Crypto Guides, Knowledge & Insights

Breaking Down The US Infrastructure Bill And Its Impact On Crypto

The past few days have nothing short of a debacle on the Senate floor, especially in relation to crypto. Recent legislation titled the “INVEST in America Act” has been tossed back and forth in hopes of reaching a bipartisan vote. The short answer is, it has. However, it did not pass without contention.　　Much speculation has ensued due to broad language concerning crypto. Promptly, two competing amendments was drafted to redefine a major point of contention: the meaning of “broker.” However, these amendments were shot down shortly after being introduced.　　Breaking It Down　　The infrastructure bill was originally introduced to the House on June 4th of this year, titled H.R. 3684 or the “INVEST in America Act.” Numbering over 2,000 pages, the resolution is a bit tricky to read. However, clean analysis will be promote a better understanding of the legislation. Much of the bill focuses on issues unrelated to crypto, but this article will be strictly devoted to the bills effect on crypto and the crypto community.　　As one may already know, this bill was introduced and passed in Congress about a month after the introduction. 221 House Representatives voted in favor of the legislation with 201 voting against. All of which were

2021-08-12Deep Dive

Goldman Crypto Report Shows Exchange Tokens, Proof-of-Stake Assets Outperforming

Exchange tokens and digital assets associated with proof-of-stake blockchain networks have outperformed the broader cryptocurrency market since the end of 2019, while privacy-focused digital tokens have underperformed, Goldman Sachs wrote in a new report.　　“As the market matures, monitoring crypto‘s market segments may help determine which network features investors are rewarding, as well as the prospect for practical applications of the technologies,” Zach Pandl, Goldman’s co-head of foreign-exchange strategy, and analyst Isabella Rosenberg wrote Wednesday in the report.　　The publication of the report represents the latest iteration of the Wall Street firm‘s on-again, off-again flirtation with cryptocurrencies. As recently as June, one Goldman division panned digital assets as not “viable” for client portfolios, but the company’s analysts continue to cater to institutional investors with in-depth examinations.　　Exchange tokens are digital tokens issued by crypto exchanges, such as binance coin, while currency-like assets are represented by bitcoin (BTC) . The report categorized chainlink (LINK) as a token used in other applications, and monero (XMR) as a privacy coin.　　Remittance tokens such as xrp (XRP) outperformed the crypto market last November, while decentralized finance-related assets such as uniswap (UNI) gained momentum in January and early February, the report noted.　　Meanwhile, tokens associated with proof-of-stake networks have outperformed

2021-08-12Deep Dive

Alipay Adds Cooldown Feature on NFTs to Curb Speculation

Chinese payments app Alipay is now requiring users to hold on to NFTs for 180 days before they can transfer them, Chinese media reported.　　Alipay updated the terms for use of its NFT marketplace mini-program, an app within the super-app, AI Caijing reported today.　　Chinas second most-popular digital-payments app, Alipay says the mini-program should not be used for speculation.　　Users can send NFTs only to accounts that have passed real-name verification, the terms said.　　The terms also state that the copyright of digital works belongs to the creator or issuer, and that buyers cant use them for commercial purposes without consent.　　The mini-program caters primarily to fans who want to buy NFTs of celebrity memorabilia.　　The NFT market globally has been picking up, with marketplaces hitting all-time record transaction volumes.　　Chinese financial regulators are vehemently opposed to market speculation, a stance they have often reiterated with regards to highly volatile crypto markets.　　Alipays parent company Ant Group has been trying to “rectify” its standing with regulators for almost a year, after its IPO was abruptly halted last year.

2021-08-11Deep Dive

Plot Twist: The $600M PolyNetwork Hacker ‘is Ready To Return The Funds’

The drama with the largest DeFi hack worth more than $600 million has taken another turn. After the perpetrator dabbled with potentially allowing a DAO to decide where the funds will go, he actually noted that he is ready to return them.　　CryptoPotato reported yesterday one of the largest hacks in the industry to date when the interoperability protocol PolyNetwork was exploited for over $600 million worth of various digital assets.　　New information regarding the attack started emerging immediately, including external analysis about how the project had used a single keeper wallet to protect the funds. Consequently, the hacker was able to sign off on a contract transferring all funds to his addresses after obtaining the relevant private key.　　However, PolyNetwork provided another explanation, indicating that the perpetrator exploited a vulnerability between contract calls.　　In the following hours, the attacker made a transaction on the already marked addresses embedding a code with his intentions of what to do with the funds. It reads, “what if I make a new token and let the DAO decide where the tokens go？”　　The comments went wild, from users asking for the funds for themselves to such pleading that the hacker simply return them.　　PolyNetwork also contacted the attacker, saying,

