Crypto Guides, Knowledge & Insights

Hong Kong watchdog to expand crypto regulations with ICOs crackdown

The Securities and Futures Commission (SFC) of Hong Kong has announced the launch of its latest initiative against scams and crypto frauds. It is aimed at alerting the public about arrangements that are suspected to be collective investment schemes (CIS), like digital tokens and ICOs.　　In its public announcement today, SFC clarified that CIS offerings to the public in Hong Kong without the SFCs authorization are prohibited. The commission further warned investors to be extra cautious if they still plan to go against the authorities and invest in an unauthorized investment scheme.　　Suspected Unauthorised CIS Alert List to filter out crypto scams　　Additionally, the SFC introduced its latest ‘Suspected Unauthorised CIS Alert List’ for Investment arrangements that possess specific CIS characteristics. Investment arrangements under this list may include overseas real estate or untraditional assets and investments, like digital tokens and initial coin offerings (ICO).　　“Unauthorised investment arrangements are highly risky, and investors may lose all their investments…Investors are urged to check the new alert list and find out whether the arrangement is authorized by the SFC before investing.”, said Ms. Christina Choi, the SFCs Executive Director of Investment Products.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.　　ICO crypto scams　　Initial Coin

2021-08-31Deep Dive

Billionaire Investor John Paulson Says Cryptocurrencies Will 'Eventually Prove to Be Worthless'

John Paulson is a co-founder of Paulson s Wealth with David Rubenstein, Paulson, when asked what he thought of the cryptocurrency market, pointed out that due to the high volatility of the assets, their limited supply meant nothing as they have no intrinsic value.　　Paulson, who invests in gold, concluded his thoughts on cryptocurrencies with a warning to investors that in the long term, cryptocurrencies would prove to be worthless.　　“Cryptocurrencies, regardless of where they‘re trading today, will eventually prove to be worthless. Once the exuberance wears off, or liquidity dries up, they will go to zero. I wouldn’t recommend anyone invest in cryptocurrencies.”　　He however expects gold to be a safe-haven investment for rising inflation. To him, gold will be a hedge against the decline of fiat currencies he anticipates.　　His opinion of cryptocurrencies has been one of the often raised points of cryptocurrency skeptics. Several other skeptics including Warren Buffett have echoed this sentiment. Buffett, speaking about Bitcoin, described it as an asset that was not productive, unlike land or corporate shares. He added that investors demand for it is the only price-determining factor and so the cryptocurrency was a handy tool for manipulators.　　The point is however a controversial one as cryptocurrency

2021-08-31Deep Dive

Ethereum Gas Fees Skyrocket, Is This The Season Of The “ETH Killers”?

Ethereum is one of the most widely used blockchains in the crypto space. An increasing number of users enter the network each day. Amidst this, there have always been growing concerns about ETH fee rates. Fee rates have usually gone up in times of high network congestions. But recently, with the growing popularity of NFTs, these fees have gotten out of control.　　Since it takes significantly more to mint an NFT, normal ETH transaction fees have gone up in order to be able to send. This has driven the fees that the average user has to pay. Recent upgrades have also not helped this issue. London Hard Fork and EIP-1559 have not kept fees down. Rather, fees have skyrocketed since the upgrade.　　The most notable of these is the jump from August 22nd. Ethereum transaction fees have risen over 200% from then till now. Average cost for a transaction has now risen to over $30 per transaction. For comparison, the average transaction fee on the network was $10. This makes the current spike one of the highest in the history of the network.　　NFTs and decentralized exchanges (DEX) have not been left out of this. Users on these platforms have reported an even

2021-08-31Deep Dive

Standard Chartered Launches Blockchain-based Trade Finance Platform

The British multinational banking institution – Standard Chartered – has teamed up with the financial technology company – Linklogis – to launch a new blockchain-based digital trade finance platform. It comes by the name of Olea, and its goal would be to bring together “institutional investors seeking opportunities in an alternative asset class with businesses requiring supply chain financing.”　　‘Olea is Positioned to Reinvent Finance’　　London-based bank Standard Chartered would reportedly broaden its product line by launching a blockchain-based digital trade finance platform named Olea. To do so, the financial institution joined forces with the fintech firm Linklogis.　　The joint venture‘s headquarter would be in Singapore as both companies would equally manage the platform. Olea is designed to develop Standard Chartered’s digital trade finance services, such as managing documentation and events digitally.　　The CEO of the platform would be Amelia Ng – an official from SC Ventures (the fintech unit of the British bank). She opined that the collaboration could turn to be highly beneficial for the finance sector:　　“By marrying Standard Chartered‘s international trade and risk management expertise and unparalleled knowledge of Asia, Africa, and the Middle East with Linklogis’ innovations in supply chain technology, Olea is uniquely positioned to reinvent trade finance and

2021-08-31Deep Dive

Country In Turmoil: Are Reports Of Afghans Turning To Crypto Largely Exaggerated?

