Crypto Guides, Knowledge & Insights

Dogecoin price risks 40% correction despite Elon Musk-Twitter euphoria

Dogecoin (DOGE) prices flipped higher in the last 24 hours after its most celebrated backer, Elon Musk, purchased Twitter for $44 billion. At its best, Dogecoin had climbed to $0.17 on April 25, albeit still down 77% from its record high in May 2021.Twitter‘s native currency: Dogecoin？　　DOGE’s price rose by nearly 25% to $0.15 on a 24-hour adjusted timeframe, confirming that traders considered Musks acquisition of Twitter a bullish event for Dogecoin.　　The reason: Musks long-time support for DOGE, including his recent advice to the Twitter board that they should start accepting the memecoin for Twitter Blue, their first-ever subscription service.　　The comments appeared a year after Twitter revealed that it plans to double its revenues to $7.5 billion by the end of 2023, raising hopes that Musks 100% ownership of the company would have it facilitate its future sales through an additional DOGE payment option.　　In January, Musks flagship company Tesla Motors started accepting Dogecoin, and only DOGE, for some of its merchandise.　　Related: What Elon Musk‘s investment could mean for Twitter’s crypto plansDOGE price correction risks　　Nevertheless, Dogecoin faces interim selloff risks following its impressive gains in the past 24 hours.　　DOGEs price started correcting lower after re-testing a multi-month downward sloping trendline as

2022-04-26Deep Dive

Bitcoin Versus Gold: Which is the most traded by Nigerian traders today?

By: Damian Okonkwo　　The physical asset gold together with the Digital asset Bitcoin constitutes the most traded pair in the exchange market today. Often investors are attracted to them based on the fact that they offer quick profits arising from their strong volatile nature. While gold could jump by 400pips in a single day; Bitcoin when provoked could produce 1000pips in a single day. To this end, most Nigerian traders who are high-risk traders by nature; consider Bitcoin their favorite asset to trade today. The rate of Bitcoin traders in Nigeria today is by far greater than gold traders. Bitcoin has become the favorite asset to trade for Nigerian investors.　　Similarities between Gold and Bitcoin　　Volatility: Both pairs are marked with strong volatility that has endeared them so much to investors. Both assets could produce as many as 500pips movements in a day.　　Store of Values: Both gold and Bitcoin are recognized means for store of values. Thus they are known means of exchange. Often investors consider them as a hedge against inflation.　　Speculative Assets: Both assets have no fixed prices. Their prices are fixed daily at the market via speculations. Buyers speculate daily through fundamental and technical analysis of the possible price targets for

2022-04-26Deep Dive

Dorsey Praises Musk's Twitter Buy: 'Elon Is the Singular Solution'

Twitter shouldnt have an overlord, its founder and on-again-off-again CEO Jack Dorsey tweeted late Monday night. But if it must, then Elon Musk, the richest man in the world, is as good as it gets.　　“Elon is the singular solution I trust,” Dorsey said of the social medias impending change in ownership. Earlier Monday, Musk prevailed in his bid to take the company private for $54.20 a share.　　Dorsey, a bitcoin maximalist, preceded his statement with an ode to decentralization: “In principle, I dont believe anyone should own or run Twitter. It wants to be a public good at a protocol level, not a company. Solving for the problem of it being a company however,” requires Elon, and Elon alone.　　“Taking it back from Wall Street is the correct first step.”　　Dorseys message follows a day of Twitterverse hand-wringing over the ramifications of a super-rich, bombastic billionaire grabbing control of his favorite megaphone. That debate could have an impact on crypto, too, as Musk has made his fondness for DOGE payments no secret.　　For his part, Musk has pledged to prioritize free speech on Twitter, a message of open dialogue that Dorsey praised.　　“Elon‘s goal of creating a platform that is maximally trusted and broadly inclusive

2022-04-26Deep Dive

Uncollateralized Lending Platform Truefi Reveals $100 Million Single-Borrower Pool Designed for Bloc

