Crypto Guides, Knowledge & Insights

Dogecoin Might Lose 30% In Price, Headed To $0.22: Analysis

Dogecoin (CRYPTO: DOGE) now faces a major downturn after losing a key support level, with the price proceeding towards the $0.22 level.　　What Happened: According to an FXStreet technical analysis published on Tuesday, Dogecoin is headed towards the $0.22052 price level after losing the support located at $0.30788. This results in a downturn of 32.66% from this weeks Dogecoins high of $0.3275 and of over 24% from its current price of $0.2902.　　FXStreets technical analysis placed Dogecoin at a crossroad, and if — instead of losing the support located at $0.30788 — it breached the resistance located at $0.32865, then it would be expected to reach $0.35151. This would have been a price over 21% higher than the current one.

2021-08-26Deep Dive

‘CBDCs Are A Threat To Human Freedom And Should Be Vigorously Opposed’ Warns Popular Bitcoin Author

According to Vijay Boyapati – an economist and author of the popular article on Bitcoin, The Bullish Case for Bitcoin – Central Bank Digital Currencies (CBDCs) are a threat to human freedom that should be fought against. He argues that the fact that authoritarian China is pioneering the adoption of CBDCs is a strong validation of his opinion.　　In a recent tweet, Boyapati, a former Google software engineer, argued that while the current fiat financial system was not the best, it gave people the option of exercising their freedom by resorting to holding cash. The use of cash in the fiat system provides a level of anonymity and financial privacy to people; with cash, people are not completely under the watchful eye of nation-states.　　He explains that the same cannot be said of CBDCs, which are digital equivalents of fiat money issued by Central Banks that can be stored, transferred, and transmitted by all kinds of digital payment systems and services. To the economist, this feature of CBDCs being centralized at the top echelon of government is only likely to lead to the further perpetuation of oppressive policies.　　“Imagine a society with no cash and only digital money where every single financial transaction

2021-08-26Deep Dive

El Salvador Could Set Precedent for Bitcoin Remittance Payments

IN BRIEF　　By adopting Bitcoin as legal tender, El Salvador is setting an example that could be followed by other Central American countries.　　These countries are waiting to see if the adoption of bitcoin as legal tender cuts the cost of remittances.　　“If the cost of remittances drops substantially, other countries will probably seek that advantage and adopt it,” said Dante Mossi.　　By adopting Bitcoin as legal tender, El Salvador is setting an example that could be followed by other Central American countries.　　Specifically, these countries are waiting to see if the adoption of bitcoin as legal tender cuts the cost of remittances. Notably, a recent report from Bank of America anticipates that this will be just the case. “If the cost of remittances drops substantially… other countries will probably seek that advantage and adopt it,” said Dante Mossi, the executive president of the Central American Bank for Economic Integration (CABEI).　　According to the regional developmental bank, remittances are an important source of income for millions of people. Many in the region lacking access to bank accounts or credit cards rely on money sent home from relatives abroad. Mossi called the plan an “out of this world experiment” to increase financial inclusion.　　CABEI support　　As the regional development

2021-08-26Deep Dive

Facebook Likely to Build NFT Features Alongside NOVI Digital Wallet

Non-fungible tokens (NFTs) have taken the overall crypto market by storm this year. Tech conglomerate Facebook is looking to now dabble into the world of NFTs. Interestingly, this news comes just a day after Visa announced its CryptoPunk NFT purchase for a staggering $150,000.　　It seems like big-tech players and financial giants are foreseeing a big opportunity in the NFT ecosystem. Speaking to Bloomberg TV on Tuesday, August 24, Facebooks head of crypto and blockchain division David Marcus said:　　“We‘re definitely looking at the number of ways to get involved in the space because we think we’re in a really good position to do so. When you have a good crypto wallet like Novi will be, you also have to think about how to help consumers support NFTs. Were definitely thinking about this.”　　Marcus hasn‘t been quite elaborative on what kind of NFT features will the NOVI digital wallet host. Also, just last week, Marcus confirmed that Facebook’s NOVI Digital Wallet is all set to launch in the major U.S. States.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.　　　　Launching Along with Diem　　Facebook Diem, previously popular as Libra, is the companys most ambitious project in the FinTech space. Facebook has