As the Taliban continue to cement their hold in Afghanistan, legacy financial rails face a crisis of epic proportion.　　Crypto is largely painted as the go-to method for dealing with spiraling economic turmoil, with Venezuela a recent example of this dynamic in effect.　　While reports claim Afghan locals are increasingly turning to crypto as a response to the uncertainty, other metrics suggest everyday people will continue to struggle.　　With this in mind, is crypto adoption in Afghanistan as prevalent as claimed by the media？　　An Economic Crisis Is Brewing In Afghanistan　　The international community is on edge following the sudden resurgence of the Taliban in Afghanistan.　　Uncertainty is the dominant narrative, translating into cash shortages, closed borders, a plunging currency, and rapid price inflation of everyday necessities.　　A report by India Today claims that some Afghans have turned to crypto to protect themselves during this economic and political crisis.　　They say cryptos unconfiscatable and borderless nature is the best option for locals looking to secure their wealth. And while crypto investing is a fairly new concept to most Afghans, many foresaw an economic crisis as the Taliban gained strength. In turn, this spurred crypto adoption in the country.　　“Reports suggest that as the Taliban began taking over Afghanistan, most

2021-08-31Deep Dive

Blockchain.com CFO Says Company Could IPO in '18-Months,' Firm's Balance Sheet Holds BTC, ETH

This week Blockchain.com CFO Macrina Kgil discussed how the company has surpassed $1 trillion in cryptocurrency transactions and the company may go public with an initial public offering (IPO) in 2023. The cryptocurrency firm is one of the oldest in the industry and Kgil explained that 76 million Blockchain.com wallets have been created since the companys inception.　　$1 Trillion in Crypto Transactions Processed, 76 Million Wallets Created　　In March 2021, Bitcoin.com News reported on Blockchain.com raising $300 million and receiving a post-money valuation of around $5.2 billion. The company has been around for quite some time and when it was called “Blockchain.info” it was established by Ben Reeves way back in 2011. In 2013 it was led by Nicolas Cary and was considered the most popular bitcoin wallet at the time.　　In 2014, Blockchain.com was led by Peter Smith and he‘s remained the company’s CEO ever since. Macrina Kgil, Blockchain.coms chief financial officer, detailed this week that the company has jumped over $1 trillion in crypto transactions since the firm started.　　“We recently hit a major milestone at Blockchain.com, surpassing more than $1 trillion in crypto transacted on our platform. To put that number into context, we‘ve handled nearly a third of all bitcoin

2021-08-31Deep Dive

India Could Launch CBDC Trials Later This Year, According to Central Bank Governor: Report

Trials for an Indian central bank digital currency (CBDC) could begin by December, Reserve Bank of India (RBI) Governor Shaktikanta Das said.　　The central bank is studying matters related to security and the broader impact a CBDC would have on monetary policy, Das told CNBC Thursday.　　“I think by the end of the year, we should be able to – we would be in a position, perhaps – to start our first trials,” he said.　　Das said the RBI is exploring whether a digital rupee would harness blockchain technology or use a centralized ledger.　　RBI Deputy Governor T. Rabi Sankar said in July that a digital rupee would reduce the use of cash and protect citizens from the volatility of cryptocurrency.　　Among major economies, China is leading the way in the development of a CBDC. Its digital yuan, or eCNY, has been undergoing trials in various cities around the country for several months.　　South Korea and Sweden appear the next most advanced in developing digital currency after China.

2021-08-30Deep Dive

Solana (SOL) Semakin ‘Gila’!

