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Crypto suffers $200 billion drawdown, what’s happening?

Thursday evening (GMT) saw the start of the crypto market slide. Of the top 100, excluding stablecoins, only Safemoon, Leo, and BitTorrent managed to stay green over the last 24-hours.　　Before the slide, the total crypto market cap was valued at $2.029 trillion. Over the course of the night and into the early hours of Friday, a brutal sell-off ensued, wiping $200 billion from cryptocurrency valuations.　　The Fear & Greed Index dropped five sentiment points, moving from 24 yesterday to 19 today.　　Social media chatter reveals a mix of rallying cries to hold strong, including talk of this being the last opportunity to buy Bitcoin under $40,000. In contrast, others say this is the start of an enduring bear market.　　Either way, whats behind this latest drop？Investors flee crypto and tech stocks, again　　The crypto sell-off coincided with the Nasdaq dropping 1.3% to close at 14,846.46, marking a 14-week low for the tech-heavy index.　　In recent weeks, there has been a circulating narrative that investors are fleeing risk-on assets, such as cryptocurrencies and tech stocks.　　A similar pattern played out earlier this month, seeing another approximate $200 billion drop in combined crypto market valuations.　　At that time, analysts had pinned the issue on various factors, including discovering a

2022-01-22Deep Dive

WHAT IS BITCOIN BACKED BY?

People often say: “bitcoin cant be money, it isnt backed by anything.” This is an old way of thinking that originated with paper money. Prior to paper money, people used precious metal coins (such as gold) because they maintained strong monetary properties: scarcity, durability, divisibility, portability, fungibility, and acceptability (the six monetary properties).　　Paper became money because it was superior to gold in terms of divisibility and portability BUT it lacked scarcity. People reasoned that we could benefit from the greater divisibility/portability of paper money as long as it was redeemable in a form of money that was scarce. This is when money needed to be “backed” by something.　　Since we changed money to paper money that wasnt scarce, it needed to be backed by something that was.　　Since the repeal of the gold standard, politicians have retarded the meaning of the word because our money is no longer backed by something scarce. Governments say money is backed by their “full faith and credit” as an attempt to allude populations into the belief that their horrendous credit is economically equivalent to one of the scarcest commodities in the world.　　So, what is bitcoin backed by？　　Nothing. Sound money, like gold, isnt “backed.”　　Only money that lacks

2022-01-22Deep Dive

South Korea explores Metaverse plans, aims to become the 5th biggest metaverse market by 2026

South Korea is eyeing the growing Metaverse expansion and is all set to work towards developing itself as a major game player in the field.　　The countrys science ministry on Thursday unveiled plans to develop a metaverse market to lead the country ahead by becoming the fifth biggest metaverse market by 2026.Metaverse projects to include medicine, pop culture and tourism　　According to the official press release, South Korea will be working with 220 metaverse companies to create a “metaverse academy” and later produce 40,000 trained metaverse professionals by 2026 to take lead in the given domain.　　As per sources, the country is also planning to build an online Korean language institute on metaverse to facilitate global user interactions and help foreigners engage with several projects on metaverse including medicine, K-pop, tourism, and arts.　　The South Korean Ministry of Science and ICT further stated a single metaverse has the potential to create 1.5 million jobs in the virtual ecosystem.　　South Korea is one of the major markets that effortlessly fosters the virtual reality ecosystem. According to the data acquired from MSIT, the nations VR market has shown immense growth potential of over 36% in 2018 and is expected to be worth $2.5 billion by 2024.Providing support

