Crypto Guides, Knowledge & Insights

Senator Warren on Crypto: "Unreliable, Devastating, Dangerous"

During a Tuesday hearing held by the U.S. Senate Banking Committee, Sen. Elizabeth Warren (D-MA) painted a rather grim picture of cryptocurrencies, reading a litany of problems that she believes plague the industry:　　Theres a whole list of problems: unreliable tech, scams, devastating climate impact, but high unpredictable fees can make crypto really dangerous for people who are not rich.　　The former presidential candidate, whos considered to be one of the most left-wing politicians in the U.S., says that regulators need to step up in order to protect ordinary investors.　　Warren mentioned that the fee for swapping tokens on the Ethereum network on decentralized finance platforms was more than $500 one week ago.　　She claims that small investors could get “jammed” and wiped out entirely because of the need to pay the exorbitant commission in order to withdraw their money.　　The Massachusetts lawmaker also took issue with Coinbase experiencing downtime during the Sept. 7 market collapse, which prevented some users from accessing their funds.　　Warren pointed to the sheer magnitude of the crash: “In a matter of hours, $400 billion in market value just disappeared.”　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2021-09-15Deep Dive

EY Integrates With Polygon To Scale Up On Ethereum

EY announced its partnership with Layer 2 Ethereum scaling solution Polygon to allow its enterprise clients to conduct smoother transactions on the Ethereum mainnet.　　EY Going Polygon Way To Be Enterprise-Friendly　　On Monday, one of the Big Four consulting multinationals, Ernst & Young, announced that its flagship blockchain services, EY OpsChain and EY Blockchain Analyzer, will be integrated with Polygonm allowing transactions to be committed to Ethereum via the sidechain. This integration will enable enterprise clients to increase transaction throughput with reasonable fees and fixed transaction times.　　Additionally, the Polygon partnership is also opening up the opportunity for EY to offer permissioned, private optimistic rollup chains to handle transaction verification and increase security and efficiency. Furthermore, the rollup chains would also help enterprises be closely aligned with the public Ethereum mainnet to ensure quicker and lower risk transitions to public networks in the future. Plus, it would also provide businesses with the security of a closed system.　　According to EY Global Blockchain Leader Paul Brody,“Working with Polygon provides EY teams with a powerful set of tools to scale transactions for clients and offers a faster roadmap to integration on the public Ethereum mainnet.”　　Ethereums Congestion Issue　　Ethereums increasing transaction costs and times have been a growing

2021-09-15Deep Dive

SEC Chair Gensler Claims Stablecoins “May Well Be Securities”

During an ongoing hearing being held by the U.S. Senate Banking Committee, Gary Gensler, the chairman of the U.S. Securities and Exchange Commission, said that stablecoins “may well be” securities in response to a question posed by Sen. Pat Toomey.　　The SEC boss says that there is only “a small number” of cryptocurrencies that are commodities, while “very many” of them could be classified as securities.　　When asked why there is very little regulatory clarity surrounding crypto, Gensler said that it was up to the U.S. Congress to change the laws: “This Congress could change the laws, but the laws that we have right now have a very broad definition of a security.”　　He then mentioned that non-traditional investment vehicles, such as scotch whiskey, can also be securities. This highlights how broadly the Howey test, which is the standard for determining whether or not a certain asset is an investment contract, can be interpreted by the courts.　　Despite his tough stance on the industry, Gensler made it clear that he was not negative on crypto: “Im not negative or a minimalist about crypto…I just think its best if its inside the investor protection regime Congress laid out.”　　For more blockchain news, please download WikiBit- the

2021-09-15Deep Dive

Traders in Korea Could Lose Billions This Month As Regulatory Crackdown Deadline Approaches: Report

