Crypto Guides, Knowledge & Insights

Nigeria to begin the use of Digital Currencies on 1st October 2021.

The Central Bank of Nigeria (CBN) has revealed that the country will be adopting the use of a Central Bank Digital Currency (CBDC) from the 1st of October 2021. This news comes as an irony after the initial disengagement of all banking institutions from facilitating Crypto transactions earlier in the month of February.　　The Central Bank of Nigeria (CBN) has announced its readiness and decision to commence the use of its Central Bank Digital Currency (CBDC) on 1st October 2021 which is equally the day she celebrates her independence. This development was mentioned at a press briefing conducted by Rakiya Mohammed, Director, IT Department at the CBN. The choice to adopt a CBDC comes as the end result of the long research conducted by the apex bank since 2017 probably emulating China and her closet neighbor Ghana who did so earlier this year.　　More so, this final decision to adopt the use of CBDC in Nigeria serves as a fulfillment of the assurance given by the CBN governor Godwin Emefiele after the harsh ban placed on Crypto transactions with the banks by the government earlier in the month of February this year. In his words; “We are committed and I can assure

2021-09-22Deep Dive

JPMorgan, Deutsche Bank Oppose Strict Basel Rules For Banks Holding Bitcoin

Three months after global banking regulators proposed strict new rules for traditional financial institutions seeking bitcoin exposure, JPMorgan, Deutsche Bank, and other banking giants opposed what would require them to set aside one dollar in capital for each dollar of BTC they own.　　The strict rules were proposed in June by the Basel Committee for Banking Supervision, a group of regulators from the worlds most prominent financial centers. However, the Global Financial Markets Association, a forum for banks that includes JPMorgan and Deutsche Bank, published together with five other industry associations a letter on Tuesday that pushed against the new regulation, The Wall Street Journal reported.　　“We find the proposals in the consultation to be so overly conservative and simplistic that they, in effect, would preclude bank involvement in crypto asset markets,” the associations wrote in the letter to the Basel Committee, according to the report.　　The committees proposed regulations indeed demonstrated an attempt of regulators to stop or at least disincentivize banking institutions from getting bitcoin exposure. While bank exposures to bitcoin are currently limited, the Swiss-based committee said in June, “their continued growth could increase risks to global financial stability if capital requirements are not introduced,” Reuters reported.　　The proposal came amid

2021-09-22Deep Dive

Burger King launches NFT collection

Burger King announced the launch of its latest non-fungible token (NFT) campaign, ‘Keep It Real Meals’ that will be auctioned on the NFT marketplace, Sweet. The campaign is organized in partnership with celebrities Nelly, Anitta, and LILHUDDY.　　Burger King‘s Keep It Real Meals NFT will facilitate unlocking digital collectibles through QR codes that will appear on approximately 6 million meal boxes. These digital collectibles can further direct the users towards unlocking several NFT rewards. Burger King is offering rewards such as 3D Burger King digital collectibles, Whopper sandwiches for a year, autographed goods, or even a “once in a lifetime call with one of the campaign’s celebrities,” stated Decrypt.　　NFT collections by Food s NFT wave　　The NFT frenzy is not limited to food and beverage chains. Earlier this month, Oscar awarded Best Actor, Anthony Hopkin broke the internet with the announcement of his next film, Zero Contact to be premiered on the new non-fungible token (NFT) distribution and viewing platform, Vuele. The premier will be launched through multiple NFT drops on the platform, starting 24th September. Anthony Hopkins next film, following his Oscar win of last spring, is reportedly, “the worlds first feature film NFT event”.　　Even the Entourage producer, Rob Weiss confirmed

