Crypto Guides, Knowledge & Insights

Binance Goes Further Down The Centralisation Route In Order To Please Regulators

Binance, the largest cryptocurrency exchange in the world, has been suffering from regulatory pressure from more than one jurisdiction. CEO Zhao Changpeng is now saying that his exchange needs to become a licensed financial institution in order to pacify regulators.　　After a few months of regulatory hits, Binance now aims to build itself into a licensed financial institution with a centralised headquarters. In an article on the South China Morning Post, Zhao Changpeng (CZ) spoke of how his company would become more palatable to regulators globally.　　“As we run a centralised exchange, we have come to realise that we need to have a centralised entity to work well with regulators. We need to have clear records of stakeholders ownership, transparency and risk controls.”　　However, this is not going to be an easy feat to accomplish as Binance is spread across a few locations. Also, by pleasing the regulators, the exchange may well upset many in the crypto community who believe that centralisation is anathema to the philosophy of cutting out the middleman by decentralisation.　　For CZ though, Binance is bowing to the inevitable. Regulation is coming whether the crypto industry wants it or not, and perhaps far better to prepare for it than to

2021-09-17Deep Dive

Bitcoin Pay: Why it’s No Longer Big in Japan

When it comes to bitcoin (BTC) adoption, few countries can hold a candle – in terms of commitment at least – to El Salvador, a nation where you can now pay for everything from dental care to recording studio time in BTC. But once upon a time, Japan was the country everyone in the crypto world looked to with envy.　　Roger Ver, once known as the “Bitcoin Jesus,” famously stated that Tokyo, the capital of the country where he now resides was “the worlds most bitcoin-friendly city.”　　How times have changed (even Roger has moved into the Bitcoin Cash (BCH) camp). Now paying with bitcoin has become a tall order in most parts of Japan, including the capital. Ironically, though, the Japanese hunger for BTC shows no sign of abetting.　　Back in the early days of this website, Cryptonews.com reported that shoppers could buy everything from eels to eyeglasses using BTC.　　Gone, though, are the days when big retailers were falling over one another in the rush to start accepting crypto pay. Instead, it has actually become harder to spend your BTC, but easier than ever to buy it.　　Crypto is readily available at most of the nations thousands of 24-hour convenience stores in the

2021-09-17Deep Dive

$1.2B in Ether withdrawn from centralized exchanges in record daily outflow

More than $1 billion worth of Ether has been removed from centralized exchanges in 24 hours, leading to speculation about imminent price gains for Ethereum as supply shrinks on many trading venues.　　According to data shared by crypto analytics provider IntoTheBlock, $1.2 billion worth ETH was withdrawn from centralized exchanges on Sept. 16 to mark a new record in short-term outflows from exchanges.　　IntoTheBlock noted that Ethers price rallied by 60% in the 30 days after $1 billion was pulled from centralized trading platforms in April.　　The situation has changed since April however. Last month‘s London upgrade introduced a burn mechanism into Ethereum’s fee market, creating increased deflationary pressure on Ethers supply dynamics.　　At the time of writing, 309,505 Ether worth more than $1.1 billion has been burned in the 42 days since EIP-1559 went live, according to Ultrasound Money. As such, Ether has been removed from supply at a rate of roughly 5.05 ETH ($18,061) every minute or $26 million daily since the upgrade.　　Booming NFT marketplace OpenSea is Ethereums leading DApp by burn rate representing more than 14% of all ETH that has been removed from supply, followed by Uniswap V2 with 5.5%, Tether with 4.9%, and Axie Infinity with 3%. Ether transfers

