Crypto Guides, Knowledge & Insights

MX Exchange Becomes Latest DAX To Receive Approval From Securities Commission

MX Global Sdn Bhd, a local Recognised Market Operator-Digital Asset Exchange (RMO-DAX), has been given the green light by the Securities Commission (SC) Malaysia for its trading platform, MX Exchanges. As with other DAX on the market, MX Exchange will now be able to trade select cryptocurrencies in the country.　　Specifically, MX Exchange currently only trades with Bitcoin and Ethereum and pairs the two digital coins to the Malaysian Ringgit. Further, to lead the charge, the company has appointed Dato Fadzli Shah, as its CEO.　　“We are deeply grateful for the confidence entrusted upon us by the Securities Commission Malaysia (‘SC’). We look forward to working closely with the SC, the crypto community and local partnerships to build an amazing investor experience and expand Malaysias thriving local capital markets.”　　Prior to MX Exchanges approval, only three DAXs are allowed to operate in the country: Luno, SINEGY, and Tokenize. There have been other cryptoexchanges operating in Malaysia as well, however, those companies were not officially recognised by the SC. Binance, specifically, was one such DAX and was forced to shutter its operations within the country, after a cease and desist was issued to them.　　MX Exchange is currently only available as a desktop app, but

2021-08-30Deep Dive

Elon Musk Highlights Importance of New Doge Upgrade That Prepares Ground for Fees Reduction

Head of Tesla and SpaceX, Dogecoin fan and the assets most influential supporter, Elon Musk, has taken to Twitter to support the call from a Dogecoin-related Twitter account to spread the new Doge upgrade to as many computers as possible.　　The release that was made nine days ago, according to GitHub, prepares the Dogecoin network to reduce fees—the issue that has been subject to heated discussions and arguments in the Doge community for a long while.in the new release, various bugs have been fixed and the performance of the network improved in several directions. Now, Dogecoin devs urge all users to implement this upgrade and thus improve the performance of the entire network.　　The upgrade can be easily installed over the current 1.14 installation, without having to uninstall it, reindex or redownload. The update is preparing the network for a reduction of fees. It is the first step in a two-stage upgrade that is required to lower Dogecoin fees.

2021-08-30Deep Dive

Why Is India Leading In Crypto Adoption?

Countries in Asia, especially India, are outpacing the rest of the world when it comes to adoption of cryptocurrencies. A recent analysis of the markets by the research firm Finder has found that the top five countries in terms of crypto ownership are all located in Asia. Though these countries were considered as unimportant earlier, the recent study contradicts this and Asian countries now play an important role in the fintech sector.　　Vietnam leads the adoption metrics with almost 40% of its population holding crypto and is followed by Indonesia, India, Malaysia and the Philippines respectively. Almost 30% of individuals surveyed in Indonesia and India stated that they held cryptocurrencies.　　As per reports, India ranked second in a poll on countries that use cryptocurrencies the most. Meanwhile USA and the UK had the lowest proportion of holders, 8% and 9% respectively.　　After the Supreme Court of India ruled out the reserve bank‘s ban on crypto transactions, and along with crypto’s massive bull runs in the last year, there has been a massive increase in new users, especially retail traders. For example, one of the largest exchanges in the country CoinSwith Kuber has added around 8 million users in the last year.Another popular crypto

2021-08-30Deep Dive

Institutional Investors Not Slowing Down On Bitcoin, Here’s How Much They Own

Bitcoin investment by institutions is now a common occurrence. This was not so in the previous years. Institutional investors have been investing in cryptos for a while. But mostly at a conversation rate. 2020 changed all of that. The bull that started in 2020 saw more institutional money coming into the market. Predictions pointed towards continuous growth. And institutions did not want to be left out of the action.　　Funds like the Grayscale Bitcoin Trust started upping their stake in cryptocurrencies at this point. Michael Saylors MicroStrategy was buying up bitcoins at an alarming rate. With a CEO bullish on bitcoin, this was no surprise. As Saylor himself has admitted to having a personal stake in the digital asset. With institutional interest rising, it is important at this point to know how many institutional investors own bitcoin.　　Institutional Wallets Nearing 10% Of Total Supply　　Data shows that institutional investors now own almost 8% of the total supply of bitcoin. The top holders now have hundreds of thousands of bitcoins in their care. While others are catching up. The cumulative total from Bitcoin Treasuries puts the total BTC held by institutional investors at more than 1.6 million bitcoins currently. Accounting for a total of

2021-08-30Deep Dive

Solana, Boosted by Move Into NFTs, Enters List of Top 10 Cryptocurrencies by Market Cap

Solanas SOL token is now one of the biggest cryptocurrencies by market value, thanks to growing institutional interest and the boom in non-fungible tokens (NFTs) and decentralized finance (DeFi).　　At the going price of $93, the token‘s market capitalization stands at $26.86 billion, or the ninth-largest in the crypto markets and ahead of polkadot’s $25.7 billion, per data source Messari. The cryptocurrencys price hit a record high of $96 early today and has more than doubled since Aug. 15.　　“Institutional demand for SOL has increased in recent weeks,” crypto financial services firm Amber Group said in a Telegram chat with CoinDesk. On Tuesday, Osprey Funds registered the Osprey Solana Trust with the U.S. securities regulators in a bid to give wealthy investors access to the SOL token.　　“Generally speaking, money has been flowing into Ethereum alternatives like Solana, Cosmos, Luna, and Avalanche,” Amber Group said. The tokens of these smart contract platforms have each rallied by more than 80% against Ethereums native coin ether over the past four weeks.　　SOL picked up a strong bid two weeks ago after Solana forayed into the booming NFT space with the launch of Degenerate Ape Academy. It was a smash-hit debut, with a collection of 10,000 unique

2021-08-30Deep Dive

How does the infrastructure bill affect the mining industry in the US?

