Crypto Guides, Knowledge & Insights

Bitcoin experiences great volatility due to Powell's Speech & Chinese FUD.

Bitcoin price has once more witnessed a strong volatility in the past week. While everyone was looking up to a recovery after the initial September lows created, another sharp decline had set in last week due to the Fed Chair speech and Chinese FUD on Crypto ban. The price of Bitcoin had fallen down due to the combined effects of these two factors to a new low at $39,600. From the last high created at $47,200. Currently the market is pushing forth for a more positive recovery after these negative thrust.　　Historical Chinese FUD and its effects on the market.　　The market fear index has once more increased significantly to more than 85% after the recent Chinese FUD on banning Crypto currencies and its derivatives.　　On Friday 24th September, the Peoples Bank of China (PBoC) published a new set of measures to promote inter-departmental coordination on cracking down on crypto activity and its derivatives. The measures were designed to “cut off payment channels, dispose of relevant websites and mobile applications in accordance with the law.”　　This news from China was released barely one hour after the news of $3 billion BTC and $1.5 billion Ether (ETH) monthly options expiry was released. Hence the market

2021-09-29Deep Dive

Cardano To Change The Way Alcoholic Industry Fights Counterfeit Products

The ongoing Cardano Summit as earlier reported has been a hub of activities, from an array of partnership deals with DISH, Chainlink, COTI 　　“Strait Brands is embarking on large-scale international distribution and, conscious of the challenges the industry faces, we decided to take a blockchain-first approach to production, ensuring industry-leading levels of safety and verifiability in our supply chain-Input Output is an essential partner in Strait Brands pioneering movements in the alcohol industry, protecting the integrity of Strait vodkas, gins, and our new super-premium range, Badger Head.”　　The move according to Strait Brands founder was necessitated by the need to curb the perennial problem facing the alcoholic beverage market which sees over $40 billion worth of counterfeits and mislabelled substituted or diluted products make their way to unsuspecting customers affecting revenue growth as well as endangering consumers health.　　Atala PRISM set to ease user experience and improve product authenticity　　Through the deployment of Atala PRISM, Strait brands will now be able to enjoy cutting-edge technology that enables them to control their own and verify their products with anyone and when they want through simple gadgets such as mobile phones.　　Input-Output, a research and development company committed to using the peer-to-peer innovations of blockchain to

2021-09-29Deep Dive

SEBA Bank granted the first Swiss digital asset custody license

SEBA Bank AG,a fully regulated Swiss-based institution with a focus on the offering of digital cryptocurrency assets, has today announced the approval of a CISA license from the Swiss Financial Market Authority, or FINMA, to facilitate an institutional-grade custodian service for nation-nativecollective investment schemes.　　This announcement enables the bank to become Switzerland‘s, and indeed one of the world’s first, digital asset centric banks to gain a custody license. The endorsement will allow the institution to provide greater investment opportunities to professional clientele in the emerging cryptocurrency markets.　　Founded in mid-2018 advocating a philosophy of next-generation digital banking, the firm soon rose to prominence as a pioneer in the regulated digital asset sector. One year later in August 2019, the bank attained its banking and securities firm licence which introduced their SEBAwallet app, e-banking service and SEBA card to market, supporting five major cryptocurrencies including Bitcoin and Ethereum.　　CEO of SEBA Bank, Guido Buehler shared his thoughts on the banks recent successes:　　“Two years ago SEBA Bank received a Swiss banking and securities firm licence and is now enjoying excellent business momentum as institutional adoption of crypto s in cross-border payments.　　Buehler also commented on the implications of attaining the CISA licence for European adoption:　　With our

