Crypto Guides, Knowledge & Insights

Luna Foundation Purchases 4,130 Bitcoin Bringing its Total to 39,897 BTC

The Luna Foundation has continued to stack Bitcoin purchasing an additional 4,130 BTC　　The recent purchase brings the total to 39,897.98 Bitcoin owned by the Luna Foundation　　This amount translates to roughly $1.7 billion, with $8.3 billion worth of Bitcoin left to purchase to hit the $10 billion target　　Bitcoin continues to consolidate above $42k, and the news of the purchase has not caused an uptick in price　　The Luna Foundation continues to stay true to its quest to purchase $10 billion worth of Bitcoin and become the second-largest holder of BTC after Satoshi Nakamoto.　　According to @WuBlockchain, the Luna Foundation purchased an additional 4,130 Bitcoin bringing the total holdings of the foundation to 39,897.98 BTC.　　The later amount of Bitcoin translates to roughly $1.7 billion using the current price of the digital asset at $42,700. This, in turn, means that the Luna Foundation still has to purchase an additional $8.3 billion worth of BTC to fulfill its earlier mentioned quest of holding $10 billion worth and becoming the second-largest holder of Bitcoin after Satoshi Nakamoto.Bitcoins Price Did Not Rise After the Purchase of 4,130 BTC　　In terms of price action, the purchase of 4,130 Bitcoin by the Luna Foundation did not cause a knee-jerk reaction in

2022-04-10Deep Dive

This Is Ethereum’s Bitcoin Flippening Catalyst

There is a school of thought that believes Ethereum (ETH) will one day overtake Bitcoin (BTC) as the world‘s most valuable cryptocurrency. While this may seem far-fetched to some, to Galaxy Digital’s trading co-head Jason Urban the Ethereum-Bitcoin flippening is a likely scenario.　　In an interview with Kitco News, the veteran trader explained why he believes that Ethereum will end up overtaking Bitcoin in terms of market cap and become the dominant cryptocurrency. The ETH network currently has a market cap of around $385 billion. This is second only to Bitcoins $805 billion market capitalization.　　The major driver identified by Urban was the upcoming $ETH ‘Merge,’ which will shift the Ethereum network from its current model of proof-of-work (POW) to one called proof-of-stake (POS). The new mechanism will mark the end of Ether crypto mining.　　This is a major upgrade for Ethereum – expected to take place somewhere in this quarter – as it will give the smart contracts network another edge over Bitcoins proof-of-work mechanism. The merge will dramatically cut energy use as well as improve the scalability and security of the network, making it more attractive to more entrenched retail and institutional investors.　　“There‘s scalability and things that now become very valuable

2022-04-10Deep Dive

EU Bans High-Value Crypto Services to Russia in New Round of Sanctions

EU Limits Russian Crypto Wallet Deposits to €10,000　　Expanding its sanctions in response to the Russian military assault on Ukraine, the European Union has again targeted cryptocurrencies. On Friday, the European Commission, the executive body in Brussels, welcomed the fifth round of restrictions agreed upon by the Council of the EU. They have been tailored to “further contribute to ramping up economic pressure on the Kremlin and cripple its ability to finance its invasion of Ukraine.”　　The new Council regulation, published in the Official Journal of the European Union, bans the provision of “high-value” crypto-asset services to the Russian Federation. It applies to crypto wallet, account, or custody services for Russian citizens, other residents, and legal entities established in the country, if the total value of the digital funds exceeds €10,000 (close to $11,000). The EU emphasized:　　In view of the gravity of the situation, and in response to Russias military aggression against Ukraine, it is appropriate to introduce further restrictive measures. In particular, it is appropriate to extend the prohibition on deposits to crypto wallets.　　Similarly, the EU limits fiat deposits by Russian individuals and organizations but the threshold is much higher, at €100,000. The measures, intended to close various other loopholes, also

