Crypto Guides, Knowledge & Insights

El Salvador Largest Newspaper Adds Bitcoin Price to Homepage

With the legal tender law now in effect, the newspaper has begun tracking Bitcoins price to help citizens adapt to the switch.　　As of today, Bitcoin acceptance becomes a legal business requirement in El Salvador. In response, the countrys largest newspaper has included a Bitcoin price tracker on its homepage.　　The Price Tracker　　In full display on the newspaper‘s homepage, a live Bitcoin price tracker is visible on the upper right-hand side of the screen. It measures Bitcoin’s worth in USDT (Tether), a stable coin pegged to the US dollar.　　This price tracker will be a convenient tool for citizens now mandated to accept Bitcoin payments as part of their business.　　Interestingly, that same newspapers front page is filled with articles claiming that citizens are unfavorable towards the new law.　　Headlines include “What people say is clear: they don‘t want Bitcoin,” as well as “The Bitcoin Law starts amid doubts and citizen rejection.” This is in line with what CryptoPotato reported recently about anti-Bitcoin protesters marching the streets in recent weeks. The citizens’ major concerns appear to be the price volatility and alleged facilitation of criminal activity.　　El Salvador Homepage, September 7th, 2021　　 Nayib Bukele: Doubling Down and Stacking Sats　　President Nayib Bukele has paid no mind to

2021-09-08Deep Dive

Bitcoin Dumps $7K to Below $43K as $2.6 Billion Liquidated in Minutes

In a completely unexpected turn of events, Bitcoins price crashed to below $43,000 in a matter of minutes. This happens on the day El Salvador officially recognizes it as legal tender in what many called the “Bitcoin Day.”　　In a matter of hours, Bitcoins price crashed from above $52,000 to below $43,000 in a violent red candle and a massive sell-off.　　Chart by TradingView　　In two consecutive candles, bitcoins price lost about $7,000 of its value.　　Since then, it has somewhat recovered to $46,600 where it currently trades, according to Bitstamp.　　This event also saw a tremendous spike in the daily liquidations, as can be expected.　　Data shows that in the past hour alone, over $2.57 billion were liquidated, while this number adds up to a grand total of $3.5 billion in the past 24 hours.　　Most of the liquidations reportedly took place on Bybit.　　The largest single liquidation order happened on Huobi, and it had a face value of over $43 million.　　As unfortunate as it may be, this took place on the day El Salvador officially accepted Bitcoin as a legal tender.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2021-09-08Deep Dive

McDonald’s, Pizza Hut, Fast Food Chains In El Salvador Adopt Bitcoin Standard, Will They Hold?

September 7th, 2021 will go down in history as the first day in history when a station nation adopted Bitcoin as legal tender. As Bitcoin has been covering over the past week, El Salvador rollout its BTC Law.　　The measure has seen a lot of criticism, and opposition from other countries, financial institutions, and a portion of the population. Some claimed that its approval and implementation occurred too fast.　　Therefore, people and businesses in the country will lack the proper tools to accept it as a medium of exchange. Others argued that in Latin America things must be done quickly or they risk not being done at all.　　At the moment, events seem to favor those who think the latter as Bitcoin users from around the world have gone to verify the implementation of this historic law in the Central American country. Journalist Aaron Van Wirdum reported that he was able to make a successful purchase using the Lightning Network.　　Van Wirdum paid with Bitcoin in a McDonald‘s in El Salvador. The reporter expected that the infrastructure wouldn’t be ready from day 1 but was positively surprised to witness that he was mistaken.　　The president of El Salvador Nayib Bukele became a reporter himself. As

2021-09-08Deep Dive

Germany Plans to Introduce Tokenized Mutual Fund Shares

Germanys Federal Ministry of Finance has started a public consultation aimed to gather feedback about the introduction of tokenized mutual fund shares.　　It will be possible to submit comments until Oct. 1, 2021.　　The draft regulation makes allows investment funds to issue tokenized units on the blockchain.　　Its authors warn that the German financial industry could be at a disadvantage when other European jurisdictions turn to tokenization.　　A token represents a certain number of shares of a regulated fund. Tokenization offers plenty of benefits such as the ability to reduce the barrier to entry and cutting down the administrative costs associated with new investors.　　The move to introduce tokenized mutual funds is the latest sign that blockchain and cryptocurrencies have acquired the veneer of legitimacy in the richest E.U. country.　　A new German law, which came into force on Aug. 2, allowed institutionally oriented funds to invest up to 20 percent of their total holdings into crypto.　　As reported by U.Today, Frankfurt-headquartered asset manager Union Investment announced that it would add Bitcoin to various funds after performing a pilot test earlier this year.　　For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

2021-09-08Deep Dive

Date of Cardano’s Smart Contract Launch Officially Confirmed

A smart contract update proposal has been successfully submitted to Cardanos mainnet, according to a recent announcement made by developer IOG.　　The Alonzo hard fork combinator (HFC) event will now officially take place on Sept. 12, which is in line with the teams original schedule.　　Presently, stake pool operators, exchanges and other partners keep preparing for Cardanos most significant upgrade to date.　　IOG CEO Charles Hoskinson says that developers who already have Plutus code for their applications will be able to run it on the blockchains mainnet starting from Sunday.　　While the smart contract launch is just around the corner, the price of the ADA cryptocurrency is under severe pressure amid a major market correction. Earlier today, the price of the third-largest coin plunged by more than 30 percent to as low as $2.　　For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.