2021-09-17Deep Dive

StanChart Chairman: Financial Institutions Need Cryptocurrency Presence

Every monetary institution involved with cryptocurrencies would benefit in the future, according to José Viñals.　　José Viñals – Chairman of the British financial institution Standard Chartered – believes that the cryptocurrency space is an area where every financial institution “needs to be present.” According to him, businesses dealing with digital assets will go through a significant growth period in time.　　 ‘Crypto Is Here to Stay’　　In a recent interview for CNBC, the Group Chairman of Standard Chartered – José Viñals – revealed his support for the cryptocurrency industry. He opined that monetary institutions engaged in digital asset endeavors would see “extraordinary development” in the future.　　The 67-year-old Spaniard also expects large companies and prominent banks to follow StanCharts example and jump on the crypto bandwagon in the following weeks:　　“The cryptocurrency space is an area where the financial institutions need to be present. We are present. We have recently agreed to start a partnership for a custody venture for crypto assets. Crypto is here to stay.”　　Viñals added that companies offering digital asset services need to provide maximum security for investors in terms of financial stability. He also urged for enhanced regulations in the cryptocurrency market.　　“It is much better to have a regulated crypto market

2021-09-17Deep Dive

Financial Institutions Are Coming Big Time for Bitcoin and Crypto, Says Binance CEO

Changpeng Zhao – Chief Executive Officer at Binance – opined that a growing number of traditional monetary institutions had turned their sight into cryptocurrencies recently, especially bitcoin. He also mentioned that the trading platform would change its structure to comply with the regulatory requirements.　　Financial Institutions Are Flocking into BTC　　In a recent interview for The South China Morning Post, Changpeng Zhao – Founder and CEO of Binance – shared his views on the latest trends in the crypto space. According to him, global financial institutions and investors have already realized the digital assets merits. With that said, they have started jumping on the cryptocurrency bandwagon, with bitcoin being their primary interest:　　“The financial institutions are coming big time. We also see the traditional financial services from some of the bigger names moving into the space.”　　Changpeng Zhao, also known as CZ, explained that bitcoin is not only a currency but also a multiasset class technology and a whole new platform. For that reason, many of the leading financial institutions view it as an investment instrument.　　The top executive asserted that digital assets would play a massive role in the future monetary network. Predicting, though, which exact sectors of the economy they will invade would

2021-09-17Deep Dive

Indian Crypto Exchange Eyes $2 Billion Valuation With a16z Backing

Andreessen Horowitz (a16z), one of the most influential venture capital firms is reportedly in advance talked with an Indian crypto exchange Coinswitch Kuber to close a $100-$200 million funding round. According to the sources, if the estimated funding goals are reached, the Indian crypto exchange could see a four-fold increase in its valuation from the last funding round in April reaching $2 billion.　　Coinswitch has onboarded a total of 10 million users in a short period of time. The existing investors in the exchange including Tiger Global Management, Sequoia Capital India, and Ribbit Capital are quite optimistic about the exchange‘s future and user growth. Coinswitch’s funding deal comes just a month after another Indian crypto exchange CoinDCX entered the crypto unicorn club with a $90 million Series C fundraise giving it a $1.2 billion valuation.　　a16z is one of the most reputed venture capital firms and manages over $18 billion in various funds. The interest of mainstream Wall Street giants in the Indian crypto ecosystem is a great sign for the Indian crypto market despite uncertainty around regualtions.　　Indian Crypto Ecosystem Thrives Despite Regulatory Uncertainty　　Indian crypto exchanges have seen a great boom in adoption during the ongoing bullish run with these platforms registering

2021-09-17Deep Dive

FCA Reports Over 220% Increase in Enquiries Relating to Crypto Scams

The UKs Financial Conduct Authority (FCA) yesterday released data that shows a 222% increase in inquiries about scams relating to cryptocurrencies between the months April 2020 and March 2021.　　In April 2020, the British regulator received a total of 176 inquiries relating to possible cryptocurrency scams. By March 2021, this number had increased to 566.　　Part of this increase, the FCA suggests, may be due to the changing characteristics of investors and their investment decisions.　　“Younger people are twice as likely to have invested in high-risk investments than adults overall. For example, 44% of cryptocurrencies and 31% of crowdfunding investments are held by people under 34,” the FCA said.　　With these newly published figures in mind, it is perhaps not surprising that the regulator has taken a critical stance against the crypto industry.　　The FCA and crypto　　During the last year, the FCA has taken a consumer protection-focused approach to cryptocurrencies.　　In January of this year, the FCA issued a public warning for consumers about the risks involved in cryptocurrency investments.　　“Investing in crypto assets, or investments and lending linked to them, generally involves taking very high risks with investors money. If consumers invest in these types of products, they should be prepared to lose all their money,”

