Crypto Guides, Knowledge & Insights

NFT platform Quartz wins the 14th parachain slot on the Kusama network

Decentralized NFT infrastructure network Quartz, as part of Unique Network, has been declared the winner of the 14th parachain slot on the Kusama Network. Quartz raised $23M (54k KSM) from nearly 9,000 global community members through a novel crowdloan approach.　　A figure that stands out in the overall crowdloan for this project is the huge community involvement with over 8874 network stakeholders voting with 54,384 $KSM, demonstrating a deep commitment to driving Unique advanced NFT features forward.　　The team at Unique Network are developing flexible economic models, scheduled transactions, re-fungibility and nested NFTs. All of the tools an NFT project will need to bring their NFTs to life in the future. 　　Quartz also uses the sustainability offered by substrate and Polkadot as a proof of stake network to create sustainable NFTs and partnered with #DigitalArt4Climate to be the only NFT platform featured at COP26 last week. 　　During the crowdloan, users deposit their KSM into a digital vault and receive two types of tokens post-launch. Every user that bonded KSM for the project will now be offered rewards in $QTZ and the earlier they participated, the better. They also rewarded unique Chelobrick NFTs to the first 100 crowdloan participants. 　　In October, Unique announced

2021-11-17Deep Dive

Large transfers of Ethereum cause unease as market watchers anticipate selloff

Ethereum started the week strong, inching back to the $4,800 mark, but several long-lasting divergences are pointing to an upcoming correction.Market watchers anticipate sell-off 　　At the end of last week, Ethereum Foundation transferred 20,000 Ethereum, worth roughly 9,5 billion to Kraken.　　According to Colin Wu, who brought attention to the transaction, Ethereum Foundation made similar sales in the past, when the price was peaking.　　“On May 17, the cold wallet of the Ethereum Foundation transferred 35,000 ETH to Kraken. Vitalik once persuaded the Ethereum Foundation to sell 70,000 Eth (maybe around $1,400 in January 2018) to support the development,” the popular Chinese journalist reminded.　　David Iach noted that Ethereum Foundation currently owns 3% of the Ethereum that it used to own, selling most of it at prices below $10.　　“The idea that it‘s a top signal when they sell is highly idiotic,” concluded the popular crypto investor, dismissing the sale’s potential to be regarded as a price movement indicator.　　On Monday, over $6 billion worth of Ethereum was transferred to Kraken, adding to unease, even though all the funds were transferred from the exchanges cold wallet.　　Santiment recently reported that Ethereums supply on exchanges dropped to 15,66%, while a year ago, this number sat at 23,29%.

2021-11-17Deep Dive

Bitcoin drops below $60,000 triggering almost $875 million in liquidations

The cryptocurrency market saw almost $875 million in liquidations on Tuesday, with over 215,000 traders liquidated across multiple exchanges.　　According to data from CoinGlass, the largest single liquidation order happened on Binance, where a $10.37 million LTC/USD position was closed. Bitcoin led the way when it comes to liquidation size, with just under $7 million, or 114.83 BTC liquidated. Around $3.8 million in ETH positions were also closed, CoinGlass showed.　　Despite an overall rise in the open interest of Bitcoin futures, todays sharp drop led to a noticeable change in funding rates. Funding rates are periodic payments made either to long or short traders based on the difference between perpetual contract prices and spot prices. A bullish market comes with positive rates that rise over time, while bearish sentiment brings negative funding rates.　　Data from DeFi Rate showed that the funding rates across four major exchanges—Binance, FTX, BitMEX, and dYdX—saw a major decline. dYdX and FTX were todays bearish leaders, with both seeing negative funding rates.