2021-09-08Deep Dive

Solana: What happens if investors book their profits at these levels

Crypto-markets noted a surge in inflows as Bitcoin climbed above $52k for the first time in nearly 4 months. Amidst gains witnessed across some alts, Solana stood out from the pack. Its daily gains of 27% were the highest among the top 50 coins by market cap.　　In fact, the altcoin has turned somewhat into a safe haven for investors looking to make quick gains even when the broader market has looked bleak. To put this in perspective, SOL‘s monthly gains stood at 390%, compared to Bitcoin’s 20%, at press time.　　On the charts, SOL continues to march forward after overtaking important Fibonacci Extensions levels. However, high volatility could easily turn into a bane when the next correction hits the market.　　SOLs retracement from $130 to $101 in late-August was plotted on the Fibonacci tool to identify some important extension zones. SOL eyed the immediate 138.2% and 161.8% Extension levels over the near term, while a more mid-term target lay at the 200% Extension.　　However, it is important to understand that the aforementioned levels function as sell-off points for investors looking to book their profits. Since SOL saw a meteoric rise in value in such a short duration, its market is quite vulnerable to

2021-09-07Deep Dive

El Salvador becomes the first country to use Bitcoin as currency

A representation of the virtual cryptocurrency Bitcoin.　　El Salvador has become the first country in the world to adopt Bitcoin as legal tender.　　The plan, spearheaded by President Nayib Bukele is aimed at allowing Salvadorans to save on 400 million dollars spent annually in commissions for remittances, mostly sent from the United States.　　Polls show that Salvadorans have voiced cautious optimism over using bitcoin with some wary of the volatility of the cryptocurrency.　　In the run-up to the launch, the government has been installing ATMs of its Chivo digital wallet that will allow the cryptocurrency to be converted into dollars and withdrawn without commission.　　Bukele has defended the legislation.　　Millions who send and receive remittances know that high costs have to be paid to send them. This will benefit those who send remittances as well as those who receive them. Millions of people will benefit from not paying these prices but also because they will receive them immediately without any minimum.

2021-09-07Deep Dive

64% of Cardano Pools Upgraded to Alonzo 1.29.0 Ahead of Mainnet Update

Data reveals that 64% of the pools of Cardano are already prepared for the upcoming fork that‘s scheduled to take place on September 12th and would potentially introduce smart contracts to the network’s mainnet.　　Majority of Pools Alonzo-Ready　　As CryptoPotato reported earlier this month, the team behind Cardano managed to successfully implement a smart contracts capability on the Alonzo testnet. This allowed developers time to test out the protocol ahead of its mainnet upgrade, which should supposedly happen on September 12th.　　Now, it appears that 64% of the pools in the network are already “Alonzo-ready,” meaning theyve successfully upgraded to Alonzo 1.29.0, according to the Cardano network monitoring resource Pooltool.　　Cardano Network Health/Upgrades to Alonzo 1.29.0.　　The news was also syndicated by the official Twitter account of Input Output, who stated:　　Awesome effort as ever from the Cardano stake pool operator community over the weekend to get ready for Alonzo. Currenty […] some 64% of pools have now upgraded to 1.29.0 Alonzo node.　　The team has previous made it clear that they hope for at least 80% of the pools to be ready before the upcoming HFC event.　　 Cardano Facing Criticism　　Meanwhile, the network is under serious criticism after some supposed flaws in its structure were brought to

2021-09-07Deep Dive

How Much Will Bitcoin be Worth in 2025?

2021 has been an uncertain year for Bitcoin. The largest cryptocurrency by market cap hit an all-time high of $65,000 in April this year.　　However, it lost more than half of its market value compounded by Chinas harsh regulations and a crackdown on mining activities. The year has also witnessed an increase in Bitcoin adoption rate with several global financial institutions and established technology firms. Notably, they include PayPal, Visa, JPMorgan, Goldman Sachs, MicroStrategy, Apple, and Tesla, all adopting Bitcoin.　　Following increased Bitcoin adaptation coupled with increased blockchain-based investments, its evident that hyperbitcoinisation is almost a reality, predicted to occur by 2050. It means the moment Bitcoin takes over global finance.　　However, even before hyperbitcoinisation, what will be the price of Bitcoin in 2025？ Considering Bitcoin‘s price history, behavior, and relevant expert predictions here’s what you could expect Bitcoin to be worth in 2025.Bitcoin‘s Price History　　Bitcoin was launched in January 2009 by pseudonymous Satoshi Nakamoto. Satoshi presented the idea of a decentralized digital currency under a whitepaper titled: Bitcoin: A Peer-to-Peer Electronic Cash System. Ten months after the whitepaper presentation, Bitcoin’s market worth debuted at the rate of $1 US Dollar = 1,309.03 BTC. Initially, the price of the crypto world-beater was determined

2021-09-07Deep Dive

Why U.S. Senator Elizabeth Warren Thinks Crypto Is “The New Shadow Bank”

Crypto regulation has been a hot topic lately in the United States. The Infrastructure Bill has been one of the most talked-about bills in the crypto industry. Senators have usually taken a stand for or against favorable crypto regulations. And for the most part, the House has been divided on what should be done with regards to cryptocurrencies. The United States Senator Elizabeth Warren has been vocal about her opposition to cryptocurrencies.　　Most recently, the rise of decentralized finance (DeFi) has raised a lot of issues. These protocols give investors instant access to services that they would usually have to go through traditional outlets like banks to get. While offering better returns on them. Investors can get access to lending and yield accounts in real-time. Thus putting decentralized finance in direct competition with banks. But yes, they remain an unregulated market.　　Crypto Is The New Shadow Bank　　In an interview with the New York Times, Senator Warren continues her public opposition to the crypto market. The U.S. senator said, “Crypto is the new shadow bank. It provides many of the same services, but without the consumer protections or financial stability that back up the traditional system. Its like spinning straw into gold.”　　The unregulated

2021-09-07Deep Dive

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