2021-08-26Deep Dive

FSC Chairman Nominee Does Not See Cryptocurrencies as Real Currency

Koh Seung-beom – FSCs Chairman nominee – believes virtual currencies cannot be categorized as financial assets.　　Financial Services Commission (FSC) Chairman nominee Koh Seung-beom opined that digital assets would not work successfully as financial instruments. He went further, stating they “could not function as a real currency.”　　Are Digital Assets Real Money？　　Koh Seung-beom – nominated by the Korean President to be the next Chairman of the FSC – expressed his skepticism regarding the successful role of cryptocurrencies in the economic system. He agreed with the International Monetary Funds opinion that virtual assets are not ready yet to serve as national currencies:　　“International organizations, including the Group of 20 and the International Monetary Fund, as well as a lot of market experts, find it difficult to consider virtual currencies as a financial asset, and think they could not function as a real currency.”　　Despite describing bitcoin and the altcoins as volatile and risky assets, the IMF added they have some benefits. They can diversify investors portfolios and bring significant profits. The financial organization pointed out that digital currencies have a better chance to succeed in countries with shaky inflation and a shattered economy.　　El Salvador is a proper example of such a nation. As CryptoPotato reported

2021-08-26Deep Dive

Asian Lonely Hearts Falling Victim to Bitcoin, Tether Scammers

More Asian lonely hearts are reportedly being tricked out of their hard-earned money – and tokens like bitcoin (BTC) and tether (USDT) – by a growing number of scammers who prey on the unsuspecting users of dating apps.　　Several reports from the region have recounted how romance-seeking smartphone users have been sucked into traps by unscrupulous individuals posing as exotic international crypto traders – only to rob their victims using bogus exchange sites and other underhand tactics.　　Per UTY (via Yahoo Japan), a woman “in her 30s” from Kai, Yamanashi Prefecture, met a man claiming to be a foreigner online in May.　　After chatting and developing an online relationship, the man then explained that he was a successful crypto trader who had exclusive knowledge about how to make money from trading tokens. He convinced her to make a USD 910 investment using what appeared to be a bona fide trading site. When she apparently received almost USD 250 worth of profit from her first trade, he convinced her to make seven further investments to the tune of USD 345,000　　When she later tried to contact the man, he had apparently vanished into thin air.　　The news comes just a day after a report from Kyoto

2021-08-26Deep Dive

From Visa to Budweiser: Big Brands Are Taking NFTs Seriously

Budweiser has proudly hopped aboard the NFT train, and its not the only big name doing it this week.　　The beer giant on Tuesday changed its Twitter profile to a hand-drawn beer rocket NFT that it bought for 8 ETH (about $26,000), and it also registered an Ethereum domain name, beer.eth, for 30 ETH (nearly $100,000). The NFT was designed by artist Tom Sachs as part of the Rocket Factory NFT series.　　Budweiser is just the latest household name over the past few days to signal its adoption of NFTs, unique blockchain-based tokens that can represent all kinds of physical or digital media, including artworks, video clips, or music.　　On Monday, payments giant Visa made headlines after it paid $165,000 for a CryptoPunk, one of a series of 10,000 pixelated avatars from 2017. CryptoPunks are now selling for millions of dollars on a daily basis, and Visas announcement made it clear that Visa considers its CryptoPunk to be art: “Over the last 60 years, Visa has built a collection of historic commerce artifacts - from early paper credit cards to the zip-zap machine. Today, as we enter a new era of NFT-commerce, Visa welcomes CryptoPunk #7610 to our collection,” Visa tweeted.　　And on Friday,

