Crypto Guides, Knowledge & Insights

Ethereum Could Blast Off Into the Stratosphere Due to These Four Catalysts

Crypto trader and influencer Lark Davis says four catalysts could ignite a major Ethereum rally in the near future.　　In a new video, Davis explains why he believes ETH is set to take off, first noting that last month Ethereum had about 200,000 more daily active addresses than Bitcoin. The popular crypto analyst also highlights the slow but steady uptrend in the number of Ethereums daily active addresses.　　Davis says the surging on-chain activity can be attributed to Ethereum having a large number of use cases relative to other crypto assets.　　“With Ethereum, theres just so much more you can be doing, right？ You can be doing decentralized finance (DeFi), buying non-fungible tokens (NFTs), or sending stablecoins or whatever else you might want to do on Ethereum.”　　The analyst also points out that Twitter is now using the Ethereum network to mint NFTs, even though the companys CEO Jack Dorsey has long been known as a Bitcoin maximalist.　　“This is really, really big. Twitter CEO Jack Dorsey, famous hardcore Bitcoin maximalist using Ethereum. Twitter has given away 140 free NFTs… What this indicates is Twitter is using Ethereum. So in spite of all of the rhetoric from Jack Dorsey about Bitcoin being the best thing

2021-07-06Deep Dive

Bitcoin Becomes One of the Most Sustainable Industries This Year: Report

The sustainability of the Bitcoin mining industry has significantly increased this year, according to a report published by the association of miners that was formed following the backlash on BTCs energy use.　　In a new report, the Bitcoin Mining Council (BMC) says the results of its first voluntary survey that looked into the electricity consumption and sustainable power mix of 32% percent of the worlds Bitcoin network.　　According to the poll, survey participants and members of the BMC are currently using electricity with a sustainable power mix of 67%. Based on the data, the report concludes that the sustainable electricity mix of the global mining industry has risen to 56% during the second quarter of this year.　　The BMC survey also highlights that Bitcoins current use of green energy makes it “one of the most sustainable industries in the world.”　　The BMC was formed in May to improve transparency and to demystify the environmental impact of the Bitcoin mining industry after Tesla CEO Elon Musk unveiled that his electric car company had stopped accepting BTC payments amid concerns about the king cryptos energy use.　　Last month, Musk told his 57.8 million Twitter followers that Tesla will open BTC payments once the sustainability of Bitcoin mining

2021-07-06Deep Dive

Bitcoin Exchange Supply Ratio At 6-month Low, What Does It Mean for Bitcoin Price?

Bitcoin price consolidation under $35k entered a new week after failing to hold onto its gains above $35K yesterday. The top cryptocurrency recorded a daily high of $35,939 before retracing to sub-$34k levels again. The price of the top cryptocurrency has moved in the range of $30k-$40k since the market mayhem in May that saw nearly half of the crypto market valuation get wiped off.　　Recent data from Santiment analytics shows the Bitcoin exchange flow ratio has reached the lowest since January, hitting a new 6-month low.　　Source: Santiment　　A decline in exchange flow is considered a bullish sign as it indicates traders are anticipating Bitcoin price to move upwards.　　Bitcoin lost nearly 50% of its valuation during the May market sell-off reaching near $30K from its April ATH of $64,689. While bearish sentiments are more dominating in the current market, analysts predict we have not reached the market top yet.　　Bitcoin Price Needs to Conquer $36K Before a Move Up　　The declining exchange flow indicates two prime sentiments for bitcoin price, first, it reduces risks of May second week like sell-off, and second, the market is less active and drying out. Apart from the decline in exchange flow, the BTC trading volume has dried down