2021-08-11Deep Dive

Poly Network hacker appears ready to return stolen funds

Following a massive $600 million exploit of cross-chain protocol Poly Network, the Poly Network hacker has claimed his willingness to return the stolen cryptocurrency funds.　　At about 4:00 UTC on Wednesday, the hacker sent an Ethereum transaction to themselves, stating that they were “ready to return the fund” in an embedded transaction message.　　In a subsequent message, the hacker asked for a multisig wallet address to return the funds to Poly Network. “Failed to contact the poly. I need a secured multisig wallet from you,” the hacker noted.　　Poly Network‘s Twitter account posted an update on Wednesday, providing three separate wallet addresses intended for the hacker to send the stolen funds back to the network. “We are preparing a multisig address controlled by known Poly addresses,” Poly Network noted in a message embedded to an Ethereum transaction to the hacker’s address.　　Cross-chain developer project O3 Labs suggested that the person behind the Poly Networks massive decentralized finance (DeFi) exploit could be a white hat hacker.　　“Its already a legend to win so much fortune. It will be an eternal legend to save the world. I made the decision, no more DAO,” another message from the hacker said.　　Poly Network suffered a major exploit on Tuesday the

2021-08-11Deep Dive

BITCOIN TECHNICAL ANALYSIS.

The price of Bitcoin has removed the resistance at $40,000 last week, as price bounced from the 200-day MA on the daily timeframe. This has made it possible for the price of Bitcoin to trade comfortably above the $40K resistance.　　Bitcoin price reached $45k during the weekend, its highest price in over two months.　　Price is currently reacting from the mini-resistance at $45k, as Bitcoin trades above its recent high of $42k. Bitcoin price is trading at $43,626 as at publishing time.　　Bitcoin bulls are creating a higher-low and higher-high sequence as price breached above the $40k resistance. This is an indication that the market is in an uptrend. Higher-low higher-high sequence gives buyers confidence, as price reacts from the support and resistance area.　　As shown on the 4hr chart below, price is making new highs and pulling back to the S market. The gap between the 200-day and 50-day MA also continues to widen.　　A break above $45k will see price rally to $50k, which is the next resistance level.　　The price of Bitcoin is likely to create a new ALL-TIME HIGH before the end of this year. Goldman Sachs already predicted that the price of Bitcoin will get to $100k by 2022. But, with

2021-08-11Deep Dive

Korean Banks See 140% Rise in Crypto Transaction Revenue

Three South Korean Banks providing real-name accounts for cryptocurrency exchanges saw more than double in crypto transaction fee revenue during the second quarter filings of 2021, as compared to the first-quarter earnings.　　According to data received from the Financial Supervisory Service by Rep. Yoon Chang-Hyeon, a member of the National Assemblys Political Affairs Committee; K bank, NH Nonghyup Bank, and Shinban Bank accumulated 16.9 billion Won, i.e., $14.71 million in transaction fee from four crypto exchanges combined: Upbit, Bithumb, Coinone, and Korbit.　　While first-quarter recorded just 7 billion Won. The mass revenue collection has come despite the constant decline in Bitcoin (BTC) price from above 80 million won in April to below 40 million won in June.　　“Compared to the beginning of the year, the number of accounts has increased five-fold and the balance of deposits has quadrupled, and the coin craze has not yet ended, with Bitcoin prices recently surging again,” Yoon told local news.　　Korean Banks Revenue Grew Despite Regulatory Clampdowns　　Chronologically, K Bank stood at the top with 12 billion Won in the second quarter, as compared to 5.2 billion Won in the first quarter. It has partnered with Upbit, the countrys largest cryptocurrency exchange.　　NH Nonghyup Bank collected 3.13 billion won in

