Crypto Guides, Knowledge & Insights

Reddit Users Open 2.5 Million Crypto Wallets After Launch of NFT Marketplace

It appears that Reddit users are favoriting non-fungible coins (NFT).　　Since Reddits NFT marketplace was made available to users in July, more than 2.5 million cryptocurrency wallets have been opened on the social network.　　Reddit asserts that it has 50 million active users per day and generated over $350 million in revenue last year, thus its entry into Web3 may increase the social platforms income.　　To buy and store tokens on the social networks NFT marketplace, users must first create a Reddit Vault Wallet. Users can manage community points that are kept on-chain and utilized for a variety of in-app purchases through the wallet.　　Since the original release of CryptoSnoo in June 2021, an NFT collection based on the platforms logo, Snoo, Reddit has been planning to roll out NFTs. In order to prepare for its August airdrops to users with high karma across four Snoo-based collections, Reddit launched its NFT marketplace to the general public in July.　　Given that there are approximately 3 million wallets overall, it is obvious that the desire to acquire these PFP NFTs is what is driving adoption as the great bulk of new users have joined in the last three months.　　The lowest floor price for its collections The Singularity,

2022-10-20Deep Dive

Voyager, an insolvent cryptocurrency lender, intends to resolve claims of CEO and CFO negligence.

According to court documents filed on Monday, following an internal investigation into how the cryptocurrency lender Voyager Digital handled loans given to the cryptocurrency hedge fund Three Arrows Capital (3AC), Voyager Digital intends to reach a settlement with two of its top employees.　　According to the documents, in March, CEO Stephen Ehrlich and then-Chief Financial Officer Evan Psaropoulos consented to allow Voyager to lend Three Arrows almost $1 billion in cryptocurrency with little to no financial reporting from the fund.　　Voyager wanted to know how the crash of LUNA and its sibling token terraUSD would affect Three Arrows, but at first they were advised that Three Arrows had just a small quantity of exposure to LUNA. Tim Lo, a 3AC employee, said that Voyager returned all of its investments to 3AC later in June, though, since he was worried that the companys owners were just not responding to inquiries from Lo and other employees.　　　　After receiving that message, Voyager immediately returned all of its existing loans to 3AC, and the investment firm shortly went into liquidation in the British Virgin Islands.　　A special committee made up of two Voyager trustees concluded that it would be costly and challenging to pursue malpractice charges against Ehrlich

2022-10-19Deep Dive

Celsius Network, a struggling cryptocurrency lender, is paying $3 million in legal costs.

The cryptocurrency lender Celsius Network declared bankruptcy under Chapter 11 early July 2022. Since that day, the company has been collaborating with attorneys to reach a few court-approved agreements with the bankruptcy. According to the most recent development, the troubled cryptocurrency lender Celsius has spent more than $3 million on legal costs. Additionally, according to the document submitted last Friday, Celsius was charged $2.6 million in legal expenses by Kirkland financial situation reveals worse issues. Financial issues including more than $2.8 million in crypto debts have been reported. By October, Celsius Network might be roughly $40 million in the red, according to the law firm Kirkland s systems users were made public in the most recent legal complaint. The struggling crypto lender has lost a large portion of its top leadership as a result of these occurrences.　　Many crypto titans have fallen victim to the crypto winter, and supporters of the industry are now interested in how the impacted businesses will finance their bankruptcy filing with extremely cushioned money.　　　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers in this risky industry!　　 iOS: t.ly/UUCj　　 Android: t.ly/cfYt　　　　

2022-10-19Deep Dive

More than volatility, Bitcoin's volume dominates performance, according to Cumberland.