2021-09-29Deep Dive

Cardano-Based DEX Partners with China's Leading Public Blockchain

Nervos, Chinas leading public blockchain, has struck a partnership with SundaeSwap Labs, the development firm behind Cardano-based decentralized exchange SundaeSwap.　　Because of the tie-up, the DEX will be able to leverage Nervoss Force Bridge for providing more liquidity.　　The interoperability solution was initially launched in December for connecting to Ethereum. Cardano developer Input Output partnered with Nervos in order to develop the cross-chain bridge for connecting the two ecosystems and allowing assets to seamlessly move between them back in June.　　The ADA bridge is expected to launch soon, according to the announcement.　　SundaeSwap Labs CEO Mateen Motavaf claims that his company is “pleased” to be among the first adopters of the Force Bridge solution:　　“SundaeSwap Labs is thrilled to enter into a strategic partnership with Nervos. As a decentralized exchange on Cardano, we are committed to providing solutions that strengthen the Cardano ecosystem as a whole, while supporting its core mission of interoperability amongst other blockchains.”　　SundaeSwap, one of the most prominent DeFi projects on the Cardano blockchain, is expected to go live in the fourth quarter of 2021.　　For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

2021-09-29Deep Dive

Alibaba To Stop Selling Bitcoin Mining Machines In China

Chinese ecommerce giant Alibaba will delist bitcoin mining equipment offers from its platforms and prohibit their future selling after the Peoples Bank of China (PBoC) issued a renewed and reinforced ban on bitcoin and cryptocurrency on September 24.　　“Alibaba.com will prohibit the sale of virtual currency miners in addition to the prohibition against selling virtual currencies such as Bitcoin...which include but are not limited to: hardware and software used to obtain virtual currencies such as Bitcoin miners; [and] tutorials, strategies, and software for obtaining virtual currencies such as tutorials on mining,” the company said yesterday.　　In addition to the strict measures to prevent customers from gaining insight into ways for acquiring BTC and other cryptocurrencies, Alibaba will close two categories of its platform, “Blockchain Miners” and “Blockchain Miner Accessories.” Merchants that attempt to sell bitcoin miners or associated products in Alibabas platforms will face penalties.　　“For violations such as maliciously evading rules, deliberately confusing product information, intentionally placing products into improper categories, falsely exaggerating products, Alibaba.com will impose penalties according to the severity of the violations, which include but are not limited to removing or deleting products, deducting points, restricting the use of website functions, and closing accounts,” the company detailed.　　Alibaba owns and

2021-09-29Deep Dive

BlackRock SEC filings show company gained $369K from Bitcoin futures

A filing from the United States Securities and Exchange Commission, or SEC, shows that BlackRock Financial Management has increased the number of its Bitcoin futures contracts since Q1 2021.　　According to a Tuesday filing with the SEC, the BlackRock Global Allocation Fund included 54 Bitcoin (BTC) futures contracts issued through the Chicago Mercantile Exchange as of July 31. The contracts, which expired on Aug. 27, were worth $10.8 million, appreciating by $369,137.　　The gains from the Bitcoin futures represent roughly 0.00138% of the BlackRock Global Allocation Fund, or 8.91 BTC at the time of publication. The company holds $9.5 trillion in total assets under management.　　The investment comes following BlackRock chief intelligence officer Rick Rieder sayingearlier this year that the firm had “started to dabble a bit” in crypto. However, CEO Larry Fink said in July that the company was seeing “very little in terms of investor demand” for cryptocurrencies.　　Before pursuing Bitcoin futures, BlackRock had indirect exposure to the crypto asset through its ownership stake in business intelligence firm MicroStrategy The investment company also mentioned Bitcoin in two prospectus filings with the SEC in January, hinting that it would be exploring using crypto derivatives.　　News of the BlackRock SEC filing comes as the price

2021-09-29Deep Dive

BitPay and Verifone Partner to Allow Doge, Bitcoin and Ethereum Checkouts in the U.S.

