Crypto Guides, Knowledge & Insights

TWITTER MUST ADOPT A BITCOIN DIVIDEND FOR USERS

More companies, countries and capital firms are embracing bitcoin than ever before. Notably, Jack Dorsey recently announced that Twitter would allow for users to tip other content writers on Twitter using bitcoin. This is welcome news because it shows another use case for bitcoin as a currency and pushes the world closer to “hyperbitcoinization.” However, while it is nice that Twitter is facilitating bitcoin donations through their platform, this isnt adequate. In keeping with the ethos of Bitcoin, Twitter and other social media platforms should embrace paying all of their users a bitcoin dividend for using the site.　　Twitter created its tip jar as a way to pay its content creators. It does so by allowing fans to tip their favorite content creators. Twitter is, however, a multi-billion dollar company whose value directly comes from selling its users‘ data to advertisers. While most of us are aware of how Twitter and other social media websites monetize, we rarely view ourselves as being the product that Twitter sells. We should also consider that social media companies are known for using predatory tactics to make their content more addictive and toxic, as evidenced by Instagram’s recently leaked report. As a result of this

2021-10-12Deep Dive

Bitcoin just flashed a counter-trend signal that suggests a pullback is likely as crypto

A counter-trend signal in bitcoin has Katie Stockton of Fairlead Strategies advising clients to hold off on buying the cryptocurrency for now.　　Stockton expects a two-week period of sideways consolidation that could include a 16% pullback before bitcoins long-term uptrend continues.　　“We would view any resulting consolidation as temporary,” Stockton said.　　Bitcoins 33% rally in October has catapulted the cryptocurrency into short-term overbought territory and flashed a counter-trend signal that could lead to choppy trading ahead, according to Katie Stockton of Fairlead Strategies.　　In a note to clients on Sunday, Stockton advised clients who are looking to add crypto exposure to hold off on buying bitcoin for the next two weeks after a DeMARK “13” signal flashed for bitcoin.　　The counter-trend exhaustion signal suggests a two-week consolidation phase is in store for bitcoin, which could include a pullback to its cloud support level near $US48,000 ($AU65,691). That represents short-term downside potential of 16% from current levels.　　The DeMARK sell signal was also affirmed by a downturn in the daily stochastics indicator from overbought levels, according to Stockton. But the long-term uptrend in bitcoin remains intact, leading Stockton to view any resulting consolidation as “temporary.”　　“We would liken this signal to the one that was generated in January,”

2021-10-12Deep Dive

Bitcoin ETF Could Ignite A Terrifying Crypto Market Crash, Predicts Pantera Capital CEO

The hopes of a bitcoin ETF being approved in the United States have risen recently after the U.S. Securities and Exchange Commission (SEC) chair Gary Gensler suggested he would be open to permitting futures-based bitcoin exchange-traded funds.　　As the crypto community awaits the SEC‘s decision on crypto ETF applications this month, the launch of such a product would not bode well with the price of the dormant cryptocurrency in the short term. That’s the opinion of Dan Morehead, the CEO of Pantera Capital.　　The Bear Market Is Over　　In an October 6 newsletter, Morehead observed that we are now firmly in a bull market after a short period of mayhem that entailed fears that China banning cryptocurrency transactions and mining would ruin the industry and fierce arguments on the carbon footprint of proof-of-work cryptocurrencies like bitcoin.　　Bitcoin has been on a roll since the beginning of this month. The OG cryptocurrency is currently changing hands at $56,421.34 — just a few thousands shy of the April $65,000 historic high, and some pundits foresee more gains for bitcoin in the fourth quarter of the year.　　Morehead, however, believes the potential launch of a bitcoin ETF could stop the rally dead in its tracks. A Bitcoin ETF

2021-10-12Deep Dive

Opposing Political Party Suggests One Year Delay on South Korea’s Crypto Tax Law: Report

