Crypto Guides, Knowledge & Insights

Bitcoin Ranges Steady Despite Tech Downtrend

The British pound fell to a historic low of $1.03 this week, sending shockwaves through global markets and adding to concerns about the United States already rapid interest rate hikes.　　Despite the fact that the US Dollar Index has been trending upward on a monthly basis since May of this year, six of the 11 Wall Street stock indexes fell by more than 2%, as concerns about a global economic slowdown persist.　　Coinbase Global (COIN) was down 9.5% in the previous 24 hours as of 2:00 p.m. ET, following a downgrade from Wells Fargo to “underweight” on Thursday.　　According to Serhii Zhdanov, CEO of EXMO, a UK-based cryptocurrency exchange, in prior years, inflation was frequently connected with an increase in local interest in purchasing cryptocurrencies.　　However, the crypto bear market caused by the crashes of several cryptoassets has harmed cryptocurrencies reputation and interest, he claims.　　“Cryptocurrencies are no longer perceived as hedge assets,” Zhdanov said.　　Overall, the values of bitcoin and ether have remained pretty steady.　　Waning correlation with tech　　Bitcoin climbed 2.7% in the last week, from around $18,000 last Thursday to a high of $19,600 today.　　Since September 13, the leading cryptoasset has traded in a range of around $18,500 to $20,300.　　Similarly, the price of ether has

2022-09-30Deep Dive

Celsius Might Repay Clients With Assets That Are Wrapped

The co-founder and CEO of Celsius, Nuke Goldstein, appears to provide greater detail about the employers decision to reimburse Earn consumers in the tape that Tiffany Fong posted. 　　The previously leaked all-hands meeting recording is credited to Celsius customer and public figure Fong.　　The Block reports that wallets will be refilled with the remainder of the money Celsius set aside for consumer repayment. The business will then issue wrapped tokens, often referred to as Cx tokens, to indicate the ratio of how much the corporation owes to the amount that it has on hand. 　　Customers can either wait for a higher payout when additional revenue comes in or redeem wrapped tokens that will be available. As Goldstein mentioned impending mining, ETH staked money, and other coins that may become liquid, the company made this statement.　　Customers will also have the option to exchange the wrapped tokens on other marketplaces in addition to redeeming them, according to Goldstein. According to him, users would have the option to withdraw their tokens and transfer them to Uniswap or even other marketplaces to let the community determine the tokens valuation.　　Fong claims that she received the new tape on September 1 as opposed to the leaked all-hands

2022-09-30Deep Dive

DBS Provides Four Crypto Trading Options for High-End Singapore Clients

The implementation of the cryptocurrency trading capability coincides with an increase in self-directed choices among DBS wealth clients, who presently conduct the majority of their transactions online. 　　Accredited premium clients can trade four of the more well-known cryptocurrencies on its digital exchange by making investments starting at a minimum of USD 500: Bitcoin (BTC), Bitcoin Cash (BCH), Ethereum (ETH), and XRP (DDEx).　　According to Singapores largest bank, “having their cryptocurrency holdings makes it easier for clients to stay on top of their investments across traditional and alternative asset classes.”　　When asked about the most recent action, a senior executive of the DBS stated that it will benefit their clients in increasing and safeguarding their wealth. Group Executive for Consumer Banking and Wealth Management at DBS Bank, Sim S. Lim, stated:　　“We believe in staying ahead of the curve and providing access to the solutions they seek. Broadening access to DDEx is yet another step in our efforts to provide sophisticated investors looking to dip their toes in cryptocurrencies with a seamless and secure way to do so.” 　　The DBS digital asset ecosystem will provide services to about 100,000 clients in Singapore.　　The Monetary Authority of Singapore (MAS) granted DBS a cryptocurrency license last year