2021-09-22Deep Dive

Binance Closes Crypto Derivatives Offerings in Australia

Binance, the worlds leading crypto exchange by trading volume has announced the closure of its crypto derivatives offerings in Australia. As per the announcement, the exchange would stop crypto futures, options, and leveraged tokens offering in Australia starting from 24th September. The exchange claimed the decision was based on compliance with the local regulations.　　The Australian traders using crypto derivatives services via Binance would have 90-days starting from September 24 to close their current margin accounts. While no user would be able to put new margin calls or open new accounts. The accounts will be terminated and users wont be able to reduce or close their position after 23rd December. The exchange said,　　“Our aim is to create a sustainable ecosystem around blockchain technology and digital assets. Binance welcomes developments to our industrys regulatory framework as they pose opportunities for the market players to have greater collaboration with the regulators. We are committed to working constructively in policy-making that seeks to benefit every user.”　　This would be the fourth announcement by the exchange to close its crypto derivative offerings in a particular region or country. Earlier, the exchange has discontinued its derivatives offerings across Europe, Hong Kong, and South Korea.　　Binance to Continue its

2021-09-22Deep Dive

AMC Is Considering Dogecoin Alongside Other Cryptos

Adam Aron, CEO of AMC Entertainment, polled his Twitter audience today on the possibility of accepting Dogecoin.　　 More Than 80% of Respondents Support Dogecoin　　Aron posted this message on his Twitter feed:　　Within hours, more than 50,000 users had replied. 75% of respondents voted in favor of the chain adding Dogecoin payments, while an additional 8.4% were in favor of adding the coin even though they were unlikely to use it personally.　　Aron confirmed that AMC theaters would accept four other cryptocurrencies—BTC, LTC, ETH, and BCH—as payments for concessions and online ticket sales.　　Crypto Payments by End of Year　　AMCs crypto plans were originally announced during an investor call in early August. The decision was part of its larger plan to revamp its digital payments systems, as it will also add support for Google Pay and Apple Pay transactions.　　Though a launch date has not been announced, Aron has said that this will be implemented by the end of the year.　　AMC operates the largest theater chain in the world, with over 11,000 screens and over 1000 venues. Alongside other companies like Gamestop, it has gained recognition among retail investors as a “meme stock” frequently discussed on social media.　　If AMC does accept Dogecoin, it will join other

2021-09-22Deep Dive

Bitcoin bounces to $43K ahead of fresh crypto comments from SEC Chair Gensler

Bitcoin (BTC) bounced off $40,000 on Tuesday as attention returned to United States regulators.$45,000 target emerges for bulls　　Data from Cointelegraph Markets Pro and TradingView showed BTC/USD circling $43,000 Tuesday ahead of fresh comments from Gary Gensler, chair of the Securities and Exchange Commission.　　BTC price action steadied on the day after a fresh dip saw the first test of $40,000 support since Aug. 6.　　While traders remained cautiously bullish on the outlook, the shadow of Evergrande, put off by a public holiday in China, still loomed large over sentiment.　　“I am not too euphoric about this bounce,” popular trader Crypto Bullet summarized as part of his latest update.　　“Surely its nice to see some strength by Bitcoin but over all it still looks bearish to me.”　　He added that a $46,500 reclaim would be a deal-breaker to return to a bullish perspective, a requirement echoed elsewhere.　　“Reclaiming 45k as support is bullish objective,” Filbfilb, an analyst at trading platform Decentrader, told subscribers of his Telegram channel on the day.　　Meanwhile, Tuesday evening was scheduled to see Gensler, already in the spotlight over his comments on stablecoins, cement his position on cryptocurrency in an interview with The Washington Post.Never mind the exchange reserves？　　On the topic of China, analysts