2022-01-22Deep Dive

FTX, Nexo to launch crypto debit cards

Debit cards are becoming increasingly popular among crypto users. Leading the pack, Coinbase and Crypto.com cards, among others, are already in the market. As announced today on, American crypto derivatives exchange FTX is next in line launching a Visa card to its customers. FTX users are now allowed to sign up for the card by joining a waiting list.　　To begin with, The FTX card will be available to U.S. citizens with a valid social security number only. The announcement does not disclose when the cards will be shipped to FTX customers.Keep crypto as crypto　　According to FTXs website the Visa card will allow users to use their crypto held within their FTX account to be automatically exchanged the exact amount at the point of sale, allowing users to keep “crypto as crypto”. FTX will also protect all user funds. The FTX Visa Card will come at no cost and FTX will not charge any administrative or processing fees.　　Visa has previously approved crypto-backed payment solutions for several crypto companies including Binance, Bakkt, BlockFi, CryptoSpend, and Ledger.　　While FTX now allows its users to join a waiting list, European crypto exchange and custodial service Nexo launched their long-promised debit card on January 19th. Nexo

2022-01-22Deep Dive

94% of financial advisors received questions about crypto last year

Bitwise, a leading provider of crypto index funds, and ETF Trends, a noted source of news and analysis in the ETF space, recently released the findings of their fourth joint survey of financial advisor attitudes toward crypto.　　Financial advisors who manage roughly half of all wealth in the US, are becoming increasingly bullish on crypto.Advisor engagement in the space is growing　　The survey pooled 600 financial advisors, who answered a list of questions on crypto assets and their use in client portfolios.　　The results suggest that advisor engagement in the space is growing, as the percentage of those allocating to crypto in client accounts increased significantly–from 6% in 2019, and 9% in 2020–to 15% in 2021.　　According to the report, an additional 14% of advisors said that they will “probably” or “definitely” allocate in 2022.　　Meanwhile, those advisors who currently reported an allocation in client accounts plan to either “maintain” (42%) or “increase” (58%) that exposure in 2022.　　However, 80% of advisors who allocate to crypto in client accounts reported holding crypto at a weight of 5% or less in portfolios.　　Interested in finding out how financial advisors are learning about the new market, this year‘s survey inquired about the respondents’ primary sources of crypto education.　　Roughly the

2022-01-22Deep Dive

El Salvador Plans to Offer Crypto-Based Loans for SMEs

The government of El Salvador plans to offer small and medium-sized companies (SMEs) $10 million in crypto-based loans as of the first quarter of 2022.　　Acumen, a Solana-based lending and borrowing platform, will provide U.S. dollar funding to El Salvadors National Commission for Micro and Small Enterprises (Conamype), a government entity that plans to allocate financing to local informal entrepreneurs and self-employed workers, Conamypes president Paul Steiner told CoinDesk.　　Acumens loans will have an annual interest rate of 6% to 7%, although it could reach up to 10%, Acumens project manager Andrea Gómez told CoinDesk.　　According to Steiner, 86% of the companies in El Salvador operate in the informal sector and do not have access to banking services. Of that percentage, 98% rely on unregistered lenders offering loans at annual interest rates of 2,300%, on average, he added.　　“They are loan sharks charging between 20% and 25% per month. That is what we want to avoid,” Steiner said.　　According to Steiner, the government has been in talks with Acumen since October 2021, following the approval of bitcoin as legal tender in the Central American country. In parallel, it holds negotiations with different crypto lending platforms looking to provide loans to Salvadoran SMEs, Steiner said, adding

2022-01-21Deep Dive

Bitcoin Mining Difficulty Sets New All-Time High

Mining difficulty on the Bitcoin network increased by 9.32% and hit an all-time high of 26.64 trillion on Jan. 21, at 3:07 UTC, beating the previous record set on May 13, 2021.　　The difficulty is automatically adjusted based the amount of computational power on the network, or hashrate, to keep the time it takes to mine a block roughly stable at 10 minutes. The higher the hashrate, the higher the difficulty, and vice versa.　　On May 13, 2021, bitcoins mining difficulty hit a record 25.04 trillion, as primarily Chinese and North American miners deployed their machines.　　The difficulty started dropping later in May when miners in China, at the time the biggest bitcoin mining country, went dark to comply with a regulatory crackdown. Hashrate and difficulty kept falling until late July.　　Most miners from China estimated that they would come back online in Q1 2022, so “we can attribute a good bit of this increase [in difficulty] to Chinese miners finally coming online in North America,” Whit Gibbs, CEO of Compass Mining, told CoinDesk.　　As Chinese miners found new homes for their operations, and new facilities came online, the hashrate and difficulty started to increase. By December, the hashrate had almost recovered from its July