2022-09-30Deep Dive

Huobi launches Inery Token $INR after a successful VC raise

After numerous announced strategic partnerships and successful VC rounds, $INR is now available on Huobi. Today, September 28, trading began formally at 13:00 UTC, and during the first few hours, the projects token experienced a trend upward, rising from $0.22 to $0.44. The listing is a significant turning point for Inery in its mission to fundamentally alter how data is managed on the decentralized web.　　One of the top cryptocurrency exchanges in the world, Huobi, has listed Inery, a decentralized data system designed to enable a new paradigm for data management. Huobi supports over 1000 exchanges and more than 600 cryptocurrencies. This will support Inerys ambition to transform the world through a paradigm shift in data management and assist spread the companys vision among more people.　　Decentralized Data System of Inery　　This project seeks to facilitate interoperability between many businesses without sacrificing safety, speed, or performance. It is specifically developed to handle database management by integrating blockchain features with distributed database qualities.　　Users will be able to access, write, erase, and govern their data with the help of the Inery Decentralized Data System, ushering in a new decentralized and secure internet era where data loss and misuse wont be a problem. Inery is able

2022-09-29Deep Dive

The Block: Transaction Prices on the Ethereum Network Have Decreased

According to The Block, the gas fees for transactions on the Ethereum network have drastically decreased since 2021.　　According to the paper, the Ethereum network reached its zenith during the DeFi summer and had a surge in 2021 with the release of non-fungible tokens (NFT).　　As of September 22, according to data from The Block, gas fees for the blockchain platform were at their lowest level in recent memory.　　According to Ycharts.com, the average gas price for Ethereum on September 25 was 10.96 Gwei, while the highest price was 474.57 Gwei on May 1, 2022, a decrease from 50.96 one year earlier. The difference from yesterday is 20.73%, while the change from a year ago is -78.50%.　　As of June 11, 2020, the average gas prices even rose to an all-time high (ATH) of 709.71 Gwei, a significant increase from the current level.　　Gas prices have decreased, but Ethereum transaction volume and everyday active users have not. The Block claims that the most likely reason for this is that users who are transacting do not believe they should have to pay significant fees in order to finish their transactions swiftly.　　According to Simon Cousaert, a data analyst at The Block Research, “customers are not in a

2022-09-29Deep Dive

On the Polkadot Network, USDT Tokens are Now Available

With the recent introduction of its stablecoin (USDT) on the Polkadot network, Tether Limited increased its presence across a number of blockchain platforms. Users can access and use any of the Polkadot networks numerous blockchains by connecting to it.　　Adding Tethers stablecoin to the Polkadot network is the right step towards reaching the objective of spreading throughout decentralized ecosystems, claims a press release from Tether. This will lessen the potential negative effects of market volatility and offer a stable currency to move in and out of the network and earn money with.　　A total number of 11 blockchain platforms, including Kusama, Ethereum, Tron, Algorand, EOS, Avalance, Liquid Network, Omni, Solana, NEAR, and Bitcoin Cashs Standard Ledger Protocol, support the USDT stablecoin at this time. The introduction of USDT on Polkadot highlights Tethers dedication to cooperation and compatibility as a pioneer in the expanding digital asset sector.　　“Polkadot is on a trajectory of growth and development this year, and we believe the addition of Tether is necessary for it to continue to develop.” “We are excited to launch Polkadot USDT, providing its community with access to the most liquid, stable, and reliable stablecoins in the digital token space,”　　said Paolo Ardoino, CTO of Tether.　　As the

2022-09-29Deep Dive

Guido Cannetti, a fighter from Argentina, accepts payment in stablecoin

Guido Cannetti, an athlete from Argentina who competes in the Ultimate Fighting Championship (UFC), the most prestigious mixed martial arts event in the world, revealed that he would receive his entire payment in the stablecoin USDC.　　He makes history in Argentina by being the first UFC fighter to get payment in a stablecoin.　　Additionally, as per the Bitwage, a forerunner in cryptocurrency, stablecoin, and Bitcoin payroll services with invoicing and benefits offerings. On Vibrant, Guido Cannetti will utilize Stellar Network to get his USDC stablecoin payout.　　The Stellar team created the Stellar Network on Vibrant wallet application exclusively for people experiencing inflation in Argentina.　　In August, the inflation rate jumped to 78.5% year-over-year, a new high in 30 years, and the month-over-month increase hit 7%, according to official inflation figures issued by Argentina earlier. By the closing of this year, the rate of inflation is predicted to have increased by almost 95%.　　The central bank increased interest rates this year by a sum of 3,700 percentage points (or 37%), but is now faced with the problem that “no one dares to save money.”　　The stablecoin, according to Canneti, might protect against changes in value and fluctuations in local currencies.　　Canneti stated the following in a statement issued

