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Crypto Exchange Regulation Check

BITCOIN BECOMES THE WORLD'S 8TH MOST VALUABLE ASSET

The recent surge in the price of Bitcoin has made the cryptocurrency to become the 8th most valuable asset in the world. The total market capitalization of Bitcoin hits $1.180 T as its price hits $62,944 over the weekend.　　Data received from CompaniesMarketCap revealed that Bitcoin has now surpassed Facebook, the worlds most used social media, and Tesla, the electric car manufacturer in market capitalization. Facebook has a market cap. of $915.64 B while Tesla has a market cap. of $844.52 B. Berkshire Hathaway, a company owned by the renowned investor, Warren Buffet, was also left behind as it has a total market cap of $643.50 B.　　Silver, which is currently the 7th most valuable asset in the world, has a total market cap. of $1.314 T with a price of $23.35 per ounce. Silver lost over 20% of its value as its price dropped from $28 to $22 per ounce in less than 5 months. The recent crash in the price of metals, including Gold, the most valuable asset in the world, has been due to the recent strength in the US Dollar, and most importantly the surge in the crypto market. Rumor has it that investors are pulling out their

2021-10-22Deep Dive

Bitcoin extends correction as Ethereum sees 'picture perfect' rejection at all-time highs

Bitcoin (BTC) stayed closer to $60,000 on Oct. 22 after the largest altcoin Ether (ETH) failed to cement new all-time highs.　　BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewETH all-time high？ Blink and youll miss it　　Data from Cointelegraph Markets Pro and TradingView ETH/USD just match its record $4,380 on Bitstamp before seeing a harsh rejection.　　Traders watched in anticipation as Ethereum appeared to follow Bitcoin to historic new levels, only to face immediate resistance and fall sharply back into a lower range.　　Trader and analyst Rekt Capital called the event a “picture perfect rejection.”　　At the time of writing, ETH/USD circled $4,150, preserving $4,000 as support with the exception of a flash dip which immediately followed the all-time high rematch.　　ETH/USD 1-day candle chart (Bitstamp). Source: TradingView　　Against Bitcoin, Ethereum fared better, with the ETH/BTC pair having bounced near lows last seen in late July. Bitcoin could see “additional topside euphoria”　　Having similarly failed to hold significantly higher levels, Bitcoin itself took an extended break as overheated markets cooled their excitement.　　Funding rates were returning to normal on Friday, having reached a state reminiscient of the blow-off top from April. 　　As with open interest, however, these were not as frenzied as the Q2 rush, which produced the $64,900 all-time

2021-10-22Deep Dive

Crypto-to-fiat liquidity startup Xanpool raises $27M

Cryptocurrency-to-fiat infrastructure provider Xanpool continues expanding operations in the Asia Pacific (APAC) by securing fresh funding.　　The Hong Kong-based startup raised $27 million in a Series A funding round led by Valar Ventures, the venture capital firm co-founded by PayPal co-creator Peter Thiel.　　Other participating investors included crypto-focused venture capital firm CMT Digital as well as angel investors like TransferWise co-founder Taavet Hinrikus, Xanpool announced Friday.　　Running operations in 13 countries across APAC, Xanpool is looking to further consolidate its presence in the region with new funding. Xanpool CEO Jeffery Liu told Cointelegraph that the startup operates in countries like India, Hong Kong, Philippines, Singapore, Thailand, Indonesia, Australia, New Zealand, and Japan.　　“In the coming quarter or two, we are primarily expanding our services into a few more APAC countries. As well as consolidating our hold in existing markets,” Liu noted.　　Since its launch in March 2019, the platform has so far amassed over 500,000 users and 400 business partners, according to the announcement. “By the end of 2022, we aim to have grown our user base by 20x to 10 million users across the APAC,” the CEO said.　　XanPool is a peer-to-peer crypto-to-fiat platform and a liquidity network relying on the liquidity of its participants.

