Crypto Guides, Knowledge & Insights

Twitter Will Have New CEO As Elon Musk Resigns From His Position

Key Points:　　Elon Musk announced on Thursday that he has selected a new CEO for Twitter.　　Twitter has recently selected a CEO, who will take over in six weeks, according to the technology billionaire.　　Since taking charge, Musk has made modifications to content filtering and the blue-check verification mechanism.　　Elon Musk has announced his intention to stand down as CEO of Twitter.　　Musk, who purchased Twitter last autumn and has been operating it since then, has often said that he is not the company‘s permanent CEO. In a tweet on Thursday, the Tesla billionaire announced that he would become Twitter’s executive chairman and chief technical officer.　　He said that he had selected a new CEO for X Corp., Twitters parent firm, who would likely take over in late June or early July. The unknown lady will succeed Musk, who purchased the social media network for $44 billion in October 2022.　　He will be in charge of product, software, and system operations, according to the soon-to-be-former CEO. When Musk took over, he ousted prior CEO Parag Agrawal. Agrawal replaced Jack Dorsey, the platforms co-founder, who started it in 2006.　　Musk is a fervent proponent of cryptocurrencies, and he has voiced special fondness for the DOGE token meme. DOGE prices

2023-05-12Deep Dive

Crypto Influencer Dumps Token, Shocking Followers with 2% Supply Sell-Off

Key Points:　　Beware of crypto scams: an influencer named DannyCrypt is accused of pulling the rug on his followers by selling 2% of a tokens supply on them for profit.　　DannyCrypt made $57K (31 ETH), negatively impacting the market price.　　To avoid falling victim to scams, do your own research, remain skeptical of unrealistic promises, and avoid investing all of your funds into meme coins and volatile digital assets.　　Unfortunately, scams are becoming increasingly common in the cryptocurrency market, and investors need to remain vigilant.　　The most recent incident involves a well-known crypto influencer named DannyCrypt, who is accused of deceiving his followers. According to reports, DannyCrypt received 2% of a tokens supply for marketing purposes but then proceeded to dump the majority of these tokens on his unsuspecting followers. The scam resulted in a profit of $57K (31 ETH) for DannyCrypt.　　The incident is a stark reminder of the need for caution when investing in cryptocurrency projects, especially those that are endorsed by influencers. Investors should conduct thorough research before committing funds to any project and avoid blindly following the advice of social media influencers. Skepticism is key when evaluating unrealistic promises or guarantees. Additionally, it is recommended that investors avoid investing all of their

2023-05-12Deep Dive

Coinbase Legal Director Apologizes For Controversial PEPE Reports

Key Points:　　Paul Grewal, chief legal officer of cryptocurrency exchange Coinbase, apologized for Pepecoins inaccurate reports.　　Earlier, the trading platform had released reports revealing the meme coin originated from an Internet meme and was seen as a symbol of right-wing hate, causing a storm of criticism on Twitter with the hashtag #deletecoinbase.　　This has caused the PEPE token to drop more than 21% in the past 24 hours and Coinbase stock to drop more than 4%.　　Paul Grewal, the chief legal officer of cryptocurrency exchange Coinbase, tweeted that they misrepresented PEPE and apologized to the community.　　According to the Coinbase newsletter, the trading volume on the meme coin surpassed $2.3 billion last week, six times higher than the previous week and the highest level since May 2021. The rise of PEPE as the leading driving force behind the coin mania is an ongoing meme. PEPE has grown by nearly 55,000% since its release in mid-April, resulting in a market capitalization of $1.8 billion in less than three weeks, making it one of the fastest-growing tokens ever.　　But the Cryptocurrency Exchange caused a stir by depicting the Pepe the Frog meme as originating from an Internet meme and seen as a symbol of right-wing hate. This led

2023-05-12Deep Dive

Coinbase Apologizes For Calling PEPE A “Hate Symbol”

