Crypto Guides, Knowledge & Insights

Stablecoins total market cap just surpassed $150 billion

The adoption of stablecoins, digital assets whose values are pegged most commonly to the U.S. dollar, is spreading by the day as more and more private users and institutions appreciate the benefits of these tokens.　　As reported in a blog post by researchers Kyle Waters and Nate Maddrey at Coin Metrics, analyzing recent on-chain trends in stablecoin activity, the total market cap of all stablecoin taken together surpassed the $150 billion mark on Monday.　　Total value settled with stablecoins by year.　　Just one month into 2022, over $500 billion has been settled with stablecoins. In 2021, total stablecoin transfer volume didnt cross $500 billion until mid February, and in 2020, it took stablecoins until October before passing $500 billion in total value settlements. Going further back in time, the total value settled in stablecoins in 2022 is already double the entire year of 2019.Stablecoins total supply has increased dramatically　　According to the report, the main reason why stablecoins are handling more economic throughput is because their total supply has increased dramatically. The total supply of stablecoins is now slightly above $150 billion, a new record and a sharp contrast from 2020.　　The largest stablecoins by total supply are mostly issued and backed by third parties.

2022-02-08Deep Dive

Tesla Holding Bitcoin Worth $2 Billion-Sees Crypto as Both Investment and Liquid Alternative to Cash

Tesla Has $2 Billion in Bitcoin　　Tesla filed an annual report with the U.S. Securities and Exchange Commission (SEC) Friday.　　“We continue adapting our investment strategy to meet our liquidity and risk objectives, such as investing in U.S. government and other marketable securities, digital assets and providing product-related financing,” the company wrote, adding:　　The fair market value of our bitcoin holdings as of December 31, 2021, was $1.99 billion.　　The report explains that Tesla bought $1.5 billion worth of bitcoin in early 2021 and later accepted the cryptocurrency as a form of payment for certain products in some regions. However, the electric car company suspended accepting BTC in May last year. In October, Tesla told the SEC that it may restart accepting cryptocurrencies.　　Tesla‘s latest financial statement shows that the company’s “carrying value” of its bitcoin at the end of December was $1.26 billion, which reflects cumulative impairments of $101 million. Tesla also “had $17.58 billion of cash and cash equivalents” as of Dec. 31. The company noted:　　In the year ended December 31, 2021, we recorded approximately $101 million of impairment losses resulting from changes to the carrying value of our bitcoin and gains of $128 million on certain sales of bitcoin by us.　　The electric

2022-02-08Deep Dive

Rich Dad Poor Dad's Robert Kiyosaki Says the Fed and Treasury Are Destroying the Dollar, Advises Sav

Robert Kiyosakis Warning and Advice　　Robert Kiyosaki, the author of Rich Dad Poor Dad, tweeted this week that the Federal Reserve and the U.S. Treasury Department are “destroying the dollar.”　　Rich Dad Poor Dad is a 1997 book co-authored by Kiyosaki and Sharon Lechter. It has been on the New York Times Best Seller List for over six years. More than 32 million copies of the book have been sold in over 51 languages across more than 109 countries.　　Kiyosaki wrote, “There are a million paths to financial heaven and a billion paths to financial hell,” adding:　　Fed and Treasury [are] destroying the dollar sending billions of dollar savers and uninformed to financial hell. Go to financial heaven. Save gold, silver, and bitcoin.　　This is not the first time the famous author has warned about the Fed and the Treasury hurting the economy and individual investors.　　In December last year, Kiyosaki tweeted a warning that the Fed and U.S. President Joe Biden are “pushing fake inflation.” He predicted an imminent, massive crash that will be followed by a depression.　　Kiyosaki also said in October last year that Biden and the Fed are “ripping off poor people,” reiterating that the U.S. is sliding into a depression. “Inflation rips

2022-02-08Deep Dive

Technical Analysis: SHIB Climbs 50% Higher, as Meme Coin Hits $16 Billion Market Cap

