Crypto Guides, Knowledge & Insights

If the insolvency sale is successful, Voyager clients could receive 72%.

According to attorneys, FTX Us has been successful in securing a two-week auction for Voyager as part of an agreement linked to the high court authorization of the creditors payment plan. 　　If Voyager is fortunate to secure a better offer that will pay its clients more, they may decide to terminate the current one. On Wednesday, US Bankruptcy Judge Michael E. Wiles gave his approval to this arrangement.　　Wiles has also encouraged Voyager to include a conventional bankruptcy condition known as a “fiduciary exit.” It enables businesses that are bank-protected to accept greater bids until a deal is completed. Christine Okike, a Voyager bankruptcy lawyer, informed Wiles that FTX is currently the “sole feasible choice” for the business. However, they have decided to modify the fiduciary out so that a superior offer might be taken into consideration.　　Voyager claims that Wiles has been asked for authorization to submit the settlement plan for a vote to creditors and clients. In the event that creditors approve the transaction, Wiles has also been requested to do so. 　　　　The estimated price of the sale of Voyager to FTX is $1.4 billion, of which $51 million will be paid in cash. Additionally, FTX will transfer clients to

2022-10-20Deep Dive

The NFT market declined in Q3 while Bitcoin and the DeFi space saw great traction.

Based on the third-quarter report released by data infrastructure CoinGecko, the most recent information indicates that although cryptocurrency faced a significant market meltdown in Q2 2022, the digital tokens made some comparative comeback in Q3 despite the continuing adverse market circumstances. According to CoinGecko, the research emphasized how this recovery can be seen in the reality that the current valuation of the crypto market grew from a low of $903 billion in July to as high as $1.2 trillion in August.　　　　Even though Bitcoin had a difficult third quarter, it still succeeded in surpassing conventional assets like gold, oil, and other commodities, with the exception of the US Dollar Index (DXY), which measures the worth of the dollar relative to other world currencies. However, when looking at the year to date (YTD), Bitcoin still suffered the most loss (-58%), when compared to all other asset classes. In other words, according to data from CoinGecko, the cryptocurrency has fallen more than 58% year-to-date and is currently trading at roughly $19,113.66 per coin. While still mainly trading in lockstep with US stocks, bitcoin in Q3 fared better than the stock market overall.　　DeFi Rebounds　　The Decentralized Finance (DeFi) market recovered by 31% in the third

2022-10-20Deep Dive

Top Brands in Web3, NFTs and the Metaverse

Despite the “crypto cold,” prominent corporations are still making investments and announcing plans to expand Web3. Examples include Disney and Warner Music hiring people for Web3 expansions and Starbucks unveiling their Odyssey non-fungible token loyalty scheme.　　A lot of companies have already begun introducing NFT lines and pursuing Web3 strategies and investments like purchasing virtual property in the metaverse. The businesses betting on Web3 come from a variety of sectors, with the fashion, beverage, and luxury industries being the most well-represented.　　In addition to looking at brands that have opted to use other blockchains to fuel their Web3 growth, we also included the top NFT revenue on Ethereum. Here are some of the Web3 brands that are already popular and profitable.　　Top brands on Ethereum　　“NFT Brands Revenue Tracker” by kingjames23 (Dune Analytics)　　Nike　　Prior to the more widespread Web3 push, Nike was already moving forward and had been granted a patent for their “CryptoKicks” line of blockchain-connected sneakers. In March 2020, Nike conducted a blockchain trial with Macys and the RFID Lab at Auburn University to improve the sharing of product data throughout the retail supply chain.　　However, Nikes most significant Web3 move came in December 2021, when it purchased NFT shoe studio RTFKT Studios. The

2022-10-20Deep Dive

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

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