Crypto Guides, Knowledge & Insights

BitMEX Founder Arthur Hayes Warns That BlackRock ETF May Kill Bitcoin

Arthur Hayes, a cryptocurrency pioneer and founder of Maelstrom Fund, warns that a large BlackRock ETF may kill Bitcoin by centralizing the currency and aligning it with state interests.Hayes Warns that BlackRock ETF May Kill Bitcoin by Centralizing the Crypto Space　　Hayes presents a hypothetical scenario where traditional financial figures and institutional entities acquire a significant portion of freely traded Bitcoin. He speculates that these institutions could introduce Bitcoin mining ETFs, highlighting BlackRock‘s involvement in mining operations. He raises concerns about asset managers like BlackRock, referring to them as “agents of the state” who act according to state directives. If compliant institutional entities hold cryptocurrency in an ETF, it aligns with the state’s desire for citizens to remain within the fiat banking system for taxation purposes.　　Hayes argues that the actual use of Bitcoin becomes limited as it becomes a financial asset rather than a decentralized currency. Users exchange their fiat for a derivative, and the asset manager stores Bitcoin in a custodian. BlackRock ETF may kill Bitcoin because it could result in a massive amount of immovable Bitcoin, potentially harming the cryptocurrency.　　BlackRock ETF May Kill Bitcoin by Citing Institutional Control　　Hayes also raises concerns about institutional entities gaining control over the network‘s

2023-11-08Deep Dive

XRP Is Now The New Favorite Crypto Of Americans

Ripple‘s Chief Legal Officer Stuart Alderoty had once highlighted XRP’s unique positioning in the US following Ripples notable victories against the US Securities and Exchange Commission (SEC). His statement has more backing now as Americans seem to have taken more interest in the crypto token since then.Americans More Interested In XRP Than Ethereum　　According to recent data from Google Trends, residents in 48 out of the 50 states in the country seem to be more interested in the XRP token over the second largest cryptocurrency by market cap, Ethereum. Nevada, Delaware, Montana, Louisiana, and Arizona form part of the regions where the interest in XRP is at the most.　　It is believed that some of this interest could have come on the back of the token gaining regularity clarity in the country when Judge Analisa Torres declared that XRP wasnt a security in itself. The token had taken a hit when the SEC initially filed a lawsuit against Ripple back in 2020, as many crypto exchanges in the country moved to delist the crypto token.　　Such a move undoubtedly affected the token‘s market share in the country as only a few exchanges, like Uphold, opted against delisting the crypto token despite the legal

2023-11-07Deep Dive

Doubling Impacts Of Bitcoin Halving And Spot ETFs On Supply And Demand

Michael Saylor expects the impacts Of Bitcoin halving and spot ETFs, in which Bitcoins supply to be cut in half after the halving, and with the introduction of spot ETFs, he predicts a doubling of demand.　　Michael Saylor, in an interview on Fox Business, mentioned the impact of the halving on the Bitcoin supply and the potential doubling of demand once the spot ETFs are launched. The halving event reduces the supply, while the spot ETFs are expected to attract more investors and increase demand for Bitcoin.　　“After the halving, the supply gets cut in half, and after the spot ETFs come online, demands going to at least double”　　Michael Saylor said on Fox BusinessPotential Impact of Halving on Bitcoin Supply　　The Bitcoin halving is a significant event that occurs approximately every four years, where the block reward provided to miners is reduced by half. This event ensures a controlled monetary inflation rate, distinguishing cryptocurrencies from traditional fiat currencies with infinite supply.The next halving is expected to occur on April 24, 2024, and the current block height is less than 6 months away from it. Once all 32 halving events have taken place, the maximum supply of Bitcoin will be reached, and no more

2023-11-07Deep Dive

Shakeup in CEX Landscape: Binance’s Control Wanes as Rivals Strengthen Grip!

0xScope has recently published an extensive report detailing the dynamics within the CEX landscape over the past year.　　According to the report, Binance, a leading player in the field, initially boasted a significant market share of 51.2%. This was followed by OKX at 13.4%, Bybit at 9.6%, Bitget at 7%, and MEXC at 6.9%. However, the most striking revelation from the report was the noticeable decline in Binance‘s market dominance over the past year. Once at a high of 54%, Binance’s market share has now dropped to approximately 45%, marking a substantial fall in its control over the CEX landscape market.　　The report also shed light on the decline in market shares of other major players. Huobi Gate and KuCoin, previously strong contenders in the competitive CEX landscape, also experienced a decline in their market shares. While the specific percentage drop for these platforms was not provided, the report indicated that these declines were not isolated incidents but part of a broader trend within the industry.　　Binances Market Share Decline and Industry Implications　　Market analysts have pointed to various potential factors contributing to these shifts, including increased competition from emerging platforms, regulatory challenges, and evolving customer preferences. The cryptocurrency market has been undergoing significant

2023-11-07Deep Dive

CoinShares: Digital Asset Investment Products Record Six Weeks of Consecutive Inflows

According to the latest report from CoinShares, digital asset investment products saw inflows of $261 million last week, marking the sixth consecutive week of inflows. The total inflows now stand at $767 million, surpassing the total inflows of $736 million in 2022.　　Bitcoin investment products attracted a total of $229 million in inflows, bringing the year-to-date inflow to $842 million. Ethereum saw its largest inflow since August 2022, totaling $17.5 million.　　Other altcoins, such as Solana, witnessed inflows of $11 million, while Chainlink received $2 million in inflows, accounting for 17% of the total assets under management. Polygon and Cardano also had inflows of $800,000 and $500,000, respectively.　　

