Crypto Guides, Knowledge & Insights

Shiba Inu Was the Most Popular Crypto on CoinMarketCap in 2021, Surpassing Bitcoin and Dogecoin

2021 has no doubt been a great year for Shiba Inu (SHIB) as the memecoin continues to record milestone after milestone. Achieving another feat, the DOGE killer has emerged as the most viewed cryptocurrency on the popular price tracking platform CoinMarketCap in 2021, surpassing top crypto assets including Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE).　　SHIB Wins Most-Viewed Crypto Assets of 2021　　According to CoinMarketCap, Shiba Inu recorded more than 188 million views within the last 12 months, about 43 million more than Bitcoins 145 million views this year.　　Dogecoin was ranked in the third position among the most viewed cryptocurrencies in 2021 with 107 million views, followed by Cardano and Ethereum with 86 million views and 81 million views respectively.　　Interestingly, Shiba Inu is just 15 months old but currently sits as the 13th largest cryptocurrency in the world by market cap.　　In October, SHIB surged over 133% in a period of four days, reaching an all-time high of $0.000088. The constant incredible bull run pushed its total market cap to over $41.5 billion. As at the time, the coin was ranked among the top 10 largest crypto assets by a market cap surpassing its predecessor Dogecoin.　　 Popular Among Top Exchanges　　Despite all the feats

2021-12-27Deep Dive

UAE to Jail Promoters of Fraudulent Cryptocurrency Schemes for Five Years

Fraudsters promoting online cryptocurrency scams in the United Arab Emirates (UAE) now face a possible five-year jail sentence plus a fine of up to $272,000, according to a report. The new measures, which are set to take effect on January 2, 2022, are part of the governments effort to protect people from online scams.　　New Measures Seek to Protect Internet Users　　As part of UAEs new online security laws which go into effect on January 2, 2022, promoters of online cryptocurrency scams now face a possible five-year jail term and a maximum fine of over $270,000.　　According to a report from The National News, the new measures are a part of sweeping legal reforms introduced by the countrys president, Sheikh Khalifa, in November. The UAE says the laws are intended to protect internet users from electronic fraud and to preserve personal privacy and rights.　　While UAE already had laws banning the promotion of cryptocurrencies, according to Hassan Elhais of Al Rowaad Advocates, these laws lacked provisions enabling authorities to penalize any such offenders. The report quotes Elhais explaining how the new measures differ from the previous law. He stated:　　“As per article 48, posting misleading ads or inaccurate data online about a certain product will

2021-12-27Deep Dive

Shiba Inu, Bitcoin and Dogecoin Now Accepted by World’s Largest Breast Cancer Charity

Susan G. Komen, the leading breast cancer organization in the world, has announced that it now accepts cryptocurrencies in partnership with donation solution The Giving Block.　　The popular crypto charity platform offers a wide selection of digital assets, including such meme coins as Dogecoin (DOGE), Shiba Inu (SHIB) and Dogelon Mars (ELON) as well as such relatively arcane cryptocurrencies such as Gala (GALA), Orchid (OXT) and Civic (CVC).　　The foundation is named after Susan Goodman Komen, a fashion model who was diagnosed with breast cancer at the age of 33 and passed away three years later. Her younger sister, Nancy Brinker, founded the organization in 1980.　　Komen needs donations in order to be able to provide health awareness education and fund research into breast cancer. Its investment in research has topped $1.1 billion since 1982.　　A mainstay in crypto charity　　Cryptocurrency holders are encouraged to donate crypto instead of cash since its more tax efficient. It should be noted that the Internal Revenue Service (IRS) classifies crypto as property for tax purposes.　　Founded back in 2018, The Giving Block has already partnered with hundreds of charities. Humanity Forward, a non-profit founded by Andrew Yang, started accepting cryptocurrencies in May.　　Earlier this month, The Giving Block announced a