2021-09-17Deep Dive

Bitcoin Price Prediction – Failure to Hit $48,500 Would Give the Bears Control

After a bullish Wednesday for Bitcoin and the broader market, its been a mixed morning.　　At the time of writing, Bitcoin, BTC to USD, was down by 0.40% to $47,942.1.　　A mixed start to the day saw Bitcoin fall to an early morning low $47,375.0 before making a move.　　Steering clear of the first major support level at $47,093, Bitcoin rose to a mid-morning high $48,530.0.　　Falling short of the first major resistance level at $48,813, however, Bitcoin eased back to sub-$48,000 levels.The Rest of the Pack　　It has been a mixed morning for the broader crypto market.　　Through the morning, Chainlink was up by 1.80% to lead the way.　　Bitcoin Cash SV (+1.15%), Crypto.com Coin (+1.40%), and Litecoin (+1.14%) also bucked the trend.　　Its been a bearish morning for the rest of the majors, however.　　At the time of writing, Polkadot was down by 1.53% to lead the way down.　　Binance Coin (-1.23%), Cardano‘s ADA (-1.05%), Ethereum (-0.15%), and Ripple’s XRP (-0.78%) also joined Bitcoin in the red.　　Through the early hours, the crypto total market cap fell to an early morning low $2,158bn before rising to a high $2,214bn. At the time of writing, the total market cap stood at $2,197bn.　　Bitcoin‘s dominance rose to an early morning high 41.33%

2021-09-16Deep Dive

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC scales higher, taking altcoins with it

Bitcoin price sliced through crucial barriers, eyeing a retest of $52,920.　　Ethereum price vies to climb higher as bulls lock in on $4,000.　　Ripple price manages to hold above $1.05 support as bulls resurface.　　Bitcoin price exuded bullishness over the past week as it continued to rally without significant corrections. As a result, Ethereum, Ripple and other altcoins have followed suit. Although the entire market looks bullish at the time of writing, things could turn awry if BTC witnessed a September 7-style crash.Bitcoin price approaches stiff resistance barrier　　Bitcoin price rose 12% over the past three days and is currently trading around $48,380. The resistance levels at $48,895 and $50,000 are major hurdles in bulls’ path. Therefore, the bulls need enough momentum to flip these blockades into support platforms for a smooth recovery to September 6 levels.　　This move will push BTC into the Fair Value Gap (FVG) and suggest that the buyers might be vying for a retest of this range’s upper limit at $56,361. If this development is complete, it will represent a 16% ascent from the current position.　　On the other hand, if BTC fails to maintain its buying pressure, a retracement to $46,833 seems likely. However, a breakdown of $44,705 will invalidate

2021-09-16Deep Dive

El Salvador Accept Bitcoin As The Legal Tender Currency

It was recorded that the price of Bitcoin on Tuesday, September 6th had an approximate loss of 11% in total following the crash of the Salvadoran government legalised crypto storage App. In regards to this news, the price of Bitcoin had a 7 days price change of -6.34% during the close of the last trading week. Where that could be a negative Bitcoin price market update. Perhaps the majority of crypto market participants expect the price of Bitcoin to close above the 52K mark. Yet, the market price closes below the 50K level at the price of $46,242.52. In addition to this report, both individual retail traders and large-cap industries such as standard chartered banks still predicted the price of Bitcoin crossing above the 100k price point. In a nutshell, the craving increase among market players about the price of the crypto market skyrocketing could be revealed in this present week and the coming trading sessions ahead.　　 Bitcoin Success In El Salvador　　El Salvador being the first country to adopt the legalization of Bitcoin as the official currency means a lot to the crypto market and also to the bullish buying power of Bitcoin. Although this “too good to be true”

2021-09-16Deep Dive

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