Crypto Guides, Knowledge & Insights

Several Crypto Mining Stocks Up Sharply as Bitcoin Rises Above $46K

Crypto mining stocks rallied on Monday on the recent rise in bitcoins price, as well as on support for an amendment to the U.S. infrastructure bill that would specifically exclude miners from additional tax reporting requirements. 　　BIT Mining (BTCM), CleanSpark (CLSK) and Bitfarms (BITF) were all up by double-digit percentages on Monday, rising around 21%, 12%, and 11%, respectively, while Riot Blockchain (RIOT), Marathon Digital Holdings (MARA), Hive Blockchain Technologies (CVE) were also up 8%, 5% and 7%, respectively. Argo Blockchain (ARBKF), which reported earnings early on Monday, however, was down 2%. 　　“Mining stocks currently are levered plays on the price of bitcoin,” said Michael Del Grosso, an analyst who covers Riot Blockchain and Marathon Digital Asset Holdings at Compass Point Research. “All of that is occurring while the hash rate is relatively muted … because of the Chinese miner disruption, which is still taking months to shake out.” 　　Bitcoin was up 6% over the last 24 hours, rising from around $43,600 to more than $46,000. The rise in mining stocks also comes at a time where bipartisan support emerged for an amendment to the U.S. infrastructure bill that would exclude miners from being considered “brokers” under the crypto tax

2021-08-10Deep Dive

The largest cinema chain in the US will accept Bitcoin payments later this year

AMC Entertainment Holdings, which operates the largest US cinema chain, will accept Bitcoin payments for tickets and franchises later this year, CEO Adam Aron mentioned in a press convention in the second quarter of August ninth.　　“We‘re also in the preliminary stages of researching how AMC can enter this growing crypto space, and we’re pretty intrigued by the potential lucrative business opportunities for AMC if we step in. Get into crypto the smart way,” mentioned Aron.　　The CEO added that AMC will additionally begin accepting payments via Apple Pay and Google Pay from the finish of 2021, however didnt specify how they will cope with crypto payments made via fee gateways like BitPay or maintaining BTC on stability like Tesla did.　　AMC has 593 theaters in the United States and 335 areas worldwide. The firms shares traded at round $ 33 on Monday morning. Following the announcement, the inventory price rose 13.2% earlier than closing the session and falling to round $ 33.8.　　During the hustle and bustle of the Wall Street Bets motion on Reddit earlier this year, “meme stocks” like GameStop and AMC soared dozens of occasions regardless of the battered movie show chain as a consequence of the results of the

2021-08-10Deep Dive

HUMAN Protocol and Elrond Network Is Accesalaring Gig Economy and Machine Learning

The HUMAN Protocol Foundation and Elrond Network blockchain platform teamed up to reinvent how humans and machines interact.　　They are creating a blockchain-based marketplace that would connect the worlds freelance workforce with limitless demand for human annotation of raw data by the companies building AI systems.　　This new collaboration aims to contribute to the progress of machine learning and create more job opportunities globally.　　New Generation of Gig Economy　　The HUMAN Protocol is a decentralized platform where requesters can crowdsource people to perform tasks that help bolster machine-learning networks. Artificial intelligence is not so good at identifying specific content, so that‘s where humans come in earning the Human’s native token (HMT) and helping in the process of machine learning.　　Over the past decade, the gig economy had grown exponentially, especially skyrocketing during the pandemic when freelancing generated $1.2 trillion only for the US economy.　　By providing new opportunities, the gig market has its obvious downsides. Most workers do not receive the benefits of employees; the fly-by nature of work provides less financial security, not to mention the risks of not getting paid.　　HUMAN Protocol addresses this by creating a blockchain-based infrastructure for distributed labor markets, which is decentralized, accessible, and entirely safe. All transactions are secured within

2021-08-10Deep Dive

Tron, What Are You Doing Over There?