2021-08-11Deep Dive

CNBC’s Jim Cramer: Regulating Crypto Is a Step in The Right Direction

Jim Cramer expects that proper cryptocurrency regulations would preserve the market and ensure its stability.　　The American television host – Jim Cramer – believes that cryptocurrencies need more regulation or otherwise the market could collapse. Additionally, he praised Ethereum as the best-performing digital asset.　　Regulation Could Prevent The Market from Falling apart　　In an interview for TheStreet, Jim Cramer revealed that he is a huge proponent of cryptocurrency regulations. In his opinion, setting the right rules in the industry would be beneficial for the entire market as they would preserve its stability:　　“If you have more regulation, all the exchanges would be like banks…of course no one wants to be like banks…but we need some sort of regulation because I have the feeling crypto will collapse if we are not careful.”　　Mad Money‘s host pointed out that proper legislation is essential for Tether as well. He compared the stablecoin to “some kind of exchange” and urged its management to explain the core of the operations and what they own. He reminded that Tether is no longer allowed to trade with New York citizens. At the same time, Cramer criticized the officials’ decision to impose a fine of $18.5 million to the executives, saying it is

2021-08-11Deep Dive

Pusat Khidmat Korbit Beroperasi Semula di Gangnam Busy Seoul

Korbit membuka pusat pelanggannya pada April 2018, tetapi menutupnya pada Januari tahun berikutnya ketika musim sejuk crypto mula menggigit. Pusat ini terletak di Jalan Teheran di Daerah Gangnam yang mewah dan mewah di Seoul.　　Walaupun sekatan jarak jauh dan kebersihan sosial yang mengurangkan wabak coronavirus tetap berlaku, Korbit mengumumkan, per EDaily, bahawa pelanggan kini dapat menggunakan pusat “perkhidmatan kaunseling” untuk mendapatkan nasihat secara langsung tentang cara menggunakan pertukaran, melakukan perdagangan dan belajar bagaimana “Atasi kerugian kewangan” dengan pakar.　　Walau bagaimanapun, pelanggan yang berminat dengan kripto tidak akan dapat berjalan di luar jalan - pelanggan perlu merancang lawatan mereka terlebih dahulu, membuat tempahan melalui portal yang dikendalikan oleh mesin pencari dan gergasi internet Naver.　　Keputusan itu menyusul pembukaan semula pusat perkhidmatan batu bata yang serupa dari sesama anggota platform perdagangan “empat besar” Korea Selatan.　　Bithumb dan Coinone, keduanya telah menutup pusat masuk mereka kerana jumlah perdagangan yang rendah, kekurangan jejak, dan pandemi koronavirus, membuka semula pejabat mereka yang berpusat di Seoul kepada umum awal tahun ini.　　Dalam banyak kes, bursa telah bergerak untuk memenuhi pelabur kripto yang lebih tua, yang kebanyakannya mengatakan bahawa mereka berjuang dengan alat perdagangan kripto hanya dalam talian atau berasaskan aplikasi.　　Beberapa orang Korea Selatan yang lebih tua memberitahu Cryptonews.com awal tahun ini

2021-08-11Deep Dive

Axie Infinity Cantas Prestasi Kebanyakan Kripto!

Axie telah mencatatkan lebih $5.5 bilion jumlah dagangan dalam tempoh 24 jam, sekaligus memecah masuk ke dalam carta senarai matawang kripto 30 teratas.　　Sesi dagangan semalam menghasilkan hampir 50% lonjakan, mengakhiri paras harga sekitar $61,85.　　Peningkatan teknologi dan industri permainan dunia mendorong ramai pelabur semakin menggemari permainan Axie kerana mempunyai ciri-ciri permainan yang menarik dan mendapat daya tarikan yang luas.　　Terbaru, WazirX sebuah pertukaran matawang kripto terbesar di India telah menyenaraikan Axie ke dalam platform tersebut.　　Secara konsistennya telah menghasilkan lebih 160% lonjakan secara drastik mencatatkan paras tertinggi sepanjang masa (ATH) terbaru mencapai harga $74 sehingga sesi dagangan hari ini.　　Pandangan sudut teknikal, pergerakan harga masih kekal dengan trend bullish dan sedang berlegar-legar didalam ruangan zon resistance sekitar $71.　　Bagi jangkaan seterusnya, sekiranya pergerakan harga kekal dengan momentum kenaikannya, ia bakal mencatatkan lagi paras ketinggian sepanjang masa (ATH) terbaru jika sentimen yang kukuh menyokong AXS.　　Manakala, jika pergerakan harga AXS kembali menunjukkan trend bearish, pergerakan harga bakal menguji kembali zon RBS (resistance become support) sekitar $60 samada membuat rebound atau meneruskan penurunan ke paras yang terendah.

2021-08-11Deep Dive

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