Crypto traders in South Korea could reportedly lose assets worth more than $2.6 billion as the countrys digital asset exchanges stare down the barrel of impending regulations that could have a large impact on the crypto industry.　　The Financial Services Commission, South Koreas financial regulator, is requiring all crypto exchanges to register as legal trading platforms by September 24th.　　In order to do so, the exchanges are now required to partner with local banks to open real-name bank accounts for their customers. Industry insiders reportedly tell the Financial Times (FT) that nearly 40 of the country‘s some 60 exchanges won’t be able to satisfy the new regulations.　　Kim Hyoung-joong, a professor and head of the Cryptocurrency Research Center at Korea University, tells FT that the shuttering of exchanges could reportedly imperil 42 “kimchi coins,” which are altcoins on local exchanges that are traded mostly in Korean won (KRW).　　Lee Chul-yi, head of Foblgate, a mid-sized exchange, says the regulations could cause the modern-day equivalent to a bank run.　　“A situation similar to a bank run is expected near the deadline as investors can‘t cash out of their holdings of ’altcoins listed only on small exchanges. They will find themselves suddenly poor. I wonder if regulators

2021-09-15Deep Dive

Apple: Apps Hosting NFTs “Not Appropriate” for App Store

Key Takeaways　　Apple has reportedly blocked Gnosis Safes mobile wallet app from the App Store because it stores NFTs.　　The company reportedly said that applications storing NFTs are “not appropriate” for the App Store.　　Apple reportedly said that crypto apps offering NFTs must either make them available to App Store users as in-app purchases or remove them from the app entirely.　　Apple has reportedly blocked Gnosis Safes new mobile wallet application from releasing on the App Store because it facilitated storage of NFTs not bought through in-app purchases.　　 Apple Reportedly Blocks Apps Supporting NFTs　　Apple has reportedly stated that applications storing or displaying NFTs are breaking the App Stores terms of service.　　Gnosis Safe, a multi-sig crypto wallet allowing users to manage digital assets on Ethereum, reportedly tried releasing a new, updated version of its iOS wallet application on the App Store two weeks ago. To the project‘s surprise, Apple blocked the release, citing the wallet’s NFT storage functionality as the reason.　　Lukas Schor, product developer at Gnosis Safe, revealed the incident in a Tuesday Twitter thread.　　According to the email exchanges between Gnosis and Apple shared by Lucas Schor on Twitter, Apple says that applications that include access to NFTs by means other than in-app purchases violate

2021-09-15Deep Dive

Elon Musk Fails to Push Dogecoin Above Polkadot with Viral Photo of His Dog

Polkadot, the native cryptocurrency of the eponymous nominated proof-of-stake blockchain, recently surpassed meme cryptocurrency Dogecoin by market capitalization.　　According to CoinMarketCap data, Polkadot is currently valued at $35 billion, which is almost $4 billion higher than that of the canine coin.　　As reported by U.Today, Tesla CEO Elon Musk posting a photo of his Shiba Inu dog resulted in only a short-term price spike for Dogecoin, while one of its offshoots posted triple-digit gains.　　The fact that Dogecoin failed to log any sustained gains because of the viral photo is the latest sign that Musks influence on the price action of the joke cryptocurrency continues to wane.　　The Bitcoin parody is now on the cusp of slipping below USD Coin (USDC) on CoinMarketCap.　　As reported by U.Today, Dogecoin managed to surpass Tether, the leading stablecoin, in mid-April, but its monstrous rally lost steam in early May.

2021-09-14Deep Dive

XRP Bakal Disenaraikan Semula Di Platform TaoTao

Menurut laporan rasmi, bursa TaoTao akan menyenaraikan semula XRP pada 22 September, jam 4 petang waktu Jepun selepas selesai penyelenggaran yang dijadualkan pada hari yang sama.　　Setakat ini, TaoTao sudah menjalankan aktiviti perdagangan kripto bagi empat matawang kripto; Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), dan Bitcoin Cash (BCH).　　Menariknya lagi, pada 1 September TaoTao telah bergabung dengan pertukaran kripto, SBI VC Trade sebuah subsidiari kepada firma kewangan terkemuka Jepun, SBI Group.　　Firma ini merupakan rakan kongsi Ripple Labs yang pernah meluahkan sokongannya terhadap XRP sebagai sebuah aset bukan sekuriti.　　SBI juga dijangka akan melancarkan dana kripto yang pertama di negara itu pada akhir November ini dengan tujuan untuk mempelbagaikan lagi portfolio pelabur.　　Adakah potensi untuk XRP mencatatkan lonjakan harga menjelang 22 September？

