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Crypto Exchange Regulation Check

Bitcoin (BTC) hashrate rose by over 30% since July. Here’s what it means.

Despite Chinas hostility towards the Bitcoin mining space earlier in the year, the hashrate of the digital asset has increased a great deal within the last 3 months by over 30%.Bitcoin hashrate is getting stronger　　In July, Bitcoins hashrate was as low as 103 exahash per second (EH/s), but as of press time, it has risen by around 32% to the current 137 EH/s. Notably, between July and now, the hashrate of the digital asset also got as high as 189 EH/s mark.　　Then, the Bitcoin hashrate was massively hit by Chinas policy which forced many data centers outside of the Asian country. However, many of the Chinese miners have since migrated to countries with greener energy sources and that has led to the decentralization of Bitcoin mining away from the Xi Jinping-led country.　　Youll recall that we reported that Russia, Kazakhstan, and the United States are now the most preferred locations for many of the crypto miners who left China.　　With many of the hitherto offline miners now back online, Bitcoin mining hash power has been able to surge over 160 EH/s close to nine times and it has also gotten over the 180 EH/s once.　　Apart from that, with the value of BTC

2021-10-26Deep Dive

Byron Bay to Become Australia’s Bitcoin Mining Hub: Report

The potential bitcoin mining center, employing renewable energy, could become the largest such facility in Australia.　　The Nasdaq-listed company Mawson Infrastructure Group reportedly inked a partnership with Quinbrook Infrastructure Partners to set up one of Australias largest bitcoin mining operations. It will be located in the beachside town – Byron Bay – and will use 100% renewable energy.　　Australia Aims at Green BTC Mining　　Apart from being one of the leading touristic hotspots in Australia, Byron Bay could also become the center of the countrys bitcoin mining. A recent report reads that the new facility, seeing the light of day thanks to Mawson Infrastructure Group, will add around 0.4 exahash to global cryptocurrency mining.　　Quinbrook Infrastructure Partners – a US private equity firm that invests in low carbon and green initiatives – will use renewable energy for mining.　　“That was key in the deal, that we were willing to do that curtailment at peak network load times. Our ability to just turn on and off reduces overall power costs and allows us to put more power back into the grid at the right time.” – explained James Manning – Chief Executive of Mawson Infrastructure.　　Interestingly, the news came days after the Senates Committee on Australia as

2021-10-26Deep Dive

Telsa hints it may soon resume support for crypto payments

Tesla, the majo electric vehicle manufacturer headed by Dogecoin proselytizer Elon Musk, has hinted that it may soon look to restore support for crypto payments.　　In a September quarterly filing with the U.S. Securities and Exchanges Commission (SEC), the firm stated it “may in the future restart the practice of transacting in cryptocurrencies,” suggesting Tesla is eying resuming support purchases made using digital assets.　　The company also expressed its long-term belief in crypto assets as a store of value and means of payment, stating:　　“We believe in the long term potential of digital assets both as an investment and also as a liquid alternative to cash.”　　Tesla previously accepted Bitcoin as payment for electric vehicle purchases between January and March of this year. The move came as part of a broader Bitcoin embrace from Tesla, with the firm also investing $1.5 billion worth of its treasury into BTC during the first quarter of 2021.　　However, support for Bitcoin was quickly shelved after the firm faced criticism for supporting BTC despite perceptions that proof-of-work mining has a negative impact on the environment.　　In June, CEO Elon Musk indicated that Tesla would consider resuming support for Bitcoin payments once at least half of the Bitcoins network hash rate

2021-10-26Deep Dive

American Express CEO Says He Views Crypto as Gold

During his appearance on Yahoo! Finance, American Express CEO Stephen Squeri said that he views crypto as a gold-like asset class:　　“You know, I sort of view it as gold.”　　Squeri doesnt see cryptocurrencies succeeding as a means of payment, claiming that volatility will hinder their success.　　In addition, he points to the fact that crypto holders do not get dispute rights, rewards or the ability to extend credit. This is why American Express has no plans to launch a cryptocurrency-linked credit card, according to Squeri:　　“Probably not going to see an Amex crypto-linked card anytime soon.”　　His reasoning is that credit cards are not normally used for buying stocks or gold.　　Squeri added that his company has dabbled with stablecoins. In addition, American Express is closely watching the most recent developments in the realm of central bank digital currencies (CBDCs).　　Earlier today, Mastercard announced a partnership with Bakkt, a cryptocurrency subsidiary of the Intercontinental Exchange. The tie-up will make it possible to integrate crypto into the payments giants merchant and bank networks.　　The shares of Bakkt, which went public on Oct. 18, skyrocketed more than 200 percent on the news.　　For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

2021-10-26Deep Dive

Data: Shiba Inu (SHIB) whales are responsible for 300% price jump

Data from behavioral analytics firm Santiment suggests Shiba Inu whales are behind every one of the price pumps since $SHIB first took off this month.　　By overlaying price with transaction counts greater than $100,000, they noted spiking transaction counts (over $100,000) were followed by increases in the price of $SHIB.　　“But keep an eye on $SHIBs whale transactions exceeding $100k. When these transactions come in bunches, price rises generally follow.”　　While token holders stand to benefit from this support, it begs the question of whether Shiba Inu is highly manipulated and what happens if the whales decide to move on.Is Shiba Inu winning over the skeptics？　　Shiba Inu has had tremendous growth since the start of this month. But the project still faces a great deal of skepticism mainly because its one of the hundreds of Dogecoin clones out there – albeit the most successful one to date.　　Theres also the matter of its one quadrillion (1,000,000,000,000,000) total token supply, which investor Michael Burry said makes it a “pointless” investment choice due to the sheer dilution of market cap.　　Nonetheless, proponents say Shiba Inu is much more than a meme coin. They point to its expanding ecosystem, which already includes a DEX, NFT support, governance protocols,

