Crypto Guides, Knowledge & Insights

BlockFi Jumps Into Bitcoin ETF Race

Cryptocurrency lender BlockFi has filed with the U.S. Securities and Exchange Commission to launch a futures-based Bitcoin exchange-traded fund in the U.S.　　If approved, its shares will be trading on Cboe BZX Exchange.　　The fund will not invest directly in Bitcoin:The fund seeks to invest in bitcoin futures so that the total value of the bitcoin to which the fund has economic exposure is equal to approximately 100% of the net assets of the fund.　　A slew of analysts expects the SEC to finally approve a futures-based Bitcoin ETF this October.　　As reported by U.Today, the agency might simultaneously greenlight four applications by the end of the month.　　In July, BlockFi appeared in regulatory crosshairs, with multiple states accusing it of offering unregistered securities.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2021-10-09Deep Dive

SEC May Approve Four Bitcoin ETFs in Late October: Bloomberg

A recent Bloomberg article reminds readers that the time is fast approaching when the U.S. Securities and Exchange Commission, helmed by Gary Gensler, needs to approve or reject a set of application filings for Bitcoin ETFs.　　However, these applications were filed in a format that may be favored by the SEC. Earlier this year, SEC chairman Gensler stated that applications for Bitcoin ETFs must be submitted under the Investment Company Act of 1940 in order to protect investors.　　Several Bitcoin futures ETFs were submitted this way. Among them were filings from Invesco, VanEck and Mike Novogratzs Galaxy Digital.　　Bloombergs ETF expert, James Seyffart, stated that he is pretty bullish that these ETFs will be approved. Senior strategists at Bloomberg, Eric Balchunas (ETFs) and Mike McGlone (commodities), are also positive that ETFs are likely to be approved in late October: dates for consideration are 10/18, 10/19, 10/25 and 11/1.　　Source: Bloomberg　　The highest odds of approval, according to the Bloomberg article, are 50:1 for Galaxy Digitals ETF and 20:1 for VanEcks ETF.　　For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

2021-10-09Deep Dive

Amount of ETH held by miners reaches highest level since 2016

The amount of Ether (ETH) that is being held by miners has reached record levels in terms of United States dollars, as they remain reluctant to sell.　　The balance held by Ether miners is the largest it has been since shortly after the network was launched five years ago. When converted into USD, it is at a historic peak of $1.85 billion, according to data provided by analytics platform Santiment.　　The firm stated that the 532,750 ETH is the largest balance held by miners since July 13, 2016. The amount equates to around 0.45% of the total circulating supply of Ethereum, which is currently 117.8 million ETH.　　Ethereum miner balances and price. Source: Santiment　　Miners usually sell the asset regularly to cover expenses, which include electricity and hardware costs. A reluctance to sell suggests that miners could be holding out for further price increases.Hash rate not hit　　The Ethereum hash rate, which is often viewed as a reflection of network health and security, slumped during the miner exodus from China along with Bitcoin‘s. Ethereum’s hash rate fell to 477 terahashes per second (TH/s) in late June but has fully recovered over the past three months and surged to new peaks. It is currently up 150%

2021-10-08Deep Dive

Magic Internet Money races past $1B, sets sights on MakerDao

Abracadabra Moneys stablecoin Magic Internet Money (MIM) has surged past a $1 billion total supply this month as the project works to provide competition to MakerDAO.　　Abracadabra is a cross-chain stablecoin lending protocol that operates on Ethereum, Binance Smart Chain (BSC), Fantom, Avalanche, and Arbitrum. Along with MIM, the project also has a SPELL governance token which can be staked on the protocol.　　The project describes itself as a “spell book” that enables users to provide collateral via interest-bearing bearing tokens such as yvUSDC, xSUSHI and to borrow the MIM stablecoin against their tokens.　　“To reverse the spell, the caster simply returns the conjured MIMs to the spell book. Then the magically locked interest-bearing tokens are released,” the website reads.　　Interest-bearing tokens such as xSUSHI provide the hodler with a cut of the fees from the decentralized exchange (DEX) SushiSwap.　　Abracadabra launched in May, and according to Coingecko, MIM has surged to seventh on the stablecoin rankings with a market cap of $1.14 billion at the time of writing.　　While MakerDAO‘s DAI stablecoin currently sits at fourth with a market cap of $6.4 billion, MIM’s meteoric rise suggests that it could provide strong competition to the popular platform soon.　　By contrast, DAI was launched back in December