2021-10-22Deep Dive

Top Cardano Projects to Watch Out for in Q4 of 2021

Cardanos smart contract functionality is attracting the hottest projects in DeFi to the blockchain. 　　With 100 DeFi projects already on the blockchain, Cardano is becoming a hotspot, with over 2,300 more waiting to be deployed. 　　Sundaeswap, Cardanos decentralized exchange, looks set to battle Uniswap and PancakeSwap alongside its Cortex and Liquid. 　　Cardano is on the verge of another massive run as more projects deploy to the blockchain. Could its price hit $5 in the future？　　Third generation blockchains were developed to rival Bitcoin and Ethereum. Cardano is the top-rated third-generation blockchain and has been dubbed an ETH killer. From its Byron development stage, Cardano has caught the eye of developers because of its robust roadmap and functional utilities.　　The Ethereum blockchain, which has led the DeFi wave due to being the first to incorporate smart contracts, has over 3,500 DeFi solutions. However, due to scalability issues with the chain, developers are now switching to other chains, and with the launch of Alonzo, Cardano has set the stage to finally challenge Ethereum.　　Smart contract functionality has been huge for Cardano, which was a peoples favourite. With speed, decentralization, global reach, and top-notch security, Cardano is set to rival Ethereum and become the hub of

2021-10-22Deep Dive

That Tungsten Company is Auctioning Its largest-ever cube as an NFT

A key manufacturer feeding crypto‘s twitter’s tungsten craze is auctioning off an NFT tied to the largest tungsten cube its ever made.　　The NFTs title says it all: “The Tungsten Cube - 14 inch, ~1,784 lb cube held in Willowbrook, Illinois, USA by Midwest Tungsten Service.” Bidding on OpenSea begins Friday, e-commerce director Sean Murray told coindesk.　　According to the description on OpenSea, the NFT grants its holder once-a-year visiting rights for the super-dense cube.　　The NFT is the latest twist in a week-long meme saga that turned a sleepy metals manufacturer into crypto twitters unlikely celebrity…. And all because of super-dense cubes　　Traders and journalists and tweeters and moonbois have all been acquiring these desk tchotchkes for hundreds of dollars or more. (Full disclosure: this reporter has his own Midwest 1-incher. Its surprisingly dense!)　　Keeping the 14-inch cube at Midwest Tungsten HQ might be out of necessity.　　Murray previously told CoinDesk that Midwest Tungsten was considering creating a supremely heavy cube but wasnt sure how to get transportation squared away.　　Hed also sworn to keep Midwest Tungsten focused on the metals and not NFTs. But a week of surging sales changed the calculus.　　“I wanted to let you know first that we‘re going to try an NFT.

2021-10-22Deep Dive

Dogecoin Adoption in the US Supercedes Bitcoin and Ethereum, According to New Crypto Survey

The adoption rate of Dogecoin (DOGE) in the US is nearly double that of the rest of the world, according to a new survey from the Australian publication Finder.　　The survey polled 41,645 individuals in 22 countries and found that nearly a third of all cryptocurrency holders in the US own Dogecoin.　　“Of those that own crypto, Dogecoin sees its highest adoption in the United States with 30.6% of crypto owners saying they own Dogecoin. This is 1.6 times the global average adoption rate of 19.2%.”　　The Finder survey says that Cardano (ADA) enjoys the highest popularity in Australia, where more than a quarter of the countrys adult crypto holders own ADA.　　“Cardano sees its peak in adoption in Australia, where 26.3% of the online population who own crypto say they have Cardano, which is 1.4 times the global average adoption rate of 18.5%.”　　Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) enjoy the highest adoption rates in Asia.　　More than three-quarters of Japanese crypto holders own BTC, while over half of Singaporean crypto holders possess ETH. Slightly more than a quarter of Indonesian crypto holders have BNB.　　Bitcoin has the highest adoption in Japan with 76.7% of adults who own crypto saying they own Bitcoin. This

2021-10-22Deep Dive

Treasury official acknowledges most crypto transactions are 'legitimate'

