Crypto Guides, Knowledge & Insights

Bitcoin Miners Send An Unusual Amount Of Coins To Exchanges

The indicator of relevance here is the “miner netflow.” This metric shows the net amount of coins that miners have been sending to exchanges.　　When the miner netflow turns negative, it means they are withdrawing more coins to personal wallets than they are sending to exchanges. Such behavior would imply they are bullish on the price and feel buying pressure.　　On the other hand, positive values of the indicator show that miners are sending more Bitcoin to exchanges than they are withdrawing. Such values usually mean there is an increase in the selling pressure among them.　　Now, here is a chart showing the trend in the metric over the last few years:　　As the above chart shows, the netflow is showing a very large positive spike. Such a value of the metric is unprecedented for Bitcoin.　　Miners moving around their coins can have visible effects on the cryptos price as they are, after all, the original whales.　　Normally, a big amount of coins being dumped on exchanges would lead to a dip in the price of Bitcoin. While BTC being pulled off exchanges would have the opposite effect.　　But there seems to be an interesting trend that occurs with miner netflows. During the 2017 and 2021 bull

2021-10-08Deep Dive

Russia Considers Imposing Legislative Restrictions on Crypto: Report

The Russian authorities plan to protect investors from potential risks related to dealing with digital assets by reportedly implementing regulations.　　State Duma – the lower house of the Federal Assembly of Russia – believes cryptocurrencies can be a highly dangerous financial tool for private investors. As such, the authorities intend to implement a regulatory framework on trading with them, a recent report claimed.　　Does Russia Need to Regulate Cryptocurrencies？　　According to local coverage, the Russian government reiterated its negative opinion on dealing with digital currencies. Anatoly Aksakov – Head of the Duma Committee on the Financial Market – opined that the asset class could bring significant profits to investors. Still, at the same time, it can be highly dangerous, which is why lawmakers should impose specific rules:　　“Digital assets are the topic of our close attention, and here we will look at how to maximally protect our citizens when investing in digital currencies and digital assets, because there is a new tool, and it is quite difficult for an unskilled investor. We certainly need to provide specific legislation to protect a non-professional investor from ill-considered investments in digital currencies.”　　Anatoly Aksakov, Source: TASS　　On the other hand, Alexander Abramov – a top executive at the Institute

2021-10-08Deep Dive

George Soros' Fund Holds Bitcoin, CEO Says Cryptocurrency Has Gone Mainstream

Soros Fund Management, founded by billionaire investor George Soros, has invested in bitcoin. The CEO of the asset management company says bitcoin is not just an inflation hedge: “I think its crossed the chasm to mainstream.”　　Soros Fund Managements CEO Says Bitcoin Has Gone Mainstream　　Soros Fund Management, the asset management company founded by billionaire investor George Soros, has invested in bitcoin, the funds CEO, Dawn Fitzpatrick, revealed in an interview with Bloomberg, published Tuesday.　　Fitzpatrick is both the CEO and chief investment officer (CIO) of Soros Fund Management. She is the first person to hold both titles.　　Discussing inflation, she said, “If you watched gold in September, it was down 5% so I think the fear of the debasing of the U.S. dollar has receded to a degree.” In addition, she noted, “The IMF just came out with kind of reserve currency balances and the U.S. dollar has stopped losing ground.”　　Nonetheless, bitcoin is trading above $50K. Commenting on the rapid rise in the price of BTC, Fitzpatrick opined: I am not sure bitcoin is only viewed as an inflation hedge here. I think it‘s crossed the chasm to mainstream. Cryptocurrencies now have a market cap of over $2 trillion. There’s 200 million users

