Crypto Guides, Knowledge & Insights

Coinbase to Support Bitcoin ETF Trading

The latest update in the Bitcoin ETF market saw raging speculations about the crypto exchange giant, Coinbase‘s upcoming initiative to support Bitcoin ETF trading on its platform. According to Eric Balchunas’ tweet, Coinbase is set to launch $BITO trading, however, it may as well be a big mistake, given the high trading fees of 1.49 percent on the platform. The ETF analyst warned Coinbase of potential consequences upon starting $BITO trading.　　Bitcoin ETF Frenzy　　Futures-linked Bitcoin ETFs have taken over the US crypto market, launching a swift bull for the OG crypto, with further speculations of Spot BTC ETF in the process to directly track the underlying asset class, from institutional players along with lawmakers. The ultimate Bitcoin enthusiast and MicroStrategy CEO, Michael Saylor recently commented on BTC ETFs, noting that they will completely take over the economy within three years span. Additionally, Saylor asserted that Bitcoin ETFs will become the primary substitute for Gold ETFs in near future. CoinGape‘s exclusive coverage stated that Saylor argued upon Bitcoin’s emergence as the primary asset class for the Western world, further replacing the $425 billion fund – SPDR S&P 500 ETF Trust, ticker SPY – tracking the equity index.　　“To do that, you need the

2021-11-11Deep Dive

Disney wants to become the happiest place in the metaverse

Mickey Mouse is poised to venture into the metaverse.　　Walt Disney (DIS.N) CEO Bob Chapek said the entertainment conglomerate is preparing to make the technological leap into a virtual reality world first imagined by science fiction writers.　　It is a popular destination these days, ever since Facebook (FB.O) CEO Mark Zuckerberg announced the future of his company would be devoted to creating a robust, three-dimensional environment where users digital avatars would work, hang out and pursue their hobbies. 　　Other big companies, including game-makers Roblox Corp (RBLX.N) and Epic Games, and software giant Microsoft Corp (MSFT.O), are working on their own metaverses. Disneys plan was notably devoid of specifics, beyond dropping a buzzword that has animated Silicon Valley.　　Chapek told investors Wednesday that entering this new digital frontier is consistent with Disneys long history of technological innovation, dating back nearly a century to Steamboat Willie, the first cartoon to feature synchronized sound.　　“Our efforts to date are merely a prologue to a time when well be able to connect the physical and digital worlds even more closely, allowing for storytelling, without boundaries in our own Disney Metaverse,” Chapek said during Disneys fourth-quarter earnings call. 　　In an interview with CNBC, Chapek said he envisions it as

2021-11-11Deep Dive

Altcoins surge higher as Bitcoin sustains key support level above 60K.

The crypto market has increasingly witnessed great volatility since the month of November following Bitcoin (BTC) breakout: with Bitcoin surpassing its previous ATH at 64k in May before the crash to create a new ATH at $66,998 just last month. Consequently, the market has struggled since the month of November to maintain a strong support for Bitcoin above 60K.　　While Bitcoin has been able to maintain this key support level since the month of October and presently November, Altcoins have since then shown significant recovery with some already witnessing 200% increase and more within this short interval.　　With Bitcoin sustaining the support above 60k, Altcoins have shown significant recovery thus far. Notably among the Altcoins that have shown significant recovery are: Shiba Inu, BNB, Ethereum, Cardano,CHR, Mana, HNT, etc.　　However, the following Coins have seen the greatest increase in their market Capital so far since November.　　1. Bitcoin (BTC)　　Market cap: Over $1.17 trillion　　Bitcoin had remained the king of all Crypto investment with the largest market capital above 1 trillion since the month of November. This positive trend have favored the recovery of Altcoins.　　2. Ethereum (ETH)　　Market cap: Over $520 billion　　After Bitcoin, Ethereum has remained the favorite of program developers because of its potential applications, like

