Crypto Guides, Knowledge & Insights

Grayscale adds SOL and UNI to Digital Large Cap Fund portfolio

Grayscale Investments, a New-York based crypto asset manager, now includes Solana‘s SOL and Uniswap’s UNI tokens in its Grayscale Digital Large Cap Fund (GDLC) portfolio after rebalancing its basket of cryptocurrencies. 　　The quarterly rebalancing of GDLC is done by selling existing components of the portfolio for cash and procuring well-performing crypto assets. Based on the adjustment, SOL and UNI make up 3.24% and 1.06% of the funds components, respectively, while Grayscale continues to cut down on Litecoin (LTC) and Bitcoin Cash (BCH) holdings.　　After the previous quarterly rebalancing, Grayscale‘s portfolio included 4.26% of Cardano’s ADA, making it the third-largest asset in the Digital Large Cap Fund. However, the latest adjustment means that ADA now represents 5.11% of the fund.　　Bitcoin (BTC) and Ether (ETH) continue to own a lion‘s share of the GDLC crypto basket at 62.19% and 26.08%, respectively. Chainlink’s LINK token, Bitcoin Cash and Litecoin together represent 2.32% of the GDLC basket, which is down from 2.88% in July.　　Grayscale has not made quarterly adjustments to its DeFi Fund, which is currently dominated by UNI at 45.20% and AAVE at 14.11%.　　Grayscale‘s products continue to gain mainstream attention, with financial giants such as Morgan Stanley more than doubling their investment on Grayscale’s

2021-10-02Deep Dive

Massive airdrop and AXS staking catapult Axie Infinity to a new all-time high

Airdrops have become the cryptocurrency ecosystem’s equivalent of stimulus checks over the past couple of years and further proof of this can be evidenced from popular protocols like Uniswap and dYdX which rewarded their early adopters with token drops that are now worth $30,000 to $2 million.　　The latest protocol to surprise its userbase with a wallet fattening airdrop was Axie Infinity (AXS), a blockchain-based battle game that has risen in prominence over the course of 2021 as users embrace its play-to-earn (P2E) gaming model.　　Data from Cointelegraph Markets Pro and TradingView shows that since bounding off a low of $47.92 on Sept. 21, the price of AXS has stormed 145% higher to establish a new record high at $118.00 as its 24-hour trading volume surged from $421 million to $1.95 billion.　　AXS/USDT 4-hour chart. Source: TradingView　　Three reasons for the recent surge in AXS price over the past two weeks include the introduction of staking features for the AXS token, the release of a community airdrop early adopters and the increasing popularity of play-to-earn gaming protocols.AXS launches staking　　The growth of decentralized finance in 2021 has shone a spotlight on the ability of crypto holders to put their tokens to work and earn a

2021-10-02Deep Dive

SEC extends four Bitcoin ETF deadlines by 45 days

The United States Securities and Exchange Commission has extended the deadline of four Bitcoin exchange-traded funds (ETF) on Friday for 45 days, citing the requirement for additional time to decide whether to accept the 19b-4 applications. 　　The approval of four Bitcoin (BTC) ETFs — Global X Bitcoin Trust, Valkyrie XBTO Bitcoin Futures Fund, WisdomTree Bitcoin Trust and Kryptoin Bitcoin ETF — was rescheduled to Nov. 21, Dec. 8, Dec. 11 and Dec. 24, respectively.　　In its official statement, the SEC outlined:“The Commission finds that it is appropriate to designate a longer period within which to take action on the proposed rule change so that it has sufficient time to consider the proposed rule change and any comments.”　　In mid-September, U.S.-based investment firm Invesco joined forces with New Yorks Galaxy Digital Funds to file a Bitcoin ETF called Invesco Galaxy. Currently awaiting approval, the ETF security offering has the potential to be listed on national U.S. exchanges, with potential clients assured that all private keys would be rigorously guarded by a multitude of technological and physical deterrents.　　It is widely expected that the introduction of the first Bitcoin EFT by the SEC will elevate the assets technical indicators as a surge of traditional investors