2021-10-08Deep Dive

Arcane Research predicts 700 million Lightning Network users by 2030

The research unit of Arcane Crypto predicts the Lightning Network will go parabolic as adoption of the Bitcoin layer-two payment protocol ramps up over the decade.　　Arcane Research published the “State of Lightning” report on Oct. 5, and analyzed the Lightning Network in terms of current capacity, wallet payment volume, the growing rate of adoption, and the switch from online services to everyday usage.　　The report provides ambitious estimates for the future of the Lighting Network, such as 90% of Salvadorians over the age of 15 having access to Lightning payments by 2026, and 50 million Lightning users, representing $17 billion in annualized payments, for things like remittances and household expenditure by 2030.　　Arcane sees gaming and streaming video and audio as a major use case for Lightning with streaming companies such as Spotify or Netflix able to utilize the network for micro-transactions to offer pay per minute, or persecond streaming services, representing an “enormous” chance to onboard new Lightning users.　　It forecasts 700 million users in these categories by 2030. Using an estimate of 1 hours per day on these services, and 25% of the time spent on those with Lightning payments, Arcane assumes there will be one micro-transaction per second:　　“Our estimate then

2021-10-08Deep Dive

Mike Novogratz Predicts That Bitcoin Will Match Gold's Market Cap in a Few Years

During his Oct. 7 appearance on CNBC, Galaxy Digital CEO Mike Novogratz predicted that the market cap of Bitcoin would surpass that of gold in a few years:　　“I think it will continue to be adopted, and it will take more and more of golds market cap. Right now, it is about 12% of gold. I think it will get to 100% over a few years.”　　As reported by U.Today, the market cap of the bellwether cryptocurrency reclaimed the $1 trillion mark on Oct. 6.　　As for Ethereum, the cryptocurrency mogul says that the second-largest cryptocurrency will have to compete with the likes of Solana, Algorand and other cryptocurrencies that are part of the technology play.　　Earlier today, American investment management company Invesco announced the launch of two cryptocurrency-themed exchange-traded funds (ETFs) in partnership with Novogratzs Galaxy Digital. They track the stocks of companies that mainly derive their revenue from crypto- and blockchain-related businesses.　　Novogratz is also certain that Americas securities regulator will approve both Bitcoin and Ethereum ETFs, but he refrained from making specific predictions about when this will become a reality:　　“I do think will finally get off the stick and we will have a U.S. ETF in both Bitcoin and Ethereum. I am

2021-10-08Deep Dive

JPMorgan Names 3 Reasons Why Bitcoin Recently Hit $55K

U.S. banking giant JPMorgan has outlined some of the key reasons behind Bitcoins recent rally to a multi-month high of $55,793 in its recent report cited by Business Insider.　　Image by tradingview.com：https://www.tradingview.com/symbols/BTCUSD/？exchange=BITSTAMP　　Federal Reserve Chairman Jerome Powell making it clear that the central bank has no plans for a China-style crackdown on cryptocurrencies was singled out as the main factor behind the most recent price surge.　　U.S. Securities and Exchange Chair Gary Gensler also stated that his own agency neither has the authority nor intends to ban digital assets during a Wednesday hearing.　　JPMorgan also believes that the rapid adoption of the Lightning network, whose capacity recently exceeded 3,000 BTC, also contributed to the rally. The Layer 2 payment rail has witnessed a major adoption boost because of El Salvador and Twitter.　　Finally, Bitcoin is gradually replacing gold as a hedge against inflation:　　“The re-emergence of inflation concerns among investors has renewed interest in the usage of bitcoin as an inflation hedge.”　　As reported by U.Today, Galaxy Digitals Mike Novogratz recently predicted that the largest cryptocurrency could flip gold in a few years.　　Bitcoin is currently trading just above $54,000 after a slight pullback from recent highs.　　For more blockchain news, please download WikiBit - the Global Blockchain Regulatory

2021-10-08Deep Dive

Binance Plans to Establish New Offices in Ireland

Binance is planning to establish new corporate offices in Ireland, according to reports from Reuters today.　　Binance Will Operate in Ireland　　In an article dated Oct. 7, Reuters interviewed Binance CEO Changpeng Zhao and asked if the company had plans to establish a headquarters in Ireland. Zhao replied in the affirmative.　　Zhao also clarified the statement by saying “Historically, we claim that we don‘t have headquarters.” That may refer to statements made by Zhao in May, in which he explained that the company’s employees do not work in a single location. As such, the company does not have a single main headquarters, and its new Ireland location or locations will simply be part of a larger network of offices.　　Irish news site Independent.ie also reported that the company registered three firms in the country on Sept. 27. Those companies were registered under the names Binance (APAC) Holdings, Binance (Services) Holdings and Binance Technologies.　　The company previously registered Binance (Ireland) Holdings as well.　　Though three names have been registered, the report implies that all will operate from the same location—an upstairs accountancy office in a building in south Dublin.　　Exchange Faces Regulatory Challenges　　Regulatory challenges may be one factor that has encouraged Binance to seek out new jurisdictions to

