Crypto Guides, Knowledge & Insights

Musk buys $2.9B stake in Twitter, what does this mean for Dogecoin?

ords　　Elon Musk bought a 9.2% stake in Twitter for $2.9 billion, making him the platforms biggest shareholder.　　Recently, the Tesla CEO had slammed Twitter on the grounds of it “failing to adhere to free speech principles.” As a response to the problem, Musk teased the possibility of starting his own social media platform or even buying Twitter. However, few imagined he would follow through with either of these ideas.　　Nonetheless, analysts expect this acquisition of a stake in Twitter to be the start. Whats more, with Musk being a fan of Dogecoin, should we expect a collaboration between the two？How might Dogecoin fit in？　　Crypto markets are mainly flat today. However, among the large caps, Dogecoin posted the second-biggest gains in the last 24-hours, at +5%. NEAR Protocol leads the pack with +5.7% gains.　　Musk disclosed his crypto holdings to CNBC last year, saying he owns Bitcoin, Ether, and Dogecoin. On his reason for liking Dogecoin, he said:　　“That‘s why I decided to support Doge — it felt like the people’s crypto.”　　Given Dogecoin‘s response to the news, it’s clear that markets expect Musk to utilize $DOGE on Twitter in some capacity. But will that ever happen？　　Before the acquisition stake, as Musk was canvassing opinions on

2022-04-06Deep Dive

Axie Infinity has been losing gamers before the Ronin Network hack

Contrary to the belief that gamers are leaving the popular play-to-earn game Axie Infinity because of the recent hack, available information shows that the platform had lost nearly half of its users even before the heist, Bloomberg News reported.Axie Infinity loses gamers　　In the week of March 28, CryptoSlate reported that Ronin Network, the bridge side chain that facilitates crypto transactions for the game, lost over $600 million to hackers.　　This led to the developer temporarily suspending withdrawals for gamers on the platform leading to speculation that this might have affected the number of users on the platform.　　However, according to data provided by Sky Mavis, the developer behind the play-to-earn project, the number of its daily active users (DAUs) was falling even before the March 23 heist.　　Per the data, the game had lost around 45% of its DAU, which was now about 1.48 million users. A far cry from its all-time high of over 8 million users in November 2021.Explaining the slide　　A data journalist at Nansen, Martin Lee, opines that one of the factors behind the drop in usage is the huge market offsetting of the games native currency, Smooth-Love Potion (SLP), which happened in December and led to a dip in

2022-04-06Deep Dive

Binance CEO says Russia cannot use crypto to evade sanctions

Binance CEO Changpeng Zhao, commonly referred to as CZ, believes Russia cannot use cryptocurrencies to circumvent western sanctions. He said this during a recent interview with Richard Quest, the host of CNNs Quest Means Business. According to him, crypto is too traceable, a trait that makes it unsuitable for dodging sanctions.　　Zhao pointed out that governments across the globe are increasingly getting better at tracing crypto transactions. To this end, he believes an intelligent person would not try to use crypto for such purposes.　　Nonetheless, he said Binance observes the sanction rules closely and will block anyone on the sanction list. CZ added that Binance would also block the accounts of anyone that is remotely related to the people on the sanction list.　　However, he asserted that Binance considers freezing assets of normal Russian users illegal. As such, the exchange will stand by its decision not to ban all Russians. To show the organizations willingness to adhere to rules, CZ said it is up to the governments to decide whose assets Binance should freeze or unfreeze.Standing up against the war, not the people　　Unlike many organizations unwilling to take a stand on whether Russia was wrong for invading Ukraine, CZ said Binance is against