Crypto trading company Cumberland argues that volume is more important than price, despite the fact that several experts have stated that Bitcoins fluctuation is a source of concern.　　Cumberland emphasized that Bitcoin volume “remains incredibly huge” given that daily clearing of BTC futures on cryptocurrency exchanges amounts to almost $50 billion. The company estimates that everyday cryptocurrency activity may exceed at least $100 billion, or around 15% of U.S. stocks.　　　　Uncertainty has reached its lowest point of the year as Bitcoin remains to fluctuate between the $19,000 and $20,000 range.　　But according to Cumberland, the reduced volatility does not indicate an absence of interest in the cryptocurrency market because a study of this scope would “obfuscate the key distinction between trading activity and price volatility” and would therefore be “seriously problematic.”　　The business added:　　“Recent volatility-driven concerns about the health of the crypto space likely stem from comparisons to the bear market of 2018, when volumes were dire. This time is different.”　　BTC disruptions？　　According to Glassnode, a spike may be imminent as Bitcoin instability grinds to yearly lows.　　The vendor of marketing and strategic elucidated:　　“The Bitcoin market is primed for a burst of volatility, with both realized and options implied volatility falling to historical lows. Futures open

2022-10-19Deep Dive

Bitcoin Must Maintain a Price Above $19,200 to Reduce Downward Pressure

Since this is an important level, according to market expert Ali Martinez, the top cryptocurrency should maintain a price above $19,200 to lessen panic selling. He emphasized:　　“Roughly 2.5 million addresses bought nearly 1.5 million BTC at $19,200. The longer Bitcoin continues trading below $19,000, the higher the pressure these investors will feel to exit their long BTC positions to cut losses short. Consequently accelerating the downward pressure.”　　The Consumer Price Index (CPI) for all urban consumers increased by 0.4% in September, according to the most recent inflation statistics released by the United States Bureau of Labor Statistics (BLS), according to Blockchain.News. 　　A broad market reaction followed, which sent tremors through the cryptocurrency market and caused Bitcoin to plunge as low as $18,319. 　　Santiment, a cryptocurrency information service, said:　　“Thursday has been an expectedly volatile day after inflation data was released. Bitcoin dropped to $18.3k, its lowest price level since September 21st. However, as traders were in the midst of stopping the bleeding, BTC s social power has decreased, but the top cryptocurrency was up by 3.38% in the previous day to touch $19,623 throughout trading stocks, according to CoinMarketCap. 　　BTCs societal dominance has diminished as a result of certain traders aiming for

2022-10-18Deep Dive

In Sweden and France, Ripple is introducing on-demand funding solutions.

In a statement, Ripple stated that it has teamed up with Lemonway, a payment system for online markets based in Paris, and Xbaht, a Swedish payment processing service, to offer quick and affordable cross-border money transfers. 　　The report states:　　“In partnering with Ripple, Lemonway is able to drive operational efficiencies by eliminating the need for Lemonway to pre-fund accounts abroad, giving them the opportunity to use previously trapped pre-funded capital to grow and scale their business.” 　　With the ODL solution from Ripple, international payments may be settled instantly and cheaply. Additionally, it does away with the requirement to keep pre-funded cash in the target audience. 　　Sendi Young, the managing director of Ripple for Europe, believes that the solution can be used as a first move in addressing more widespread issues with cross-border payments, such as their high costs, dependability, and slow speeds.　　Young adds:　　“We are delighted to be working with Lemonway and Xbaht, our first ODL customers in France and Sweden respectively. This is why we have become the partner of choice for enterprises such as Lemonway and Xbaht looking to tap into global crypto liquidity.”　　The chief operating officer of Lemonway, Jeremy Ricordeau, said:　　“Ripples solution allows us greater flexibility when we make

2022-10-18Deep Dive

DeFi TVL Rebounds to $54 Billion, with MakerDAO Headquartered on Ether Remaining the Dominant Borrow