2021-10-25Deep Dive

Crypto betting app Polymarket reportedly hit by CTFC probe

Crypto-based betting application Polymarket is said to be facing an ongoing probe by the US Commodity Futures Trading Commission (CFTC), the countrys derivatives and futures markets regulator.　　A Bloomberg report states the CFTC has launched an investigation on the firm for allegedly breaking the regulatory financial laws of the US. Additionally, Polymarket is also under scrutiny for unlawfully letting customers trade swaps.　　Polymarkets spokesperson has issued a confirmation that the firm will commit to complying with the laws prescribed by the CFTC and will assist the regulator in solving all their queries and related inquiries. The Commodities Futures and Trading Commission has however declined to comment on the concerned topic.The factor of social value　　Polymarket founder Shaun Coplan has asserted that it‘s not only offering bettors to make good money, but it’s also providing “accurate forecasts of events via price discovery. ” Coplan has also stated that this type of data can be of “tremendous social value.”　　According to two anonymous people with knowledge of the concerned matter, Polymarket is currently in talks with potential investors for a new funding round that can shoot up its market price to a striking $1 billion. The company has also facilitated shares worth 4 billion since its

2021-10-25Deep Dive

Power to the People: What Happens When a Social Media Platform is Decentralized?

Democracy has been a hot topic for the last few years. For some, it‘s a right that is appreciated and cherished. For others, it is a dream they someday hope to experience. In the US, there is growing unrest that “democracy” can take many forms, and the current one doesn’t actually represent the people. This may seem contradictory at first, but America is a representative democracy, not a direct democracy. For an office as important as the Presidency, this means that voters elect representatives, who then select (in a not well-understood way) the electoral college, who then selects the winning candidate. This is the same process used for a very long time, but was set up because direct voting was complicated two centuries ago; ironically, today direct voting is arguably much more simple than the several layers of representatives. And given that in the last few decades there have been several incidents where the electoral college did not represent the popular vote, this has left a sour taste for a society that considers voting a basic right.　　This isn‘t an essay on the American voting system. But it is a prime example of what can happen when the community loses—or even

2021-10-25Deep Dive

Coming To America: Bitcoin & A New Approach

Over the past years, Bitcoin has raised concerns on the environmental impacts of crypto mining, and as the Lightning Network and other crypto innovations come to life, the time has come when they have figured out some solutions to the question… how will Bitcoin work when environmental impacts are mitigated？“Crypto Has A Carbon-Intensity Problem”　　Paolo Natali, principal at the Rocky Mountain Institute‘s Climate Intelligence program, has said that “crypto has a carbon-intensity problem.” This has been a common sentiment for a several years now, as we learn more about the process and impacts of mining these coins. People are now becoming more involved with environmental projects, and this wall has posed a threat for many crypto tokens, bitcoin included, when Elon Musk called them out via his Twitter page. Elon has spoken his mind about how he sees crypto as a beautiful idea, but one that still is conducive to substantial unknown harm to thee environment. Musk’s comments hold weight, as his impact on tokens like DOGE have been notable; lets just say that Musk has pull in todays younger generation regarding what to invest in.　　Some of Bitcoin‘s mining companies are started to shift to energy-friendly practices before things get too

2021-10-25Deep Dive

BITCOIN BREACHES ITS ALL-TIME HIGH, BUT THERE’S PLENTY MORE TO GO

SUMMARY OF THE WEEK　　It isn‘t every week that bitcoin sets a new all-time high, so this week was filled with celebration, especially as the first two bitcoin ETFs in the U.S. launched, sending retail investors into a buying frenzy as the green candles continue. With inflation in some of the world’s biggest economies on a rise, economies struggling to overcome the burden caused by the COVID-19 pandemic and the continuing noise from the money-printers in central banks across the world, bitcoin is poised to break out even more than it has this week. Lets take a look at what happened this week in Bitcoin:THE BULLISH ETF NEWS AND MORE　　As the market prepared for the ProShares bitcoin ETF to launch on Tuesday, Monday set the industry abuzz. Grayscale announced plans on Monday to convert their entire $38 billion GBTC bitcoin fund to an ETF as soon as next week, should the SEC approve it by then. Billionaire Carl Icahn said inflation could prove bitcoin‘s value, as if nothing has happened over the last decade to prove bitcoin’s value!　　Tuesday had everyone talking as the first U.S. bitcoin ETF launched to much fanfare, hitting $250 million in trades within the first 15 minutes,

2021-10-25Deep Dive

Stablecoin crypto Diem shuns its Facebook connection

Diem, a Facebook-backed crypto project, has responded to attempts by the United States Senate to shut the launch of its Novi wallet by distancing itself from the social media giant.　　The crypto project, yesterday, launched the Novi wallet which would “help people send and receive money abroad instantly, securely, and with no fees.” However, this was met with stiff opposition from the US lawmakers who wrote an open letter to Mark Zuckerberg to discontinue the digital wallet project.　　In the letter signed by members of the U.S. Senate Banking Committee, they revealed that this is their “strongest opposition to Facebooks revived effort to launch a cryptocurrency and digital wallet,” while urging Facebook “to immediately discontinue Novi pilot and to commit that you will not bring Diem to market.”　　Interestingly, the Novi wallet launch continued despite the hostilities from the senate as it is currently listed on Apple and Googles app stores for download.Diem says it is not Facebook　　Diem in its response to the letter by the Senators stated that the legislators might have misunderstood “the relationship between Diem and Facebook.” While also revealing that the social media entity and the crypto project were two entirely different organizations.　　According to the press release, “Diem is

2021-10-25Deep Dive
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Crypto Exchange Regulation Check

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