Wally Adeyemo, the Deputy Secretary of the United States Department of the Treasury, said the department would likely be enforcing more sanctions on companies involved in illicit transactions related to ransomware payments.　　Speaking at an online event hosted by the Center for a New American Security with former Treasury Secretary Jack Lew and Ambassador Paula Dobriansky, Adeyemo said the U.S. government would likely be dipping into its toolbox by employing sanctions when criminals threaten national security interests. He specifically mentioned “crypto exchanges or mixers that are fundamentally in the business of furthering cybercriminals” as possible targets.　　“Our view is that the vast majority of digital assets are being used for legitimate purposes, but for those that are primarily in the business of furthering criminal enterprises, we plan to use our tools to go after them,” said Adeyemo. “We also have to admit to ourselves that ultimately the growth of digital assets is a challenge that we have to address when it comes to our sanction regimes.”　　Adeyemo added any investigations into illicit crypto sanctions would include collaboration with the FBI, the intelligence community and other agencies. His comments come following an Oct. 18 report saying the department needed to do more to develop

2021-10-22Deep Dive

JP Morgan Claims This is the True Catalyst For Ongoing Bitcoin ($BTC) Price Surge

Bitcoin ($BTC) price recorded a new all-time-high near $67K yesterday, taking Bitcoin‘s market cap to $1.25 trillion. The bullish price surge was largely attributed to the record-breaking ProShares Bitcoin Futures ETF ($BITO) debut. However, JP Morgan strategists believe otherwise. According to a report by Bloomberg, JP Morgan strategists see growing inflation as the key catalyst behind $BTC’s price surge.　　“By itself, the launch of BITO is unlikely to trigger a new phase of significantly more fresh capital entering Bitcoin,” wrote strategists including Nikolaos Panigirtzoglou, referring to the ProShares Bitcoin Strategy ETF. “Instead, we believe the perception of Bitcoin as a better inflation hedge than gold is the main reason for the current upswing, triggering a shift away from gold ETFs into Bitcoin funds since September.”　　JP Morgan said that investors are looking for a better inflation hedge than gold and that‘s why BTC’s demand has soared in the recent past. The strategists also cited the example of plenty of ETF options already available in the market before the $BITO launch and also claimed the hype around the first Bitcoin Futures ETF would die down soon.　　JP Morgan claiming BTC is a better inflation hedge than gold came as a surprise to many given

2021-10-22Deep Dive

Associated Press Will Serve as Chainlink Data Source

Associated Press, also known as AP, has announced that it will provide data to Chainlinks decentralized oracle network.　　AP Will Provide Election and Sports Data　　AP will provide Chainlink with datasets related to U.S. election calls, economics, sports outcomes, and business financials.　　In order to do so, AP will run its own Chainlink node, which will allow it to securely provide data to the network. Through cryptographic signatures, users who buy access to that data will be able to verify that the data is authentically from AP.　　Chainlink suggested that this data is mainly useful for investors who want to automate their trading activity, executing their trades as soon as news is released to the public.　　Dwayne Desaulniers, AP‘s director of blockchain and data licensing, called Chainlink “the ideal way to provide smart contract developers” with on-demand access to its data. “Chainlink allows this information to be compatible with any blockchain,” he concluded, drawing attention to the platform’s interoperability features.　　The news was announced via a press release today.　　One of Chainlinks Most Notable Providers　　AP is a major news organization and was founded in 1846, making it one of Chainlinks most notable providers to date. Chainlink also works with dozens of other companies, including Binance and CoinGecko,

2021-10-22Deep Dive

Nearly Half of Brits Support Banning Bitcoin

According to a recent poll published by British data analytics firm YouGov, 45% of Britons are in favor of banning cryptocurrencies in order to fight climate change.　　Unsurprisingly, the survey shows a generational divide over the issue. While 63% of over-65s support the ban, only 21% of Brits aged between 18 and 34 share their sentiment.　　More Conservative voters are in favor of the ban compared to Labor voters (55% and 44%, respectively).　　British women are two times less likely to be against prohibiting crypto than men, although gender-based differences are not that evident among those who support the crackdown.　　 A hot-button issue　　While naysayers have been decrying Bitcoins energy consumption for years, the problem is becoming more acute over time as the network continues to grow. The top cryptocurrency now requires more energy than Argentina, fueling charged debates about the viability and utility of mining.　　Even some of those who became rich because of Bitcoin are now critical of its environmental impact. As reported by U.Today, a German software engineer donated €1 million in Bitcoin to the German Green Party, claiming that it is harmful to the planet.　　Yet, even Bitcoin critics agree that putting the clamps on crypto will not do much to avert

2021-10-22Deep Dive
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