Crypto Guides, Knowledge & Insights

Delivery Giant UPS Delves into Metaverse

Shipping giant UPS has filed a Metaverse-related trademark application with the United States Patent and Trademark Office (USPTO).　　According to the filing, it intends to provide virtual packages, shipping labels, clothing, uniforms, headwear and vehicles within virtual environments.　　Image by @JoshGerben　　According to trademark attorney Josh Gerben, UPSs Metaverse offering will be part of a gaming experience that involves sending a package. Gerben pointed to Robloxs virtual brand activations, suggesting that UPS could be next in line.　　The online game platform connects developers with brand partners in order to create Metaverse-brand activations. Brands can also interact directly with devs without the middleman. Roblox announced a plan to build a Metaverse around its players last November.　　Back in February 2018, UPS filed a pattern for an item-exchange locker service with a point-of-sale (POS) system for accepting different types of payments, including Bitcoin.　　In November 2017, it joined the Blockchain in Trucking Alliance (BiTA) alongside Coyote Logistics in order to increase the level of transparency and cut costs among carriers, shippers and consumers.　　The corporate world keeps jumping on the Metaverse hype train. The list of other major companies that have filed Metaverse applications over the past month includes British consumer goods behemoth Unilever and American energy giant Chevron.　　Last

2022-04-12Deep Dive

Top ten African Countries leading in Cryptocurrency trading today

Cryptocurrency trading has become widespread in Africa today. Many consider the trend to be caused by the increasingly weakening African currencies against other international counterparts, especially Euro, pounds, and dollar. Others believe that the rapid embrace is due to the high rate of unemployment in Africa today.　　Notwithstanding the efforts of some African leaders to limit the citizens from indulging in Cryptocurrency trading, especially in Nigeria, the spread of digital currency has been on the increase every day.　　Highlights on the top ten African countries leading in Cryptocurrency trading today:　　« South Africa: South Africa is renowned today as the country with the most active cryptocurrency traders. The dominance of South Africa in cryptocurrency trading seems to be favored by the tolerant attitude of the government towards cryptocurrency transactions. The South African Reserve Bank (SARB) had made it clear that all cryptocurrency transactions are subject to taxation. Similarly, SARB has made it clear that Cryptocurrency trading is not in any way supervised by the body hence subject to high risk. This has not in any way deterred the citizens from embracing cryptocurrency trading today.　　« Nigeria: Nigeria is renowned today as the First African country to adopt a digital currency known as the e-naira.

2022-04-12Deep Dive

Ukraine War Not Driving Crypto Market Activity, Says Report

IN BRIEF　　Crystal blockchain finds reduced on-chain activity in the last six months, despite Ukraine war.　　Chainalysis also finds dwindling activity despite initial spike in ruble trading volume.　　Visa and MasterCard have suspended services.　　Russians are moving out of Russia and taking their money with them, but crypto has not yet felt the effects, according to blockchain data.　　Russias invasion of Ukraine precipitated a mass exodus from both countries. Migrants and refugees turned to crypto to take their savings with them, hoping to keep their money safe until it could be converted to fiat money.　　Despite initial surges in trade volume on the back of Russias invasion of its neighbor, this has had little effect on the overall crypto market, data from blockchain analytics firm Crystal Blockchain shows.　　Bitfurys Crystal Blockchain is a comprehensive analysis tool that utilizes complex analytics to give organizations a holistic view of the ecosystem.　　Crystal Blockchain sees no increase in on-chain activity　　After monitoring the wallets on major cryptocurrency exchanges and peer-to-peer marketplaces like Paxful, Crystal Blockchain noticed that there were no notable increases in on-chain activity, with transactions steadily decreasing, and flows of digital assets dwindling since the war began.　　“We believe that the reduction is likely due to overall market conditions, as

