Crypto Guides, Knowledge & Insights

How Solana Came Up In Crypto

The past 2 years have been witness to a major boom in the world of cryptocurrency, from coins both old and new. Solana has found its way in the crypto world where memes have become tokens, top dogs face challenges with new legislation and regulations, and some newcomers have been on the rise to puff out their chest and make a name.　　Amongst all of the madness, one coin in particular has turned heads and caught eyes in recent months. That coin is called Solana – also known as SOL. Lets take a quick dive into some of the details around Solana.A SOL That Shines Bright　　The initial idea for Solana was first published in 2017 by developer Anatoly Yakovenko, and SOL debuted last year in March. Its value started to surge in a notable way last summer.　　Solana is a public blockchain platform, and it is an open source and decentralized currency, with consensus achieved using proof of stake and proof of history. Once Solana officially launched, it was mainly designed to support smart contracts and the creation of decentralized applications, or dapps.　　Bloomberg and many others have cited Solana to be “a potential long-term” token and “the answer to rival Ethereum,” particularly

2021-11-07Deep Dive

Why Did Shiba Inu Cryptocurrency Suddenly Rise To Prominence?

Earlier this year, billionaire entrepreneur Elon Musk threw his weight behind Dogecoin, a meme coin that was launched as a joke on the rise of Bitcoin in 2013. The support propelled the once-obscure cryptocurrency into the mainstream and it had one of the best runs of its lifetime. This rise fuelled interest in another coin that was based on the same Japanese breed dog meme that Dogecoin appropriated earlier. This coin was named Shiba Inu. The creators of Shiba Inu have touted it as the “Dogecoin killer”.　　Shiba Inu was created in August 2020 by an anonymous person or a group of persons known as “Ryoshi”. But it remained relatively unknown until a few months ago when Musk shared cryptic tweets about the Shiba Inu dog. Those tweets suggested to investors that he was moving support from Dogecoin to Shiba Inu. Also, an online petition on Change.org, calling for Shiba Inu to be listed on Robinhood trading platform, has gotten massive support. Recently, it released a series of nonfungible tokens called “shiboshis”.　　All these factors combined to push Shiba Inus value more than 10-fold in October, once giving it a market capitalization more than even its main rival Dogecoin. The coin also

2021-11-07Deep Dive

Ethereum Starts to Pullback as Bitcoin Builds Support at a Big Spot

The bullish trend in Ethereum has finally started to slow down after a series of fresh all-time-highs printed earlier this week.　　At this stage, there‘s some deeper pullback potential as the daily chart is working on an evening star pattern. Such formations will often be approached with the aim of a bearish move, indicating a potential near-term top after the three candle formation highlights a potential turn in the market. For this formation to confirm the daily chart would need to see today’s prices close below 4459, which would keep the door open for a deeper bearish move in Ether.　　That may actually be a welcome event to bulls as there hasn‘t been much give during the topside trend with prices continually shooting-higher. Pullbacks are where trends avail themselves and how buyers respond here is going to be telling for whether the trend continues shooting up to fresh all-time-highs or whether its due for a longer break after this week’s outperformance.　　On that topic of trends – there is rationale for continuation here as Ethereum remains within a rather tight trend channel thats guided the move since the October open, with the mid-line of the formation currently assisting with setting near-term support.　　ETHEREUM (ETH/USD)

2021-11-06Deep Dive

3 reasons why DeFi users are bullish on Abracadabra, Magic Internet Money and SPELL

Stablecoins and their use in decentralized finance (DeFi) have played a key role in the 2021 cryptocurrency bull market because allow investors to participate in the ever-growing number of protocols that offer high yield staking pools and they ease the process of transacting without needing to use a centralized exchange. 　　One project that has seen a significant amount of adoption thanks to its focus on creating a truly decentralized ecosystem and asset-backed stablecoin is the Abracadabra.money DeFi protocol and its native SPELL token.　　Data from Cointelegraph Markets Pro and TradingView shows that after hitting a low of $0.0114 on Oct. 15, the price of SPELL rallied 178.55% to establish a new record high at $0.035 on Nov. 1 as its 24-hour trading volume spiked to $109.82 million.　　SPELL/USD 4-hour chart. Source: TradingView　　Three reasons why SPELL is attracting the attention of DeFi users are the growth of Magic Internet Money (MIM) as a fully decentralized, cross-chain capable stablecoin, numerous cross-chain integrations that have expanded the MIM and SPELLs reach throughout the ecosystem and the tokens governance and tokenomic structure.Decentralized stablecoin growth　　One of the biggest factors attracting the attention of active DeFi users is Abracadabras native Magic Internet Money stablecoin which is a fully

2021-11-06Deep Dive

BITCOIN TECHNICAL ANALYSIS: A MINI-CRASH BEFORE THE RALLY

Bitcoin hodlers are wary as price hovers around $60,000 support.　　$63,200 price level has become a major resistance level as the price already dropped twice from there. It has become a major hurdle for the bulls if the price wants to keep rising.　　The $60,000 support was broken during the early hours of Wednesday before the price rallied back to $62,500 on Friday. A low of $56,425 was made on Thursday before the rally, according to data received from TradingView.　　Price is holding below the $63,200 resistance level as the market opens for the new week.　　With neither the April nor October all-time highs seeing a retest so far, the price of Bitcoin might experience a mini-crash before the rally. The next support area is at $54,500, which is a good buying price.　　The long-term trend is still healthy and strong, but a mini-crash/correction here and there is inevitable as the market always needs to reset before gathering momentum.　　Albeit, expectations remain sky-high - as much as $300,000 in the coming months. Bulls run might continue into 2022, according to reports on Cointelegraph.　　When compared to Aprils $64,900 peak, which provided barely any support for the price before it took a heavy hit, the Uptober new all-time

2021-11-05Deep Dive

What Are Stablecoins?