2022-09-28Deep Dive

FTX Succeeds in Bid to Acquire Assets from Bankrupt Voyager

The assets of the defunct crypto currency brokerage Voyager Digital Ltd. will now be purchased by digital asset exchange FTX. According to those with direct knowledge of the situation, FTX acquired the assets after placing a winning bid of approximately $50 million during an auction.　　Sam Bankman-Fried, the billionaire, is in charge of the digital asset exchange.　　As per Bloomberg, the purchase followed multiple initial attempts by the FTX to save or buy Voyager. At the end of March, Voyager, based in New York, had 1.19 million funded accounts and around 3.5 million users.　　Liz Hoffman, a former Wall Street Journal writer, first announced FTXs victory in the auction and purchase of Voyager on Twitter. Additionally, she provided pricing information while citing unnamed sources.　　She tweeted, Crypto exchange FTX is the highest bidder for bankrupt cryptocurrency lender Voyager. Purchase price of $50m but could ultimately be double that if AUM and other thresholds are reached. In July, Voyager submitted a bankruptcy petition. After Alameda Researchs failed attempt to save it through a revolving credit line, it did so. Trading firm Alameda Research is connected to FTX.　　A joint offer for Voyager was made public shortly after that effort by FTX and Alameda. Voyager rejected the

2022-09-28Deep Dive

As attacks continue, a hacker stole $950,000 from a cryptocurrency vanity address.

An Ethereum “vanity address” created with the Profanity tool contained $950,000 in ETH, claims blockchain security company PeckShield. On Monday, the situation was reported. According to on-chain data from PeckShield, the hacker took 732 Ethereum on September 25 and moved it to the allowed digital currency mixing service Cyclone Money. Here, the money was converted into other cryptocurrencies before being transferred to the programmers personal wallet.　　The popular Profanity vanity address generators vulnerabilities were exploited in this hack. Although vanity addresses are created using a tool called Obscenity, this method for creating them makes them easier to breach using a beast force attack. The amount of cryptocurrency in the wallet may be able to balance off the penetration, which demands a lot of computing power.　　The team of programmers behind Profanity took action to make sure that nobody used the tool following the attacks.　　The exploit was carried out similarly to how Wintermute was last week. The algorithmic cryptocurrency market maker Wintermute, situated in the UK, was breached on Tuesday, September 20, and lost $162.2 million in DeFi activities. The Wintermute hack targeted a weak private key produced by the Profanity app.　　Since January, the profanity flaw has been known. But on September 13,

2022-09-28Deep Dive

An Accounting Flaw in Binance Caused an Uneven Distribution of About $20 Million HNT

Last night, Binance found an accounting issue that enabled customers to submit MOBILE amounts to HNT wallets that were then sold on the market. This mistake permitted users to send Heliums MOBILE token to just be confused for HNT. 　　The Helium Foundation stated that an integrated accounting bug in Binance that affects only the exchange and about 4,829,043 MOBILE tokens was not a network problem.　　Last night, Binance uncovered an accounting trick that enabled users to send mobile payments to HNT wallets, which have been later exchanged for cash. Due to such an error, users might send the MOBILE token from Helium and have it misinterpreted for the HNT token. 　　　　According to the Helium Foundation, Binances efficient accounting flaw, which solely affects the exchange and around 4,829,043 MOBILE tokens, is not a network issue.　　Binance has been forewarned by the Helium Foundation and told:　　“We advise token holders to suspend HNT and MOBILE deposits on Binance until a comprehensive situation update is provided,”　　The use of helium is revolutionizing how wireless networks are built and expanded worldwide. Anyone may create and oversee a wireless network for low-power Internet of Things (IoT) devices using Heliums constantly increasing hotspot network, and clients can make money by

2022-09-27Deep Dive

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