Crypto Guides, Knowledge & Insights

CARDANO'S (ADA) MARKET CAP HITS $90B, BECOMING THE THIRD-LARGEST CRYPTOCURRENCY.

Cardano is a public blockchain platform that facilitates peer-to-peer transactions with its internal cryptocurrency, ADA. Data received from Coinmarketcap suggests that its market capitalization has increased to $90B. It has overtaken Ripple, Binance Coin, and Tether market Cap to become the third-largest cryptocurrency.　　Cardano (ADA), one of the top gainers in the recent crypto surge has gained over 100% since the start of August. Cardanos price went from $1.3000 from the beginning of August to an all-time high of $2.8500.　　As seen on the chart above, Cardanos highest price, $2.46, was in May, when other cryptocurrencies also made a substantial gain. Price went into deep pullback after it reached the highest price in May. Price bounced back in July after it got to $1.00, its lowest price in months. The price of Cardano surpassed its highest price on Sunday, creating a new all-time high of $2.72 before creating a new one at $2.85 as the market opens for the week.　　The last few weeks have been good for the crypto market as the price of most cryptos increases. Cardano, one of the top gainers in the recent crypto surge, gained 30.49% in the last 7 days, according to data received from Coinmarketcap. If

2021-08-27Deep Dive

American Banking Giant Citi Weighing Offering Bitcoin Futures Trading For Institutional Clients

American banking giant Citigroup has filed an application to start trading BTC futures with Chicago Mercantile Exchange (CME), CoinDesk reports.　　According to sources familiar with the matter, Citigroup is awaiting approval from the regulator. The source added that the decision was driven by an influx of demand for exposure to bitcoin from the banks clients.　　Citigroup‘s spokesperson wrote via email that Bitcoin futures contracts will primarily be offered to Citigroup’s institutional clients, where regulation is more defined and certain. The bank is also actively monitoring its clients who have been increasingly showing interest in the cryptocurrency market, the spokesperson elaborated.　　“Given the many questions around regulatory frameworks, supervisory expectations, and other factors, we are being very thoughtful about our approach.”　　Citigroups approval would make it the second big bank in the US after Goldman Sachs to offer Bitcoin futures trading. The application also adds to the rapidly growing list of crypto-related products and services offering requests from both traditional and digital assets-focused financial institutions.　　Traditional Banks and Bitcoin Futures　　In mid-June, Goldman Sachs, one of the most conservative banking institutions in the world, began trading bitcoin futures with the crypto investments firm Galaxy Digital.　　Additionally, BNY Mellon is a part of a larger consortium of banks that

2021-08-27Deep Dive

NFT Mania Sends Ethereum Gas Prices to 14 Week High

Non-fungible tokens have seen a resurgence this month and the result is not pretty for Ethereum users as transaction fees skyrocket once again.　　Ethereum users are suffering again as transaction fees have spiked to their highest levels for 3 months. According to Bitinfocharts, the average transaction fee has surged to $27.23 yesterday an increase of around 240% since the beginning of August.　　The last time gas was this expensive was on May 19 when average prices spiked to $60. Before that was the all-time high for gas at $70 on May 12.　　Average ETH transaction fees 3 months: https://bitinfocharts.com/comparison/ethereum-transactionfees.html#3m　　These prices are average so operations such as token swapping or smart contract activities are likely to be higher. According to Etherscans gas tracker, a Uniswap token swap can cost as much as $30 at the moment.　　Cryptofees has reported that the Ethereum network generated a whopping $32.7 million in fees yesterday. This is 98% more than Bitcoin which generated $629K in network fees on August 26.　　Record Month for NFT Sales　　Nonfungible tokens are the cause of the gas spike as the hype mounts once again. According to Nonfungible, August will be the highest month in terms of sales having already notched up $900 million over the

2021-08-27Deep Dive

Record $900 million month for NFT sales as CryptoPunks go stratospheric

August is shaping up to be a record month for nonfungible token sales with almost $900 million spent on them over the past 30 days.　　According to data from the tracking portal Nonfungible, $896 million has been spent on NFTs over the past 30 days. The number is very likely to exceed $900 million by the end of the month marking a new record for the burgeoning industry.　　The number is more than triple the previous best month for NFT sales in May when $255 million were sold. August has seen sales skyrocket and it has been largely down to CryptoPunks and Axie Infinity.　　NFT sales in USD, past 30 days - nonfungible.com　　According to Cryptoslam, a record $397 million in CryptoPunk sales have occurred so far this month. The average sale price for the pixelated punks is a whopping $214,000. One of the most expensive ones ever sold was number 7523, a rare alien punk wearing a face mask that went for a whopping $11.5 million in a Sothebys auction in June.　　Earlier this week, credit card giant Visa announced that it had purchased its own CryptoPunk for 49.5 ETH, worth just under $150,000 at the time of purchase. Head of crypto at Visa

2021-08-27Deep Dive

Dogecoin Faces Further Decline On Close Below $0.28: Analysis

What Happened: According to a recent AMBCrypto technical analysis, Dogecoins price rested on support located in the $0.28 area and its 12-hour 200-candle simple moving average.　　Since the analysis was first published, the coin has already lost the support and dropped down to $0.2734 as of press time.　　Per the report, Dogecoin had an opportunity to start an uptrend when it broke over $0.28 on August 13, but then it failed to hold its price above $0.35, which invited bearish sentiment.　　More downside was invited by the coins price performing a symmetrical triangle and broke the $0.28 support, which has been in play since the coin broke new highs in early April.　　Why It Matters: Bulls could have been spurred by the 12-hour 200-candle simple moving average close to crossing over the 50-candle simple moving average, which would have been an uptrend sign suggesting a possible market reversal.　　But bears are also reassured by the Awesome Oscillator showing weakness and threatening to move below the half line for the first time in over three weeks, while the directional movement index showed further bearish confirmation as the -DI crossed above the +DI, indicating a trend switch.　　What Else: The analyst concludes that most indicators suggest an extended

