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Circle plans to apply for US Bank Charter soon, lauds the OCC for cooperation

Circle Internet Financial Limited has said it is looking to apply for a U.S. bank charter soon, according to a Bloomberg News report.　　The crypto payments company — the issuer of the USDC stablecoin — first talked about a bank charter in 2021 but has yet to file an application with the Office of the Comptroller of the Currency.Circles banking dreams　　Circle CEO Jeremy Allaire revealed that the company is in discussions with regulators over a bank charter and is “making good progress” in that direction.　　While many in the crypto community would welcome Circles ambition, regulators might not outrightly approve such applications due to the nature and level of risks attached to the crypto industry.　　However, Circle seems unfazed by the regulatory issues that may arise from its application; instead, Allaire believes the firm cordial relationship with the regulators will count in its favor.　　Allaire said:　　“They‘ve been doing a lot of work laying the groundwork for how they’re going to supervise crypto, how theyre going to supervise stablecoin issuers specifically.” 　　He added that the Office of the Comptroller of the Currency (OCC) is taking a comprehensive approach toward the matter.　　If approved, Circle will join the other three other federally chartered crypto banks in the

2022-04-15Deep Dive

Tether (USDT) and USDC stablecoins are being launched on the Cardano blockchain

Since the debut of Tether, stablecoins have existed in the cryptocurrency space, but there have been no notable stablecoins in the Cardano ecosystem until recently. Charles Hoskinson, the Cardano founder, and co-founder of Ethereum made an announcement on Twitter, stating that stablecoins are coming to the Cardano blockchain.　　Mr. Hoskinsons tweet was a quote tweet of another tweet posted from the WingRiders Twitter account:　　“Wingriders is one of the most exciting DEXes to launch on Cardano and now they are bringing stablecoins!” the Cardano founder said in his tweet.　　WingRiders, a decentralized exchange (DEX) on Cardano has partnered with the Milkomeda Foundation to introduce two of the most popular stablecoins on the Cardano mainnet blockchain.　　The two protocols will leverage the Milkomeda Bridge sidechain (developed by dcSpark) and its Ethereum Virtual Machine (EVM) to enable the trading of Tether and USDC stablecoins for the first time on Cardano. The stablecoins are intended to function as a safe-haven asset for users during volatile market conditions.How the Tether (USDT) and USDC stablecoins will work on Cardano　　The process works by users moving their Ethereum-based ERC-20 tokens to the Milkomeda sidechain using Metamask and the Nomad bridge (audited by Quantstamp). Milkomeda is a Cardano side chain that uses

2022-04-15Deep Dive

Amazon CEO Andy Jassy says Amazon could sell NFTs in the future

After releasing the first Amazon shareholder letter since taking over Jeff Bezos role as CEO in July of 2021, Andy Jassy says that the international online retail platform Amazon could potentially sell non-fungible tokens in the future.　　“I think its possible down the road on the platform,” Jassy was quoted as saying in an interview with CNBC.　　Jassy adds that he doesn‘t own bitcoin or NFTs and doesn’t think Amazon is close to adding crypto payment options in the future, but he believes crypto will become more significant over time.　　Should Amazon adopt NFTs onto its platform, it would compete with the likes of other online retailers like eBay, which began selling NFTs in May of 2021.　　Despite showing no concrete plans to add digital assets to its e-commerce marketplace in the near future, Amazon appears intent on adding web3 technology into its business model.　　In July of 2021, Amazon opened a position for a digital currency and blockchain product lead to help build out a Web3-focused strategy and product roadmap, The Block previously reported.　　The company still has open positions for blockchain-focused roles such as a senior product manager for the Amazon Web Services (AWS) Blockchain team.　　For more Blockchain news, please download WikiBit- the Global

