Crypto Guides, Knowledge & Insights

Circle Commits to Weekly USDC Reserve Reports as Stablecoin Jitters Rock the Crypto Markets

The Co-founder and CEO of Circle, Jeremy Allaire, has announced that the company remains committed to its goal of providing weekly reserve reports for USD Coin (USDC).　　USDC Saw a Net Increase of 2.3 Billion in the Last Week　　Mr. Allaire made the announcement via Twitter and also stated that in the last week, USDC saw 8.6 billion issued and 6.3 billion USDC redeemed, with a net weekly increase in circulation of 2.3 billion USDC.　　USDC Has Seamless Integration With the Existing Global Banking System　　He also added that USDC is an excellent product since it was built in a manner that would be easy to create and redeem its tokens. Furthermore, the stablecoin has seamless integration with the existing global banking system, thus allowing its customers to use it as ‘a very efficient pipe between legacy electronic dollars and digital currency dollars.’　　Mr. Allaire further elaborated on this fact through the following statement:　　We typically see billions of USDC issued AND redeemed each week. It‘s not a “roach motel”, where you can get in but it’s hard to get out.　　And thats the case for everyone, whether you are an individual user on Coinbase, Binance or FTX, or a major corporation or institution.　　Tether Also Publishes its

2022-05-23Deep Dive

Swiss Watchmaker TAG Heuer Now Accepts Cryptocurrency in US

Tag Heuer Partners With Bitpay to Offer US Clients Bitcoin Payments　　Designer and maker of luxury timepieces TAG Heuer is now accepting crypto for its high-quality products. Techniques dAvant Garde (TAG), founded over a century and a half ago by Edouard Heuer in Switzerland, said this week that clients within the U.S. will be able to purchase its watches and accessories online with multiple coins. The company explained the move in a press release:　　With an increasing number of customers using or earning digital currencies regularly, TAG Heuer intends to be a key player in the imminent transformation of the e-commerce and retail spaces.　　The alternative payment method is facilitated by the crypto payment platform Bitpay. Buyers can spend a dozen cryptocurrencies, including bitcoin (BTC), bitcoin cash (BCH), ethereum (ETH), and dogecoin (DOGE), as well as five stablecoins. They will be able to pay up to $10,000 per transaction with no minimum spending requirements.　　“We have been following cryptocurrency developments very closely ever since bitcoin first started trading,” TAG CEO Frédéric Arnault was quoted as stating. “As an avant-garde watchmaker with an innovative spirit, we knew TAG Heuer would adopt what promises to be a globally integrated technology in the near future despite the

2022-05-23Deep Dive

Latest Reports By a16z Declares Web3 Among The Best Opportunities Of The Decade

Andreessen Horowitz (a16z), a California-based leading venture capital firm, has published a report that highlights the current state and trends of the crypto industry.　　Report Says Web3 Is Fairer Than…　　The a16z report mainly focussed on the web3 and Ethereum state. The leading firm stated that the latest selloff of the market points towards a possible indication of a seasonal downturn. In addition, it acknowledged crypto-powered Web3 as one of the best opportunities of the decade.　　Not only that, the company believes that Web 3 promises better economic facilities in comparison to Web2 giants such as Meta. The firm supported its argument by citing its data. According to this, the primary sales of Ethereum-based NFTs and the royalties given to creators from secondary sales on OpenSea together amount to a total of $3.9 billion. The figure is four times more than what Meta has awarded its creators this year till now.　　The VC giant called DeFi a disruptor in the traditional finance industry. In addition, it also introduced the possibility that projects such as Helium, Spruce, and Flow Carbon can provide solutions for important issues in the real world. This they can execute through leveraging the DLT strengths in transparency, privacy, and decentralization.　　Ethereum Continues

2022-05-23Deep Dive

PizzaDAO to host world’s biggest pizza party on May 22 to commemorate first BTC purchase