On August 10, the United States Senate voted to pass a $1 trillion bill to revitalize America‘s infrastructure. From the standpoint of the crypto community, miners in particular, the Senate’s foray into crypto legislation has been a disaster. Unless the language defining brokers in the bill is clarified, it will singlehandedly thwart the growth of a domestic industry just as it is taking off.　　As written, the bill allows for multiple interpretations of the term “broker.” In the English language, there is no real controversy — or ambiguity — about what a broker does. According to Merriam-Websters online dictionary, a broker is “one who acts as an intermediary: such as […] an agent who negotiates contracts of purchase and sale (as of real estate, commodities, or securities).” In traditional finance, brokers purchase and sell financial assets, such as stock and bonds, for their clients. Compare this with miners of Bitcoin (BTC), the dominant cryptocurrency. In contrast to brokers, Bitcoin miners solve cryptographic puzzles to validate new blocks, an essential activity for the Bitcoin network to operate. The miners receive Bitcoin as compensation for providing this computation service. Thus, they definitively are not brokers.　　Unfortunately, the bill passed by the Senate contains overly

2021-08-30Deep Dive

Bitcoin in line for 'phenomenal' weekly close if BTC price holds $49K

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD cooling at higher levels after cracking the $49,000 mark late Friday.　　The end of the working week had seen a positive reaction to comments from Fed Chair Jerome Powell on tapering of asset purchases, as well as remarks on inflation.　　As Cointelegraph reported, stocks surged to all-time highs, while the U.S. dollar weakened — Bitcoin made use of the opportunity and added $1,500 in under an hour.　　With talk of a new “bullish impulse” move afoot on crypto markets, the mood into the weekend was thus far from bearish.　　“If BTC is able to stay above the ~$49000 level for the rest of the week... It would set itself up for a phenomenal Weekly Close,” trader and analyst Rekt Capital summarized.　　That weekly close had a solid chance of beating the last at the time of writing, with $49,300 the level to clinch for a multi-month high.　　That would also place Bitcoin back in the tiny two-month window in which it closed above $49,000 on the weekly chart earlier this year.

2021-08-30Deep Dive

The Largest Crypto Seizure in Brazil: Nearly $29M Worth of Digital Assets Seized

Following “Operation Kryptos,” the Brazilian authorities arrested five civilians and confiscated $28.7 million worth of digital assets.　　The Brazilian Federal police exposed a local financial pyramid scheme and confiscated nearly $30 million in cryptocurrencies. The operation marked the largest seizure of digital assets in the history of Brazil.　　The New Record　　According to a report by CNN Brazil, the local authorities organized a special mission, called “Operation Kryptos,” to halt a fraudulent pyramid scheme operating in the area of Rio de Janeiro. After inspecting 15 different locations, the Federal Police arrested five people and executed the largest ever seizure of digital assets inside the borders of the South American nation – around $28.7 million.　　One of the five suspects is Glaidson Acácio – an owner of a bitcoin consultancy in the municipality of Cabo Frio, near Rio de Janeiro. According to the accusations, he was in charge of a cryptocurrency scam that promised investors a return of up to 15% of the invested assets.　　“Glaidson Acácios defense is aware of the arrest and so far without access to the contents of the investigations. Only after proper analysis of all documentation will we be able to express ourselves in a concrete manner,” commented his law attorneys.　　Apart

2021-08-30Deep Dive

Cryptocurrency Prices Today on August 29: Bitcoin plunges by 0.5%, trades at $48,492

Cryptocurrency prices continue to be a mix of red and green on August 29. The global cryptocurrency market cap is $2.08 trillion, a 0.62 percent increase over the last day, while the total crypto market volume over the last 24 hours is $93.21 billion, which makes a 1.54 percent decrease.　　The volume of all stable coins is now $71.44 billion – 76.65 percent of the total crypto market 24-hour volume. Bitcoins price is currently $48,568.53 and its dominance is currently 43.78 percent, a decrease of 0.04 percent over the day.　　Meanwhile, Cubas government said it would recognise and regulate cryptocurrencies for payments on the island.　　A resolution published in the Official Gazette said the Central Bank will set rules for such currencies and determine how to license providers of related services within Cuba.　　The popularity of such currencies has grown among a technologically savvy group in Cuba as it has become harder to use dollars, in part because of toughened embargo rules imposed under former president Donald Trump.

2021-08-30Deep Dive

Can Crypto Replace The Dollar In Five Years? Bankers Say It Could

Crypto adoption is no longer something that is expected to happen. It is already happening. A recent survey from Deloitte has shown some interesting findings. The survey polled professionals from various finance fields about crypto and blockchains. The majority of the polled respondents answered in favor of crypto and blockchain adoption.　　The latest market rally has seen cryptocurrencies grow in their relevance. Each bull market pulls in more investors to the market. As more investors come in, the more mainstream crypto and blockchain will become. Some industries are already feeling the heat of crypto adoption coming down on them. One industry is the art industry. An industry in which NFTs minted on blockchains has now become the order of the day.　　Cryptos are also creeping up into industries like online payments. Cryptoprocessing is becoming more important to eCommerce. This is why payments giants like PayPal, Visa, and MasterCard have launched services and cards for users to be able to pay online with crypto.　　The majority of the polled respondents said they believed that blockchain is broadly scalable. And that it has already achieved mainstream adoption. With 73% stating that their companies were bound to lose competitive advantage if they did not adopt crypto

2021-08-30Deep Dive

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