2022-04-15Deep Dive

Key Levels To Watch After Bitcoin’s Sudden Crash Below $40,000

Bitcoin (BTC) slid back below $40,000 on Monday, extending its losses from the past few days as concerns about rising interest rates weighed on the market.　　The apex cryptocurrency has been trading in a range between $37,500 and $48,000 for the past few weeks, and the recent sell-off pushed it closer to the lower end of that range.　　While some investors remain bullish on Bitcoin‘s long-term prospects, the recent weakness in the market underscores the concern that rising interest rates could hamper Bitcoin’s recovery from last years crash.　　According to Arthur Hayes, the former CEO and co-founder of crypto exchange BitMEX, Bitcoin could drop in the short term to as low as $30,000, given its strong correlation with the Nasdaq 100 Index (NDX).　　Hayes, who said he expects the index to experience a significant 30% to 50% drawdown, called the crypto-equity correlation an “inconvenient truth.”　　“As long as the 10-day correlation stays high, we must stay defensive on our crypto positioning,” Hayes wrote in his latest Medium post.　　Bitcoin is currently in the midst of a pullback, after bulls failed to break through the critical $48,000 resistance level. The cryptocurrency was trading above $40.200 at press time and is down more than 2% over the past

2022-04-14Deep Dive

Bitcoin (BTC) Stalls Above $41,000, RSI and MACD Indicators Extremely Oversold

Bitcoin has been falling since reaching a high of $48,189 on March 28 and reached a local low of $39,200 on April 11. 　　The price rebounded the following day and managed to briefly touch $41,561. 　　The main resistance area is found at $42,250. This target is a horizontal resistance area and the 0.382 Fib retracement resistance level. It also coincides with a descending resistance line that had previously been in place since February.　　BTC initially broke out above this descending resistance on March 21, but failed to validate it as support and broke down below it on April 6. The line is now expected to act as resistance again.Oversold readings　　Technical indicators in the six-hour chart show extremely oversold conditions in both the RSI and MACD. 　　The RSI has not been this oversold since Jan. 24 (green circle). 　　Similarly, the MACD is deep into negative territory and has given a bullish reversal signal (green icon). 　　The previous time both these signals occurred, BTC initiated an upward move with a magnitude of 40%.　　The two-hour chart shows that BTC has already broken out from a short-term ascending parallel channel and validated it as support after (green icon). 　　This is considered a sign of bullish

2022-04-14Deep Dive

75% of Bitcoin wallets are in profit despite bearish market

Available data from Glassnode shows that around 75% of wallets holding Bitcoin (BTC) are in profit despite the value of the flagship asset falling a long way from its ATH to below the $40k mark recently.Bitcoin wallets are in profit　　According to the report, there are currently more wallets in profit when compared to the 2018 bear market — only 50% of the wallets were in profit then. 　　We can see that the current bear market is not as severe as the worst phases of all prior cycles, with just 25% to 30% of the market being at an unrealized loss.　　The analysis also shows that about 60% of transaction volume is in the profit domination. This is the first time it has detected the statistic at such robust levels since December 2021. This high-profit dominance could be a sign of shifting sentiment.　　It also shows that long-term investors are the most likely to make a profit in this market. In this case, long-term Bitcoin holders have held the coin for at least 155 days. Of this group, more than 67.5% have unrealized profits. But only 7.88% of short-term holders who have held for less than 155 days have seen any gains.　　Despite this,

2022-04-14Deep Dive

Belarusian crypto exchange stops trading for Russians over war in Ukraine

Announced in a blog post published on Tuesday, April 12, the Belarusian crypto exchange Currency.com says it will restrict its services for Russian users following Vladimir Putins invasion of Ukraine earlier this year.　　“The Russian invasion of Ukraine brought violence and disorder to the people of Ukraine. We condemn the Russian aggression in the strongest possible terms. We stand with Ukraine and everyone who denounces this terrible war. In these circumstances, we can no longer continue to serve our clients from Russia,” the post from Currency.com reads. 　　As reported by Market Insider, Currency.com was established and registered in the Belarusian capital Minsk in 2018, and it is primarily focused on serving the Eastern European markets. Since then, though, the company has moved its headquarters to Gibraltar, but it still has an office in Minsk, as well as in Warsaw, Poland, and in New York in the U.S.Many accuse Belarus of helping Russia　　Following Russias invasion of Ukraine, most nations around the globe have imposed strict sanctions on Russia, as well as on Belarus. In the Russian case, even assets belonging to the Russian central bank have been frozen or confiscated. The two neighboring countries are close allies, as are their leaders, and