2021-12-27Deep Dive

Turkish Regulator Fines Binance For AML Violations

Binances Turkey operation was served with a fine of 8 million lira, worth roughly $750,000, for violating Anti-Money Laundering laws, as audited by Turkeys Financial Crimes Investigation Board (MASAK). The amount is equivalent to the highest possible administrative fine for the offense.　　As relayed in a report by Turkish media outlet Anadolu Agency, MASAK stated that Binance Turkey was guilty of violating several clauses specified within the countrys Law on Prevention of Laundering Proceeds of Crime (Law No. 5549). According to the regulator, Binances operation within their jurisdiction failed to identify and verify the personal information of its customers. Binance is the first crypto business to be fined by the Turkish government.　　The details, as specified by the policy, should include surnames, dates of birth, a social security number issued by the Turkish government, as well as other identification documents. According to this law, businesses such as Binances exchange, which fall under the categorization of financial technology, are required to notify the Turkish government of any activity deemed suspicious or irregular. The window for this notification requirement is 10 days. The same rule applies for transactions that exceed 10,000 lira.　　As Turkeys prime financial intelligence unit, MASAK is responsible for monitoring suspicious transactions

2021-12-27Deep Dive

What Is EOS And What Makes It Different From Other Blockchains Like Ethereum?

The rise of cryptocurrency over the past two years has been undoubtedly astonishing. Yet, the number of people entering the market or trading in cryptocurrencies is showing no signs of fatigue. Today, there are more than 16,000 virtual coins traded, which are based on various blockchain networks, according to CoinMarketCap, a market research agency. EOS, which stands for Electro-Optical System, is just one of them. Launched in June 2018, the blockchain rapidly picked up steam and attracted the attention of investors and programmers alike. At one time, it was even considered an “Etherum killer”.　　What is EOS？　　The EOS.IO is an open-source platform thats designed to allow developers to build decentralised apps, also known as dApps. The cryptocurrency that derives the network is called EOS. A year before its launch, the whitepaper for its software was released. The projects goal is to make it simple for programmers to embrace blockchain technology. It aims to achieve that by ensuring its network is easier to use than rivals. The other factor that distinguishes EOS from rivals is scalability. While most of its rivals can less than handle a dozen transactions per second, EOS promises to be way ahead of them.　　Who are its founders？　　The platform

2021-12-26Deep Dive

What is the Fed taper? This Is How the Federal Reserve Withdraws Stimulus

Tapering refers to the Federal Reserve (Fed) policy of unwinding the massive purchases of Treasury bonds and mortgage-backed securities its been making to shore up the economy during the pandemic.　　The unconventional monetary policy of buying assets is commonly known as quantitative easing. The Fed first adopted this policy during the 2008 financial crisis.　　Normally, when a central bank wants to reduce the cost of borrowing for companies and consumers, it lowers its target short-term interest rate. But with its target rate at zero during the 2008 crisis – at the same time that there was no inflation and the economy was still hurting – the Fed was no longer able to cut rates further. And so the Fed turned to quantitative easing as a way to continue to reduce borrowing costs. When the government buys assets, their prices go up, which lowers their yield or interest rate.　　The Fed again adopted this policy in March 2020 after the COVID-19 pandemic resulted in a national lockdown. By November 2021, the Fed had bought over USD 4 trillion worth of Treasurys and other securities.　　The US central bank began tapering in November 2021, scaling back total purchases by USD 15 billion a month, from USD

2021-12-26Deep Dive

The biggest small business story of 2021? Blockchain

When you read about all the stories around small businesses in 2021 a few general themes quickly appear. Inflation. Supply chain. Labor shortages. Covid. All true. All relevant. All important. But all these stories are relatively short term. Inflation will, someday, be under control again. Shipping will catch up. Labor will come and go. Covid will always be around but well just live with it.　　The reality is that there was just one story about small businesses in 2021 that‘s really going to have a long-term impact. It has received much less attention and yet it will be transformational. The small business story this year is about blockchain. Because in 2021, blockchain emerged as the next big thing for entrepreneurs. It’s real and its happening. And smart entrepreneurs know this.　　Richerd, for example, knows this. According to his story in CNET, Richerd is an “affable” Canadian software developer who started building cryptocurrency software in 2013 and ultimately moved into buying and selling NFT (non-fungible token) art online. Richerd bought CryptoPunk #6046 – a digital art piece – in March for about $86,000 and the next day – he says – was offered more than $9.5m to take it off his hands. Given