2021-11-10Deep Dive

Coinbase Profits Drop 75% in Q3 Despite Dogecoin, SHIB Listings

Coinbase, the largest U.S.-based cryptocurrency exchange by trading volume, reported third quarter earnings of $406 million today.　　While that number represents a 500% increase over Q3 2020, its nonetheless a sizable drop from its record April through June—its first reporting period as a publicly traded company—when it posted a net income of $1.6 billion.　　Financial companies with crypto products have mostly been reporting reduced Q3 revenues compared to Q2, when markets were percolating—something Coinbase CFO Alesia Haas alluded to in todays investor call when she said, “Trading volume across the entire crypto spot market declined quarter over quarter in Q3.”　　Square, which permits Bitcoin buying and trading via its Cash App, announced a 23% drop in BTC revenue in Q3, contributing to a slight decrease in overall profit for the firm. Robinhoods dropoff was steeper, with crypto revenue falling 78%. Total revenue for the stock and crypto trading app fell from $565 million to $365 million.　　Zoom out, though, to year-over-year earnings and the picture is brighter. All three companies are riding crypto as a long-term strategy rather than a short-term fix.　　Coinbase is rapidly expanding its listings, and—unlike in previous quarters—Bitcoin and Ethereum no longer controlled a majority of trading volume or transaction revenue.

2021-11-10Deep Dive

New York Mayor Approves Of Crypto In Schools

In a recent interview with CNN “State of the Union,” New York mayor elect Eric Adams says cryptocurrency should be taught across the globe. This comes as many mainstream initiatives in crypto begin to boom. Will we see a future with crypto as the head of the economic snake？A Look Into Adams‘ Interview With CNN　　The incoming mayor of New York City thinks that schools should add cryptocurrency and blockchain technology to the curriculum, as Eric Adams up’s the ante in his plan to transform the city into a crypto hotspot.　　“When I talked about blockchain and bitcoins, young people on the street stopped and asked me, ‘What is that？’” Adams told CNN on Sunday. Adams has been a very optimistic person about cryptocurrency, alongside many other leaders across the world. According to CNBC, Adams said that once he took office in January, he would take his first couple of checks in bitcoin. The mayor-elect is also looking at launching a New York-specific cryptocurrency to rival the success of MiamiCoin, an initiative that already seems to be in motion.Backlash & Crackdowns: New York Attorney General Is Less Ecstatic　　While the state has its push and pull with crypto, New York Attorney General Letitia

2021-11-10Deep Dive

SEC Commissioner: DeFi must address transparency and pseudonymity

SEC Commissioner Caroline Crenshaw has highlighted the benefits of Decentralized Finance while warning of the dangers of failing to embrace a protective regulatory framework in a Nov. 9 opinion piece.　　The article, DeFi Risks, Regulations, and Opportunities, is the first in the inaugural issue of “The International Journal of Blockchain Law.” In it, Crenshaw outlines her belief that the DeFi community must address issues with transparency and pseudonymity while coming into compliance with SEC rules:　　“In the brave new DeFi world, to date there has not been broad adoption of regulatory frameworks that deliver important protections in other markets.”　　Regarding what she sees as a lack of transparency, Crenshaw said DeFi lacks market protections, which “contributes to a two tier market in which professional investors and insiders reap outsized returns.”　　Although the code for most DeFi projects is open source and all transactions are recorded on-chain, she argues that retail investors are at a disadvantage to professional investors, who have the resources to perform audits on code and development teams.　　In her view, “It is not reasonable to build a financial system that demands investors also be sophisticated interpreters of complex code.”　　Crenshaw also highlighted concerns about the link between pseudonymity and market manipulation. When market

2021-11-10Deep Dive

Coinbase CEO anticipates planned NFT marketplace more akin to Instagram than eBay