TRON founder Justin Sun is set to join the prestigious Chinese Academy of Governance as a project leader.　　The industry speculated that Justin Sun would retire from business to focus on the academic sector.　　Over 200,000 new users joined JustSwap between June 17th and July 17th　　Following the ICO boom of 2017, smart contract platforms have tried to challenge Ethereums dominance. However, new platforms are only now starting to make an impact. TheTRON foundation was established in 2017, raising $70 million before China heightened its regulatory measures to prevent scams and network frauds. Led by the flamboyant Justin Sun, who previously developed social platform Peiwo, it is illustrating that TRON has surpassed Ethereum in terms of transactions and network serviceability.　　 Justin Sun Going for China　　Known for his social media antics and ability to make a splash, Justin Sun embodied the TRON protocol, a network adapted for the creative culture. Among others, he stood out in the industry through million-dollar lunches with crypto critic Warren Buffet, and by purchasing Warhol and Picasso NFTs. Yet, despite his social overplay, Sun has helped TRON to stride through his own channels.　　Justin Sun is continuing his theatrical rhetoric after announcing that he is to become project lead for

2021-08-10Deep Dive

Cardano’s Charles Hoskinson Talks Tether Doom And Devastating Effect On The Crypto Market

Charles Hoskinson, founder of Cardano (ADA) and a co-founder of Ethereum, who has long been vocal about the problems of Tether, the largest stablecoin in the cryptocurrency industry, has recapitulated that the industry has to “deleverage,” “derisk” and “remove” the stablecoin in order not to go down with it.　　Tether, a cryptocurrency with tokens issued by Tether Limited, which in turn is controlled by the owners of Hong Kong-based cryptocurrency exchange, Bitfinex, formerly falsely claimed that each token was backed by one United States dollar. However, on 14 March 2019, the company controversially revealed the backing – which is supposed to be on a 1:1 basis with dollars – to include loans to affiliate companies.　　Hoskinson, weighing in on the controversy in an interview with Bloomberg where he discussed the cryptocurrency industrys problems and prospects, has stated that the failure of Tether to maintain its original premise of “for every Tether in circulation there was a US dollar in a bank account” is the reason for his loss of confidence.　　“Normally when you have $60 billion or more under management and there‘s a very strong promise you’ve made to get that money – that you‘re backed – you’d be U.S.-regulated. You‘d have to

2021-08-10Deep Dive

Gold Flash Crash: Would Gold’s Loss Be Bitcoin’s (BTC) Gain?

Gold, the lustrous metal continued its bearish momentum into the new week as its price flash crashed earlier today during the Asian session. The morning flash crash dipped Golds price to a nearly 6-month low, falling below $1,700/oz.　　The traditional store of value is down 8% in 2021, and 14.87% from its all-time high of $2,040 in August 2020. Analysts believe high leverage trading is the cause of the current flash crash something the crypto market is often looked down upon.　　Peter Bandit, the Forex guru attributed current price volatility in Gold to high leverage trading on Chicago Mercantile Exchanges gold markets that offer 15:1 leverage. A few others blamed it on the drop in the US unemployment rate to 5.4% from 5.9%.　　“The better jobs data sent the US dollar and US bond yields higher, never a good formula for commodities.”　　The flash crash in gold‘s price became the butt of all jokes in the crypto community due to the obvious comparisons between the two. Max Keiser, the known Bitcoin proponent didn’t miss the chance to take a pot shot Peter Schiff, the gold proponent.　　Bitcoin Looks to Consolidate on Golds Loss　　The gold price has been on a downward trend throughout 2021, on the

2021-08-10Deep Dive

US Senator says proposed crypto laws are a ‘huge mistake’

In one of the earliest opposition to the move to adopt the provision of a crypto tax provision in the $1.2 trillion infrastructure bill, United States Senator, Mike Lee, has raised concerns that the move would send more citizens below the poverty benchmark line.　　While warning that passing the legislation, which he describes as being unproven, could stifle innovation in the country, he noted that cryptocurrencies, generally, are not regulated like securities. The unregulated nature of crypto would drive away innovation since they do not operate under policies by the government, he explained.　　Lee, a lawmaker from Utah, outlined his numerous concerns about crypto, during the Senate session on Saturday.　　The Senators crypto case　　Even though Lee confirmed that crypto is “an industry thats rapidly developing within the United States,” he argued that the provision which seeks to require those who buy and sell cryptocurrency to treat it the same way as they would the exchange of securities is problematic because they are very different than securities.　　“These aren‘t just stocks. It’s something very different. Its a medium of exchange that, if adopted more widely, could facilitate a lot of economic activities and a lot of innovation within the United States of America,” Lee said.　　He