Stablecoins are digital currencies with a stable price. Their value is tied to other assets that are more or less stable. Usually, these are traditional currencies, commodities like gold, or even other cryptocurrencies.　　Cryptocurrencies with a stable value are highly popular on crypto exchanges. Typically they act as a substitute for fiat currencies like the dollar or euro.　　Traders cant trade cryptos to fiat currencies directly on crypto exchanges. Instead, they trade cryptocurrencies to stablecoins that are resistant to volatility. Stablecoins help traders stay on the exchanges and not exit crypto markets in times of high volatility.　　Some of the best-known stablecoins are Tether (USDT), USD Coin (USDC), and Paxos Standard (PAX). All of them, however, are built on existing blockchains and, theoretically, are tokens.

2021-11-05Deep Dive

Raoul Pal: Expect the 'path of most pain' around December

Former Goldman Sachs hedge fund manager and founder of Real Vision, Raoul Pal, believes that the social media pundits are wrong and the crypto market cycle wont end this year.　　But things might get a bit hairy on the way.　　In a Real Vision interview on Nov. 3rd Pal predicted that the current bull run wont end in December as it did spectacularly in 2015 and 2017, and will instead extend to some time between March and June.　　According to Pal, Bitcoin, Ethereum and altcoin markets are likely to “take the path of most pain”, potentially crashing twice over the next six months.　　“My guess is that we probably have a sell-off, and then it rips again because that is the path of most pain and markets tend to take the path of most pain.”　　Cointelegraph reported on Nov. 4th that on-chain data source Econometrics data suggests that if the current cycle follows the same pattern as 2017, the next BTC price peak could be as much as $253,800.　　Over the course of 2021 Pal has become increasingly bullish on Ethereum, describing it in August as “the greatest trade.” He said that the upcoming launch of Eth2 and the potential launch of an Ethereum ETF in

2021-11-05Deep Dive

Google Makes $1B Equity Investment in CME Group

Search engine and cloud service giant Google has invested the sum of $1 billion in taking up a non-voting equity stake in CME Group, the worlds largest derivatives marketplace.　　As the trading platform unveils, a decade-long partnership deal has been inked with the tech giant as it looks to migrate its operations to the cloud.　　The embrace of Googles tech capabilities will help CME Group bring additional value into its ever-expanding derivatives marketplace. Starting from 2022, CME Group said it will start migrating its data onto the Google Cloud while also moving its clearing service and the entirety of its markets to the cloud.　　“Through this long-term partnership with Google Cloud, CME Group will transform derivatives markets through technology, expanding access and creating efficiencies for all market participants,” said Terry Duffy, Chairman, and Chief Executive Officer, CME Group.　　“To ensure a smooth transition, we will work closely with clients to implement a phased approach. This partnership will enable CME Group to bring new products and services to market faster – all in a flexible and scalable environment that will create a wide range of opportunities for the marketplace.”　　The partnership between both entities is not uncommon in the digital asset trading ecosystem and the broader

2021-11-05Deep Dive

‘Wrapped’ XRP is coming to the Ethereum (ETH) blockchain

If everything goes as planned, we can expect to see Wrapped XRP (wXRP) on Ethereum blockchain before the end of the year, according to an announcement made by Wrapped.com, a cross-chain wrapped assets service provider.XRP to be on Ethereum blockchain by December　　The announcement revealed that the Wrapped XRP (wXRP) would be backed 1:1 by XRP and Hex Trust would be providing custodial services for this class of asset.　　Wrapped tokens are crypto assets that are hosted on another blockchain, different from that which is originally theirs, with a price that is tied to the underlying asset. For example, a Wrapped Bitcoin (wBTC) is Bitcoin hosted on the Ethereum blockchain.　　With this development, XRP holders will henceforth be able to enjoy DeFi privileges, including smart contract applications in borrowing and lending and altcoin swapping through their native XRP token in their ETH wallets. This takes them a notch higher than the confined sending, receiving and holding XRP execution privileges they currently have. 　　Speaking on this, a top executive at Ripple, Monica Long, the general manager of RippleX said “This is great not only for XRP utility and liquidity (more apps and use cases) but also for interchain operability. ETH and BTC are already

2021-11-05Deep Dive

ACX's parent company Blockchain Global collapses owing $15M

Blockchain Global (BGL), the parent company of the now-defunct Australian crypto exchange ACX, has collapsed with outstanding debts of $15 million.　　On Sept. 13, The Victoria Supreme Court placed a freeze order on 117.33 Bitcoin (BTC) —worth around $7.1 million — held by two companies behind the exchange, BGL and ACX Tech. Three days later the companies were ordered to disclose the full scope of assets held locally and abroad but failed to meet the Sept. 30 deadline.　　The Australian Financial Review reported that BGL has since entered voluntary administration, with a figure of $15 million (AUD $21 million) owed to creditors. BGLs CEO Sam Lee said said that he stepped down as a director in March 2019, but still retains ownership of the brand.　　Lee downplayed his current role at BGL, noting that:“[I] was reappointed on April 12, 2020 to deal with matters after the company cease[d] to have any operations, as there is no operations, there were no key business decisions made, debt introduced during my absence wasn‘t able to be negotiated.”　　Speaking on the firm’s voluntary administration, Lee again distanced himself from BGL and said that the decision from the existing directors is “in the best interest of creditors and shareholders.”　　“I

2021-11-05Deep Dive

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