Blockchain.com Leverages Truefis Single Borrower Pool　　The leading digital asset services and exchange company Blockchain.com has announced it has secured $100 million in liquidity from the uncollateralized borrowing and lending platform Truefi. Essentially, the decentralized finance (defi) platform Truefi leverages on-chain credit scores in order to facilitate uncollateralized lending. The platform claims to offer competitive returns for lenders with “no lockup period and deep exit liquidity.”　　According to Truefi, the single-borrower pool will provide “debt to Blockchain.com [that] will be available to all Know Your Customer-verified, non-U.S. lenders on the Truefi platform, offering them an expected APY of 8.50 percent, before incentives.” Truefi has already showcased the single borrower pool concept with Alameda Research and the team also helped Perpetual Protocol launch the first protocol-to-protocol lending pool.Trusttoken CEO Expects More Financial Institutions to ‘Bring Their Books of Business On-Chain’　　Rafael Cosman, the CEO of Trusttoken explained in a statement sent to Bitcoin.com News that Truefi welcomes Blockchain.com into the fold, and further said it doesnt surprise him to see large financial institutions leverage on-chain books. “It is inspiring – although not surprising – to see more leading financial institutions bring their books of business on-chain, giving our global lender base even more financial

2022-04-26Deep Dive

While Global Markets Get Spooked by Covid and a Hawkish Fed, Stocks and Crypto Rebound After Musk Bu

Global Markets Shake Over Fears of Covid-19 Related Supply Chain Issues and the Possibility of Aggressive Rate Hikes　　Four days ago, Jerome Powell, the current U.S. Federal Reserve chair, explained at an International Monetary Fund (IMF) panel discussion on April 21, that the U.S. central bank may have to move “more quickly” when it comes to bank rate hikes. Powell further noted that the U.S. central bank could implement a 50 basis-point rate hike at the next Fed meeting. The hawkish comments from Powell have spooked investors and U.S. stock indexes took losses before the weekend started last week.“Global stock markets were mostly lower overnight, led by the biggest drop in Chinese shares in two years. U.S. stock indexes are pointed toward lower openings when the New York day session begins,” Kitco.coms Jim Wyckoff wrote on Monday morning.　　On Monday, Wall Street continued to suffer as the Dow Jones Industrial Average, NYSE Composite, and the S&P 500 all saw losses. At 10 a.m. (ET), the Dow shed 415.23 points and by the afternoon, it recovered a little more than half of the losses back. The blame is currently being placed on the Federal Reserve‘s upcoming rate hikes, and China’s Covid-19 lockdowns. The

2022-04-26Deep Dive

Meme Token Economy Jumps Close to 10% Higher After Dogecoin Spike Fuels the Pack

Meme Token Assets See Double-Digit Gains on Monday Following Dogecoin‘s Rise　　Following Elon Musk’s acquisition of Twitter for $44 billion, digital currency markets jumped in value and crypto meme tokens saw a significant spike. 24-hour statistics at 4 p.m. (ET) on Monday had shown dogecoin (DOGE) jumped 26.3% in value against the U.S. dollar.　　Dogecoin (DOGE) is still up 18.8% today and is hovering just above the $0.15 zone. Many believe the rise is based on mere speculation that Musk could possibly implement dogecoin payments into some of Twitters operations.　　DOGE/USD on April 25, 2022 at 9:00 p.m. (EST).　　While dogecoin jumped in value against the dollar, a number of other popular meme coin assets followed DOGEs lead on Monday. Shiba inu (SHIB) jumped 1.7% and dogelon mars (ELON) rose 13% higher against the USD during the last 24 hours.　　ELON/USD on April 25, 2022 at 9:00 p.m. (EST).　　While DOGE, ELON, and SHIB all saw percentage gains, the fourth largest meme coin asset baby doge coin (BABYDOGE) is still down 0.8% at the time of writing. Floki inu (FLOKI) on the other hand, jumped 2.1% higher against the U.S. dollar during the last 24 hours.　　SHIB/USD on April 25, 2022 at 9:00 p.m. (EST).　　Other notable meme

2022-04-26Deep Dive

Fortune 500: 94% of Surveyed Execs Have Blockchain Project Plans

Fortune 500: A survey of 200 Fortune 500 executives has lit up the march of blockchain technologies and how prolific they will be in the near future.　　The survey, commissioned by Rapid Innovation, showed that respondents thought the technology has the potential to transform the world economy. The Fortune 500 companies were aiming to keep pace.　　Questions in the survey covered the best uses of blockchain development for companies, whether laws could impact its rollout, and which industries are most prepared to deploy the technology.　　Fortune 500 keeping up　　Rapid Innovation says that several of the top technology firms are exploring many things Web3. This includes launching their own native tokens, to altering their company names to something metaverse related. “Large software firms have created entire enterprise divisions dedicated to enabling data exchange and workflow automation with distributed ledger technology and blockchains. Meanwhile, every online retailer is working to integrate Bitcoin and cryptocurrency payment gateways.”　　Jesse Anglen is the CEO of Rapid Innovation. I cannot help but think of the innovators dilemma, where companies must adapt their businesses to keep up with revolutionary technologies or risk disruption by newcomers. The best thing Fortune 500 firms can do today is invest heavily in R&D to ensure

