Crypto Guides, Knowledge & Insights

Bitcoin protests break out in El Salvador

Yesterday, anti-government marchers took to the streets bearing signs which read “no to dictatorship” and “we were defrauded by Bitcoin”. Bitcoin ATMs, installed ahead of the crypto currency becoming legal tender earlier this month, were burned by demonstrators.　　The decision to legalise the use of crypto payments across the country was spearheaded by El Salvadors charismatic young leader, President Nayib Bukele, who proposed the scheme to help to make remittance payments cheaper and faster. Businesses are legally required to accept Bitcoin payments alongside the dollar.　　However, recent polling suggests the policy is unpopular with 67.9% of 1,281 people surveyed saying they disagree or strongly disagree with the change. To make matters worse, the day of the rollout was plagued by technical hitches and a slump in the price of Bitcoin which led to around 1,000 protestors marching on the capital.　　Yesterday‘s protestors also challenged Bukele’s authoritative leadership style after the countrys judiciary approved him to run for a second term in office despite constitutional limits.　　“Its important to say this morning: Enough already! What the government is doing is arrogant, it is authoritarianism,” protester Dora Rivera told Reuters.　　Despite the setbacks, the price of Bitcoin is up 2.5 per cent in the past 24 hours

2021-09-16Deep Dive

Huobi Launches Derivatives Warrant, Further Expanding its Suite of Trading Services

Huobi Global, one of the leading digital asset trading platforms, today announced the extension of Huobi Derivatives Warrant trading services to all its global markets at the end of September. Since its debut in Vietnam on September 3, the product was also launched in markets including India, Europe, and Oceania (comprising Australia, New Zealand, and other Pacific Island states).　　Huobi Derivatives Warrant is a featured option product created by Huobi Futures, a derivatives trading platform under Huobi Global. Featuring mainly American options and European spread options, Huobi Derivatives Warrant enables users to increase their potential upside without putting much capital at risk.　　In contrast to traditional options service providers, Huobi Derivatives Warrant provides a sound and liquid market where users dont have to bear losses in which the executed premium prices end up being different from the proposed ones, except in extreme cases. Without charging transaction and execution fees, Huobi Derivatives Warrant provides options with various expirations to choose from and supports large-volume trading.　　“Huobi Derivatives Warrant enables traders to choose multiple types of options corresponding to different market conditions,” said Du Jun, Co-Founder of Huobi Group. “For example, if traders think its going to be a flat market going forward, they can

2021-09-16Deep Dive

XRP Lawsuit: Ripple demands non-evasive responses from the SEC in Interrogatories’ Dispute

The latest development in the XRP lawsuit saw Ripple file a reply to SEC‘s opposition regarding the defendant’s Motion to Compel interrogatory responses to identify SECs Howey Test application theory. Ripple argues that the SEC opposition constitutes evasive responses and refusal to comply with basic obligations imposed on all parties under Rule 33.　　Ripple highlighted that contention interrogatories are “designed to assist parties in narrowing and clarifying the disputed issues in advance of summary judgment practice or trial.” Furthermore, the defense claimed that the interrogatories put forward by them will prove that mentioned issues do not hold a genuine dispute as objected by the SEC.　　Ripple argues SEC answers are non-responsive　　The SEC content its non-responsive replies by mentioning the Court‘s Phillies decision that points out a party “need not catalog every fact or piece of evidence” in support of a stated contention. However, the defense argues against SEC’s use of Phillie‘s verdict, asserting that the plaintiff’s responses were not discredited for not being precise.　　In fact, the defendants argued that the SEC answers are inadequate because they entirely fail to provide substantive responses to the questions Defendants asked. Furthermore, these non-responsive answers are regarded as inconsistent with Rule 33s purpose of narrowing issues

2021-09-16Deep Dive

Bitcoin Golden Cross “Is Official” According To Capital Manager

The Bitcoin golden cross, a signal that has traditionally been a bullish indicator, is now official, according to a capital manager.　　The Famous Bitcoin Golden Cross Now “Official”　　According to a capital manager on Twitter, the Bitcoin golden cross is now official. This is only the eighth time in the history of the coin that such a cross has occurred.　　The “golden cross” has been the topic of discussion all over the online crypto communities today, but what is it that makes it so special？ Well basically, a golden cross is marked by a short-term moving average (MA) taking over a long-term one. Usually, analysts consider such an event to be a bullish turn for the market.　　The bullish crossover that Bitcoin is witnessing right now is one where the 50-day MA is moving over the 200-day MA.　　Here is a chart posted by the capital manager that highlights this golden cross for the BTCUSD trading pair:　　The 50-day MA seems to have crossed over the 200-day MA | Source: Tweet by Dr. Jeff Ross　　As the above chart shows, the golden crossover looks to be complete as the 50-day MA makes a move above the 200-day MA. The capital manager believes we will see “Strong short-term

2021-09-16Deep Dive

NatWest Chair Predicts Digital Pound Pilot In Five Years

NatWest bank chairman Howard Davies has claimed that Britain will be piloting its own CBDC based on the pound to reduce money transfer costs within the next five years.　　“Britcoin” CBDC In The Books？　　The Bank of England (BOE) has not yet made any announcement regarding its stance on a pound-based CBDC. However, at a Bloomberg event on Tuesday, Davies expressed his belief that the UK would see a pilot CBDC initiative in the next 3-5 years. Continuing on a related topic, he addressed the volatility of crypto assets like Bitcoin and its environmentally harmful effects, claiming that it lacks inherent value and is useless beyond buying illicit transactions on the dark web.　　On the other hand, BOE Governor Andrew Bailey spoke at the same event, saying that the central banks were considering the pros and cons of a CBDC.　　“I dont think the Bank of England and the UK is behind on this issue. We have to answer the question - exactly what problems are we sorting out here？ We have got to be very clear on what it is that we think the digital currency will do, and what it will do to improve the system.”　　Euro Or Pound - Which Will See

