Crypto Guides, Knowledge & Insights

Ken Griffin says Bitcoin will be replaced by Ethereum-based currency

Generation X billionaire businessman Ken Griffin says he thinks the “passion is misplaced when it comes to cryptocurrencies”.　　Billionaire CEO of American hedge fund Citadel Kenneth Griffin thinks a currency on the Ethereum (ETH) network will replace Bitcoin (BTC) as cryptos top dog. Citadel manages over $40 billion of capital — a quarter of the trading volume in the US stock market.　　During this Wednesdays Nov. 10 DealBook summit hosted by The New York Times, Griffin said that he anticipates that the “Bitcoin-based conception [will be] replaced by the Ethereum-based conception in the next generation of cryptocurrencies.”　　He added that Ethereum-based cryptocurrencies have “the benefits of higher transaction speeds [and] lower cost per transaction.”　　Ethereum is only slightly faster than Bitcoin at present, but will significantly scale up transaction speeds and lower costs when Eth2 is fully implemented.　　Griffin is a long-time crypto skeptic, especially of Bitcoin — which he claims there are “no commercial use cases for.”　　Although he noted that crypto and its underlying blockchain technology is a “really interesting technology” and “a powerful way to maintain a decentralized ledger around the world,” he ultimately said that “for most problems, its really not the solution that we need.”　　“People are very focused on a world

2021-11-12Deep Dive

Twitter announces a crypto team to work on dApps and NFTs

Social media giant Twitter has announced the formulation of a crypto unit to manage its blockchain and crypto-related divisions.　　Twitter further states “that it wants to figure out what crypto can do for Twitter” and is ready to pool substantial funds to enhance and explore the decentralized technology.　　The newly formed crypto team will be led by engineer Tess Rinearson. Before joining Twitter, Rinearson was employed with several significant firms, such as Chain.com, Cosmos, and was also involved in the development of Tendermint Core, an influential blockchain platform.Whats next for Crypto Twitter？　　As per Rinearson, the new team will assist her in the sector of cryptocurrencies, blockchain, and other decentralized technologies to create solutions that are not directly related to the domain of finance and “includes going beyond cryptocurrencies”　　Rinearson further explains that the company will also explore ways on how to support creators with interest in decentralized apps for managing virtual goods and services. Tess also confirms that the new changes are open to feedback from users, as she said its critical to know the procedural shortcomings so the company can work on those to better its performance.　　Moreover, the new head of crypto also plans to support decentralized applications or dapps combined with

2021-11-12Deep Dive

Ripple launches Liquidity Hub for enterprise clients with support for Bitcoin, Ethereum, and others

Global fintech giant Ripple announced that it has launched a new service called the Liquidity Hub.　　According to a blog post published on Tuesday, Liquidity Hub is a groundbreaking new way for enterprises to easily and efficiently source digital assets from the broader crypto market.Bringing cryptocurrency trading to enterprises　　Ripples latest service was designed to help enterprises accelerate their shift into the cryptocurrency market. Liquidity Hub was designed as a turnkey solution for financial institutions that leverages smart order routing to source cryptocurrencies at optimized prices from market makers, exchanges, and OTC desks.　　“We know full well the need for easy and efficient liquidity management. Crypto and financial institutions are embedded in our DNA. So, it makes perfect sense that as they prepare for a crypto-first world, our customers would want access to the same trusted one-stop-shop for buying, selling, and holding crypto assets that have powered our own extensive work with financial institutions,” said Ripple GM Asheesh Birla.　　Birla noted that the same crypto sourcing technology employed in the Liquidity Hub has been in use in Ripples On-Demand Liquidity Product (ODL) for nearly two years.　　The Liquidity Hub will launch in 2022 and will initially support Bitcoin (BTC), Ether (ETH), Litecoin (LTC), Ethereum Classic

