Crypto Guides, Knowledge & Insights

Dogecoin Rival Shiba Inu Starts Trading on Binance.US

Shiba Inu, the second-largest canine cryptocurrency by market cap, has started trading on Binance.US, the American subsidiary of the worlds biggest crypto trading platform.　　Earlier this month, the most successful Dogecoin rip-off was also listed on Coinbase Pro, which resulted in an impressive 30% price spike.　　SHIB is currently changing hands at $0.000006786.　　Image by binance.us　　In May, Binance listed the Ethereum-based cryptocurrency in its innovation zone that is tailored to high-risk traders. The rival FTX exchange added support for the token around the same time.　　Shiba Inus market cap peaked at $13.83 billion on May 10, and it is currently sitting some 80% below that mark.　　Binance remains the key market for Shiba Inu, with the SHIB/USDT trading pair alone accounting for nearly 20% of the cryptocurrencys total trading volume.　　The Dogecoin copycat is also available for trading on Huobi, Poloniex and some other exchanges.　　The obscure cryptocurrency gained wide publicly because of its huge gains and Ethereum co-founder Vitalik Buterin burning a staggering $6 billion worth of SHIB tokens after donating $1 billion to charity.　　Despite the fact that the Shiba Inu rally ended up being just a flash in the pan, recent listings on some of the worlds largest exchanges indicate that the meme coin is

2021-09-16Deep Dive

Why investing in Bitcoin RIGHT NOW might be a very profitable decision

In the Bitcoin market, the biggest question on any investor’s mind is this – “When should I invest？” And, that’s a fair question, especially since profitability is the only driving factor for an investor.　　Well, it looks like the opportunity has once again arrived since Bitcoin is at its highest profitability in a while. Here’s how you can bet on that –Bitcoin is profitable 　　Based on the strong market rally of the past 6 weeks and the hard-hitting crash that followed, there is some apprehension if the market is overheating or not.　　An overheated market refers to a rapidly growing market that turns unsustainable. However, that does not seem to be the case when one looks at the BTC market right now. In fact, this is the best time to jump in as buying opportunity is pretty profitable at the moment.　　Traditionally, the 200-day moving average (DMA) is considered to be a standard indicator of buying and selling. If BTC’s price is above it, it’s usually the beginning of strong upward movement. On the contrary, movement in the opposite direction is usually an indication of a fall.　　Right now, Bitcoin’s price movement is in line with the 200 DMA – A clear sign that

2021-09-15Deep Dive

Bitcoin strengthens whilst Solana alt-coin recovers from attack

It was a dramatic night for Solana and Ethereum, but Bitcoin rose steadily.　　Bitcoin strengthened in Wednesdays early deals, up 2.6% at US$47,151, whilst highly popular alt-coin Solana recovered from an attack that knocked out its system and forced a reset.　　Solana, which rose to prominence recently as a low-cost alternative to Ethereum, saw its price drop around 15% on Tuesday night as a 400,000 transactions per second ‘denial-of-service’ attack disrupted the network.　　Engineers in the Solana community worked to restore service to the crypto system and trading in SOL resumed in the early hours. At US$162, the crypto is down 2.9% for the day but has recovered from the last nights low of around US$144.　　According to reports, Ethereum was also targeted by an unsuccessful attack.　　Ethereum meanwhile also saw separate network disruption on Tuesday as Arbitrum One, a layer-two network that helps the main Ethereum blockchain to scale and is in beta, suffered a code-based problem.　　At US$3,401 Ethereum was up around 2% on Wednesday.　　Cardano‘ ADA price continues to consolidate following the weekend’s high profile hard-fork event which enabled the use of smart contracts on the blockchain system. At US$2.39 ADA is down 1.4% for the past 24 hours.

