheduled on the counts contained in the original Indictment.”　　SBF previously faced a total of 13 charges, but five of those were filed as superseding indictments in February and March 2023. It was previously reported yesterday that the Bahamas court temporarily prohibited the government from agreeing to the additional criminal proceedings after the extradition of SBF by the United States.　　Prosecutors proposed that the new charges be tried in the first quarter of

2023-06-15Deep Dive

Hong Kong Urges HSBC And Standard Chartered To Approve Cryptocurrencies: FT

Hong Kongs banking regulator is pressuring lenders, including HSBC and Standard Chartered, to take on crypto exchanges as customers, the Financial Times reports.　　The UK-based lenders and the Bank of China were questioned by the HKMA last month on why crypto exchanges were not being accepted as clients, according to the report.　　Banks do not have a ban on customers using cryptocurrencies. Still, they are reluctant to participate in exchanges out of concern that they could be prosecuted if the platforms are used to launder money or other illegal activities.　　The HKMA, in a letter to lenders on April 27, said diligence on potential customers should not “create undue burden,” especially “for those setting up an office in Hong Kong,” the FT report said.　　In a time when nations like the U.S. are stepping up their efforts to regulate cryptocurrency exchanges, Hong Kong is urging banks to accept cryptocurrency customers. Last week, the U.S. subsidiary of Binance stopped taking deposits in dollars after the Securities and Exchange Commission petitioned a court to freeze its assets.　　Regulators are calling for banks to provide services to virtual asset companies as the city strives to become a hub for the crypto industry. Regulators have stopped requiring banks to

2023-06-15Deep Dive

White hat hacker exploits Hashflow for $600K, seemingly just to return funds

Multi-chain trading platform Hashflow said on June 14 that it suffered an incident affecting hundreds of thousands in funds.　　$600K affected　　Hashflow did not explicitly confirm that it had been attacked but said that $600,000 of funds had been affected. It wrote that it is “addressing the current situation” and said that all users who were affected by the incident would be made whole.　　The project added that its decentralized exchange (DEX) was not affected by the exploit in any way and said that it would later publish a post-mortem.　　Hashflow said that it was originally notified of the exploit by PeckShield, a crypto-security firm. PeckShields notice called the attack an “approve-related issue” and said that $215,000 of ETH and $195,000 in ARB had been stolen for a total of $410,000.　　Hashflows later statements estimated a higher loss and also said that funds were stolen on Avalanche, BNB Chain, and Polygon as well.　　White hat hacker believed to be responsible　　Later posts from Peckshield said that the attack was carried out by a white hat hacker. It highlighted the fact that the hackers contract contains a recovery function.　　Hashflow has endorsed the hacker‘s recovery contract in its own instructions. Those instructions tell users to revoke token allowances to

2023-06-15Deep Dive

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

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