2021-10-01Deep Dive

Singapore finance authority grants licenses to Independent Reserve and DBS

Singapores principal financial regulator, the Monetary Authority of Singapore (MAS), has officially approved two companies to offer cryptocurrency services in the country.　　MAS issued Oct. 1 licenses to Australian crypto exchange Independent Reserve and DBS Banks brokerage arm, DBS Vickers (DBSV), allowing them to provide digital payment token services under the Payment Services Act (PS Act).　　According to an announcement by Independent Reserve, the firm became the first Australian cryptocurrency exchange available to retail and institutional investors in Singapore. Founded in Australia back in 2013, the company started setting up its first overseas operations in Singapore in late 2019, offering digital asset exchange and over-the-counter trading services to people and institutions.　　In a separate announcement by DBS Bank, the firm noted that the new license will enable DBSV to directly support asset managers and companies to trade digital payment tokens through DBS Digital Exchange (DDEx). Launched in December 2020, DDEx supports trading of major cryptocurrencies like Bitcoin (BTC) and Ether (ETH), targeting only institutional investors.　　Both DBSV and Independent Reserve previously received MAS in-principle approvals to provide digital payment token services in early August.　　Independent Reserve CEO Adrian Przelozny claimed that Singapore has the most detailed licensing requirements of any jurisdiction in Asia. “There are

2021-10-01Deep Dive

Reserve Bank of New Zealand Seeks Public Opinion on Central Bank Digital Currency

The central bank of New Zealand has lined up among monetary authorities exploring the question of issuing their own digital currencies. The financial regulator is now seeking feedback from the public about the need for a digital form of the national fiat while also promising to preserve cash.New Zealand Central Bank Considers Risks and Benefits of CBDC　　Reserve Bank of New Zealand (RBNZ) is now gathering input from the public on the potential use of a central bank digital currency (CBDC), Reuters reported following an announcement released by the bank on Thursday. Assuring that financial authorities are still working “to preserve cash and the cash system for those that need it,” RBNZ Assistant Governor Christian Hawkesby stated:　　A Central Bank Digital Currency would see the features and benefits of cash enjoyed in the digital world, working alongside cash and private money held in commercial bank accounts.　　The high-ranking official elaborated that a CBDC could benefit both individuals and businesses by facilitating the establishment of more efficient and integrated platforms. A digital New Zealand dollar could potentially help protect the country‘s monetary sovereignty as well. Hawkesby, who is also the bank’s General Manager of Economics, Financial Markets and Banking, was quoted as saying:　　As steward

2021-10-01Deep Dive

Analyst nails Bitcoin monthly close 2 months running — His October target is $63K

Bitcoin (BTC) was keen to retain $44,000 on Oct. 1 as the monthly close sparked a late show of strength.　　BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewBTC monthly close matches PlanBs prediction　　Data from Cointelegraph Markets Pro and TradingView followed BTC/USD as it first returned to the $44,000 mark Thursday, then test lower levels before heading even higher.　　While still not tackling resistance at $45,000 and higher, Bitcoin did not disappoint with its end-of-month performance, this almost exactly matching predictions from stock-to-flow model creator PlanB for a second month running.　　With $63,000 now planned for October, expectations were high for Bitcoin to make up for lost ground going into Q4.　　“September was bad. October is great. November is great. December is great,” Cointelegraph contributor Michaël van de Poppe summarized, telling Twitter followers to “buy the f*cking dip.”　　Van de Poppe highlighted historical performance across various months each year, something which Cointelegraph previously noted all but consigned September to be a “boring” 30 days.　　Others, however, were more cautious. In its latest market update, crypto trading firm QCP Capital said that it would remain cautious in its approach to the market as a whole.　　“Overall, we struggle to find any directional conviction amidst the macro and market crosswinds. Our

2021-10-01Deep Dive

Bitcoin Transaction Volume Increases Sharply

Bitcoin saw a massive jump in its entity-adjusted transaction volume in the last few weeks. According to Glassnode, the mentioned transaction volume oscillated between $13.8 billion and $16 billion recently.　　“Bitcoin entity-adjusted transaction volume has spiked in the last few weeks, ranging from between $13.8B and $16.0B. These elevated volumes have been sustained in this range for 3 weeks. The current volume is only slightly less than the ATH of $16.8B set on the price ATH in April,” Glassnode highlighted.　　One of the major reasons behind the latest spike in the overall transaction volume of Bitcoin is its whale movements. Large BTC wallets have accelerated the movement of the world‘s most valuable digital currency between exchanges and digital wallets. While the overall Bitcoin exchange supply ratio decreased significantly in 2021, last week saw a turnaround as leading BTC whale accounts started moving the world’s most valuable cryptocurrency from wallets to exchanges.　　Yesterday, Finance Magnates reported a transfer worth $206 million of Bitcoin from a crypto whale account to Binance. “If we investigate the breakdown by transaction size, we can see that very large transactions dominate current transaction flow. 2021 has seen notable growth in large size transaction ($100k+) dominance as institutional capital and