On Wednesday, Justin Sun provided clarification regarding the speculation around his exploration of Coinbases Chief Legal Officer, Paul Grewal, issued an apology on Thursday for a company newsletter that described the Frog meme, which forms the basis for the PEPE cryptocurrency, as a hate symbol used by the “alt-right group.” The apology was issued late in the afternoon.　　Coinbase Responds To Controversy　　As of writing, the tweet shared by Grewal had garnered more than 650,000 views and was met with acclaim. While some individuals on Twitter noted that Coinbases apology was belated, others applauded the company for acknowledging the power of the meme and taking corrective action.　　In a tweet posted on Thursday morning, Paul Grewal expressed his apologies, saying, “We made a mistake, and we apologize.” He explained that the team had recently discussed the PEPE meme coin to provide an accurate representation of a popular topic. However, he acknowledged that the newsletter did not provide a complete understanding of the coin and the memes evolution, and he apologized to the community.　　Coinbases Controversial Email　　On Wednesday, Coinbase users were sent an email that classified the Pepe meme as a hate symbol, suggesting that it had been embraced by alt-right supporters. This statement was

2023-05-12Deep Dive

Bittrex exchange allowed borrowing 250 BTC to cover bankruptcy

The Bittrex exchange is asking the court to increase the total loan value to $19 million.　　Bittrex exchange allowed borrowing 250 BTC to cover bankruptcy　　According to Reuters, the court has allowed Bittrex to borrow 250 BTC ($7 million worth) from parent company Aquila Holdings to cover Chapter 11 bankruptcy proceedings.　　In addition, Bittrex will also ask the court to allow an additional 450 BTC (approximately $12.4 million) in a hearing in June. The total loan value will be $19 million, if approved. While Bittrex can afford to refund customers, the loan will make the bankruptcy process smoother.　　As Cointelegraph reported, the Seattle-based platform filed for bankruptcy in the US on Monday. The companys international branches continue to operate to serve customers outside of the United States. The current US regulatory environment has put pressure on the platform, especially after the SEC accused Bittrex of operating an unauthorized stock exchange.　　Before filing for bankruptcy, Bittrex closed its US branch, stopped deposits, and asked users to withdraw funds. The exchange currently has more than 100,000 creditors, with debts and assets estimated at $500 million to $1 billion. Two subsidiaries, Bittrex Malta Ltd and Bittrex Malta Holdings Ltd, have also filed for bankruptcy protection with the Delaware

2023-05-11Deep Dive

Standard Chartered predicts Bitcoin will reach $100,000 by 2024

According to Standard Chartered Bank, crypto winter is over and Bitcoin could hit $100,000 by 2024.　　Geoff Kendrick, head of crypto research at Standard Chartered, made the point:　　“We see the potential for Bitcoin (BTC) to hit $100,000 by the end of 2024, as we believe the ‘crypto winter’ is finally over.”　　Accordingly, the recent US banking crisis has fueled growth for Bitcoin and reminded of its core value, as “a decentralized digital asset”. In addition, the analyst of Standard Chartered Bank also listed potential growth drivers for BTC in the near term, including the Feds halt to interest rate hikes, the next Bitcoin halving and regulations in the direction of beneficial for cryptocurrencies.　　What makes the bank believe BTC will hit $100,000 is that the coin is holding a position as a “safe haven” and a great store of value. continues to rise and continues to dominate the cryptocurrency industry.　　In addition, while Bitcoin often benefits when traditional assets suffer, the current Nasdaq correlation indicators show that Bitcoin is gradually in sync with the overall risk-on-asset situation. Standard Chartered believes that the Feds rate hike cycle is coming to an end, which is expected to bring an improvement to the risk asset class and

2023-05-11Deep Dive

Binance Trading Volume Halved in April 2023

Despite the significant drop in trading volume, Binance has maintained its position in the crypto industry.　　Trading volume on Binance halved in April 2023　　According to information from CCData, spot trading volume on Binance has continued to have a second month of decline, with a rate of decrease of 47%.　　Trading volume on Binance halved in April 2023　　According to information from CCData, spot trading volume on Binance has continued to have a second month of decline, with a rate of decrease of 47%.　　In the last month, trading volume on Binance only reached 297 billion USD, this is the second bottom since 2021. The market share of the exchange also dropped in tandem, to 46%. In the first quarter of 2023, Binance lost 16% of the global spot market share.　　Not only Binance, but other centralized exchanges also have a similar situation. The total volume spot above has plummeted to its lowest level since December 2022. Among them, some less affected platforms include Upbit (-10%), KuCoin (-17%) and Huobi (-20%). Crypto.com (-60%), Binance (-48%), and Bitfinex (-38%) are at the bottom of the growth chart.　　Spot trading volume on popular platforms compiled by WuBlockchain　　In April, the derivatives trading volume of major platforms decreased by 7.4% compared

2023-05-11Deep Dive

Ripple Exec Bids For EU’s MiCA Amid US SEC Crackdown; Ripple Moving Out?