2021-08-10Deep Dive

Despite US Crypto Tax Plans, Institutional Investors Return to Bitcoin: Blockchain Data

Lawmakers and regulators‘ increasing scrutiny of crypto markets, including the debate over the U.S. infrastructure bill’s crypto tax reporting provision, may be spooking retail investors but not institutional ones, recent blockchain data from Glassnode indicates.　　These larger investors, as represented by large-value dollar transactions, fueled Bitcoin‘s nearly 20% price gains since last week, the Berlin-based blockchain data firm found. A number of analysts say the trend shows that these organizations are focusing more on the cryptocurrency’s upside than potential obstacles.　　“Investors are looking to the positives around regulation rather than the negative,” said Joel Kruger, cryptocurrency strategist at institutional crypto exchange LMAX Digital, noting “the fact that the U.S. government is listening and is aware that there is a provision around crypto in the infrastructure bill that needs more clarification.”　　Bitcoins on-chain transaction volume with values of at least $1 million has risen 10% since the beginning of August, and accounts for nearly 70% of the total value transferred.　　This blockchain metric represents rising institutional activities on the Bitcoin network since “retail investors rarely move transactions [with values of at least $1 million] on a scale to create such dominance,” said Check Mate, a blockchain analyst at Glassnode.　　“The rising dominance also correlates with [massive]

2021-08-10Deep Dive

Crypto Regulation: Is The US-SEC Worsening Matters or Mending Them?

The US Securities Exchange Commission (US-SEC) on Tuesday, vowed to spare no highhandedness in the proposed regulation of the US crypto space. Speaking with Bloomberg, in a widely reported interview that has since upended the rank of debate in the crypto space, Gary Gensler, the SECs four-month-old chairman expressed his willingness to overhaul regulations within the space, for what he believes will turn out a better outcome for every player in the industry.　　In response to a Bloomberg question, Gensler was reported as saying:　　“While I‘m neutral on the technology, even intrigued—I spent three years teaching it, leaning into it—I’m not neutral about investor protection,” Gensler said. “If somebody wants to speculate, thats their choice, but we have a role as a nation to protect those investors against fraud.”　　Gensler, who majored as an MIT crypto professor before being called up for public service by the US President, Joe Biden, has largely remained silent, before now, on the issue of the market‘s present structure. Back in April, streams of happiness and optimism greeted his appointment as a replacement to Jay Clayton, from a community of investors and stakeholders who believed his wealth of experience and knowledge of the industry to help influence the

2021-08-10Deep Dive

Web traffic to crypto exchanges continued to fall in July

For the second month in a row, web traffic to crypto exchanges has continued to fall.　　As data compiled by The Block Research shows, there were 319.2 million visits to crypto exchanges in July — 13.5% less than in June and nearly half of the all-time high in May.　　Binance held 42% of the web traffic for crypto exchanges in July, followed by Coinbase with 15.5% and Bybit with 4.7%, The Blocks data shows.　　The Block Researchs Lars Hoffman noted on Twitter that declining crypto exchange web traffic coincides with falling trading volume. Indeed, trading volume fell from the all-time high of $2.3 trillion in May to $1.22 trillion in June (a -47.2% month-over-month decrease), before dropping further to $816.5 billion in July (-33.1%). Bybit rose about 1.4% compared to the previous month while Coinbase fell around 3%, The Blocks data shows.　　Hoffman wrote in a recent The Block Research report that other aspects of the crypto ecosystem saw declines in July as well, such as a 29.3% decline in total on-chain volume and a 32% decrease in spot trading volumes for crypto exchanges.

2021-08-10Deep Dive

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