2021-11-12Deep Dive

Dogecoin Back To $0.35? Here’s What Needs To Happen

For the Dogecoin price to return to last months high of $0.355, it must first overcome this huge technical obstacle.　　The DOGE token, by its standards, has been extremely quiet so far in November. The meme-coin is changing hands at $0.263 this morning (+1.05%) and down around 6% month-to-date. But whilst the price-action has been muted in November, October was a different story altogether.　　On the 28th, DOGE jumped 26% as profits from Shina Inu (SHIB) rotated back into O.G dog coin. However, the rally hit a brick wall at the August high of $0.355 and was quickly reversed. Since then, the coin has been falling, reaching a low of $0.233 on Wednesday when Bitcoin (BTC) suddenly dropped 9%. Encouragingly, the price has stabilized and shows signs that it could be ready for another run at the $0.355 resistance. However, it will first need to close above the 200-Day Moving Average at $0.284　　DOGE price Analysis　　The daily chart shows the 28th of October rally was the first time Dogecoin closed above the 200-DMA since September. However, the failure at the August high sent the price tumbling back below the indicator, which is now a significant resistance level. In my opinion, if DOGE clears

2021-11-12Deep Dive

Cardano (ADA) stakers grow by over 100,000 since September, but much more work still needs doing

Cardano continues going from strength to strength as staking addresses increase by over 100,000 in two months.　　According to the online staking metrics website pooltool.io, staking addresses hit 942,000 on November 10. Compared to 821,000 staking addresses on September 10, an increase of 121,000 or nearly +15% in two months.　　The numbers bode well insofar as on-chain evidence of Cardano‘s growing recognition as a blockchain that’s here for the long haul. But, as mentioned by IOHKs Director of Marketing and Communication, Tim Harrison, many challenges still lie ahead, and the way to tackle them is by making incremental changes over time.Cardano staking metrics show a buoyant ecosystem　　As well as a significant jump in the number of staking addresses, Cardano has also seen a rise in the total USD value of tokens participating in staking.　　According to stakingrewards.com, the staked value of ADA tokens came in at $29.73 billion in mid-July. But now, the figure currently stands at $51.22 billion.　　At that time, Solana was ranked third most staked at $10.48 billion. But its run-up over the last five months or so has ousted Cardano as the most staked crypto. Now, Solana is the most staked cryptocurrency project coming in at $97.79 billion staked.　　Since the

2021-11-12Deep Dive

Swiss digital asset exchange SDX outlines priorities

Today Peter Golder, Chief Commercial Officer at the SIX Digital Exchange (SDX), outlined the digital asset exchanges top priorities, talking during the Singapore Fintech Festival. The four asset classes on the roadmap for SDX are tokenized bonds, cryptocurrencies, private company equity and ESG funding. He cited a prediction that by 2027, ten percent of global GDP will be tokenized.　　In September, Swiss regulator FINMA granted SDX licenses for both a trading venue and a central securities depository.　　Now SDX is in the process of onboarding financial institutions to stand up the marketplace.　　Golder mentioned cryptocurrency several times. First, as one of the assets that SDX plans to support. SDX‘s Singapore joint venture with Japan’s SBI is focusing on the crypto sector. And when SDX canvased clients for potential opportunities, they highlighted challenges in entering the asset class.　　Sandra Ro, CEO of the Global Blockchain Business Council, asked about growth trends envisioned for 2022. Golder stated one of two areas as, “Crypto where a lot of interesting ideas will become more institutionalized. There is a huge adoption on the institutional side that hasnt yet taken place.”　　Perhaps on a related note, his second trend was leveraging innovative business models for conventional domains. As an aside, certain

2021-11-12Deep Dive

Here's How Much $1,000 Invested in Shiba, Doge or Solana a Year Ago Would Be Worth Now

The cryptocurrency market is notorious for its volatility, which can sometimes play in favor of a trader and sometimes against him. But the past year has been nothing but an increase for the industry that led to ridiculously high investment returns for small altcoins like Shiba and promising projects like Solana.　　Shiba Inu　　Shiba was the cryptocurrency of the month in October due to its 1,000% price increase at the peak reached on Oct. 29. According to Watcher Guru, $1,000 invested in “dog money” would currently be worth a mind-blowing $756 million.　　Since SHIBs price a year ago was around $0.000000000072, according to CoinGecko, you can guess that even a $1 investment would give someone around a million-dollar return. Realistically, there are only a few people that actually bought and held coins since October of the previous year.　　Dogecoin　　Shibs closest coin and sometimes competitor is a cryptocurrency industry classic that has been around since December 2013 and experienced numerous bull and bear cycles with different outcomes: Dogecoin.　　But if someone would have invested only $1,000 in DOGE a year ago, it would now be worth more than $92,000, which is not even close to SHIBs performance but is still more than impressive compared to stock