2021-07-06Deep Dive

South Korean Shinhan Bank joins Klaytn’s blockchain governance council

Shinhan Bank, one of the largest banking institutions in South Korea, has entered into a partnership with Klaytn, a global blockchain platform developed by Kakaos subsidiary Ground X.　　According to the Monday announcement, Shinhan Bank has joined Klaytns blockchain governance council and become a member of the co-governance of the Klaytn blockchain. As part of the new partnership, Shinhan will be also involved in the development of Klaytn-based digital services to support fintech innovation.　　Launched in June 2019, Klaytn is a blockchain service provider focusing on integrating blockchain solutions into enterprise-grade infrastructures. The Klaytn blockchain is a hybrid blockchain network, combining features of both public and private blockchains to ensure decentralized data and governance, as well as low latency and high scalability. The Klaytn network implements its native KLAY token to incentivize commitment to maintaining the growth of the Klaytn ecosystem.　　According to the announcement, Shinhan is the first traditional financial institution in South Korea to join Klaytns governance council, which lists more than 30 members so far. Shinhan is also the first institution of its kind among members including tech companies like LG Electronics and major crypto companies like Binance.　　Shinhan‘s entrance into the council marks an important milestone for Klaytns growth, as

2021-07-06Deep Dive

China crypto ban a ‘huge opportunity for Canada,’ mining group head says

Chinas regulatory crackdown on cryptocurrencies continues to alienate major miners. Dubai-based investment company IBC Group reportedly plans to end Bitcoin (BTC) and Ether (ETH) mining operations in China following ban announcements from the different provinces across the country.　　The group has major mining operations in China and plans to distribute its operations to the United Arab Emirates, Canada, the United States, Kazakhstan, Iceland and various South American countries, according to sources. IBC Group recently relocated its headquarters to Toronto, Canada.　　Commenting on the crackdown on crypto with a focus on mining activities, IBC Group chairman and iMining CEO Khurram Shroff said its a temporary inconvenience. He added that the diversified location of mining facilities is great news for the rest of the world:　　“A shift of crypto mining operations out of China will be a huge opportunity for Canada. The Toronto Stock Exchange recently listed the worlds first Bitcoin ETF, so the nation is already ahead of the curve, in terms of mainstreaming cryptocurrencies.”　　China turned its attention to the crypto mining industrys energy consumption following the large-scale power outages in the Chinese mining hub of Xinjiang in mid-April. This was followed by stricter supervision by the government, sending a shockwave through the crypto

2021-07-06Deep Dive

How this trading platform is helping users hold on to their crypto

Holding on to cryptocurrencies can be difficult at the best of times, but this trading platform is offering a solution that may make things easier.　　The crypto markets are as volatile as ever — and now, a major trading platform is making it easier to have “diamond hands.”　　eToro supports staking, which means that those who purchase and hold supported cryptocurrencies on its platform have a way of growing their capital.　　According to the platform, the mechanism thats used to achieve this is not dissimilar to the way that interest accrues in a savings account.　　With many people beginning to gain exposure to crypto for the first time, eToro says it aims to ensure that the staking process is “simple, secure and hassle-free.”　　Any rewards that are generated are paid on a monthly basis in the cryptocurrency that was staked in the first place, and coins remain the property of users at all times.　　According to eToro, it can be complicated for crypto investors to start staking on their own. Using this platform makes the process much more straightforward. A small fee is charged to cover operational, technical and legal costs.　　 How it works　　Staking is available to all eligible eToro users. Members of the eToro Club

2021-07-06Deep Dive

Japan to Finalize Digital Yen Plans by 2022

IN BRIEF　　Japans CBDC development is ready to enter the second phase.　　By 2022 Japan would have more clarity on what the digital yen would look like.　　Japan will have more clarity on its CBDC product digital Yen, by the end of next year. According to a lawmaker who is overseeing the ruling partys digital currency plan, the CBDC development may potentially be the beginning of a turf war between traditional lenders and online platform operators.　　Bank of Japan will be moving towards the second phase of its Central Bank Digital Currency (CBDC) experiment by late 2022. The first phase encouraged and enabled the rapid growth of private innovation by partnering with counterparts. The upcoming phase expects to reveal developments on the functioning and intermediaries of digital Yen, like deciding the organization that may serve as a mediator between the BOJ and deposit holders.　　Hideki Murai, the ruling Liberal Democratic Partys Head of digital currencies panel, told Reuters,　　“By around the end of next year, we‘ll have a clearer view of what Japan’s CBDC would look like.”　　BOJ resist changes　　However, BOJ‘s against the motion stance is catching fire due to existing instability in Japan’s financial industry. With the online settlement offered by non-bank retailers and moving