2021-10-08Deep Dive

FTX customer seeks help after mistaken deposit allegedly results in $1M in fees

A crypto hodler is outraged after allegedly copping a $954,135 fee from centralized exchange FTX. The trader claims the fee was charged over a mistaken deposit they believe was the exchanges fault.　　On Wednesday, the Rekt blog published screenshots of correspondence that suggest the problems began when the customer deposited around $6.3 million in USDP, the stablecoin token for decentralized finance borrowing platform Unit Protocol, in late September.　　Unfortunately, the Paxos stablecoin has also rebranded to USDP and the exchange changed the PAX ticker to USDP in late August. So, the user apparently deposited $6.3 million of unsupported USDP tokens into the exchanges address for the Paxos stablecoin.　　FTX compensated the user for the mistaken deposit by returning around $5.4 million in stablecoins but deducted a 15% fee. The disgruntled user fired back:“You have deducted more than $1m off my initial deposit amount. This does not align to your ‘Wrong Address or Chain’ policy. I did not deliberately deposit USDP to your FTX exchange, I was misled. I wish to appeal please.”　　Rekt reported that FTX did not abide by its own terms and conditions, which state a fee of up to 5% will be charged in such circumstances.　　However, when Cointelegraph checked, the conditions

2021-10-07Deep Dive

Binance Coin price prediction: BNB could soar to $500

The Binance Coin price held steady in the overnight session.　　The BNB is trading at $427, which is about 33% above the lowest level in September.　　We explain why the price could soar to $500 soon.　　The Binance Coin (BNB) price held steady in the overnight session as the cryptocurrencies and the Decentralized Finance (DeFi) industry rebounded. The BNB is trading at $427, which was slightly above this weeks low of $415.　　Cryptocurrencies rebound　　Binance Coin is the native token for the Binance Smart Chain (BSc) ecosystem. It is used to validate and verify transactions in the network. At the same time, it is widely used in the Binance ecosystem to handle transactions.　　Are you looking for fast-news, hot-tips and market analysis？ Sign-up for the Invezz newsletter, today.　　The BNB price jumped in the overnight session as cryptocurrencies rebounded. Bitcoin jumped to almost $50,000 while Ethereum is approaching the $34,000 resistance level. In total, the market capitalization of most cryptocurrencies has jumped to more than $2.1 trillion, which is a few points below its highest level in September.　　The Binance Coin price also rose as the DeFi industry bounced back. Data compiled by DeFi Llama shows that the total value locked in the industry rose to more than

2021-10-07Deep Dive

Weekly Bitcoin Market Outlook; What To Expect After China Ban Crypto

Weekly Bitcoin Market Outlook; What To Expect After China Ban Crypto　　The general crypto market had a sharp uphill movement in price at the start of last weeks trading period, and a quick downhill at the end of the week. And with all the alarming issues that surround the digital asset marketplace towards the start of the weekend. Its without a doubt that the general global financial market along with the crypto market cap has been hugely affected by the speculation around the $300 billion Evergrande debt saga.　　Still, Before September 24th when the Peoples Bank of China (PBOC) announced crypto being described as an illegal currency. The overall digital currency total market cap was, however, experiencing a positive return of $1,971,544,991,943, and the Bitcoin price was trading at $44,895.10 a day before the (PBOC) statement. while on the 23rd of September 2021 the daily high seen in the price of Bitcoin was $44,942.17 with a daily low of $43,109.34. With this in mind, it should be noted that the positive outcome seen in the price of Bitcoin can be attributed to the relatively favourable announcement made by the Salvadoran government for accepting Bitcoin as the legal currency which had taken place

2021-10-07Deep Dive

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