Aset ini juga mengatasi nilai pasaran Polkadot (~$25 bilion) dan Uniswap (~16 bilion).　　Pertumbuhannya majoriti didorong oleh peningkatan kadar minat dalam kalangan pelabur institusi yang yakin terhadap perkembangan ekosistem Solana, termasuk pasaran non-fungible token (NFT) dan DeFi yang sedang menjadi kegilaan ketika ini.　　Pelancaran Degenerate Ape Academy di blockchain Solana dua minggu lalu menyaksikan 10,000 karya unik kartun beruk terjual dalam masa 10 minit, menyebabkan tekanan terhadap harga SOL.　　Semalam SOL mencatatkan harga tertinggi sepanjang masa (ATH) terbaru, $98.86, membuktikan aset ini telah melonjak dua kali ganda sejak 15 Ogos.　　Firma perkhidmatan kewangan kripto, Amber Group ada menjelaskan bahawa beberapa projek kripto selain Solana, seperti Cosmos (ATOM), Luna, dan Avalanche (AVAX) menyaksikan sejumlah besar aliran masuk dana.　　Aset-aset tersebut pada masa yang sama telah mencatatkan lonjakan lebih 80%, mengatasi rekod Ethereum (ETH) selama lebih 4 minggu.　　Setakat ini tiada sebarang alasan untuk aset ini mencatatkan penyusutan, “Solana akan menjadi platform terbesar untuk sektor DeFi dan NFT.” – ketua penganalisis teknikal Token Metrics, Bill Noble.　　Ketika penulisan, SOL didagangkan kepada $98.40 susut 0.48% daripada rekod ATH, namun masih mencatatkan peningkatan lebih 2% dalam 24 jam.

2021-08-30Deep Dive

Whales Tambah Lebih 500 BTC Di Tengah Kejatuhan Harga!

Komuniti kripto telah mula cakna dengan reaksi geng ikan paus yang berakhir dengan alamat BTC WKDfhQ. Data menunjukkan kelompok ini telah menjual kebanyakkan pegangan BTC mereka semasa paras harga $60,000 pada bulan April.　　Beberapa bulan selepas BTC mencapai ATH, dimana harga BTC melakukan pembetulan harga yang ketara sehingga di bawah $40,000, kelompok ini telah memborong dengan banyak BTC. Seperti yang telah dimaklumi bahawa komentar dari Elon Musk dan langkah dari China telah memberi impak pada harga BTC dan aset kripto lain. BTC telah kehilangan 50% dari keuntungan ATH.　　Pada akhir bulan Julai,kelompok tersebut mula memindahkan sejumlah besar pegangan BTC ke Coinbase. Hal yang sama juga berlaku dalam beberapa kesempatan pada bulan Ogos.　　Menurut penganalisis dari CryptoQuant, kelompok ini telah membeli 466 bitcoin pada harga $47,400 pada 27 Ogos. Ini berlaku setelah pembelian 38 BTC yang lebih sederhana pada 26 Ogos. Secara keseluruhan, 504 BTC telah diborong yang berjumlah $24 juta.　　Seperti yang dimaklumi oleh VentureFounder, alamat kelompok ikan paus ini telah memanfaatkan peningkatan dan penurunan harga untuk menjual atau membeli kripto. Dengan ini, para pelabur boleh memantau prestasi harga BTC pada minggu-minggu berikutnya sejak kelompok ini mula menambahkan lagi pegangan BTC.　　Pada hari ini, harga BTC telah menunjukkan sedikit kenaikan dengan berada di atas paras

2021-08-30Deep Dive

Berjaga-Jaga! Kemanakah Hala Tuju BTC?

Dalam masa 3 hari harga Bitcoin telah kehilangan sebanyak $3,000. Pada 23 Ogos yang lepas, harga BTC telah menembusi di atas paras $50,000 untuk pertama kalinya sejak kejatuhan harga yang besar pada pertengahan bulan Mei. Harga BTC telah mencecah setinggi $50,550 di bursa pertukaran kripto Bitstam. Walaubagaimanapun, BTC gagal untuk mempertahankan paras harga $50,000 seperti yang diinginkan pasaran.　　Susulan dari itu, pembetulan harga mula berlaku sehingga BTC kehilangan $2,000 dan kemudian melonjak semula ke paras $49,000 sebelum meorosot ke paras harga di bawah $47,000.　　Dalam masa yang sama, harus dimaklumi bahawa walaupun terdapat pemulihan dalam kripto namun BTC masih lagi berusaha untuk capai paras harga $47,000 dengan modal pasaran BTC telah kehilangan sebanyak $900 bilion.　　Sebilangan besar aset kripto mengalami nasib yang sama sejak beberapa hari terakhir ini. Ethereum yang mencapai tahap tertinggi dalam beberapa bulan pada paras harga $3,360 pada hari isnin telah kehilangan lebih dari $200.　　Jumlah nilai pasaran kumulatif bagi semua aset kripto telah turun sebanyak $160 bilion dalam dua hari ini menjadikan jumlah nilai pasaran $2.01 trillion.　　Pemain pasaran kini memberi tumpuan pada paras harga $46,500 yang menjadi paras sokongan BTC. Jika paras sokongan tersebut tidak dapat bertahan maka terdapat kemungkinan harga BTC akan jatuh kepada $44,000.

2021-08-30Deep Dive

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