2021-12-26Deep Dive

LUNA reaches $100 as major exchanges list Terra’s UST stablecoin

The Terra ecosystem has experienced parabolic growth this fall which culminated this Friday as its native cryptocurrency LUNA reached its all-time high of $100.　　LUNAs growth was fueled by the significant traction UST, a stablecoin native to Terra, gained this month as it got listed on major cryptocurrency exchanges.Terra is breaking its own records　　While it‘s long been discussed in DeFi circles, Terra has only recently broken through to the broader crypto market and began attracting the attention of retail investors. In December alone, Terra’s native token LUNA saw its price increase over 78%, jumping from a relatively stable $56 it established at the end of November to its all-time high of over $100 on December 24th. In the week leading up to Christmas Eve, LUNA saw its price increase by 40%.　　Rising prices increased the total value locked (TVL) on Terra to $21 billion. According to analytics platform DeFi Llama, this number makes Terra the largest DeFi ecosystem in the world after Ethereum. Out of the $21 billion, $3 billion was added in the two days between December 22nd and December 24th.　　Terra‘s growing market presence didn’t have a positive effect just on LUNA. Terras stablecoin UST also reached a significant milestone earlier

2021-12-26Deep Dive

This is how the central bank can bar Russians from buying Bitcoin

Last week, sources in the financial markets industry revealed that Russia‘s central bank (Centrobank) wants to bar the country’s residents from buying Bitcoin and other cryptocurrencies. 　　Consequently, one of the currently considered ways of doing so is to block certain merchant category codes (MCCs), a knowledgeable source revealed to Forbes today.　　An MMC is a four-digit number used by credit card issuers, such as Visa or Mastercard, to classify retail services when a payment is made. For example, the code 5411 is used for payments at grocery stores. Similarly, exchanges and other crypto-related businesses have their own MCC—usually its 0651.　　According to Andrey Mikhaylishin, CEO of crypto payments processor Joys Digital, some Centrobank employees have revealed to him that Centrobank is currently considering a ban on all transactions that have crypto-related MCCs attached to them. If this proposal comes into force, the regulator will be able to oblige other Russian banks to block such payments.　　However, this is just one of the methods that are currently being considered “among many others,” another source close to the regulator told Forbes.Not everyone is on board　　As CryptoSlate reported, Centrobank‘s latest anti-crypto initiative was ostensibly spurred by potential risks to the country’s financial stability that “the rising

2021-12-26Deep Dive

Top Ten Rated Tokens on WIKIBIT

WIKIBIT, a global blockchain Regulatory Inquiry platform, has ranked the crypto tokens in the world. The ranking was done based on the performance of the tokens since they have been launched, and their popularity in the crypto world. Here are the top ten tokens;　　Bitcoin (BTC) - Bitcoin is the first rated token on WIKIBIT, with a score of 8.88/10. Bitcoin was issued on the 13th of October, 2008, with a total market cap of $895.096 billion. The total amount of Bitcoin in circulation is 18.905 BTC and the current price of Bitcoin is $46,426.　　Ethereum (ETH) - The second-largest token in the world was rated 8.88/10 by WIKIBIT. Ethereum was issued on the 23rd of July, 2014. The total market cap of Ethereum is $468.789 billion and there are 118.805 million Ethereum in circulation. The current price of Ethereum is $3,859.32.　　Litecoin (LTC) - Litecoin was rated 8.81/10 by WIKIBIT and it has a total market cap of $10.947 billion. Litecoin was issued as far back as November 8, 2011. The total number of Litecoin in circulation is 69.224 million and the current price of Litecoin is $150.35　　Bitcoin Cash (BCH) - Having rated as fourth on the WIKIBIT platform, with an 8.69/10

2021-12-24Deep Dive

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