2022-01-21Deep Dive

What Went Wrong In The Crypto.com (CRO) Hack? Experts Weigh In

The Crypto.com hack is less than a week old and still very fresh in the minds of investors in the space. In what was a brief attack, the hackers were able to access a portion of users accounts on the platform and steal their funds.　　In this report, we ask a couple of experts in the crypto security space their thoughts on the hack and what could have led to it. These experts provide insight into the attack, as well as how this reflects on decentralized exchanges when it comes to security and control on the part of the users.Crypto.com 2FA Breach　　It is now a widely-known fact that the Crypto.com hackers got in by somehow managing to bypass the 2FA security measures on the site. However, what remains a mystery is how the attackers were able to do this. The exchange itself has not spoken on the mechanism implemented by these hackers so we turned to experts in the space to shed light on how this was possible.　　Gleb Zykov, the co-founder and CTO of HashEx, a blockchain security company that focuses on smart contract code auditing, shared with Bitcoinist how the hackers could have gotten into the system.　　2FA authentication is a

2022-01-21Deep Dive

Binance’s CZ Explains Why Banning Crypto Ads Won’t Affect Demand

Several regulators around the globe have taken a hostile approach around crypto exchanges and crypto-related companies by forbidding them to advertise the industry to the general public. However, Binances CEO Changpeng Zhao thinks this will not affect the high demand of the market.Curbing Crypto Ads　　Crypto-related firms have been accused by international regulators of marketing their services with misleading messages that undermine the risk digital assets investments could possess to users.　　Spain, U.k., and Singapore have banned the advertisement of crypto to different extents.　　In Singapore alone, crypto exchanges and other licensed companies can only publish ads on their own websites and mobile apps to avoid reaching the general public.　　The countrys ban includes “any form of advertisements or promotional materials in public areas such as Singapore public transport, public transport venues, broadcast media or periodical publications, third party websites, social media platforms, public events or roadshows.”　　“MAS stresses that DPT service providers should conduct themselves with the understanding that trading of DPTs is not suitable for the general public. These Guidelines set out MAS expectation that DPT service providers should not promote their DPT services to the general public in Singapore.”　　Spain requires a pre-approval for any crypto advertisement directed towards an audience of 100,000

2022-01-21Deep Dive

WAX announces a historic 10 million NFT drop to its blockchain accounts

Known as the ‘King of NFTs’ and the worlds leading entertainment NFT network, Worldwide Asset eXchange (WAX) will be celebrating its major milestones with a record-breaking 10 million NFT drop to WAX blockchain accounts.　　With more than 15 to 20 million transactions per day, WAX established itself as the worlds top blockchain by transaction volume in a highly competitive setting, recently surpassing 11 million total wallet accounts on the platform.Largest single NFT drop to date　　The unprecedented drop that delivers a free NFT for the first 10 million WAX wallet holders is celebrating its loyal community while demonstrating its possible to mint and deliver more than 10 million NFTs with zero carbon emissions.　　“We built WAX to handle the scale of consumer mass-market item trading. We incorporated not just a best-in-class NFT standard but also marketplaces, DEXs, and a user-friendly cloud wallet. I believe we achieved our objective. Because WAX has the highest transaction volume of any chain,” CEO and co-founder of WAX, William Quigley　　Spanning 10 different digital pins, free NFTs are celebrating some of the major milestones in WAX history, including the 2019 mainnet launch.　　Other pins are representing different aspects of the platforms growth, from the WAX cloud wallet launch, and the

2022-01-21Deep Dive
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