2022-04-06Deep Dive

DOJ Confiscates $34M Worth of Crypto From Dark Web Hacker

American law enforcement agents seized approximately $34 million worth of digital assets tied to illicit Dark Web activity. The operation marked one of the largest confiscations of cryptocurrencies ever executed by the US authorities.　　‘Operation TORnado’ was a Success　　According to a recent announcement by the Department of Justice, the hacker is a South Florida resident who used an online alias to sell more than 100,000 illegal items across marketplaces on the Dark Web.　　For example, he sold online account information for popular services such as Netflix, HBO, and Uber while accessing the Dark Net by utilizing the TOR (The Onion Router) Network. The latter is a preferable tool by many hackers, via which they bypass censorship and visit websites that cant be found on the surface web.　　As detailed by the authorities, the criminal employed so-called “tumblers” and illicit money transmitter services to launder one cryptocurrency for another. This technique is called “chain hopping” and is in violation of federal laws. He then distributed the digital assets to a designated wallet at random times and in random proportions, making it hard for law enforcement agents to obscure the original source of funds.　　However, a joint investigation (named “Operation TORnado”) between numerous federal, state, and

2022-04-06Deep Dive

Cathie Wood Sees Potential for Twitter Shakeup After Musk Takes Stake

Cathie Wood speculated that Elon Musks new ownership stake in Twitter Inc. might open the door to a management shakeup at the social media company. 　　Musk is sending a “strong signal” to Twitter chief executive officer Parag Agrawal, Wood, the founder and chief executive officer of Ark Investment Management LLC, said in an interview on Bloomberg Radio. “This could be setting up for another leadership change,” she said. Agrawal replaced founder Jack Dorsey in November.　　Wood, whose flagship fund has almost 10% of its assets in Tesla Inc., has not spoken to Musk about the carmaker‘s CEO taking a 9.2% stake in Twitter to become the platform’s biggest shareholder, which was revealed Monday in a regulatory filing. The news came a week after Musk hinted he might attempt to shake up the social media industry. 　　“I think he is sending a strong signal to the new CEO,” Wood said.　　Woods flagship investment fund, ARK Innovation ETF (ARKK), tumbled 24% last year after surging almost 150% in 2020. The fund plunged another 30% in the first quarter, as investors soured on the richly valued growth stocks she targets.　　In the wide-ranging interview, Wood reiterated her warning that aggressive rate hikes by the Federal Reserve

2022-04-05Deep Dive

Has the Crypto ban in Nigeria Boosted the Naira?

By: Damian Okonkwo　　Before the ban placed on the banks from facilitating Cryptocurrency transactions in Nigeria by the CBN On February 5, 2021, the Nigerian fiat currency naira was exchanging at N381 against the dollar. A year and 2 months later, the official rate is now N416 and currently N560 on the streets of Lagos black market services and other black market dealers across the country.　　Naira has consistently lost value in the exchange market and judging from the moment the ban on cryptocurrency was effected naira has lost over 12% value so far.　　In other words, the naira has not made any minute improvement since the ban was placed suggesting it has not favored the naira in any means or rather not the best way forward.　　In hindsight, it seems pertinent to raise the question for fellow economic experts and policymakers to consider to what extent has the recent policy saved the fiat currency from depreciating every day. Could a general adoption of cryptocurrency for Nigeria just like El-Salvador, India, Ukraine, and Russia have been the best option for Nigeria today？　　Many believe that it is time for the CBN to reconsider the ban on Crypto transactions involving the banks as a way of

2022-04-05Deep Dive

Is Apple about to send Bitcoin to the moon? A rundown of the rumor

Rumors of Apple utilizing Bitcoin in some capacity are running red hot. Fanning the hearsay, YouTuber Crypto Rover summed up sentiment by saying the knock-on effects will see Bitcoin moon.　　There have been numerous reports of an Apple-crypto tie-up in the past. Perhaps the most prominent example of this was talk of Bitcoin being added as a treasury reserve asset just over a year ago.　　However, despite the attention, all such rumors have fizzled into nothing. Will this time be any different？Strike CEO drops a hint of an Apple Bitcoin connection　　Strike CEO Jack Mallers hints that things could be different this time. Late last month, Mallers posted an uncaptioned tweet featuring a video from the Apple “think different” advertising campaign that ran from 1997 to 2002.　　The commercial featured black and white footage of well-known historical figures, including Albert Einstein, Mahatma Gandhi, Thomas Edison, and Muhammad Ali. The accompanying voice-over talks about misfits, rebels, and troublemakers, who are often seen as crazy, being the very people who drive change.　　A few days before this, Mallers also posted a tweet about the upcoming Bitcoin 2022 conference in Miami between April 6 and 9.　　Four pictures accompanied the tweet. The first is an infographic showing a QR

2022-04-05Deep Dive

Is the Russian-Ukranian conflict a long-term threat to cryptocurrency?