The opposition party in South Korea wants to postpone the cryptocurrency taxation rules to January 1st, 2023.　　The People Power Party – the opposition party in South Korea – has reportedly proposed a one-year delay on the upcoming taxation rules on trading with digital assets. The lawmakers also intend to revise the tax rate percentage suggesting that investors who generate profits of more than $42,000 should pay 20%, while the initial legislation taxes gains above $2,900.　　 Not Ready for It　　According to the current propositions, South Korea will start taxing profits from trading with cryptocurrencies on January 1st, 2022. Hong Nam-ki – Finance Minister of the country – even called the move “inevitable.”　　However, South Koreas People Power Party has its objections. The Korea Herald reported that lawmakers from the party plan to propose a bill via which they could postpone the taxation rules until January 1st, 2023. Rep. Cho Myoung-hee – a Member of the opposition – explained:　　“It is not right to impose taxes first at a time when the legal definition of virtual currency is ambiguous. The intention is to ease the tax base to the level of financial investment income tax so that virtual currency investors do not suffer disadvantages.”　　The

2021-10-12Deep Dive

JPMorgan Boss Jamie Dimon Says Bitcoin Is Worthless, Questions BTC's Limited Supply

The CEO of global investment bank JPMorgan, Jamie Dimon, says bitcoin is “worthless,” questioning whether the supply of bitcoin is actually limited. He also noted that blockchain and stablecoins can be real, emphasizing that governments are going to regulate the industry.　　Bitcoin Is Worthless and Supply May Not Be Capped, JPMorgan CEO Jamie Dimon Suggested　　JPMorgan CEO Jamie Dimon reiterated his anti-bitcoin stance Monday at the 2021 Institute of International Finance (IIF) Annual Membership Meeting, which was held virtually.　　“Blockchain can be real, stablecoins can be real,” Dimon said. “No matter what anyone in the room thinks, nor what any libertarian thinks, nor what anyone thinks about it, governments going to regulate it.” He opined:　　I personally think that bitcoin is worthless.　　But, “I don‘t want to be a spokesperson. I don’t care. It makes no difference to me,” he added.　　Nonetheless, the JPMorgan boss emphasized: “Our clients are adults. They disagree. That‘s what makes markets, so if they want to have access to buy yourself bitcoin, we can’t custody it but we can give them legitimate, as clean as possible, access.”　　The JPMorgan CEO has long been a bitcoin skeptic. Earlier this month, he said bitcoin had no intrinsic value and regulators will “regulate the hell

2021-10-12Deep Dive

Is Binance seeking HQ in Dubai? These clues suggest so

After it failed to acquire regulatory approval in Singapore, World‘s largest crypto exchange platform, Binance CEO, Changpeng Zhao was spotted in Dubai, attending a meeting with the authorities. The Chinese Journalist, Colin Wu tweeted today, that many exchanges including China’s largest exchange, Huobi have been approaching Dubai to set up shop. Following Wu Blockchains lead, it can be speculated that like Huobi, Binance is also seeking to set up its Headquarters in Dubai.　　Last month, in lieu of regulatory pressure, Binance announced the suspension of spot trading, fiat purchase channels, liquid swap, and fiat deposit functions in Singapore, effective from 26th October. Furthermore, the exchange also appealed to its Singapore users to withdraw their tokens and cease their trades by the effective date.　　“As the market leader, Binance constantly evaluates its product and service offerings. We will be restricting Singapore users in respect of the Regulated Payments Services in-line with our commitment to compliance. Users in Singapore are advised to cease all related trades, withdraw fiat assets and redeem tokens by Wednesday, 2021-10-26 04:00 AM UTC (12:00 PM UTC+8) to avoid potential trading disputes.”　　Binance Regulatory Crackdown and Compliance　　Binance has suffered the regulators wrath by the Securities Commission of Singapore, which began its

2021-10-12Deep Dive

FTX U.S. Launches NFT Marketplace on Solana

FTXs U.S. arm has launched an NFT marketplace on Solana. Solana NFTs deposited on FTX US must list in SOL, whereas NFTs minted on FTX US can be listed in SOL, ETH, or even USD via bank ACH or credit card.　　FTX US, Solana Continue Growth　　FTXs U.S. arm has launched an NFT marketplace on Solana.　　Solana NFTs deposited to FTX US must be listed in SOL, whereas NFTs minted on FTX US can be listed in SOL, ETH, or even USD via bank ACH or credit card. FTX US will take a 2% fee on NFTs, as compared to the 2.5% fee on OpenSea.　　Since FTX US is a centralized, regulated exchange, NFT projects must abide by FTX US terms and conditions. Once users deposit Solana NFTs, they will either be automatically accepted or rejected. Otherwise, they will go up for review by FTX USs internal review team. Moreover, customers will have to pass either KYC level 1 or KYC level 2, depending on the dollar value of the withdrawal.　　While NFT creators will still be allowed to collect royalty fees, NFT holders cannot receive royalties. Additionally, creator royalties will be capped at 40%. By comparison, OpenSeas cap comes in at only 10%. As