2022-04-14Deep Dive

Ethereum At $3028, Where Is The Next Critical Support Level For ETH?

Ethereum was priced at $3030 and the altcoin king noted a sharp decline of 11% in the past week. Major cryptocurrencies are all on a downtrend, after breaking past their immediate support levels.　　Bitcoin was priced below $40k and had declined by 12% over the past week. The global cryptocurrency market cap stood at $1.96 Trillion after a decline of 0.2% over the last 24 hours.　　Ethereum had witnessed a selling spree in the last week but over the last 24 hours, the coin tried to recover from the grasp of sellers, however, buying pressure is yet to resurface in the market. Recently, Ethereum developers went live with their Mainnet Shadow Fork.　　Ethereum is priced at $3028. Image Source: ETH/USD on TradingView　　Ethereum was priced at $3028.86 and the coin has been hovering around the aforementioned price level over the past 48 hours. Immediate resistance for the coin stood at $3085.60 after the coin has been rejected from that level a couple of times in the past few days.　　Continued rejection from the resistance mark can push Ethereum to trade near the $2839.12 support level.　　A fall to that level would mean a 6.44% decline. In case the bulls resurface, the coin would aim for the

2022-04-14Deep Dive

Ethereum’s Merge will no longer happen in June, new date unknown

Ethereums highly anticipated transition to a Proof of Stake (PoS) consensus that is anticipated to be live in June is set to be shifted to an unknown date, this was revealed by Tim Beiko, one of the lead developers on the project.Ethereum‘s transition to PoS postponed from June　　According to a tweet from Beiko, Ethereum’s Merge will not happen in June but it is likely going to happen “in a few months after.”　　The statement was made in response to a question from an Ethereum miner on whether the mining community will have more time or the plug would be pulled for Proof of Work (PoW) miners in June. 　　Beiko went on to advise miners not to invest in more mining equipment as the transition is just a few months away.　　Ethereums final transition to a PoS network will mark the end of mining on the blockchain, this is something that the Ethereum foundation has promised for years. 　　With the new consensus mechanism, miners would give way to validators who would become responsible for confirming transactions on the network. This move is expected to help Ethereum become more scalable and at the same time cut down on its energy use.When will the Merge

2022-04-14Deep Dive

Major Indian Crypto Exchanges Blocked All Transfers and Deposits

Two major cryptocurrency exchanges, CoinSwitch Kuber and WazirX, have currently limited their rupee deposits that were used in the extremely popular transfer network for buying digital assets like Bitcoin or Ethereum. Investors have already expressed their concerns and asked for refunds, Reuter reports.　　The country was and is constantly working on new laws and regulations for the digital assets industry and cryptocurrencies in general. Previously, the central bank of the country backed the ban on cryptocurrencies because of the risks that they create for the financial stability of the countrys economic system.　　It is not yet clear what or who is behind the limitation of rupee deposits on two major crypto exchanges. Last week, the National Payments Corporation of India, which manages the state-backed transfers network, did not confirm the usage of the United Payments Interface by any cryptocurrency exchanges.　　On one of the two exchanges, CoinSwitch disabled rupee deposits for their users but also left the opportunity to withdraw funds.　　Exchange users on Twitter insisted that exchanges should give more information to users and release a statement about the limitations and their duration. As the Reuters articles suggest, CoinSwitch representatives have not responded to the news agency.　　According to industry sources, the previously mentioned

2022-04-14Deep Dive
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