2021-11-17Deep Dive

Ripple Introduces Its Framework for Cryptocurrency Regulations

San Francisco-based blockchain company Ripple has laid out its vision for regulating cryptocurrencies in the U.S. in its newly proposed framework, making a case for “clear communication and collaboration.”　　It mentions the Eliminate Barriers to Innovation Act, a bipartisan bill that was passed by the U.S. House of Representatives in late August. The aim of the legislation is to establish a joint cryptocurrency working group for the U.S. Securities and Exchange Commission and the Commodity Futures Trading Commission.　　Ripple also believes that the existing regulations that govern traditional markets in the U.S. could be applied to cryptocurrencies. However, they have to be adapted in order to be suitable for novel technologies:　　“We believe that framework, as adapted to account for some of the unique attributes inherent to cryptocurrencies, can provide the clarity innovators seek - and the market protections consumers deserve.”　　Finally, the blockchain tech provider is also advocating for implementing an innovation sandbox regime that would allow crypto startups to conduct token sales during a certain grace period without complying with existing securities laws.　　Last month, Rep. Patrick McHenry (R-NC) introduced a safe harbor bill for digital tokens that mirrors a similar proposal that was published by crypto-friendly SEC Commissioner Hester Peirce last year.　　Last

2021-11-17Deep Dive

Famed Investor Bill Gross Warns About "Dangerous" Financial Euphoria

Bill Gross, founder of American investment management firm Pimco, has sounded the alarm over the current level of euphoria in the cryptocurrency and stock markets, describing it as “dangerous” in his recent interview with the Financial Times.　　The 77-year-old fund manager attributes the exuberance to central banks injecting money into the economy and inflating the value of assets: It‘s all dreamland that’s been supported by interest rates that arent where they should be.　　Interest rates will go up　　Despite expressing his concerns regarding quantitative easing, Gross is not in the hyperinflation camp. The retired investing legend believes that hotter-than-usual inflation will eventually cool off in the U.S., but it will remain above the Federal Reserves target of 2%.　　Gross predicts that the Fed, which has already started tapering its bond purchases, will raise rates next year:　　I think [Fed chair Jay Powell] is captive to the financial markets, and so he will gradually creep out of buying bonds, and next year he maybe gradually raises interest rates.　　Bitcoin as an inflation hedge　　As reported by U.Today, Bitcoin instantly soared to its current all-time high of $69,000 on Nov. 10 after the Labor Department reported that the consumer price index (CPI) had recorded the biggest year-over-year spike since

2021-11-17Deep Dive

Shiba Inu Now Supported by Samsung-Backed Crypto Wallet App

ZenGo, the first keyless non-custodial cryptocurrency wallet, has added support for the Shiba Inu cryptocurrency, according to a Nov. 16 announcement.　　The wallets users are now able to trade and hold the hottest meme coin.　　Ari Gore, head of communications at ZenGo, praised Shiba Inus “vibrant” and “enthusiastic” community:　　“Were excited to be one of the first crypto wallets to support SHIB, especially because of its vibrant, creative, and enthusiastic community.”　　Dealing with passwords, seed phrases and private keys might be intimidating for novice users. ZenGo wallets are generated with the help of facial biometrics, which is marketed as the apps main selling point.　　The companys founders claim that such an approach could solve the existing problems related to storing crypto.　　The Israeli startup raised $20 million during its Series A funding round in April 2021. Samsung Next, the tech giant‘s venture capital fund, was among ZenGo’s most notable backers.　　For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

2021-11-17Deep Dive

Binance Launches Crypto Rights Campaign Aimed at Regulators

Binance has launched a crypto rights campaign, outlining ten fundamental crypto rights and calling on industry leaders, regulators, policymakers, and users to help create policy surrounding crypto assets.　　Binance Drafts Crypto Rights　　The worlds largest crypto exchange is showing its commitment to regulation.　　Binance launched a crypto rights campaign Tuesday morning, taking out its first advertisement in the Financial Times. The full-page spread starts with the controversial title “Crypto is evil” but goes on to outline ten fundamental crypto rights which the exchange says will help “unlock crypto for all.”　　Binance‘s ad calls on “industry leaders, regulators, policymakers, and users to help shape the future of global finance together,” stating that decisions on crypto regulation should be decided by a nation’s policymakers and their constituents.　　Many of the rights focus on working with regulators to establish a clear legal framework for crypto assets. “Like seat belts in a car, a more regulated crypto market provides greater protections for everyday users,” the ad reads. The ten crypto rights also highlight preventing financial crime, ensuring user data privacy, and comprehensive deposit insurance for assets held on exchanges.　　In addition to the Financial Times ad, Binance has also created a website where users can view the exchanges crypto rights