2021-08-27Deep Dive

Indian Regulator Set to Roll Out Blockchain System for Monitoring Financial Instruments

Despite Indias unfriendliness towards private cryptocurrencies, its securities regulator plans to launch a blockchain system for monitoring financial instruments.　　Indias securities and commodity market regulator, the Securities and Exchange Board of India (SEBI) has revealed intentions to increase the use cases of blockchain technology in monitoring financial instruments in the country.　　Indian Regulator to Adopt Blockchain Next Year　　In a press release published on the regulators official website, SEBI announced it is currently making plans to launch a new platform for “Security and Covenant Monitoring” of non-convertible securities using the distributed ledger technology (DLT).　　The watchdog noted that the new security system, set to go live on April 1st, 2022, will closely monitor the credit ratings of non-convertible securities and covenants, which are terms inserted into a debt agreement.　　Additionally, it will give the necessary permission to the parties involved. This includes the debenture trustees, issuers, credit rating agencies, and more, to update the data, which would be made accessible to other entities like stock exchanges and depositories.　　Since the regulator plans to build the system on the blockchain, it will provide an added layer of security and transparency as inputted data cannot be altered.　　SEBI noted that the data stored will be cryptographically signed, time-stamped, and

2021-08-27Deep Dive

Mark Cuban Disparages Gary Gensler’s two cents on crypto

The billionaire investor, Mark Cuban has called out SEC Chair Gary Gensler‘s recent Twitter burst out against cryptocurrencies. Mark Cuban has mocked the SEC’s inability to create a fair and clear framework for digital assets and cryptocurrencies law.　　He further pointed out the core of the problem does not lie in the grey areas of the decentralized system; in fact, it is embedded in the unclear boundaries defined by the Securities and Exchange Commission. Additionally, Cuban highlighted the problematic process of “regulation through litigation”, which “traps all the people who cant afford a lawyer, accountant or advisor”.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.　　Gary Genslers Twitter burst out　　Gary Genslers strong stance against cryptocurrencies in the US is not unknown to the crypto community. He has received substantial backlash for his recent tweets adhering to the legal insecurity of the crypto sphere. He emphasized that it is unwise to invest in a sphere that is prone to consistent litigation. Furthermore, he supported SECs unfair and harsh techniques of litigation to enforce the poorly structured framework around crypto regulations in the US.　　“If someone asks a lawyer, accountant, or adviser if something is over the line, maybe its time

2021-08-27Deep Dive

Record $900 million month for NFT sales as CryptoPunks go stratospheric

2021-08-27Deep Dive

TikTok’s parent company in China to reportedly enter the NFT market

The Chinese internet giant and TikTok parent company, Bytedance may allegedly join the NFT marketplace. Bytedance founder, Zhang Yiming recently joined a WeChat NFT group, giving away the companys upcoming plans. Reportedly, Bytedance will acquire the Virtual Reality (VR) firm, Pico as a confirmation of entering the Non-Fungible Token (NFT) sphere.　　Internet and VR manufacturing giants in China to sign crypto partnership　　Bytedance has purportedly entered VR with a hefty amount of 5 billion Yuan, VR Gyro News reported on August 26. However, the company has not made any official statements about its move into the metaverse, but its actions have spoken louder.　　Pico is Chinas VR hardware manufacturing giant. It has secured the first position in the Chinese VR market in 2020 according to the IDC report. Furthermore, Pico has successfully closed Series B Financial round at RMB 242 million, during March this year. In 2021 itself, the Chinese VR manufacturer launched the latest generation of VR all-in-one Pico Neo 3, priced at 2499 Yaun. The launch saw surprising success with over 10 million in sales in the span of 24 hours.　　China may witness an uprising to support crypto　　Bytedance‘s acquisition of Pico can allegedly change the weather of the crypto crackdown in

2021-08-27Deep Dive

5-Star Hotel in Swiss Alps Starts Accepting Bitcoin and Ethereum

The Chedi Andermatt, a luxurious five-star hotel nestled in the heart of the Swiss Alps, has started accepting Bitcoin and Ethereum payments, Swiss newspaper Blick reports.　　From now on, the hotels guests can choose one of the two largest cryptocurrencies if they pay more than 200 Swiss francs (roughly $218).　　This was not a spontaneous decision. The hotel has been mulling over accepting cryptocurrencies for four years.　　Jean-Yves Blatt claims that growing cryptocurrency acceptance around the world has finally prompted the Chedi Andermatt to open its doors to the newfangled coins.　　“We have long known that cryptocurrencies also have a future in hotel operations.”　　Designed by Jean-Michel Gathy, the deluxe hotel aims to combine Swiss traditions with Asian modernity against the backdrop of Alpine tranquility.　　Image by blick.ch　　The hotel has 123 lavish suites with Hästens boxspring beds. It also offers a Michelin-starred Japanese restaurant, saunas, yoga classes and a fitness center.　　When it comes to outdoor activities, the hotel boasts its own golf course, sports center and other facilities.　　Given that the price of a double room starts from 500 francs ($544), the hotel has made a wise move by catering to the growing number of crypto millionaires.　　As reported by U.Today, the restaurant group of American billionaires announced

2021-08-27Deep Dive

...

477479

...

737