While the armed war between Ukraine and Russia may appear to be confined to a military level, it is likely to have far-reaching consequences for much of the world.　　Economic analysts expect it to trigger a dramatic rise in inflation partly because Russia is the worlds biggest exporter of natural gas and second-largest seller of oil.　　In addition, hundreds of thousands, if not millions, of people will be displaced from Ukraine, posing a new refugee issue for the world (and specifically Europe).　　Furthermore, there‘s cryptocurrency. While many people aren’t focusing on the cryptocurrency market and industry at the moment, theres no doubt that the protracted fight will affect Bitcoin.　　There is no doubt that it has already had some effects, particularly since Bitcoin dropped by more than 10% in a single day in response to the initial rumors of a Russian invasion on February 24.　　Russias potential escape from sanctions by using crypto may result in increased regulation of the business in the West, but the conflict may benefit the market.　　This is mainly because it illustrates how cryptocurrencies, including Bitcoin, can boost great causes and empower individuals when other avenues are unavailable.Those in need can benefit from cryptocurrency in real-world situations　　Since the initial assault, the

2022-04-05Deep Dive

UK Aims To Let Consumers ‘Use Stablecoin Services With Confidence’

The United Kingdoms finance ministry intends to prioritize regulating stablecoins that are used as means of payment.　　In a report released Monday, the ministry said it will be releasing further regulatory guidelines this year in order to protect consumers while fostering innovation around digital assets.　　“This response document confirms the governments intention to take the necessary legislative steps to bring activities that issue or facilitate the use of stablecoins used as a means of payment into the UK regulatory perimeter, primarily by amending existing electronic money and payments legislation,” the report read.　　Stablecoins are expected to become a “widespread means of payment” in the near future, the ministry predicts.　　The report, which investors and industry leaders have been anticipating since late March, highlights the ministrys desire to be at the forefront of stablecoin regulation.　　US lawmakers have been debating how to approach the growing stablecoin industry in recent months as well, most notably floating the proposal that stablecoin issuers would have to be a registered and insured bank.　　The UK is also considering implementing a regulatory framework around stablecoins that mirrors the existing guidelines around banks. Stablecoin reserves in particular are a main concern for the ministry, which suggests in the report that “stablecoins would be

2022-04-05Deep Dive

Bitcoin of America Adds Shiba Inu to Its Crypto ATMs

Popular cryptocurrency ATM operator Bitcoin of America has added meme cryptocurrency Shiba Inu (SHIB) to the list of available cryptocurrencies, according to a Monday press release. 　　The kiosks allow buying and selling Bitcoin as well as several altcoins, including Dogecoin. 　　As reported, Bitcoin of America enabled support for Dogecoin, the worlds largest meme cryptocurrency, last month, which led to a substantial increase in the price of the joke coin.　　At press time, Shiba Inu is still down 3% over the past 24 hours despite the recent addition. The Dogecoin rival has failed to spike higher on the news. The SHIB token is currently down 70.01% from its record high, currently trading at $0.00002587 on the Binance exchange.　　Cryptocurrency ATMs are similar to ordinary teller machines. They typically charge double-digit fees, which is significantly higher than popular cryptocurrency exchanges. 　　A year ago, Bitcoin of America introduced its universal kiosk, which combines the features of a crypto ATM and a traditional ATM. Universal kiosks let customers buy crypto right after dispensing cash with their debit card.　　Bitcoin of America operates 1,841 ATMs that are located all over the U.S, according to data provided by Coin ATM Radar. Bitcoin of America maintains a federal registration as

2022-04-05Deep Dive

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