2021-10-01Deep Dive

Ethereum price forecast ahead of October’s mainnet upgrade

The cryptocurrency market remains under pressure this trading week, and the risk of further declines is still not over. Ethereum ETH/USD has weakened from $4025 below $2700 since the beginning of September 2021, and the current price stands at $2800.Altair upgrade is scheduled for late October　　All major cryptocurrencies have weakened in September 2021 so far, Bitcoin went below $40000 for a moment, and traders should consider that the risk of further decline is not over. If the price of Bitcoin falls again below the $40000 support level, it would be a firm “sell” signal, and this would add further pressure to the whole cryptocurrency market.　　Ethereum is also losing its value, and the latest negative news is that it received a lot of backlash from market participants after Bitfinex paid $23 million in transaction fees to deposit $100,000 on the Ethereum Blockchain. A fee attack might be a mistake that will certainly be refunded, but it is ironic to see such a high fee issue from Ethereum, given that the EIP-1559 upgrade was supposed to bring the issue of fee charges to a minimum.　　Despite this issue, Ethereum’s network continues to enjoy a significantly high hash rate, and strong network fundamentals continue

2021-09-30Deep Dive

Will Dogecoin (DOGE) Skyrocket this October?

Dogecoin is an open-source peer-to-peer cryptocurrency. For quite some time now, the price of Dogecoin has been absent from the show and buzz. Interestingly, there is a 20% increase in the price compared to this time last year. Sadly, the coin has not come near to an all-time high in recent days.　　In addition, the Dogecoin prices didn‘t see any notable changes also. Instead, the coin’s transactions are only decreasing over the period of time. More so, the crypto has noticed many pumps and dumps. Added to this, most investors are part of FOMO. As DOGE does not really stand well with its core fundamentals.　　Summing up, Dogecoins price is at $0.20 with a 24-hour trading volume of $844,254,844, at press time. More so, the coin might increase if the catalysts work in favour of the basics of the platform like that of the Ethereum bridge.　　The chart below shows that DOGE has shown a bear trend in the past few days. Moreover, the DOGE price dropped over 10% in the last 7 days. If this trend continues, DOGE might run along with the bears, moving below its $0.04 support level and drop lower.　　The Relative Strength Index (RSI) is above 38.12, which means

2021-09-30Deep Dive

Bitcoin, Ether Prices Surge as Popular Cryptocurrencies Record Gains After Two Days of Slump

Bitcoin price finally witnessed a slight rise of 2.38 percent on Thursday, September 30. Currently, the worlds most-valued cryptocurrency is trading at Rs. 34,28,765 (roughly $46,116). This marginal surge in Bitcoin value comes two days after it witnessed dips along with other cryptocurrencies. The fluctuations in the crypto market were triggered by Chinas blanket ban on cryptocurrencies that was imposed last week on September 24. All major cryptocurrencies experienced dips in values following the recent market instability.　　Ether, too, following Bitcoin opened with a gain of 3.8 percent. The worlds second most-valued cryptocurrency is trading at Rs. 2,38,307 (roughly $3,205). This surge in the Ethereum blockchains native cryptocurrency comes a day after its value dipped by 1.39 percent.　　Other cryptocurrencies that registered marginal growth include Ripple, Polkadot, and Dogecoin.　　“Over the past 24 hours, we saw a massive recovery in the cryptocurrency market. Altcoins were looking set for a bullish reversal and that is exactly what happened. Most of the top 30 coins ended in green with Binance Coin being the best performer,” Edul Patel, CEO and co-founder of crypto-investment platform Mudrex told Gadgets 360.　　As per CoinMarketCap.com, Binance Coin is significantly up by 11.89 percent. Its was trading at $382.76 (roughly Rs. 2,38,307).　　Among

2021-09-30Deep Dive

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