Crypto Guides, Knowledge & Insights

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

Understanding the risk involved in cryptocurrency trading: A guide for all Nigerian traders

By Damian Okonkwo　　What is Cryptocurrency trading？　　Cryptocurrency trading is the buying and selling of various digital assets such as Bitcoin, Ethereum, Dogecoin, Binance Coin, etc. It is a popular investment into digital assets in the hope of making profits as the prices appreciate.　　Major Cryptocurrencies traded today 　　The top ten most traded Cryptocurrencies today based on their market capitalization are: Bitcoin, Ethereum, Binance Coin, XRP, Cardano, Solana, Dogecoin, Polkadot, Polygon, and Tron.　　What are the risks associated with cryptocurrency trading？　　The fact that cryptocurrency is highly decentralized and unregulated has greatly increased the risk associated with cryptocurrency trading. We have therefore discussed these risks below.　　A. No assurance for profits: There is no guarantee for profits in cryptocurrency trading today. Here the trader can either gain or lose based on the market volatility and the positions he has taken in the market.　　B. Highly decentralized: The fact that cryptocurrency trading is decentralized makes it difficult to recover lost funds from scammers.　　C. Unregulated: Cryptocurrency trading is not well-regulated in most countries today. This increases the tendency for some projects to rugpull without anyone questioning the developers of such projects.　　D. Prone to attacks: Many crypto projects have been attacked in the past. The most recent attack on

2022-10-17Deep Dive

Analyst: Bitcoin Must Maintain a Price Above $19,200 to Reduce Adverse Impact

Since this is an important level, according to industry expert Ali Martinez, the top cryptocurrency must 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 rose by 0.4% in September, according to the most recent inflation figures given by the United States Bureau of Labor Statistics (BLS), according to Blockchain.News. 　　A broad market response 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 societal domination has decreased, but the top cryptocurrency was up by 3.38% in the previous day to touch $19,623 during trading stocks, as per CoinMarketCap. 　　BTCs societal influence has diminished as a result of certain traders aiming for

2022-10-14Deep Dive

Binance fulfills its 21st quarterly BNB burn, destroying $548 million in BNB.

Binance, a cryptocurrency exchange site, reported in its most recent update that it has managed to destroy over 2,065,152.42 BNB. 　　The exchange site further reported that an additional 4,833.25 BNB was burned as part of its Pioneer Burn Program, which rewards people who actually lost their digital assets.　　By subtracting tokens (lost by users via honest mistakes) in the quarterly burn and then reimbursing the users based on some particular circumstances, Binance takes the blame for these costs under the Pioneer Burn Program.　　Since the BNB currencys introduction in 2017, the exchange platform Binance has made a commitment to destroy a significant portion of BNB coins each quarter. Binance originally began the BNB burn mechanism by purchasing BNB coins with 20% of their earnings, burning them, and repeating this process until they purchased and burned 50% of BNB (100MM). However, the trading platform unveiled a new combustion method in December 2021 that makes use of autonomous on-chain computations.　　This implies that based on the cost of BNB and the quantity of blocks created throughout the quarter, the BNB auto-burn system will automatically weigh the quantity of BNB to be burned. The BNB coin is sliding lower and is currently sitting at $260, seemingly

2022-10-14Deep Dive

Launching of a Twitter Account for NFT Shareholders by CoinShares

The debut of a Twitter bot named “CoinSharesNFTAI” was revealed by CoinShares on Thursday. Based on the Twitter bots function, “CoinSharesNFTAI” would assist NFT buyers in determining a “fair price” for any NFT registered on Opensea. 　　With just one tweet, the Twitter bot would help NFT investors on Twitter sort through market uncertainty and determine how much an NFT would be worth. Users would need to tweet an Opensea link to the NFT they wanted to check, along with the hashtag #CoinSharesNFTAI, to activate the bot.　　In the statement, CoinShares warned that pricing NFTs would be challenging because of their unstable value and abundance on the market.　　“Building on our crypto and quantitative expertise, we came up with an experimental project to price NFTs, whether you own them already or not. This model relies on tested mathematical concepts to predict a fair price for any NFT currently listed on @opensea,” CoinShares stated this in the press release.　　The assumptions made by the bot are dependent on known variables such as hype, rarity, utility, substance, and items, as well as the amount of transactions and NFT program history.　　NFTs are among the recently discovered digital content in the cryptocurrency business today, and its crucial that

2022-10-14Deep Dive

...

193195

...

743