PizzaDAO is sponsoring more than 100 local pizzerias from 75 countries to give away free pizza to celebrate Bitcoin Pizza Day on May 22.　　PizzaDAO will use the revenue from its Rare Pizzas project to fund the event. The Rare Pizzas collection includes 10,000 generative baked pizza NFTs created by more than 300 topping artists worldwide. 　　PizzaDAOs biggest supporters, Cheech and Chong, Seth Green, Steve Aoki, and 13-time World Pizza Champion Tony Gemignani, are also amongst the many who join and promote the event. The event will also raise funds for several charities.　　Gemignani commented on the event and said:　　“Working with PizzaDAO has been such a great collaboration and we are looking forward to helping to pizza the planet on 5/22/22! I love that the pizza can help so many people – charity, hospitals, firefighters, or just your neighbour…. everyone loves pizza and we are happy to be involved.” 　　The worlds largest pizza party will take place in popular spots in London, Buenos Aires, Sydney, Vancouver, Chicago, Boston, the streets of New York in Little Italy, the San Francisco Temple Nightclub, and the 99th floor of the Willis Tower. PizzaDao　　PizzaDAO was established in February 2021 with the idea that pizza should be

2022-05-23Deep Dive

The Reasons Why Some Crypto Skeptics Have Not Entered the Market: Survey

The online web platform CouponFollow conducted research among over 1,100 individuals who have not entered the crypto market to determine what is stopping them from doing so. 42% said they dont understand the value of digital assets, while 35% admitted they stay away because it “seems like a scam.”　　Reasons Behind the Hesitation　　Cryptocurrencies, particularly bitcoin, have rapidly expanded their popularity over the past few years. For one, the primary digital asset became legal tender in El Salvador and the Central African Republic. At the same time, its merits, such as decentralization, transparency, and accessibility, are often touted by numerous experts and prominent individuals.　　However, it‘s still safe to say that the majority of the globe’s population remains unconvinced about the asset class. According to CouponFollow, the interest in crypto spikes significantly when bitcoin or some altcoins reach all-time high prices. On the contrary, individuals withdraw their enthusiasm when the USD valuation heads south like in the past few months.　　The crypto non-HODLers also explained their main reasons why they have not hopped on the bandwagon. 42% said they dont understand the value of digital assets, while 39% are concerned about their volatile nature.　　Critics of the sector often describe cryptocurrencies as a scam. 35%

2022-05-23Deep Dive

Insider Trading is Rife in Crypto, Says New Report

An analysis by Argus, a firm that helps companies manage employee trading, reveals that several crypto investors benefit from inside information about when exchanges would lose tokens, according to a Wall Street Journal report.　　The report, based on available public data, shows that several wallets show a pattern of buying tokens days before listing and selling them immediately after.　　This practice appears prevalent on most major exchanges, including Binance, Coinbase, and FTX. Major exchanges listing a token are usually a temporary catalyst for its prices.　　According to blockchain data, a wallet accumulated Gnosis coins worth $360,000 within six days in August. Binance announced that itd list Gnosis on the seventh day, leading to the price rising to more than 7 times its average in the last seven days.　　The wallet started selling 4 minutes after Binance announced the listing and liquidated everything in 24 hours. They made $500,000 from the sale, pocketing a profit of about $140,000. The analysis reveals that this isnt the first time the wallet has done the same thing.　　Argus discovered that 46 wallets bought $17.3 million worth of Cryptocurrencies just before they were listed on the three major exchanges. However, the identity of the owners remains unknown.　　Although visible profits from

2022-05-23Deep Dive

ECB’s Christine Lagarde Says Crypto Is Worthless

Christine Lagarde, president of the European Central Bank, has warned that cryptocurrencies are worthless and should be regulated.　　The ECB boss believes that regulating the sector will prevent people from gambling their life savings on cryptocurrencies.　　“My extremely modest opinion is that cryptocurrency is worthless. It is founded on nothing, and there are no underlying assets to serve as a safety anchor,” she said.　　Lagarde continued, “I have always stated that these types of assets are highly speculative and extremely risky.”　　Lagarde said on Dutch television that she is concerned about those who do not comprehend the risks, “who will lose everything,” and who would be severely disappointed by digital assets.　　Mounting Pressure And Scrutiny　　Lagarde made the remarks in the midst of challenging times for bitcoin markets, when major coins such as bitcoin and ether have lost half of their value from their 2017 peaks.　　Cryptocurrencies are also receiving increasing scrutiny and pressure from global regulators, who frequently cite dangers to the financial system.　　Other ECB officials have expressed doubts. Among them is Fabio Panetta, a member of the ECBs executive board. In April, he stated that crypto assets are “creating a new Wild West” and compared them to the subprime mortgage catastrophe of 2008.　　Lagarde Doesnt Invest