2021-11-12Deep Dive

Miami To Issue Free Bitcoin To Residents, But What Exactly Is The Ultimate Plan?

Mayor of Miami Francis Suarez has again raised the bars regarding which city in the U.S. is going to become the countrys crypto hub.　　As U.S Cities Race To Become The Countrys Crypto Hub　　Earlier today, Suarez made an announcement on CoinDesk TV saying that the city would be staking a large portion of its native cryptocurrency, the MiamiCoin, in order to earn yield in Bitcoin. The interesting part is that he also said Miami will be giving out the free Bitcoin yield to its residents, thereby making it the first American city to do so.　　Before now, only holders of MiamiCoin had the privilege of earning any kind of crypto return ( either STX — the native crypto for the Stacks protocol on which MiamiCoin is built, or Bitcoin. But now, going by todays announcement, residents can now earn free BTC regardless of whether they hold MiamiCoin or not.　　Miami Leading The Charge Among Crypto-friendly Cities In The U.S.　　MiamiCoin has generated no less than $21 million in revenue for Miami ever since its launch on August 3, 2021, according to Suarez. The coin offers residents the unique opportunity to invest in various projects and infrastructure for the city. Although all funds received in

2021-11-12Deep Dive

51% of Generation Z and 36% of Millennials Prefer Cryptocurrencies for Salary: New Report

According to results from a recent global survey, more than half of Gen Z (born between 1997 and 2012) and more than a third of Millennials (born between 1980 and 1996) would welcome being paid in cryptocurrencies.　　 How the study was done　　The research was conducted by the deVere Group, a leading financial advisory, asset management and fintech organizations, and it surveyed more than 750 clients under the age of 42 using the deVere Crypto mobile app, capturing the opinions of participants in the U.K., Europe, North America, Asia, Africa, Australia, and Latin America. Study organizers speculate that because these two demographics are digital natives who have grown up with current technology and cryptos, theyre more willing to embrace those innovations as their financial future.　　“They‘ve been influenced by the enormous surge in tech as they came into adulthood. They are comfortable using and see the value in and massive potential of digital currencies,” stated deVere CEO and founder Nigel Green in the company’s press release and media reports. “They appear to trust an autonomous decentralized digital currency and payment system over a traditional system where legacy financial institutions and governments are in control.”　　Younger age demos are also more likely to buy

2021-11-12Deep Dive

"Dogecoin Killer" Shiba Inu to Be Listed on App of India's First Crypto Unicorn

Cryptocurrency exchange CoinDCX has announced that it will list the Shiba Inu (SHIB) cryptocurrency on its retail-friendly CoinDCX Go app on Friday, becoming the latest major trading platform to embrace the leading meme coin.　　Prior to that, SHIB was available on the platform in trade-only mode on professionally-oriented CoinDCX Pro.　　In August, CoinDCX became the very first cryptocurrency company in India to reach unicorn status after raising $90 million during a funding round spearheaded by B Capital, a venture capital fund created by Facebook co-founder Eduardo Saverin.　　It aims to onboard 50 million users after reporting 3.5 million customers three months ago.　　As reported by U.Today, ZebPay, the oldest crypto exchange in the country, added support for Shiba Inu roughly one month ago.　　In spite of its rapid growth, Indias cryptocurrency sector remains plagued by a lack of regulatory clarity.　　Yesterday, Reserve Bank of India Governor Shaktikanta Das reiterated his concerns about the cryptocurrency industry.　　The Indian government is expected to pass a modified cryptocurrency bill at the start of the winter session.　　For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

2021-11-12Deep Dive