2021-08-26Deep Dive

Morgan Stanley Owns Over 1 Million Shares In Grayscale Bitcoin Trust

Per a filing with the U.S. Securities and Exchange Commission (SEC), banking giant Morgan Stanley holds several shares of the Grayscale Bitcoin Trust (GBTC). Pseudonym market analyst MacroScope broke the news via Twitter.　　The SEC files indicated that over 30 Morgan Stanley funds hold large amounts of GBTC shares. The biggest seems to be Morgans Insight Fund with over 928,051 worth around $36 million or over 700 Bitcoin (BTC).　　However, the Morgan Stanley Institutional Fund Inc, the Morgan Stanley Institutional Trust, the Morgan Stanley Variable Insurance Fund, and others seem to have large amounts as well.　　Back on June 28th, 2021, when Bitcoin was still trading in the low $30,000s, Morgan Stanley disclosed a big position on the GBTC via their Europe Opportunity Fund.　　As reported by Bitcoinist, the bank owned 28,298 shares. The investment was valued at $1,3 million, relatively small compared with todays filings.　　At that moment, MacroScope predicted that the bank would disclose exposition to Bitcoin via an investment product.　　“In SEC filings, Morgan Stanley has just reported owning a large amount of Grayscale Bitcoin across multiple portfolios. The largest of these appears to be 928,051 shares held by Morgans Insight Fund. ”　　A few months before, the banking giant became the first U.S.-based

2021-08-26Deep Dive

Bollinger Bands creator warns Bitcoin bulls as BTC price struggles below $50K

Bitcoin (BTC) prices have recovered by more than 60% to $47,486 after bottoming out below $30,000 on July 20, triggering anticipations of an extended bull market toward $100,000. But to John Bollinger, a celebrated contributor to the field of financial analysis, investors should refrain from buying the benchmark cryptocurrency at current prices.　　Bollinger advised in his Tuesday tweet that investors could secure their Bitcoin profits or build a hedge position elsewhere to offset potential BTC/USD decline risks. Explaining his cautious outlook, Bollinger noted that “aggressive traders can think about putting out some shorts,” which, in turn, could push the Bitcoin prices lower in the coming sessions.　　“Hodlers can look [to] add at lower levels if we see them. No confirmation yet, just be on the alert.”　　Could Bitcoin hit $41,000？　　The statements appeared as Bitcoin underwent a correction after reclaiming its three-month high of $50,505. In doing so, the cryptocurrency fell by 6.70% to $47,122, signaling a strong bearish presence around the $50,000 price area.　　Scott Melker, the author of the “Wolf Den Newsletter,” expected Bitcoin to fall toward the $41,000–$42,000 range in the coming sessions. Nevertheless, the independent market analyst asserted that such a pullback would still be healthy — a “heavy load up

2021-08-25Deep Dive

Let’s be clear: Blockchain technology is infrastructure

In recent weeks, the blockchain industry made headlines as it engaged in intense discussions with lawmakers after a $28 billion crypto tax reporting proposal unexpectedly became part of the Bipartisan Infrastructure Deal (BID). Ultimately, the BID language was unchanged, leaving uncertainty for the companies that build on blockchain, especially those dedicated to its value beyond cryptocurrency trading. Though unsuccessful in their bid to amend the language, many are claiming victory over the industry finding its voice in the negotiations. Now, it needs to use that voice to refocus the conversation on what really matters — the fact that blockchain technology is infrastructure, not just a revenue source to fund it.　　Infrastructure in the form of roads, railways, broadband and the energy grid is about building foundations and connectivity for American businesses to grow and prosper. Look no further than businesses that fuel e-commerce and deliver goods to the doorsteps of Americans in every corner of the country. Their success is dependent on our infrastructure, from electricity and the internet to airports and highways. Their profits are taxed and used, at least in part, to support that underlying infrastructure.　　In the blockchain context, the trading of cryptocurrency is just one of many uses

2021-08-25Deep Dive

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