2022-04-10Deep Dive

Bank of America Strategist Warns 'Recession Shock' Is Coming

BOFA Strategist Notes inflation Shock Is Worsening, Cryptocurrencies Could Outperform Bonds and Stocks　　Bank of America‘s chief investment strategist has warned the U.S. economy could feel some economic shocks. In recent times, inflation in the United States has run rampant and the Fed has felt the need to step in and manage the issue. On March 16, the U.S. Federal Reserve raised the benchmark bank rate for the first time since 2018, and the central bank expects six more increases this year. Meanwhile, on April 8, Reuters reports that BOFA’s Michael Hartnett says that the macro-economic situation is worsening.　　With the macro-economic environment in calamity, the Fed hiking rates, and the central bank tapering large-asset purchases, the BOFA strategist said the U.S. economy could be headed for a recession. Hartnett insists that “‘Inflation shock’ worsening, ‘rates shock’ just beginning, ‘recession shock’ coming.” The BOFA analysts statements follow U.S. bond markets signaling that an economic downturn is predicted. This took place last week when the spread between 2-year and 10-year Treasury yields inverted, signaling the U.S. economy may be headed for a recession.　　Hartnett‘s note to investors on Friday further said that commodities, cash, and cryptocurrencies “could outperform bonds and stocks,” according to the

2022-04-10Deep Dive

Elon Musk Wants Dogecoin (DOGE) Payments for Twitter Blue, Suggests New Ideas

To get away with it, Elon Musk earlier today tweeted about having a monthly subscription for Twitter Blue that would give authentication checkmarks to individuals. However, this is different from the verification of official accounts or public figures. Musk tweeted:　　“Everyone who signs up for Twitter Blue (ie pays $3/month) should get an authentication checkmark. But should be different from ”public figure“ or ”official account“ checkmark.”　　Besides, Twitter Blue will come with a bunch of other features. This includes undo tweet option, bookmark folders, and readers mode, among others. Musk believes that the monthly $3 subsciption will “massively expand the verified pool & make bot armies too expensive to maintain”.　　Besides, Musk also proposed for an option to pay in Dogecoin (DOGE).“Maybe even an option to pay in Doge？” he added.　　The tech billionaire said that Twitter needs to reduce its dependency on the power of corporations to pay for ads. This would help it break free and take more user-centric decisions.Elon Musk‘s Love for Dogecoin　　Tech billionaire Elon Musk has been a vocal supporter of Dogecoin (DOGE). On Friday, April 8, Musk managed to pump the DOGE price for a short while by featuring Dogecoin’s Shiba Inu dog mascot in the “Cyber Rodeo” event

2022-04-10Deep Dive

(BTC) Will Increase “100x” to Over $4 Million!

Bitcoin (BTC), the worlds largest cryptocurrency by market capitalization, is poised for astounding gains in the next few years should Peter Thiels latest prediction pan out.　　Speaking at the Bitcoin 2022 summit in Miami, the co-founder of Paypal and Palantir made headlines as he doubled down on his uber bullish outlook for Bitcoin while mocking Warren Buffett, Bill Gates, Larry Fink, and Jamie Dimon.　　“[ESG] is just a hate factory. Its a factory for naming enemies, and we should not be allowing them to do that. When you think ESG, you should be thinking Chinese Communist Party.”　　For context, Bitcoin has continued to receive flak from various quarters, including Teslas Elon Musk, for its detrimental carbon footprint. As per a recent report by Crypto Carbon Ratings Institute (CCRI), a typical US household consumes 10,600 kWh of electricity per year. Bitcoin, with its vast network of decentralized nodes, consumes an average of 89.78 billion kWh of electricity per year, often exceeding the yearly energy output of entire nations.　　Nonetheless, as we noted recently in a dedicated post, this simplistic narrative ignores crucial subtleties. As an illustration, back in September 2020, the University of Cambridge estimated that around 39 percent of Bitcoins total energy consumption was