Brian Armstrong, chief executive officer of crypto exchange Coinbase Global Inc., said Tuesday that the company aims to provide a social experience through its planned non-fungible token, or NFT, marketplace, making the platform more akin to Instagram than eBay.　　“Traditionally Coinbase is focused on FTs — fungible tokens — and we‘re equally excited about NFTs,” Armstrong said Tuesday during the company’s third-quarter earnings call. “I think it could be as big or bigger. We dont know.”　　Coinbase aims to launch an NFT marketplace in the next quarter or two, joining the competition with OpenSea and rival exchange FTX, which recently launched its NFT marketplace.　　“I think having people follow your favorite artists or creators, and having a bit of content that gets populated from those people you follow, that can be really powerful,” Armstrong said. “And in addition, you can go there and buy an NFT if you really like it, and showcase it in your own social profile.”　　Armstrong also said he hopes Coinbases planned marketplace could make NFTs easier to use.　　“So just simple things like, how do you connect your wallet？ You know, hopefully you dont have to install a Chrome extension,” Armstrong said. “And if your identity and your payment methods

2021-11-10Deep Dive

Digital Currencies to Be Considered as Legal Tender: European Central Bank

Central Bank Digital Currencies (CBDCs) developed by foreign institutions are most likely going to become legal tender in the eurozone, according to officials, via Bloomberg.　　The likelihood of this outcome was confirmed by European Central Bank board member Fabio Panetta on Tuesday in Helsinki. With the implementation of legal tender status, foreign CBDCs are going to act as any foreign currency.　　Russian Central Banks Elvira Nabiullina has also shared her thoughts on the importance of a proper conversion of various forms of money that will have a direct impact on trust in digital assets.　　The recognition of digital forms of payment by central banks is an important step toward dismissing the fears of consumers that are high right now. Additionally, if CBDCs from foreign banks are going to become a part of the traditional economic system, regulated stablecoins might also have a chance to be recognized as legal payment tools in various countries.　　Panetta has said that the European bank cannot just ignore or consider illegal currencies issued by the official central banks of countries. The ECB is going to initiate the process of examination of central bank digital currencies in the next two years.　　For more blockchain news, please download WikiBit - the Global

2021-11-10Deep Dive

Dogecoin Price Prediction

Dogecoin price has extended the weekends gains, even as it lacks enough bullish momentum to break out of the horizontal channel it has been in for over a week now. An attempt to do so earlier on Monday was unsuccessful after the altcoin pulled back upon hitting the prior resistance level of 0.2986. nonetheless, it is still in good shape for a breakout.　　Since 30th October, DOGE has been trading within a range of between the psychological level of 0.2500 and the resistance level at 0.2870. At its current price of 0.2872, the bulls are striving for a breakout. Earlier in the day, it hit a high of 0.2980 before pulling back to the aforementioned horizontal channel.　　On a two-hour chart, Dogecoin price is trading above the 25 and 50-day exponential moving averages with an RSI of 74. Based on the technical indicators, the altcoin will likely record further gains in the ensuing sessions; resulting in a breakout.　　However, in the immediate term, we expect it to experience resistance along the horizontal channels upper border at 0.2870. Past that level, the crypto will be in good shape to rise to its next target at 0.3000. nonetheless, the bulls will need enough momentum to

2021-11-10Deep Dive

"Dogecoin Killer" Shiba Inu Coming to Movie Theater Giant AMC

AMC Theatres CEO Adam Aron has confirmed that the movie theater giant will add Shiba Inu as a payment option during an earnings call on Monday.　　The company is already working on bringing the second-largest meme coin to its customers:　　“We are now figuring out how to take Shiba Inu as a currency. Thats the next one on our cryptocurrency hit parade. ”　　Aron said that he had seen “a tidal wave” of messages about getting more active in the realm of cryptocurrencies.　　After initially announcing that AMC would start accepting Bitcoin for online payments on its website and smartphone app by the end of the year, the worlds largest movie chain went on to expand the list of options with Ether, Litecoin and Bitcoin Cash.　　Then, Aron ran a Twitter poll to find out whether or not the company should add Dogecoin payments after becoming inundated with messages about the meme cryptocurrency.　　After the majority of Twitter users voted in favor of accepting Dogecoin, the company confirmed that the meme coin would appear among available payment options during the first quarter of 2022.　　Following these announcements, AMC received “a flood of commentary” about Shiba Inu, which coincided with the coins massive price run.　　As reported by U.Today,

2021-11-10Deep Dive

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