2021-10-08Deep Dive

Elon Musk Tweet Sends Shiba Inu Coin Up 30%

Elon Musks latest tweets have rocked the crypto market yet again. The 50-year-old CEO of Tesla shot the Shiba Inu coin up by 30% after posting pictures of his dog, Loki.　　Loki is the same breed of dog as the coins namesake–Shiba Inu– and has been known to drum up activity in the crypto market ever since Musk announced that he had adopted him.　　Loki and the Shiba Inu breed are linked to dog-themed tokens that became highly popular after Musk spearheaded the success of the “meme” token Dogecoin.　　The burst of attention Musk has directed towards the Shiba Inu coin has launched it into a top 20 spot in the current cryptocurrency rankings. The rankings are determined by market capitalization, and Shiba Inu has reached an astonishing $10 billion in just this last week. Thats triple its valuation before the pump.　　Shiba Inu was widely perceived by investors as a desperate attempt to catch some of Dogecoins meme success, causing some of them to dismiss it as frivolous. But its recent ascent in the market has got everyone paying attention.Shibu Inu coin triples in value in latest ‘doge’ success story　　The coin is also known as SHIB, and aspires to be an Ethereum-based alternative

2021-10-08Deep Dive

Cardano Looks Poised to Break Out, $2.80 in Target

Key Takeaways　　Cardano has risen by more than 10% in the last few hours to reach a high of $2.38.　　Ardanas partnership with Elrond could have contributed to the spike in upward pressure.　　If buy orders continue to pile up, ADA could rise to $2.83.　　Cardano looks like its ready to enter a new uptrend after breaking out of a consolidation pattern, fueled by strong fundamentals and rising buying pressure.Cardano Ready to Surge　　Cardano looks primed to make a run after overcoming a significant resistance barrier.　　It appears that Adana‘s new partnership with Elrond could have encouraged investors to jump back into the market. Cardano’s decentralized stablecoin hub aims to make EGLD one of the first cross-chain assets to collateralize stablecoins on the platform by bridging both ecosystems. The goal is to enable interoperable token transfers and cross-chain smart contract functionality.　　As the utility of the Cardano network expands, ADA appears ready to advance higher. The fourth-largest cryptocurrency by market cap appears to have broken out of a symmetrical triangle on its four-hour chart.　　Although Cardano has surged nearly 6% since the breakout occurred, it still has more room to rise. The height of the triangles y-axis suggests that ADA could surge by another 19% from the recent

2021-10-08Deep Dive

Ray Dalio Says Bitcoin Has Stood the Test of Time – But Crypto May Face Future Headwinds

Ray Dalio is saying that Bitcoin (BTC) has stood the test of time, but believes that the overall crypto market still faces challenges ahead.　　In a new interview with CNBCs Andrew Ross Sorkin, the Bridgewater Associates hedge fund founder explains why the benchmark crypto is a viable alternative currency.　　It has a limited supply, and as long as its accepted for payments and has a limited supply, if the demand grows more than the supply grows, it goes up and it serves that purpose.　　It‘s done a heck of a job of programming, stood the test of time, meaning it hasn’t been hacked, and so on. So it‘s a viable alternative. I think most of the people would say, is it a store hold of wealth that’s limited in supply and maybe not controlled？ Is it a viable alternative to a fiat currency？　　The billionaire says he owns more gold than crypto and recommends that investors do not focus on just Bitcoin or gold. He says that portfolio diversification can mitigate risks in case some assets face headwinds in the future.　　Let me tell you… crypto can go [away] like that, meaning governments can regulate it, outlaw it, or it can be traced…　　Governments dont want