2022-04-12Deep Dive

Bitcoin keeps falling as former BitMEX CEO gives $30K BTC price target for June

Bitcoin (BTC) saw a predictable fall into the Wall Street open on April 11 as bears took the market towards $40,000. Bitcoin edges towards $40,000　　Data from Cointelegraph Markets Pro and TradingView showed last weeks downtrend gathering pace Monday after a disappointing weekly close.　　The calm weekend thus gave way to volatility as the new week began, this being led by equities losing ground worldwide.　　In Asia, the Hang Seng closed down 3% on the day in Hong Kong, while the Shanghai Composite Index finished 2.6% lower. Germanys DAX traded 0.77% in the red at the time of writing, mimicking the FTSE 100 in London. 　　With Wall Street just starting out, attention focused on the strength of the U.S. dollar, as evidenced by a repeat surge of the U.S. dollar currency index (DXY) over the 100 mark Monday.　　Looking a little overextended here, not that it’s noticeable in risk assets just yet, Twitter commentator B C Richfield argued, showing a potential pullback target range.Expecting a pull back to 99.437 area which is the prior range high. Hold here then we could see more blood in the water for risk assets like crypto but close back in the range and…With Bitcoin firmly tipped to follow

2022-04-11Deep Dive

Bitcoin (BTC) Falls to $42,000 Amid Bearish Weekly Close

Bitcoin decreased considerably during the week of April 4-11, creating a bearish candlestick in the process. The price fell from a high of $47,200 to a low of $41,868.　　Despite the drop, the price has managed to hold on above the $42,000 area, which has intermittently acted as both support and resistance since November 2021. 　　In addition to this, the MACD is still bullish, since it has created the fourth successive bullish candlestick in a row (green icon). 　　Therefore, as long as BTC does not reach a close below the $42,000 area, its still possible that the decrease is simply a retest of the previous breakout level.　　Measuring from the all-time high, the price thus far decreased by 39%.　　Its worth noting that the three most recent weekly candlesticks are close to creating an evening star pattern, which is often considered a bearish reversal candlestick pattern. The fact that this pattern could transpire in the weekly time frame increases its significance. 　　The evening star would be confirmed with a weekly close below $41,262 (red line).Daily time frame breakdown　　The daily chart provides a more bearish outlook.　　The price has fallen below the $45,000 horizontal area, a level that acted as resistance from Feb 8 until

2022-04-11Deep Dive

Crypto Exchanges Binance and Whitebit Offer Help for Ukrainian Refugees

Binance to Launch Charity Crypto Card for Ukrainian Citizens Escaping Conflict　　The world‘s leading cryptocurrency exchange, Binance, will launch a “charity crypto card” this month for those who have been forced to leave Ukraine and need help, Ukraine’s Minister of Digital Transformation Mykhailo Fedorov announced on Telegram, following a conversation with the companys CEO Changpeng Zhao.　　“This is an important support for our citizens during the war,” the government official stated, quoted by the crypto news outlet Forklog. He noted that the exchange continues to work with his department on cryptocurrency adoption and plans to support educational projects in the digital space to help more Ukrainians acquire digital skills and new professional qualifications.　　Fedorov, who also serves as deputy prime minister in Kyiv, highlighted that the company has already committed $10 million to Ukraine and intends to increase the amount to $20 million in the near future. Crypto donations collected through Binance Charity finance the humanitarian initiatives of major intergovernmental and local non-government organizations.Whitebit to Provide Assistance to Ukraine‘s Foreign Ministry　　Meanwhile, Ukrainian crypto exchange Whitebit has signed a memorandum of cooperation with the country’s Ministry of Foreign Affairs. The company recently said it can help people who left Ukraine to escape the ongoing

2022-04-11Deep Dive

New York’s Crypto Regulation Takes New Dimension With New Provisions

IN BRIEF　　The New York senate has given NYDFS the go ahead on assessing crypto companies.　　The regulator is responsible for issuing BitLicense to crypto firms looking to operate in the state.　　New York is one of the few states in the United States with a decent amount of regulations covering the crypto scene.　　The New York Department of Financial Services (NYDFS) now has more power to establish a regulatory framework for crypto.　　This was granted via a budget provision passed by the Senate for the 2023 fiscal year that would allow the department to create a new assessment framework for crypto companies under its regulatory control.　　The NYDFS is the regulator responsible for crypto in the state, and it issues the infamous BitLicense. With this new provision, itll have to ensure its monitoring and regulation of crypto assets aligns with how it regulates traditional financial institutions.　　The provision appears to focus on who‘ll bear the cost of the regulator’s assessment. The budget states that the purpose is to “defray operating expenses.”　　Going further, it reads, “the expenses of every examination of the affairs of any person regulated pursuant to this chapter that engages in virtual currency business activity shall be borne and paid by the regulated person