2021-09-15Deep Dive

ECB’s Governing Council Member argues that CBDCs and traditional Fiat can go hand-in-hand

European Central Bank Governing Council member, Jens Weidmann claims that CBDC adoption does not mean the traditional fiat system is going to be an “endangered species”.　　According to a Bloomberg report, he asserted that the digital wave does not pose a threat to the traditional banking system and institutions should not demand additional protection instead of integrating CBDCs into routine transactions.　　“CBDC should be designed in a way that allows its users to reap its potential benefits as fully as possible while keeping its risks and potential side effects at bay,” the Bundesbank president said at a conference on Tuesday. “This does not call for banks to be protected like an endangered species.”　　CBDCs may “spur on competition” among financial institutions　　Amid the global wave of Central Banks‘ Digital Currency adoption, certain global monetary officials have highlighted potential risks to the commercial banks’ business models upon mass conversions of fiat to CBDCs.　　Furthermore, Weidmann also emphasized that CBDCs should be implemented with usage limitations instead of preventing any foreseeable damages to the traditional economic structure. However, he continued claiming that Central Banks do not need to be overprotective with CBDC adoption. Weidmann argued that CBDCs could push for healthy competition among financial institutions which in

2021-09-15Deep Dive

Bitcoin rally is back on track

Cathie Wood, CEO and cofounder of Ark Invest, spoke at a conference in New York about the potential of cryptocurrencies. Despite the recent drop in Bitcoin prices, she continues to remain bullish and predicts that the price of Bitcoin will be in the six figure range. She anticipates that Bitcoin prices will more than tenfold and trade nearly $500,000, up from nearly $47,000 now. She did, however, emphasize the importance of institutional investors allocating at least 5% of their portfolios to digital assets. She added that while Bitcoin remains her preferred cryptocurrency, she is also keeping a close eye on Ethereum, which has risen significantly and is transitioning from “proof-of-work to proof-of-stake.”　　Bitcoin prices have moved back above the 50 and 200-day SMA on the daily time frame which is certainly positive for the price Something which is also immensely positive for the Bitcoin price is the golden cross which is taking today ie the 50-day SMA crossing above the 200-day SMA on the daily time frame. If price continues to trade above these moving averages, we could potentially see a major rally for the Bitcoin price.

2021-09-15Deep Dive

BITCOIN CRASHED, LOST OVER 10% OF ITS VALUE.

The price of the largest cryptocurrency crashed as it hits $52,000, its highest price in over three months.　　Bitcoin lost over 10% of its value last week as it crashed from $52k and losing over $50B in its total market cap.　　The crash in the price of Bitcoin could be a result of the increase in demand as more people tend to jump on the rally. The increase in the price of Bitcoin has caught so much attention among crypto enthusiasts, and more people are jumping on the train as a result of FOMO. Big players might have seen this as an opportunity to book some profit and get a better price as the market plunge.　　Technically, the price of Bitcoin tried to break above the $50K resistance level, but buyers momentum failed to hold above it, creating a false breakout to the upside. Price crashed from $52k to $43 in just a day, erasing over five (5) days rally. The price of Bitcoin is trading at $45 as at publishing time.　　Bitcoin might create a new low this week if it breaks below $45k. The next support is at $40k, where the price rallied from a few weeks ago. Failure to find support

2021-09-15Deep Dive

Walmart’s Future Crypto Plans: Will Bitcoin, Solana, or Cardano Be Accepted By The Retail Giant?

Americas mega retail giant, Walmart may be nursing plans to delve into crypto, according to a recently posted crypto vacancy, but that plan does not include Litecoin (LTC). In an interview with Bloomberg, a Walmart media correspondent debunked rumors of an impending partnership between the retail giant and Litecoin.　　Following the fake press release impersonating Walmart‘s CEO, Doug McMillon, and Litecoin’s creator, Charlie Lee, which was featured on pseudo-verified Litecoin and Walmart Twitter accounts and reported by Yahoo, and Globe NewsWire, tens of thousands of investors had already flocked to increase their purchase of LTC, sending the 15th most valuable coin to moon levels with a close to 30% gain in value before Walmarts counter-announcement.　　Both Twitter accounts have since been deleted prompting many experts to condemn what they believe is a brief pump and dump heist by some frustrated nefarious LTC investors looking to deceptively cash out on early-bird investors. Another Twitter user was quick to spot a domain mishap as the officially stated Walmart website “WALMART-CORP.COM” impersonating Sam Waltons 59-year-old retail business was registered barely 30 days ago.　　Litecoins present predicament is not decrypted in morse code. The embattled altcoin which managed to steal one step forward on the strength of