2022-04-09Deep Dive

Analyst Predicts When Will Bitcoin Price Make A New All Time High

Bitcoin has not been having the most convincing price run, but ardents remain confident of its long-term prospects. Plan B has said that Bitcoins reaching new highs is a sure bet, and will be thanks to staunch holders. Plan B Gives Two Cents On Bitcoin‘s Future　　The pseudonymous analyst credited with creating the Bitcoin stock-to-flow (S2F) model opined that while Bitcoin’s price can go down, its realized capitalization has been holding steady.　　At $466 billion, Bitcoins realized cap is currently near its all-time high value he pointed out. Based on the trend of the metric, he stated that it will lead Bitcoin to a next all-time high price. He also projects that at $100k per Bitcoin, the realized cap will be about $750 billion.　　Significantly, the realized cap metric values the Bitcoin market based on the price every Bitcoin in circulation last moved at. This is as opposed to market cap that just multiplies the total number of Bitcoins in by its current price.　　This distinction means that realized cap takes into reduces the impact of coins that may be lost or in the hands of long-term holders on the valuation model. The fact that it is trending near ATH could indicate that long-term

2022-04-09Deep Dive

DAO shall not be alone! Ecosystem DAOs on the rise

If one was to take the ten commandments and turn them into positive affirmations for a future worth working for then building a DAO would certainly make the list. A Decentralised Autonomous Organisation (DAO) is a collection of individuals coming together to make decisions without a hierarchical management structure and can have a wide range of use cases.　　They allow for a bottom-up approach to community management, built around a treasury that is accessible to the members. Focusing on the world of Web3 in terms of the innovations, putting the creatives first and the general WAGMI attitudes makes a great case for a commandment overhaul.　　In a world that has been more exclusive than inclusive — controlled by a few rather than shared by many — people are waking up to new ways of thinking. Communities that are tired of the guilt that has been passed on from old regimes harboring unequal attitudes are free to develop their own tokens, NFTs, and now DAOs. 　　The beauty of the DAOs popping up within all of the blockchain ecosystems today is that there is often an existing community waiting to jump in and give back to the community project that they may already be

2022-04-09Deep Dive

Just-In: Tesla Plans To Mine Bitcoin With Blockstream and Block

Tesla, Blockstream and Block Take Renewable Approach to Bitcoin Mining　　During the Bitcoin Conference 2022, Blockstream CEO Adam Back announced the firm working on a solar energy and storage battery-powered bitcoin mining facility with Block and Tesla in Texas. The companies have taken a renewable energy approach to mining bitcoin.　　Commenting on the possibility of 100% renewable bitcoin mining, Blockstream CEO said:　　“ This is a step to proving our thesis that Bitcoin mining can fund zero-emission power infrastructure and build economic growth for the future.”　　With the $12 million Bitcoin mining facility scheduled to be completed by 2022 end, Blockstream will provide regular reports on the economics of the project. A publicly available dashboard will provide real-time details on the project, including power output, bitcoin mined, and hashrate. Moreover, as the project becomes functional, the dashboard will also provide details on solar and storage performance data.　　Adam Back believes that Bitcoin mining could help develop zero-emission energy infrastructure and support economic growth in the future.　　The plan of constructing a 100% percent renewable energy bitcoin mining facility was announced last year by Blockstream and Block.Tesla‘s Involvement in the Bitcoin Market　　Bitcoin mining has been criticized over its high power requirements, which increases the token’s carbon footprint.

2022-04-09Deep Dive

Sky Mavis Raises $150 Million in Financing Round Led by Binance to Refund Users Affected by the Roni

Sky Mavis Raises Funds to Replenish Its Ronin Bridge　　Sky Mavis, the operator of Axie Infinity, a recognized play-to-earn (P2E) video game in the Web3 ecosystem, has finally announced the actions it will take to recover the funds lost and restore trust in its Ronin Network. The company revealed a funding round where it raised $150 million, led by Binance with the participation of companies in the play-to-earn field like Animoca Brands, and other firms like a16z, Dialectic, Paradigm, and Accel.　　On the participation of Binance in this round, Changpeng Zhao, CEO of the exchange, stated:　　We strongly believe Sky Mavis will bring a lot of value and growth for the larger industry and we believe its necessary to support them as they work hard to resolve the recent incident.Other Actions On the Way　　The company also informed about another set of actions it will be taking as a result of the exploit the Ronin Bridge suffered. Sky Mavis declared that with the new funds and other funds taken from its treasury, all of the users accounts affected will be reimbursed. However, the 56K ethereum that was taken will remain under-collateralized as the company works with law enforcement to recover its cryptocurrency stash.　　The company

2022-04-09Deep Dive

...

275277

...

736