The results show that since October 12, the overall TVL has decreased, falling between $53.7 and $53.29 billion. The TVL dropped to $52.22 billion in September, which was its smallest unit since March 2022.　　Data from DefilLama reveals that the Ethereum-based MakerDAO continues to be the largest DeFi lending platform across all chains, with a market control of 14.48% and $7.83 billion TVL. With a market worth of $6.11 billion, Lido is the second-largest DeFi lender, followed by Curve Finance with $5.92 billion, Aave with $5.19 billion, and Uniswap with $4.97 billion.　　According to DefiLlama, Ethereum continues to have the biggest value frozen, with over $31.2 billion, or slightly more than 57% of the total value locked as of today. Other DeFi protocols that have raised more money than Ethereum include Tron ($5.54 billion), Binance Smart Chain (BSC) ($5.33 billion), and Avalanche ($1.41 billion).　　The total worth of all commodities locked within DeFi systems is measured by TVL, to put it simply. Every token placed in any of the DeFi protocols stake, lending, or liquid pools is included in TVL. In other words, the TVL is a measurement of the money put in smart contracts, and experts closely watch this number as a

2022-10-18Deep Dive

Why Are Whales Selling Their Ethereum Holdings?

The data shows that over the past five weeks, stocks of Ethereum (ETH) at shark and whale addresses have decreased by over 3 million ETH. In other words, during the exact same time frame, Ethereum valued $4.2 billion was drained from Ether accounts holding 100 to 1 million ETH. Since mid-September, the value of ETH has fallen significantly by about 25% as a result of dumps. The statistics show that since the successful Merge upgrade, Ethereum whales have continued to redistribute their holding on the marketplace. This may have been the main cause of the strong selling push that brought the price of ETH to where it is today.　　　　The value of the asset will most certainly increase over the next several days, despite the fact that whales and sharks now hold less coins than they did previously. Big investors typically have a tendency to repurchase the assets they have previously sold. 　　Bearish mood is generally reflected in the flow of cryptocurrencies onto exchanges, which is frequently done by traders looking to make a profit by offloading their tokens. This suggests that whales anticipate greater price declines in the near term.　　According to data from Ultrasound.Money, the Merging update has made Ethereums

2022-10-17Deep Dive

Following the US Jobs Report, the price of bitcoin drops below $20,000

The Federal Reserve is working to maintain economic control enough already to contain the very worst inflation in 4 decades without precipitating a catastrophe, and it appears to be working. This month saw the weakest employment pace in 18 months. 　　According to the jobs report, recruitment has significantly decreased since August, when the U.S. gained 315,000 positions. As employers continue to fill positions from a pool of employees that was getting smaller, the unemployment rate decreased to a 50-year low of 3.5% in September. The small decline in the rate of labor force participation indicates that fewer people are employed or actively seeking employment.　　According to the figures, the labor market is still tight, and the unemployment rate has reached a five-decade low. The labor market has been deteriorating in recent months, with mean total job additions falling from approximately 530,000 at the start of the year to 370,000 in June.　　　　Following the release of the fresh job statistics by the Bureau of Labor Statistics, cryptocurrency values plunged. Following the news, Bitcoin dropped below $20,000, shedding roughly 2% in the previous hour to trade at $19,623, according to information from CoinMarketCap. The decrease indicates that hiring is still too strong for businesses

2022-10-17Deep Dive

Digihost, a bitcoin miner, may be delisted from Nasdaq

The bitcoin miner is one of several who have gotten too close to forfeiting their positions on significant U.S. stock exchanges. Up to 180 days have been allowed to Digihost to fix the problem. In order to meet with Nasdaq listing requirements, the business must trade for $1 or even more daily for a minimum of ten days. In a document submitted on last Friday, Digihost claimed that notwithstanding the complaint, business has continued as normal at the business. 　　“The Companys business operations are not affected by the receipt of the Notification Letter, and the Company fully intends to resolve the deficiency and regain compliance with the Nasdaq Listing Rules,” Digihost stated during the filing. 　　Nasdaq has also closely scrutinized two other publicly traded miner businesses in addition to Digihost. Better stock performance is necessary for public miners Mawson Infrastructure Group and BIT Mining to maintain their registrations on Nasdaq and the New York Stock Exchange (NYSE), separately.　　Only a few businesses have been selling barely above that level, and three other businesses dropped below it just last week.　　Many businesses risk being delisted from Nasdaq if the stock value does not increase to over $1 per share.　　The coins price, which has

2022-10-17Deep Dive

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