2021-09-15Deep Dive

REPORT: BITCOIN ADOPTION IN AFRICA GROWS 1,200% IN ONE YEAR

Bitcoin adoption in Africa has skyrocketed over the past year, growing over 1,200%, according to a report by Chainalysis. The increased activity in the region has been fueled by retail investors, who resort to bitcoin every day for savings, remittances, and peer-to-peer (P2P) trading.　　Artur Schaback, COO and co-founder of P2P exchange Paxful, told Chainalysis that his platform had seen stark growth in African countries, notably 57% in Nigeria and over 300% in Kenya, over the last year. In fact, Africa has the largest volume of P2P bitcoin trading in the world, as citizens often face banking restrictions to centralized bitcoin on-ramps.　　The ability to purchase bitcoin through P2P markets and transact it in a permissionless fashion has also enabled African citizens to bypass government restrictions of remittances and transfer more funds across borders. In 2019, Sub-Saharan Africa received at least $48 billion in remittances, a study by Brookings Institute found.　　Source: Chainalysis　　In addition to remittances, Schaback also explained that bitcoin enables African merchants to perform international commercial transactions more efficiently. Users resort to P2P markets for purchasing bitcoin and paying for the goods they wish to import, which is more efficient than using the traditional banking system.　　“If you‘re working with a partner

2021-09-15Deep Dive

Cardano Founder Charles Hoskinson Says He Wants To Eliminate The Need For CEOs And Presidents

Cardano has recently been in the news for all of the right reasons recently. The project just successfully launched the Alonzo Hard Fork Combinator (HFC) on Sunday and with it comes smart contracts capability for the network. Enabling a whole new world of decentralized finance to be built on the network. This has been founder Charles Hoskinsons dream for the four years it has taken to get here.　　The founder took to Twitter to celebrate this monumental feat, which he referred to as the new era of Cardano. “Tomorrow is the big day! We are entering a new Era of Cardano,” the tweet read. The community engaged with Hoskinson on Twitter following his tweet. The replies sported both support and questions from inquiring community.　　Removing The Need For CEOs And Presidents　　Responding to an overly optimistic reply from a supporter, Hoskinson made a surprising revelation. The tweet had congratulated the founder for the Cardano upgrade, but referred to Hoskinson as “future POTUS 2032.” Hoskinson then responded saying that he had no desire to be president since he had no taste for politics. Going on to add that the point of his career was actually to remove the need for presidents and CEOs.　　Its not

2021-09-15Deep Dive

Billionaire Steven Cohen to Invest in Crypto Firm Radkl

Digital asset market frenzy continues with Billionaire Steven Cohen‘s investment in the new cryptocurrency organization called Radkl. The Wall Street Journal stated that Cohen will be making an initial investment into the quantitative trading firm specializing in digital assets called Radkl. However, the investment amount remains undisclosed as of now, but considering Cohen’s former generous investments into crypto, the community is looking forward to the project.　　Radkl is backed by a team from New York of the high-speed trading firm GTS and is scheduled to launch this Tuesday. Furthermore, Steven Cohen‘s investment in the newly launched firm is not supported by his hedge fund management firm, Point72. Rather, Cohen will be investing from his savings. However, Cohen does not intend to indulge in Radkl’s routine operations according to the spokeswoman for Steve Cohen.　　 Cohens $50M Crypto Investment in NFT firm　　Radkl is not Cohen‘s first crypto investment venture. Recently Steven Cohen’s hedge fund management firm, Point72 raised $50 Million for the non-fungible token (NFT) company, Recur, in the Series A funding round. Post Cohens $50 Million investment, the NFT achieved a $333 million valuation.　　Cohen has acquired a position on the Recur‘s board as Digital’s initial designated director. “Our engineers built the infrastructure

2021-09-15Deep Dive

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