Biggest gainers　　On Monday, bitcoin (BTC) and ethereum (ETH) both reached multi-week highs, with DOGE and XRP also trading over 10% higher, however, none of these came close to todays big gainer.　　Shiba inu (SHIB) was todays bull of the day, and was up by 48% as of writing, hitting an intraday high of $0.00003484 in the process.　　In the last 24-hours, shiba Inu has risen by over 70%, following its breakout of resistance at $0.00002332.　　Todays move has led to the 14-day RSI climbing by its most since October 29, when $SHIB traded at a now ATH of $0.00008894.　　SHIB/USD – Daily Chart　　As seen from the chart, prices now trade marginally over resistance of $0.00003374, which has been in price for the entirety of 2022 thus far.　　Price currently tracks above the overbought threshold, however, many late entrants are sure to still enter the race.Biggest losers　　Following almost 5-days of bullish pressure, crypto bears have somewhat been in hiding, and that continued on Monday.　　Today‘s biggest loser was LEO, which as of writing, is down around 2.60%, and comes as traders appear to be caching out on last weeks’ profits.　　UNUS SED LEO has gained by as much as 40% in value over the last 7-days, and with

2022-02-08Deep Dive

Global Crypto Adoption Could “Soon Hit a Hyper-Inflection Point”: Wells Fargo Report

Wells Fargo Investment Institute, the research arm of Wells Fargo Wealth and Investment Management, has released a report highlighting the potential of cryptocurrencies as an investment opportunity akin to the early days of the internet.　　In a report today titled Cryptocurrencies — Too Early or Too Late？, The banking giant called cryptocurrencies “viable investments” today, but hinted that investors were in no rush to enter the still maturing market. Wells Fargo‘s global investment strategy team said it disagrees that it’s “too late to invest” in crypto given the space is “relatively young. ” in terms of other asset classes.　　According to the banking giant, the technology behind crypto follows a similar adoption path to the Internet in the early to mid-1990s, when “consumers still needed time to understand what technology was, what can do and how it can benefit them. However, like the Internet, the growing number of crypto users suggests that ”the world is starting to embrace the technology – and fast. According to a Crypto.com study from July, the number of global crypto users more than doubled from 100 million in January 2021 to 221 million in June.　　“If this trend continues, cryptocurrencies could soon exit the early adoption phase and

2022-02-08Deep Dive

India’s digital rupee to run on state-backed e-wallets

The Reserve Bank of Indias (RBI) digital rupee will run on a government-mandated electronic wallet that will allow the central bank to be the middleman between merchants and customers, a top government official told the Press Trust of India.　　Fast facts　　The government official said the nations central bank digital currency (CBDC) is likely to launch early next year.　　The digital currency would be numbered in units, just as every fiat currency has a unique number.　　Finance Minister Nirmala Sitharaman announced in her recent budget speech that India will be launching its own CBDC while imposing a 30% tax on all income on cryptocurrency.　　Digital currencies issued on the blockchain, such as the expected digital rupee, will permit governments to trace all transactions, unlike the current system of mobile wallets offered by private companies.　　In the case of a digital rupee, the currency will be stored in state-backed wallets on devices.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2022-02-08Deep Dive

North Korea: Clandestine Missile Program Bankrolled By Stolen Crypto Funds

North Korea, also known as the Democratic Peoples Republic of Korea, is under crippling sanctions for failing to adhere to UN Security Council resolutions. However, the nation has been able to circumvent the sanctions and develop its nuclear and missile arsenals. UN officials have warned that North Korea poses a significant cyber threat. North Korean hackers have managed to steal millions of dollars worth of cryptocurrencies from exchanges in the United States and Asia. The money is used to fund its missile and nuclear weapon program, reports Bbc.com.　　UN officials have reported that between 2020 and mid-2021, cyber-attackers stole more than $50m (£37m) of digital assets. Such arracks are an essential source of revenue for North Korea for its nuclear and ballistic missile program. The findings were reportedly handed to the UNs sanctions committee on Friday.　　$400m worth of digital assets stolen last year　　The report also highlighted a study published last month by the security firm Chainalysis which hinted that North Korean cyberattacks could have netted as much as $400 million worth of digital assets the previous year.　　The UN reported in 2019 that North Korea had accumulated an estimated $2bn for its weapons of mass destruction programs by using sophisticated cyber-attacks.　　North Korea