2021-10-12Deep Dive

Massive Sell Order Flash Crashed Bitcoin’s Price to $51K on Bitstamp

Bitcoin tapped a fresh high during Monday mornings Asian trading session. At the time of writing, BTC prices were still close to those levels at $56,700.　　Bitcoin has posted its third weekly green candle and fourth on the daily time frame. The asset has gained an impressive 17% over the past 7 days and 31% over the past fortnight.　　However, there was a discrepancy on one popular trading venue, as pointed out by the Twitter trader “Hsaka” – a flash crash that occurred on the Bitstamp exchange. Prices plummeted to around $51K on the platform following a large spot sale, but markets elsewhere were not affected.　　A flash crash is typically described as an event in which the price of an asset drops immediately by a large percentage and spikes back up immediately. This is what transpired on Bitstamp hours ago.　　BTC stood around $55,500 before it suddenly plummeted to $51,000, as the chart below demonstrates. It bounced off just as fast. TradingView volume data shows that there were 212 bitcoins being sold at that minute, which most likely caused the sharp drop.　　Its worth noting that this is not an isolated incident in the cryptocurrency space. CryptoPotato has reported several such examples in the

2021-10-11Deep Dive

Chinese blockchain project BSN expands to Turkey and Uzbekistan

The Chinese government-backed blockchain project, the Blockchain-based Service Network (BSN), continues expanding its global presence by setting up two new portals in Turkey and Uzbekistan.　　Red Date Technology, the architect behind the BSN project, has signed an agreement with Turkish consultancy firm, Turkish Chinese Business Matching Center (TUCEM), to launch two international BSN portals in Turkey and Uzbekistan in late December 2021.　　Established in 2006, TUSEM became a major economic cooperation hub between Turkey and China. The company will be the exclusive operator of the two new BSN portals offering blockchain-as-a-service (BaaS) in Turkey and Uzbekistan.　　The new portals will allow blockchain developers in Turkey and Uzbekistan to build BaaS applications using the global BSN portal hotsing major blockchains like the Ethereum network, Algorand, Polkadot, Tezos, ConsenSys Quorum, Corda and others. The initiative aims to solve major challenges associated with developing blockchain applications, enable blockchain interoperability and cut development costs.　　“Turkey has long played a role as a bridge between Asia and Europe and so it is fitting that the first BSN portal outside of Asia will be launched there,” Red Date Technology CEO Yifan He said.　　Mehmet Akfırat, president of TUCEM and head of BSN Turkey, said that the BSNs Turkish portal will contribute

2021-10-11Deep Dive

Bitcoin creates a new ATH since May:JP Morgan says investors are replacing Gold with BTC.

The month of October has remained a very significant Month for Bitcoin since this year. Some analysts have mimicked it as “UPtober” in Crypto jargons to mark the period that Bitcoin had witnessed the highest All-time-high after the significant drop in May and followed by the last month historical September consecutive pullbacks. Just last week, Bitcoin had succeeded in breaking the strong resistance at $54,000 paving way for the creation of a new ALL-TIM-HIGH at $56,125. Observing the sudden volatility exhibited by Bitcoin since October, the US banking giant JP Morgan has revealed that Institutional investors are dumping gold as to buy Bitcoin. This seems to be suggesting that the momentum might keep increasing in the coming weeks.　　The Crypto market has experienced a great volatility since the inception of the month of October. The market prices of Bitcoin for instance has risen significantly from the low of 40k created during the historical consecutive pullbacks in the months of September to a new ALL-TIM-HIGH at $56,125. Speaking on this sudden spike on Bitcoin, JP Morgan the US banking Giant says the major reason for this; is that institutional investors are currently buying Bitcoin over gold due to the call for future

2021-10-11Deep Dive

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