2022-04-11Deep Dive

Securing the Blockchain: How the Blockchain Prevents Fraud

If you know anything about cryptocurrencies, such as Bitcoin, you will know two things about them: first, they are held digitally and do not have a physical form, and second, they are decentralised, meaning they are not controlled by any bank or other centralised organisation. Now, crypto aficionados have extolled several benefits of the currencys decentralised character, such as protection from the manipulation of a third party, such as banks or governments, speedier transaction times, and so on. However, it raises numerous issues in the mind of a layperson. Despite their numerous flaws, banks play a variety of crucial functions in our daily financial lives, and their absence raises concerns about the stability of such a financial system.　　One of the most significant duties of a financial organisation, such as a bank, is to keep a trustworthy record of all of its users financial facts, including but not limited to account balance and transaction history. Any of these facts may be obtained by simply contacting a bank and receiving reliable information. Cryptocurrencies, on the other hand, are decentralised, self-regulating systems with no central authority. Blockchain technology, also known as distributed ledger technology or DLT, is at the heart of cryptocurrencies. DLT,

2022-04-11Deep Dive

Binance approved in principle by Abu Dhabi as digital asset broker-dealer

Binance received in-principle approval from Abu Dhabi Global Market (ADGM) to operate as a broker-dealer in digital assets, Bloomberg reported on Sunday.　　The world‘s biggest cryptocurrency exchange by trading volume must now complete the application process, according to Richard Teng, Binance’s head for the Middle East and North Africa and a former ADGM executive.　　If the licensing for Abu Dhabi -- the UAE capital -- is successful, Binance will offer services to clients across the MENA region through its subsidiary Binance (AD). It has been expanding its presence in the Persian Gulf, including a license approval from Dubai, the commercial capital of the UAE.　　It received the Dubai virtual asset license last month, The Block reported. Binance said at the time that it would be permitted to extend limited exchange products and services to pre-qualified investors and professional financial service providers.　　In addition to expanding its exchange operations, Binance will anchor a blockchain technology hub in the Dubai World Trade Centre to seed new talent, it said.　　Changpeng Zhao, Binance‘s co-founder and CEO, said last month that Dubai would be his base for the foreseeable future and by “any common interpretation,” the company’s headquarters, Bloomberg reported.　　The companys American affiliate, Binance.US, closed an inaugural funding round

2022-04-11Deep Dive

Musk on Crypto Twitter's 'Most Annoying Problem,' Bored Ape NFTs, Mt Gox Bitcoins, and More

Elon Musk Promises to Make ‘Significant Improvements’ to Twitter — Calls Crypto Spam Bots ‘Single Most Annoying Problem’　　Tesla and Spacex CEO Elon Musk has joined Twitters board of directors and promised to “make significant improvements” to the social media platform. Some changes he is considering include adding an edit button and solving the crypto spam bot problem, which he sees as the “single most annoying problem on Twitter.”An In-Depth Look at the 5 Most Profitable Bored Ape NFT Traders of All Time　　Non-fungible tokens (NFTs) have been extremely popular during the last two years and in recent times, specific NFTs from certain collections sell for hundreds of thousands or even millions of dollars per NFT. During the last 30 days, Bored Ape Yacht Club (BAYC) NFTs saw $257 million in sales volume. While people still question the value of NFTs, its also interesting to see who is purchasing the most expensive NFTs like Bored Apes and trading them regularly. The following is an in-depth look at the top five BAYC traders of all time and the millions of dollars in profits they have made.Bitcoin Cold Case: The Tale of the Dormant Wallet With Close to 80,000 BTC From Mt Gox　　For the

2022-04-11Deep Dive

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