2021-09-14Deep Dive

Unknown whale moves $2 billion worth of Bitcoin, as BTC stays above 45k

The pioneering crypto market has once again been dominated by large entities, with increasing volatility driven by increasing uncertainty in price.　　Bitcoin Block bot, an advanced analytical tracker, reveals somebody moved $2 billion worth of Bitcoin in block 700,475, while Bitcoin was trading at $45,200 with a $42.2 billion daily volume.　　Currently, the pioneer Crypto asset is valued at $850 billion, down by roughly $100 billion from its market cap on 3 September 2021. More than 41% of the total crypto market value is accounted for by the worlds largest digital currency.　　A price rally typically follows when large wallet investors accumulate BTC and increase their holdings. Crypto analyst, Willy Woo said the cascading liquidations occurred as a result of a break up in a large Over-the-Counter (OTC) sale.　　According to Alex Mashinsky, CEO of the Celsius Network, new buyers entering the market will push the asset past the $55,000 resistance level to reach new highs in 2021.　　“Despite my projections, I expect to hit levels between $140,000 and $160,000. Due to this kind of flash crash and clean-up, we may have to wait until Q1 [first quarter] of next year. However, it will definitely rise,” Mashinsky said.　　Long-term holders and short-term holders both hold a

2021-09-14Deep Dive

SEC Plan for Bitcoin ETFs Is Like 'Favoring One Child Over Another': Grayscale CEO

In brief　　Grayscales CEO suggested that the SECs likely plans for a Bitcoin ETF are misguided.　　The unease stems from concern that an ETF tied to the futures market will be costly and expensive.　　In August, Securities and Exchange Commission Chair Gary Gensler suggested the agency might finally open the door to a Bitcoin ETF—a move that would make it easy for investors to buy the cryptocurrency in the form of a stock, and increase overall liquidity for Bitcoin. But his comment came with a catch.　　In his remarks, which came at a summit in Aspen, Gensler said the SEC was “particularly looking forward to [reviewing] ETFs limited to ... CME-traded Bitcoin futures.”　　In plain English, this could mean that the SEC is likely to give a green light to ETF applications tied to the futures market—synthetic contracts tied to a future price rather than actual quantities of Bitcoin—rather than applications for ETFs backed directly by Bitcoin.　　Genslers remarks frustrated and puzzled many in the crypto world, which has been waiting for a Bitcoin ETF for years, even as regulators in other countries, including Canada and in Europe, have long since approved one.　　“Thats like favoring one child over another,” said Michael Sonnenshein, CEO of crypto

2021-09-14Deep Dive

Bitcoin Exchange Reserves Lowest In 3 Years, What Does It Mean For The Price?

On-chain data shows Bitcoin exchange reserves have hit the lowest value in 3 years, here‘s what it might mean for BTC’s price.　　Bitcoin Exchange Reserves Lowest In 3 Years As Negative Netflows Continue　　As pointed out by a CryptoQuant post, exchange reserves have been continuing their downtrend, and have now reached lows not seen since 3 years ago.　　The all exchanges reserve is an indicator that shows the total amount of Bitcoin held in wallets of all centralized exchanges.　　An increase in the metrics value suggests more investors are depositing their coins for withdrawing to fiat or altcoin purchasing. On the other hand, a decrease means more buyers are moving their BTC to personal wallets for hodling or OTC deals.　　Here is the latest chart for the Bitcoin all exchanges reserve:　　The BTC all exchanges reserve plunges down　　As the above graph shows, the value of the indicator has sharply gone down recently. The current level of the metric is the lowest it has been in the last three years.　　As already mentioned before, a downtrend like this one means investors are withdrawing their coins from exchanges possibly to hodl or sell through OTC deals.　　Such values are typically bullish in the long-term as they may mean that there

2021-09-14Deep Dive

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