2023-11-07Deep Dive

Insider Sources: Silicon Valley Investment Firm Proof Group Bidding to Relaunch FTX

According to a report by Coindesk, two anonymous sources have revealed that Proof Group is bidding to relaunch FTX. Proof Group, a Silicon Valley investment company, is part of the Fahrenheit alliance, which successfully bid to acquire the bankrupt cryptocurrency lending platform Celsius.　　In prior reports, FTX was considering proposals from three bidders to potentially restart the exchange, with a decision on how to proceed expected to be made before mid-December. Currently, FTX is in negotiations with investors regarding the details of potentially binding offers.　　In response to the news, FTT experienced a short-term price surge, breaking the 1.2U mark and achieving a 24-hour gain of 8.27%.　　

2023-11-07Deep Dive

Quasar Finance to Commence First Airdrop for Testnet Participants by Month-End

According to an official announcement, the airdrop proposal for the Cosmos ecosystem DeFi protocol Quasar Finance has been approved. The first round of airdrops will be for testnet participants and is scheduled to start in 22 days. Users can currently check their eligibility for the QSR airdrop on the corresponding page.　　Previously, in January, Quasar Finance completed a $5.4 million funding round at a valuation of $70 million. The funding round was led by Shima Capital, with participation from Polychain Capital, Blockchain Capital, HASH Capital, CIB, and Osmosis co-founder Sunny Aggarwal.　　In March, Quasar Finance launched its mainnet.　　

2023-11-07Deep Dive

Monero’s CCS Wallet Was Exploited, Attacker Drains $460,000 in Nine Transactions

Moneros CCS wallet was exploited on September 1, 2023, as revealed by the decentralized community-driven project.Moneros CCS Wallet Was Exploited, $460,000 Stolen　　It has been reported that the attacker drained the wallet through nine transactions, depleting its entire balance of 2,675.73 XMR, which is valued at approximately $460,000. Chinese cryptocurrency reporter Colin Wu, known for his X page, Wu Blockchain, provided insights into the Monero CCS hack, which is still surrounded by mystery.　　Wu also highlighted the theory by blockchain security firm SlowMist, which suggests a “loophole in the Monero privacy model” as the source of vulnerability. Moneros disclosure revealed that the CCS, funded by donations, held a total balance of 2675.73 XMR until September 1. It was not until November that Monero developer Luigi noticed the complete theft of the wallet holdings.　　 Moneros CCS Wallet Was Exploited By Hacker Traced to Monerujo Wallet with PocketChange Feature Enabled　　Moonstone Research meticulously tracked the attacker‘s transactions and concluded that the exploiter was likely a user of the Monerujo wallet with the PocketChange feature enabled. Monerujo, an Android-based non-custodial Monero wallet, offers PocketChange to address Monero’s limitations by dividing funds into multiple “pockets” or “notes.”　　According to Monerujos explanation, enabling PocketChange splits a larger coin into

2023-11-06Deep Dive

Fake Ledger Live App on Microsoft Store Costs Users $588,000 – Beware!

According to ZachXBT, a counterfeit version of the popular fake Ledger Live app application surfaced on the Microsoft App Store, resulting in a devastating loss of 16.8+ BTC, with an estimated value of $588,000.　　The incident has prompted heightened concerns within the cryptocurrency community, urging users to exercise increased vigilance when navigating the digital landscape.　　The deceptive application, masquerading as the legitimate fake Ledger Live app software, managed to deceive unsuspecting users into believing its authenticity, subsequently leading to the compromise of sensitive information and the subsequent loss of funds. The emergence of such sophisticated scams serves as a stark reminder of the evolving tactics employed by malicious actors within the digital space.　　 ZachXBTs Warning Spurs Caution in Crypto Community　　ZachXBTs tweet served as a crucial warning to cryptocurrency enthusiasts, emphasizing the critical importance of verifying the legitimacy of all applications and platforms before engaging in any transactions or activities involving sensitive financial information. The incident underscores the need for users to remain diligent and cautious, particularly when interacting with digital wallets and other cryptocurrency-related software.　　Furthermore, the unfortunate occurrence has reignited discussions regarding the robustness of security measures within the cryptocurrency ecosystem. The need for enhanced user education and awareness regarding potential cyber

2023-11-06Deep Dive

Bitfinex Alerts Users After Phishing Incident – Ensures Swift Protective Measures!

Bitfinex alerts recently released a statement detailing a “minor” information security breach that occurred within its systems.　　The breach, orchestrated by an unidentified hacker or group of hackers, reportedly involved the access of “partial, incomplete, and stale information.” The press release emphasized that the breach did not compromise any core systems, and user funds remained secure.　　According to the companys announcement, the intruder or intruders gained access through a phishing attack on a customer support channel with limited access to supporting tools and helpdesk tickets. Bitfinex alerts assured users that the majority of affected accounts were either empty or inactive, minimizing the potential impact of the breach on active users.　　Despite the relatively contained nature of the incident, Bitfinex alerts underscored its commitment to transparency and user protection by pledging to inform all affected users. The proactive approach of notifying potentially impacted users reflects the companys emphasis on maintaining trust and accountability within the cryptocurrency community.User Notification and Collaborative Action for Security　　Bitfinex announced its intention to collaborate with law enforcement authorities to identify and apprehend the perpetrators behind the attack. By prioritizing cooperation with legal authorities, Bitfinex alerts aims to not only track down the individuals responsible for the breach but also to

2023-11-06Deep Dive

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