Crypto Guides, Knowledge & Insights

Crypto Security in 2022: Prepare for More DeFi Hacks, Exchange Outages, and Noob Mistakes

“DeFi is still a giant virtual laboratory of experiments where moving fast and breaking things in the world of finance is still the rule.”　　“Too many people dont value security” or are willing to throw significant amounts of money in untested DeFi platforms.　　“Its very risky to hold a leveraged position during such [exchange] outages as such positions can be liquidated fast.”　　“One of the biggest areas of security remains that of private key management.”　　Security is integral to crypto. This is perhaps unsurprising for something based heavily in cryptography, but with cryptoassets now surpassing a total market capitalization of USD 2trn, security has to be a key issue for every exchange, wallet, platform, user, and investor in the industry.　　However, all too often this doesn‘t quite appear to be the case, what with the number of decentralized finance (DeFi), crypto exchange hacks, and ransomware exploits we’ve witnessed this year. Sadly, industry players speaking with Cryptonews.com predict that things will get worse before they get better, with DeFi, centralized exchanges, cryptoassetss, and users themselves all facing challenges next year.　　At the same time, as the market matures and as new tools appear, the security offered by many platforms might see an improvement by the end of

2021-12-20Deep Dive

Biggest GBTC discount ever — 5 things to watch in Bitcoin this week

Bitcoin (BTC) starts a new week with analysts looking for a bottom — but one which may not mean a dip to $40,000 or lower.　　After an unremarkable weekend, Bitcoin bulls now face a fresh week of bearish sentiment across the global economy as risk appetite stays tepid.　　Amid the lack of a “Santa rally” for practically anyone, there seem to be few triggers to help BTC/USD return higher in time for the new year. At the same time, on-chain metrics remain strong, and miners are refusing to spend.　　With Christmas almost here, Cointelegraph takes a look at what to look out for this week when it comes to assessing where Bitcoin may be headed.$50,000 seems far away for Bitcoin bulls　　Bitcoin failed to produce any significant moves over the weekend, but now, attention is turning to a potential volatile “bottoming” for the market.　　At $46,000, BTC/USD remains firmly entrenched in a familiar range, with bulls failing to find the momentum for a fresh attack on the $50,000 mark.　　Buying is occurring, particularly among smaller retail investors, but for seasoned market participants, lower levels are likely.　　For popular trader Pentoshi, these could nonetheless avoid a retest of $40,000. In a tweet Sunday, he highlighted major exchange Bitfinex

2021-12-20Deep Dive

Celebrities that rode the crypto wave in 2021

Overshadowing its glory in previous years, the crypto ecosystem managed to maintain a year-long spotlight throughout 2021. Key catalysts include mainstream adoption of Bitcoin (BTC), a meme coin frenzy driven by Shiba Inu (SHIB) and Dogecoin (DOGE), and proactive participation from popular celebrities and authority figures.　　The year 2021 witnessed a greater inflow of influencers and celebrities to the space than ever before. All the way from mainstream tech entrepreneurs and presidents to rappers and reality TV stars, celebrities have gotten involved in crypto in their own unique ways. While some chose to create their own versions of crypto ecosystems and tokens, others helped spread awareness of various projects. 　　As a tribute to all those who showed involvement in our world of crypto, lets check out some of the most influential celebrities that left a mark on the crypto ecosystem, in no particular order.Snoop Dogg　　Legendary rapper Snoop Dogg has always been an early adopter and promoter of technology and lifestyle merchandise. Although a little late, the musician entered the crypto space via an NFT collaboration named “Decentralized Dogg.” 　　Snoops mainstream popularity has also led many token creators to market Snoop Dogg-branded cryptocurrencies over the past few years, but the musician has