2022-04-26Deep Dive

Afghan Citizens Turn to Stablecoins, Not Bitcoin, to Protect Wealth

IN BRIEF　　Crypto using increased since the Taliban came to power.　　Afghans are investing in stablecoins, not bitcoin, to hold their wealth.　　Some have used their crypto holdings to flee to Pakistan.　　Afghan citizens are turning to stablecoins to protect their finances as fears of a Taliban crackdown on wealth grow.　　Citizens are worried that the Taliban will seize assets, which would worsen an already declining economy. And the focus of their investments is not bitcoin, but rather stablecoins.　　The idea is to have their wealth pegged to fiat currencies. Executives from the countrys crypto exchanges note that demand is high, and people are no longer storing wealth in cash or jewelry, preferring crypto instead.　　Afghan citizens also say that the Taliban is raiding homes and seizing belongings, prompting the switch to cryptocurrencies. Reports from earlier in the year also corroborate this mass adoption of crypto. Some in Afghanistan have used their crypto holdings to flee to Pakistan.　　The U.S. has blocked $9 billion in foreign-exchange reserves, the economy is on the brink of collapse, with people only allowed to withdraw $400 a week. Please download WikiBit for more blockchain news.　　Afghanistan ranks in top 20　　In 2021, Afghanistan was ranked 20th among 154 countries in Chainalysis‘ Crypto Adoption Index,

2022-04-26Deep Dive

Central African Republic adopts Bitcoin as legal tender

The Central African Republic has officially become the second country to adopt Bitcoin (BTC) as legal tender.　　According to reports from Forbes Monaco, the National Assembly unanimously passed the bill to make cryptocurrency a national currency as part of efforts to improve the economy and security of the country.　　Binance CEO Changpeng Zhao also confirmed the development, which means that businesses in the country can now accept the flagship digital asset for payments.　　The bill was sponsored by Minister of finance and budget Calixte Nganongo and Minister of digital economy, post services, and telecommunications Gourna Zacko.　　Beyond recognizing BTC as legal tender, it also provides a regulatory framework for crypto in the country — another first on the African continent.　　Bitcoins volatility is not a barrier　　According to Zacko, investing in digital assets could benefit millions of users despite cryptos volatility. He said:　　There are so many advantages in cryptocurrencies, of which I cannot mention all of them here, but first we would have to have the legal frameworks to allow any Central African to also benefit from this possibility of transferring money and receiving money.　　Zacko added that:　　New, avant-garde path of development and economic performance, a dynamic field which is popular among investors around the world and

2022-04-26Deep Dive

El Salvador's Bitcoin Experiment Is Big Failure, Study Shows

According to a recent study conducted by the National Bureau of Economic Research (NBER), an American nonprofit research organization, Bitcoin adoption has failed to take off in El Salvador.　　More than 60% of respondents ditched the governments Chivo wallet after using the $30 bonus. A staggering 89% of Salvadorans have never received remittances with the help of the app (only 3% of the respondents received them in Bitcoin). Ninety-nine percent of the respondents have never paid taxes with Bitcoin.　　Image by nber.org　　Sixty percent of citizens did not download Chivo at all despite the fact that most of them have access to a smartphone with internet access.　　The majority of Salvadorans have never used Chivo ATMs that were installed throughout the country.　　The usage of cash, as well as debit and credit cards, remained virtually unchanged after downloading the Chivo wallet for the vast majority of users. Please download WikiBit for more blockchain news.　　As of April, 80% of companies in El Salvador still do not accept the largest cryptocurrency despite the fact that the controversial Bitcoin Law requires mandatory acceptance. Seventy-one percent of those firms that did report sales of Bitcoin ended up converting them into U.S. dollars (only 12% of them chose to store

2022-04-26Deep Dive

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