2021-09-21Deep Dive

Bitcoin Rebounds After Serious Sell-Off

Bitcoin Failed To Settle Below $40,000 And Gained Upside Momentum　　Bitcoin is currently trying to settle back above $43,000 as the worlds leading cryptocurrency rebounds after the major sell-off which took it from $47,000 to $40,200 in less than two days.　　Other cryptocurrencies are also moving higher. Ethereum has recently managed to get back above the $3,000 level and is trying to settle above the 20 EMA at $3,070. Dogecoin received support at $0.20 and is trying to get above $0.21 while XRP is trying to settle back above $0.95.　　Bitcoin Dominance, which measures the market capitalization of Bitcoin as a percentage of total crypto market capitalization, has moved back below 42%. This is a typical move for a bullish day in crypto markets as altcoins rebound stronger than Bitcoin, In the longer-term, this a worrisome trend for Bitcoin bulls.Technical Analysis　　Bitcoin managed to get above the resistance level at $42,600 and continues to move higher. The nearest resistance level for Bitcoin is located at $44,000.　　In case Bitcoin manages to settle above the resistance at $44,000, it will gain additional upside momentum and head towards the next resistance level which is located at the 50 EMA at $45,500. A successful test of this level

2021-09-21Deep Dive

Settle Up. Bitcoin Passed the Golden Cross

A golden cross is a bullish indicator for the cryptocurrency market.　　Bitcoin found a strong support level above $40,000 after the market sentiment turned positive.　　Historically, Bitcoin posted significant gains after a golden cross event.　　Bitcoin‘s fluctuations are reflected in the market. Every move the king token makes is mirrored by altcoins, changing the general market sentiment. Still, negative news in the market is no longer highly detrimental to Bitcoin’s price. The “golden cross”, Bitcoin‘s bull indicator, flipped the market trend on September 15th, prompting additional positive discussion on Bitcoin’s price.　　Another Golden Cross　　Historically, both death and golden crosses imply either a negative or positive outlook for Bitcoin‘s price. However, traders are bullish on the “golden cross” event because it shows that Bitcoin’s price has been extending upwards. Moreover, analysts suggest the “golden cross” will help consolidate a price floor above $40,000, which could not be visited in the foreseeable future.　　Dylan LeClair suggests the indicator is nothing but a symbol of Bitcoin‘s momentum. Although the indicator is irrelevant for traders, it can symbolize a catalyzing upward move to reinforce Bitcoin’s positive outlook. On August 9th, amind the prospect of a “golden cross” formation, Rekt Capital noted the previous death cross could be invalidated, building

2021-09-21Deep Dive

Bitcoin slides to US$45,000 as traders pare back on risk

Cryptocurrency prices slumped as a broad selloff sparked by worries about contagion from China Evergrande Group swept through global markets. 　　Bitcoin dropped 5.4 per cent to US$45,025 as of 9:49 a.m. in London, reaching the lowest level in a week. Other digital assets also retreated, with Bitcoin Cash and Ether all declining. 　　Stock markets globally sank on Monday as investors weighed the risk of a spillover from Evergrande‘s debt woes and this week’s Federal Reserve meeting. Bitcoin prices had been trending higher recently, with prices hitting a four-month high earlier this month.

2021-09-20Deep Dive

Bitcoin advocate El Salvador ‘buys the dip’ as China fears spark crypto sell-off

Bitcoin bulls may need more than the support of a modestly-sized South American nation to drive a rally after weekend weakness, nevertheless, El Salvador has ‘bought the dip’, according to its presidents Twitter account.　　Nayib Bukele confirmed via social media that El Salvador – which this month became the first country to formally adopt crypto as tender – had increased its stake, whilst market data indicates it bought 150 Bitcoins, worth around US$6.8mln.　　It is the latest reported Bitcoin transaction by El Salvador which has in recent years spent around US$400mln per annum buying US dollars (which have been widely circulated as tender in the country since 2001).　　Crypto markets were awoken with a jolt in Mondays early hours after a prior week of sleepy consolidation.　　Bitcoin dropped 6.5% to trade at US$45,049 on Monday morning, having earlier seen a low of US$44,659.　　Ethereum meanwhile shed 9% to US$3,132 and Cardano gave up 10.3% to US$2.13, whilst XRP and Solana fell 10.5% and 13% to US$0.9637 and US$140.34 respectively.　　The spike in volatility comes as fear spreads surrounding the wider global impacts of the Evergrande crisis in China.　　Evergrande, a debt-crippled real estate firm in China, is seen to be teetering on the brink of collapse triggering

2021-09-20Deep Dive

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