2021-11-17Deep Dive

OpenSea causes 10% of all Ethereum burn as sales jump 100% in 24 hours

After all of the highs surrounding NFTs for most part of the year, the nascent crypto niche is witnessing a downturn in its trading volume which is currently at a three-month low.　　However, despite the belief of some analysts that the space is currently in a bear market, OpenSea, the largest NFT marketplace, has contributed to around 10% of all Ether burns since the launch of EIP-1559.　　 OpenSea leads Ethereum burning　　According to data from ultrasound.money, around 900,000 ETH have been burned and OpenSea, alone, has led to the burning of over 100,000 ETH.　　The marketplace became a top-tier coin burner months ago when its burning rate rallied around August due to the uptick in interest in the NFT space. But despite the falling numbers of its trading volume recently, it has been able to maintain its lead as over $400 million of Ether has been burned via the platform.　　In previous times, this burned ETH would have been paid to miners who might eventually choose to sell these assets via crypto exchanges thereby leading to an excess supply of the coin. However, with EIP-1559 in play, those coins are being burned and analysts have predicted that Ethereum could become deflationary in the coming

2021-11-16Deep Dive

Google searches for NFTs spike to record highs

Googles keyword search data shows interest in nonfungible tokens (NFTs) has surged to record levels, with traffic beating out search terms pertinent to many crypto assets ranked among the top ten.　　According to Google Trends, interest in NFTs saw a dramatic spike at the start of the year as Dapper Labs NBA Top Shot and vintage Ethereum-based NFTs saw frenzied speculation.　　While the bubble initially appeared short-lived — with search volume drying up by roughly 75% as of the end of June, interest began to bounce back in July before breaking into new highs at the end of October.　　Since then, Google search traffic for NFT-related keywords has continued to surge, doubling over the past three months.　　The spike in interest has seen “NFT” overtake many of keywords that have long-dominated crypto-related search traffic, including “DeFi,” “Ethereum,” and even “blockchain.”　　While Dogecoin firmly captured the publics imagination during the second quarter — with search volume for “Dogecoin” rising to rival “Bitcoin” in early May, dog-token fever quickly subsided in the third quarter. As such, the Google Trends data suggests the momentum behind the canine-coin rally was immediately channelled into hype for NFTs.　　NFT-mania sweeps Asia　　According to Google Trends, NFT search traffic is currently dominated by Asian

2021-11-16Deep Dive

Indian government might take action against misleading crypto ads

The Indian government in a bid to promote systematic crypto transactions in the country has decided to put a lid on reckless crypto ad campaigns.　　According to a memo that condenses the meeting held between Prime minister Narendra Modi and industry professionals, the government has decided to practice restraint and is considering imposing a ban on ads that promote hefty returns to investors.India will not entertain misinformation regarding crypto　　The memo also highlights the key issues discussed in the meeting that are strongly associated with a lack of transparency when it comes to crypto advertising in India. The sudden burst of ads enticing customers and encouraging them to invest might be proven harmful and can compromise the investors ability to make sound financial decisions.　　The meeting also examined and conveyed how crypto is still an emerging sector in India, and the government needs to take “small proactive steps” to accommodate crypto proceedings in the country. In the meanwhile, the authorities have also expressed their concern over alleged money laundering and terror financing issues that are often associated with cryptocurrency trading.　　Moreover, the authorities have also made it clear that crypto markets cannot become avenues to finance such activities at any cost and hence strict

2021-11-16Deep Dive

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