2021-09-16Deep Dive

World’s Largest Hedge Fund Manager Says Regulators Would Kill Bitcoin

Ray Dalio, the American Billionaire, and Manager of the World‘s Largest Hegde Fund Bridgewater Associates believe regulators would try to “kill” Bitcoin if it becomes very successful. Dalio who has turned into a Bitcoin proponent after bashing it for years, recently revealed he holds Bitcoin himself and called it a better alternative to Gold. Dalio’s comments come at a time when the US regulatory environment is pretty heated up. He said,　　“I think at the end of the day if its successful, they will kill it and they will try to kill it. And I think they will kill it because they have ways of killing it,”　　The US Securities and Exchange Commission (SEC) chief Gary Gensler has continued to show ignorance towards the need for better clarity around regulations and has reiterated his earlier stance that the decentralized ecosystem needs a regulatory overwatch. The SEC commissioner has faced a lot of criticism from the crypto community and the general public alike.　　 Dalio Says Bitcoin is Good Alternative to Cash　　Dalio in his recent interview went on to cite the differences over Bitcoin giving an example of China and El Salvador as two extremes. He claimed even though BTC has no intrinsic value,

2021-09-16Deep Dive

World’s Largest Movie Theater Chain to Start Accepting Ethereum, Litecoin and Bitcoin Cash

AMC CEO Adam Aron has taken to Twitter to announce that the largest US cinema chain is going to start accepting Ethereum, Litecoin and Bitcoin Cash on top of Bitcoin.　　As reported by U.Today, Aron initially revealed his companys plan to add support for the largest cryptocurrency during an earnings call in early August.　　RelatedElon Musk and Vitalik Buterin Among TIMEs 100 Most Influential People of 2021Back then, he also said that AMC would consider other blockchain-relation options, which is why altcoin payments appear to be a logical step for the movie theater chain.　　The Leawood-headquartered company made plenty of headlines because of its stocks volatile moves in early 2021 after it became the darling of retail traders during the GameStop mania.　　The shares of AMC closed at $46,84 on Sept. 15. The stock is up a whopping 2,131 percent year-to-date.

2021-09-16Deep Dive

Asset manager Franklin Templeton files for blockchain venture fund

Franklin Templeton, the asset management firm, has formed a blockchain venture fund that could raise as much as $20 million, public documents show.　　The firms Wednesday filing shows that the Franklin Templeton Blockchain Fund I, L.P. has raised $10 million to date out of a projected $20 million. It is classified as a pooled venture capital fund.　　As previously reported, Franklin Templeton has participated in a number of initiatives focused on crypto. The company is a stakeholder in a venture fund of funds launched this summer by Galaxy Digital. Franklin Templeton is an investor in crypto startups like Amberdata, taking part in the $15 million funding round announced this week. The firm also took part in an extended Series A round for custody startup Curv, which was later acquired by PayPal.　　CoinDesk reported earlier this month that Franklin Templeton is seeking to hire roles in an internal digital asset team.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2021-09-16Deep Dive

TIME’s 100 Most Influential People: Here Are Crypto Leaders That Made the List

TIME Magazine has published the list of the 100 Most Influential People of 2021 and some of the listed personalities have had a major influence on the digital currency ecosystem in the past year. The featured personalities include Vitalik Buterin, Ethereums co-founder, Elon Musk, the Chief Executive Officer of electric Automaker, Tesla Inc, and President Nayib Bukele of El Salvador. Each of these executives has shaped the growth of the digital currency ecosystem in their own way, a contribution that seems to be recognized by TIME magazine.　　 Vitalik Buterin　　Vitalik is a Russian Canadian programmer whose works in the Ethereum blockchain ecosystem helped power the emergence of decentralized finance (DeFi) and the currently buzzing Non-Fungible Token (NFT) metaverse. The acclaimed developer was featured under the ‘Innovators’ section and the Ethereum digital currency he co-founded is currently worth $415.1 billion.　　Vitalik and the Ethereum Foundation are currently actively involved in the development of the network, and he is leading the blockchain to switch from the current energy-inefficient Proof-of-Work (PoW) model to the scalable Proof-of-Stake (PoS) dubbed Ethereum 2.0. This massive technological switch is in its advanced stages and is billed to be launched by early 2022.　　 Elon Musk　　Elon Musk is an iconic figure

2021-09-16Deep Dive

After 24-Hour Downtime, "Ethereum Killer" Solana Revived Again

Solana Status Twitter account has confirmed that the successful restart of the network should happen in several hours. Previously, Solana mainnet was down or experiencing troubles moving transactions through for almost 24 hours. The network went offline after reaching the peak of 400,000 TPS.　　After encountering a large transaction volume, the beta version of Solana mainnet faced problems with processing it on the network. Transactions flooded the queue, which led to the forking of the network. After forking began, the mainnet started to consume large volumes of memory and eventually went offline.　　Developers and engineers across the system have tried to stabilize the network but have failed to do so. In order to stabilize and launch the network again, the validator community was chosen to coordinate the “resurrection.” After the restart, the new release was presented with additional instructions for users.　　The Solana validator community successfully restarted the network and upgraded it to the 1.6.25 version. All systems like Dapps, explorers and supporting solutions are expected to recover in the next few hours. Full functionality is expected to be restored by the end of the day.　　The majority of the community expressed their concerns about the ability of the network to function properly under

2021-09-16Deep Dive

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