2021-07-06Deep Dive

Former Employee of Cryptopia Pleaded Guilty of Stealing $170K Worth of Crypto

An ex-Cryptopia staffer admitted he stole nearly NZ$250,000 or about $170,000. He pleaded guilty on two charges – theft by a person in a special relationship and theft of more than NZ$1,000.　　 How Did The Crime Occur？　　A former employee of the non-functional New Zealand cryptocurrency exchange, Cryptopia, confessed to stealing about $170,000 worth of digital assets. According to the hearing at the Christchurch District Court on Monday before Judge Gerard Lynch, the man made an unauthorized copy of private keys from Cryptopias numerous wallets and saved it on a USB storage device.　　Subsequently, he took it home and uploaded the data to his personal computer. It is worth noting that possessing the private keys to the wallets of the trading venue potentially provided him with access to thousands of digital wallets alongside $100M of numerous types of cryptocurrencies.　　The first signs of the crime happened on September 3rd, 2020, when an ex-customer of the exchange said he deposited bitcoins into an old Cryptopia wallet by mistake and asked the funds to be returned.　　The accounting firm Grant Thornton put the trading venue under review and established that 13 BTC had been illegally withdrawn following series of operations. Back then, this amount of cryptocurrency

2021-07-06Deep Dive

EY publishes an Ethereum scaling solution to the public domain

Global auditing giant Ernst s (EYs) attempts to promote secure and private transactions over public blockchains at cheaper costs has culminated in the release of Nightfall 3.　　The company announced the news via a release on July 1, stating that Nightfall 3 combines zero-knowledge proofs with optimistic rollups — zk-Optimistic Rollups — to improve transaction efficiency on Ethereum.　　Indeed, zk-Rollups are one of the layer-two scaling solutions being developed to achieve scalability for networks like Ethereum, using a process of batched transfers “rolled” into one transaction.　　EYs first contribution to ZK proofs was in April 2019, previously reported by Cointelegraph at the time. In this new iteration, the EY team said that Nightfall 3 is a collection of tools for privately managing Ethereum transactions.　　Nightfall 3 reportedly ZK proofs transactions into Optimistic Rollups, removing the need for all authentication nodes to verify the validity of the transactions.　　Nodes that challenge invalid blocks will receive rewards, thus ensuring that only valid transactions are added to the blockchain. According to the EY team, Nightfall 3 constitutes a significant improvement in transaction efficiency and gas fee reduction.　　Detailing the improvements in the zk-Rollups solution, global blockchain leader at EY Paul Brody remarked that the protocol offered the best balance

2021-07-06Deep Dive

TECHNICAL ANALYSIS OF MAJOR CRYPTOCURRENCIES: BTCUSD, ETHUSD, LTCUSD, XRPUSD & DOGE.

TECHNICAL ANALYSIS OF MAJOR CRYPTOCURRENCIES: BTCUSD, ETHUSD, LTCUSD, XRPUSD & DOGE.　　BTCUSD　　　　Bitcoin continues to tilt downward as the price keeps getting rejected from $40,000. Price was trading in a range on the daily timeframe before it tried to break below $30,000. Price is now trading in a mini-range, between $35,000 and $30,000. Bitcoin price failed to break above $35,000 ever since it created a new low of $28,600. 　　Failure of the $30,000 support to hold price will see price trade below $30,000. As predicted by Goldman Sachs, Bitcoin might fall to $25,000 before finally getting to $20,000. 　　A break above $35,000 will see price challenge the $40,000 resistance once again. 　　　　　　　　ETHUSD　　　　Ethereum is also in a range but slightly tilted, as price created lower highs and lower low sequences within the overall daily range. 　　Price broke below the support area at $2,300 as indicated by the blue horizontal line on the chart. It created a new low of $1,717, according to data from TradingView. Price rallied back to the support area at $2,300, which can now be used as resistance. 　　Price is currently reacting from the support turned resistance and around the 200 MA (Blue Curve). The

2021-07-06Deep Dive

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