BitPay Inc. and Verifone Inc. are looking forward to securing a deal to provide physical points of sale in various shops across the U.S. According to Bloomberg, the newest Verifone points of sale will include payment with cryptocurrencies. Merchants across the country will be able to receive tokens and coins from various cryptocurrency wallets. The terms were not disclosed.　　The partnership with Bitpay will allow the company to solve the main problem within the crypto industry: volatility. BitPay uses its own technology to protect merchants from the volatile nature of cryptocurrency, which allows them to sell for a specified price as with fiat currencies. Once the transaction is completed, merchants will be able to receive money directly from their bank accounts.　　Bitpay already processes more than 60,000 transactions in a month. The CEO of Verifone, Mike Pulli, stated that the company is looking forward to giving users options and allowing them to pay for goods that they buy daily with cryptocurrencies or other digital assets.　　Previously, another large company, Twitter, implemented cryptocurrency payments on its website, joining a group of companies that work in favor of crypto adoption in the “real world.” According to Pulli, merchants are more than happy to accept payments

2021-09-29Deep Dive

Texas Senator Ted Cruz Opposes Biden's Anti-Crypto OCC Pick

Texas Senator Ted Cruz, who has recently emerged as an ally of the cryptocurrency industry, is opposing the nomination of Saule Omarova, a law professor at Cornell University who was reportedly picked by President Joe Biden to spearhead the Office of the Comptroller of the Currency.　　In a scathing tweet, Cruz asserts that Omarova is willing to regulate the cryptocurrency industry “into oblivion”:　　“Crypto faces future-defining government regulations. This nomination needs to be stopped.”　　The prospective top banking regulator was skeptical of the idea that crypto democratizes finance, claiming that the industrys rise is a sign of a “dysfunctional” financial system.　　In the Trump administration, the OCC was helmed by crypto-friendly Brian Brooks, who took on the job after working as Coinbases legal officer. Brooks also had a brief stint as the CEO of Binance.US after leaving office.　　Omarova is primarily known as a staunch opponent of the big banks that she will be expected to oversee. In one of her recent tweets, she particularly targeted JPMorgan.　　Ironically, the cryptocurrency lobby will be fighting on the same side as big banks to stop Omarovas nomination.　　The fate of the controversial nomination depends on whether or not moderate Democrats are going to side with her sweeping regulatory agenda.　　For

2021-09-29Deep Dive

Facebook Announces a $50M Fund to Research the Development of a Metaverse

The social media giant announced earlier this week its plans to create its own metaverse with the help of multiple parties. To do so, Facebook will allocate $50 million for research and program partners.　　Facebooks Swing at Metaverse　　The companys announcement reads that Facebook will not rely on a single company to build the project “overnight.” Instead, it will focus on cooperating with different parties, including policymakers, experts, and industry partners, to “bring this to life.”　　The $50 million funding will go primarily for global research and connecting with program partners to “ensure these products are developed responsibly.”　　Facebook‘s metaverse will work as a set of virtual spaces where users can cooperate with people who “aren’t in the same physical space.”　　“You will be able to hang out with friends, work, play, learn, shop, create, and more. It‘s not necessarily about spending more time online – it’s about making the time you do spend online more meaningful.”　　Facebooks ambitions go even further as it promised that this metaverse will work even if the social media giant “is there or not.” Such a large project will need a lot of time to be built, and Facebook recognized that it could be more than a decade. This is

2021-09-29Deep Dive

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto markets prepare for a bullish October

Bitcoin price shows signs of bullish breakout as it traverses a falling wedge.　　Ethereum price also displays an optimistic outlook as it forms a descending parallel channel.　　Ripple price is consolidating in hopes of forming a higher low and kick-starting an uptrend.　　Bitcoin price is experiencing a momentary downswing as it sets up a falling wedge pattern. Similar to the big crypto, Ethereum price is also forming a bullish pattern. However, Ripple seems to be bouncing off a support floor without any technical formations in play.Bitcoin price awaits breakout　　Bitcoin price has been on a downward trend since September 7, but the asset is getting congested as it slopes lower. In total, BTC has set up roughly four lower highs and three lower lows since this point. Connecting these swing points using trend lines shows the formation of a falling wedge pattern.　　This technical formation forecasts a 12% upswing to $51,925, obtained by measuring the distance between the first swing high and swing low and adding it to the breakout point.　　Investors can assume BTC to bounce off the 50% Fibonacci retracement level at $41,126 and slice through the upper trend line at $44,192. This move would set up a higher low relative to the July

2021-09-28Deep Dive

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