2021-12-20Deep Dive

Bitcoin is Struggling, But It’s Too Early to Say Bulls Have Given Up

Bitcoin Price Faces Resistance Near $48,500　　Bitcoin price started a recovery wave above the $46,500 resistance zone. BTC surpassed the $48,000 level, but it failed to gain strength above the $48,200 level.　　A high was formed near $48,289 and the price is now correcting lower. It traded below the 50% Fib retracement level of the upward move from the $45,520 swing low to $48,289 high. Bitcoin price is now trading below $48,000 and the 100 hourly simple moving average.　　An immediate resistance on the upside is near the $47,000 level. The first major resistance is near the $47,200 level and the 100 hourly SMA. There is also a major bearish trend line forming with resistance near $47,200 on the hourly chart of the BTC/USD pair.　　The next key resistance could be $47,500, above which the price might rise towards the $48,500 resistance. To continue higher, the price must gain strength for a move above the $48,500 level in the near term.Dips Limited In BTC？　　If bitcoin fails to clear the $47,500 resistance zone, it could extend decline. An immediate support on the downside is near the $46,500 level.　　The 61.8% Fib retracement level of the upward move from the $45,520 swing low to $48,289 high is

2021-12-20Deep Dive

Cryptocurrency: Way Of Payment Or Investing

Cryptocurrency is the new currency. The intensity of this new cryptocurrency has almost reached a fever pitch, with more and more people looking to invest in cryptocurrency than ever before.　　It is becoming increasingly adopted as an alternative, if not standard currency by many financial and commercial institutions and national entities as a fiscal tender.　　For many, cryptocurrency is more than a new means of doing financial transactions: it is also an asset. As an asset, cryptocurrency tokens like Bitcoin and Ethereum are valued for their financial worth — presently, Bitcoin price is well over $60k.　　And here lies a crucial point with the use of cryptocurrency: whether it should be used solely as a means of payment or an asset worth investing in, despite its volatility.What is Cryptocurrency？　　To many cryptocurrency investors, crypto is just an asset with good financial value and excellent liquidy. In truth, few investors ever bother to truly understand the technicalities of what is probably the most significant world invention since the advent of the Internet.　　Cryptocurrency is the currency of the blockchain. It is a highly encrypted and secure means of exchange that possesses enough of the qualities and properties of fiat currency to be accepted as a valid

2021-12-20Deep Dive

India’s top bank calls for complete crypto ban

With authorities in India still unsure on how to deal with the crypto industry, the apex bank of the Asian country has reportedly made it clear that it would prefer the country to tow the China path by completely banning crypto.RBI insists on banning crypto　　According to the Economic Times, the bank made this stand clear during its 592nd board of directors meeting where it shockingly indicated a preference for an outright ban on crypto, citing major concerns for the countrys economy.　　An anonymous source privy to the meeting said the Reserve Bank of India (RBI) highlighted the threats of crypto on the macroeconomic policy of the country and the instability these digital assets could cause. Also, they mentioned how concerned they were with the management of exchanges operating under their jurisdiction.　　With all of the foregoing concerns tabled, the RBI maintained its oft-repeated stance that the best way to put to bed its concerns about crypto would be a total blanket ban on the space.　　Notably, this is not the first time that the apex bank has maintained a high level of hostility towards the industry. In October, the banks governor, Shaktikanta Das, said that cryptocurrencies due to their unregulated nature would pose

2021-12-20Deep Dive

Investors Pour Almost $30B Into Crypto Firms in 2021

Cryptocurrency has had a big year, with venture capital funds pouring $30 billion into crypto — more than all previous years combined, Bloomberg reported.　　That comes out to almost four times as much as the $8 billion high from 2018, according to the report.　　“We‘ve moved beyond just digital gold,” said Spencer Bogart, a general partner of Blockchain Capital, one of the industry’s biggest investors, in the report. “We‘ve got financial services, art, gaming as a subcategory of [nonfungible tokens (NFTs)], Web 3.0, decentralized social media, play-to-earn — all of that made investors think, ’We don‘t have enough exposure.’”　　Coinbase, Digital Currency Group and Polychain Capital have been betting on the next big crypto project, but other experimental projects have been raising money, including a social media app turning celebrities into tokens, a play-to-earn NFT game and more, the report stated.　　Investors have been taking note of all of it, even for NFTs, which used to be considered niche. Bogart told Bloomberg the NFT market OpenSea, which not long ago was basically unknown, is now comparable to eCommerce marketplace Etsy.　　The $30 billion also includes the money raised by Robinhood and Revolut, companies which are only dabbling in crypto, according to the report. But even