2022-05-23Deep Dive

Bill Gates: Crypto Has No Valuable Output — It's Not Adding to Society Like Other Investments

Microsoft co-founder Bill Gates has explained why he does not own any bitcoin or other cryptocurrencies. “I like investing in things that have valuable output,” Gates said, adding that crypto is “not adding to society like other investments.”　　Bill Gates on Crypto, and Why He Isnt Investing　　Microsoft co-founder Bill Gates shared his opinion about bitcoin and cryptocurrencies in a Reddit AMA (Ask Me Anything) session last Thursday.　　One of the questions he was asked was “What do you think about bitcoin and cryptocurrencies？” Gates replied:　　“I dont own any. I like investing in things that have valuable output.” Please download WikiBit for more blockchain news.　　He added: “The value of companies is based on how they make great products. The value of crypto is just what some other person decides someone else will pay for it so not adding to society like other investments.”　　Gates stance on cryptocurrency echoes that of Berkshire Hathaway Warren Buffett. The Oracle of Omaha explained in detail why he would not invest in bitcoin or cryptocurrency earlier this month.　　“It doesn‘t produce anything,” Buffett described BTC, noting that he wouldn’t pay $25 for all of the bitcoin in the world. “What would I do with it？ I‘d have to sell it

2022-05-23Deep Dive

Crypto Disaster: Ethereum Co-Founder Vitalik Buterin Claims He’s Not A Billionaire Anymore

The recent crypto market crisis has not only hurt investors, but also notable entrepreneurs, erasing billions of dollars from their fortunes. Vitalik Buterin, co-founder of Ethereum, is one example.　　In 2014, the 28-year-old founded Ethereum, a leading cryptocurrency by market capitalization.　　Buterin revealed on social media on Friday that he is no longer a billionaire. After hitting a high of over $4,800 in November of last year, the digital currency has lost 60 percent of its value. ETH is currently trading at $1,972, as reported by Coinmarketcap.com.　　In response to a tweet about other billionaires — Elon Musk and Jeff Bezos, who are at the top of the list of the richest individuals — he admitted this.　　In 2014, Vitalik and a number of other engineers, notably Charles Hoskinson (creator of Cardano) and Joseph Lubin, established the Ethereum platform. Vitalik possesses a digital wallet whose ETH contents were valued approximately $1.5 billion in November.Youngest Crypto Billionaire　　In 2021, as the price of Ethereum surpassed $3,000, Buterin became the youngest crypto billionaire.　　However, this trend has since reversed, and ETH is currently straining against the tide. Despite this, it is the second-largest cryptocurrency in the world, with a market valuation of about $300 billion.　　Friday in another tweet,

2022-05-22Deep Dive

CZ Recommends Diversifying Investments Even Though He's 'All in' Crypto and Bitcoin

Binance CEO Changpeng Zhao took to Reddit earlier today to discuss a variety of topics, including investment advise that he gives but doesnt necessarily follow.　　“Investment wise, I am not a good example. I dont diversify,” Zhao said. “I recommend most people to diversify. But for me, I am all in Binance.”　　He added that hes “all in crypto, BNB, and BTC. I use my Binance Card everywhere I go.”　　The 44-year-old, who previously worked at the Tokyo Stock Exchange developing trading systems and at Bloomberg Tradebook on futures trading systems, began Binance in 2017. According to Forbes, he holds a total of 30% stake in the company and currently is the 19th richest person in the world, with a net worth of $17.4 billion.　　In a wide-ranging AMA—that apparently was taken down shorty after it finished—Zhao answered a variety of questions, including Binances decision to trade LUNA despite its collapse, how Binance handles user funds, and the future of the Binance Chain.　　In a response to a question on why Binance resumed the trading of LUNA, Zhao explained it had been halted because of the network being halted by the validators. He added that it was Binances trading that put pressure on the validators

2022-05-22Deep Dive

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