Crypto-linked companies have accused the Securities and Exchange Commission (SEC), which is the main regulator of Wall Street, of not providing clear regulations for digital assets. In response, some companies are considering moving overseas, including Ripple Labs. The SEC has been attempting to regulate digital assets, but the lack of clarity has caused concern for firms in the industry.　　Ripple Looking To Move Out？　　The Securities and Exchange Commission (SEC), the primary regulator of Wall Street, has been attempting to regulate digital assets. However, several crypto-linked firms have complained that the commission has not been providing much-needed regulatory clarity. This has led to various firms, including Ripple Labs, contemplating offshore relocation.　　Recently, U.S. House Committee on Financial Services Republicans expressed that the SECs enforcement-based regulatory approach is pushing innovation in the crypto industry to foreign shores. The committee added that the commissions actions are jeopardizing American competitiveness and investors protection.　　Despite this, Financial Services GOP has indicated that the Republicans will offer regulatory clarity for digital assets to safeguard this technology in the United States. Meanwhile, Susan Friedman, International Policy Counsel at Ripple, has emphasized that the concerns regarding innovation moving overseas are not overstated. She pointed out that several significant players in the

2023-05-11Deep Dive

Bittrex to receive 250 BTC loan valued at $7M to start bankruptcy case

According to research, Bittrex has received approval from a U.S. bankruptcy judge for a $7 million loan from its parent company on May 10th.　　Bittrex to gain $7M loan, possibly more　　During a court hearing, Judge Brendan Shannon granted Bittrex approval for a $7 million loan from its parent company, Aquila Holdings. The loan, consisting of 250 BTC, was granted in part due to the specific features of cryptocurrency, such as its low-interest rate and volatility protections. Additionally, Bittrex plans to request another loan of 450 BTC during a June hearing. If Bitcoins value remains stable until next month, the second loan would be worth $12.4 million, bringing the total of the two loans up to $19 million. Bittrex claims that it can afford to pay back all customers in cryptocurrency, but the loan will help facilitate the bankruptcy process.　　Under the terms of the loan agreement, Bittrex will not need to pay back more than 110% of Bitcoins current value when repaying the loan. The loan will come from Aquila Holdings, and Judge Shannons approval of the loan was seen as a positive move for the bankruptcy proceedings.　　Bittrex filed for bankruptcy this week　　Bittrex first hinted at suspending its U.S. operations in late

2023-05-11Deep Dive

Why is the price of Bitcoin on Binance exchange 700 USD more expensive than the market?

Recently, the crypto community has discovered that the Bitcoin price on Binance.US is higher than the market average.　　According to CoinDesk, the price of Bitcoin on Binance.US, a subsidiary of Binance in the US, is $650-700 USD higher than the market price. At the time of writing, Bitcoin is trading at $28,393, according to data from Binance.US. However, data from CoinGecko and CoinMarketCap shows that the price of Bitcoin is currently $27,722. This is about 2% lower than the Bitcoin price listed on Binance.US.　　Bitcoin price difference between Binance.US and Coinbase (left) and between Binance.US and Binance (right). Source: CoinDesk.　　Bitcoins intraday high price on Binance.US amounted to $28,600, while Bitcoins intraday high in the market was $28,004. The lowest Bitcoin price of the day on Binance.US ranged from $27,350 to $27,669.　　The community also discovered that the USDT price on Binance.US is about 3% different from other stablecoins.　　USDT price on Binance.US is about 3% difference compared to other stablecoins. Source: Twitter.　　Data from CryptoWatch shows that the current exchange has an overwhelming number of buy orders, leading to an imbalance in the order book. In addition, Binances Bitcoin premium also appeared right after the “crash” of stopping withdrawals on May 7.　　Difference between buy (green)

2023-05-10Deep Dive

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