2021-12-20Deep Dive

Bank of Russia Has Tools to Restrict Crypto Investments, Governor Hints

The Central Bank of Russia has reaffirmed its opposition to cryptocurrency investments citing the volatility of the digital assets as a key motive for its conservative stance. Governor Elvira Nabiullina has recently indicated that the regulator has the means to restrict them.　　Nabiullina Insists Bank of Russia Can Limit Investments in Crypto Assets　　Russia‘s monetary authority does not welcome investments of Russian citizens in cryptocurrencies, the head of the Central Bank of Russia (CBR), Elvira Nabiullina, said during an online press conference this week. She highlighted their volatility and potential use in criminal activity as major reasons for the regulator’s position.　　The governor also noted Bank of Russia‘s stance that the Russian financial infrastructure should not be employed to facilitate cryptocurrency transactions. She stressed that the regulator is capable of implementing restrictions and reiterated the bank’s skepticism towards these assets. Quoted by the business news portal RBC, the chair of the Russian central bank elaborated:　　Cryptocurrencies carry great risks for retail investors due to high volatility and use in illegal activities, so we cannot welcome investments in such assets.　　Nabiullina‘s statements come after media reports revealed that Russian authorities are now holding discussions to choose between two very different approaches to the regulation of cryptocurrencies

2021-12-20Deep Dive

Ethereum Will Be The New App Store In A Decentralized Future, Says Microsoft Exec

Microsofts top-ranking executive has touted Ethereum to be the de facto app store in the future.　　He says the timeline for this to happen is 2023 and will occur after Ethereum scales up.　　Ethereum network plays a key role in NFTs, DApps, and decentralized finance.　　According to Microsoft‘s Director, the Ethereum network could gain even more adoption in the future. The network’s offerings and capabilities will make it the ground-zero for apps in 2023.　　Ethereum – The Mothership　　Yorke Rhodes, the Director of Digital Transformation at Microsoft has hailed Ethereums stellar features and has predicted the network to be the go-to hub for apps by 2023. As the world inexorably marches towards a decentralized future, DApps are beginning to rise in popularity and according to Dapps Radar, there are over 9,000 decentralized applications in existence.　　“Prediction: Ethereum becomes the Decentralized Appstore by 2023,” said Rhodes against the backdrop of falling revenues from traditional app stores like Google and Apple.　　Rhodes‘ prediction of 2023 might be tied to the Ethereum network’s transition from Proof-of-Work to Proof-of-Stake that will usher in a new era for the network. The transition is viewed as a major solution to the nagging problem of scaling and the high gas fees associated with Ethereum

2021-12-20Deep Dive

Illegal Bitcoin Miners In Russia Could Face Jail Time, Says Russian Parliamentarian

The spotlight on crypto regulations shifts to Russia as government officials seek to punish illegal miners and other offenders with new legislation.　　High energy consumption of bitcoin miners and its effect on the national grid has been cited by Andrey Lugovoy as his party pushes for the bill.　　With recent regulations on the industry coming out of Russia, analysts ponder on the future of digital assets in 2022.　　As Bitcoin and other crypto enthusiasts hope for a last-minute turnaround and a bull run to end the year as earlier predicted, the constant fear of punitive government regulations is slowly taking the hope away. Russia has been known for its tough stance on crypto and with recent developments coming out of the Kremlin, the narrative will not be changing soon.　　Like China, Like Russia　　Andrey Lugovoy, a member of the lower house of the Russian Parliament has announced that the nationalist party is looking to regulate the crypto mining sector. According to Lugovoy, new legislation will help both the state and the miners. He further threatened miners in the country that they could face jail time if they plug their mining equipment into the national grid without the permission of the state.　　Crypto miners in the country

2021-12-20Deep Dive

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