2021-10-08Deep Dive

The Financial System Is In 'An Age of Disruption,' BIS Official Admits

Both the world and the financial system as we know it is in “an age of disruption.” But instead of letting “disruption run its course,” central banks should “harness the power of innovation” so that the best elements of the current financial system can be preserved, according to Benoit Cœuré, head of the Bank for International Settlements (BIS) Innovation Hub.　　Speaking at the Geneva Conference on the World Economy in Geneva, Switzerland on Thursday, Cœuré said that “cryptocurrencies, the rapid rise of decentralized finance (DeFi), and digital ID systems” are all disrupting legacy systems at the moment.　　And although the BIS official admitted that new technologies “can foster greater efficiency,” he also said that they have the potential to spawn “financial instability, loss of privacy, and financial exclusion.”　　However, despite his claims, decentralized cryptocurrencies, such as Bitcoin (BTC) might do the opposite and offer greater financial privacy and inclusion.　　In either case, more specifically, Cœuré pointed to the risks he sees from stablecoins, and in particular so-called “global stablecoins” such as Facebooks Diem project.　　“They are promoted as a way to provide faster and cheaper cross-border payments and deeper financial inclusion. And they do,” Cœuré said, before warning that they also “pose significant risks:”　　“They can

2021-10-08Deep Dive

Bank Of America Says $2 Trillion Crypto Market Is ‘Too Large To Ignore’

Digital assets are fast becoming an integral part of financial systems worldwide, a fact that can no longer be overlooked. This is according to a new report dubbed “Digital Assets Primer: Only the first inning” released by the Bank of America (BofA).　　The Bank noted that the digital asset class had grown and now represented an over $2 trillion market with over 200 million users, figures that had the strength to impact and transform major industries around the globe by improving efficiency and addressing the challenges bedeviling existing financial models. The bank also noted that there was a spike in companies forming within this new ecosystem with a focus on digital assets.　　BofA which is the second-largest bank in the U.S. by assets has in the past been taking notable leaps into the now over $2 trillion worth cryptocurrency ecosystem providing various investment options in a variety of digital assets including tokens, De-Fi investments, stablecoins, NFTs, and Central Bank Digital Currencies (CBDCs) which it believes could replace fiat.　　According to Alkesh Shah, the banks head of Global Cryptocurrency and Digital Asset Strategy “Bitcoin is important, but the digital asset ecosystem is so much more. Our research aims to explore the implications across industries

2021-10-08Deep Dive

Seoul to Hold Firm on Crypto Tax Launch, Suggests NFT Tax May Follow

The South Korean government is set to push ahead with its plans to roll out crypto tax in 2022 and could go on to tax non-fungible tokens (NFTs). Moreover, Seoul looks to be unshakable in its hardline policies, despite public pushback – while experts are warning USD 3.1bn worth of crypto is at risk if the three dozen or so non-big four crypto exchanges are allowed to go bust.　　A number of online petitions have called on the government to reverse its bid to begin taxing crypto trading profits at a flat rate of 20% from January 1.　　Seoul will order tax filings from anyone earning over USD 2,100 a year from crypto trading, a figure far lower than the USD 42,000 threshold for tax-free stock market trading profits on KOSDAQ-listed companies. Opposition MPs, members of the ruling Democratic Party, and traders have all called for either a review or a delay until 2023, but the government says it will not budge.　　The nation‘s Finance Minister and Deputy Prime Minister Hong Nam-ki told the National Assembly’s Planning and Finance Committee that he believed that crypto tax will go ahead as planned in January, and even justified the reason for the discrepancy with stock

2021-10-08Deep Dive

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