2022-02-08Deep Dive

Crypto, Blockchain Investments in 2021 Exceeded Previous 3 Years Combined: KPMG

Investments in blockchain and cryptocurrency last year exceeded the total for the three previous years combined, according to a report by KPMG.　　The Big Four accounting firms latest biannual “Pulse of Fintech” report finds that investment in crypto and blockchain surged to $30 billion in 2021.　　That compares with $8.2 billion in 2018, $5.6 billion in 2019 and $5.5 billion in 2020.　　Last years total was reached across 1,332 deals, beating the previous record of 901 in 2018.　　KPMG highlights the different approaches to crypto from different jurisdictions, specifically with regard to Chinas ban on bitcoin mining and trading as well as the threat that India would follow suit. As a result, crypto interest plummeted in Asia while picking up significantly elsewhere.　　According to the report, there is “growing interest in the broad spectrum of blockchain opportunities, including the ability to use blockchains to support collaborative multi-jurisdictional activities – combining data, research and analysis related to a critical task into a single ledger for all.”　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2022-02-08Deep Dive

Crypto Tax Laws: Some of the Best and Worst Countries So Far

Western states are embracing digital currencies with some even considering taking tax payments in Bitcoin and other cryptos. India wants to slap a 30% tax on all gains. For the rest of the US, tax is anywhere between 10 – 37% depending on how long you hold your cryptos. The latest report shows a growing number of governments are doubling down efforts to web a nest of laws around crypto and make rich gains from taxes.　　For all the gospel about decentralization, security, and autonomy preached by crypto-evangelists, government taxes on crypto are one of the harsh realities that show how impossible it is to simply wish centralization away.　　To help users decide on their Bitcoin portfolios, here are some countries that collect taxes on crypto and those that dont.　　In no particular order, these countries have laws in place that either seek to support the infant innovation around crypto or simply view it as a non-threatening private digital asset. They are:　　Portugal　　The Taihuttu family from the Netherlands, which made headlines in 2017 after selling all their properties and investing in Bitcoin, has moved to Portugal.　　That‘s all you need to show how much of a tax-friendly country Portugal has become with cryptos. Mr. Taihuttu’s

2022-02-08Deep Dive

Nigerian Blockchain Advocacy Group Says 'Crypto Is Legit' — Calls for Regulation of Industry

The Nigerian blockchain advocacy group, the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), has said crypto is legit and must be regulated. The group adds that any such regulation should on one hand encourage innovation, but discourage bad actors on the other.　　Equal Access to Banking and Financial Services　　The Nigerian blockchain advocacy group, the Stakeholders in Blockchain Technology Association of Nigeria (SIBAN), has implored the Central Bank of Nigeria (CBN) to reconsider its decision to block crypto entities from the banking ecosystem. The group insists that “crypto is legit” and has subsequently started a Twitter campaign to get cryptocurrencies regulated.　　In its statement released exactly a year after the CBN directive came into effect, the advocacy group called on various bodies and government ministries to play their part in ensuring cryptocurrencies become a recognized and regulated asset class. The statement also discusses the potential benefits of regulating cryptocurrencies.　　“Today we advocate equal access to banking and financial services by virtual asset service providers (VASPs) without discrimination in accordance with the Nigerian Constitution, applicable laws, and particularly Nigerian laws on anti-money laundering and combating the financing of terrorism (AML/CFT) regulations. Amongst other benefits, this approach will aid investigations by our law enforcement agencies,

2022-02-08Deep Dive

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