Crypto Guides, Knowledge & Insights

Why A Bitcoin ETF Is Likely To Hit The U.S In This Third Quarter

Expectations for a U.S-based Bitcoin ETF might be met soon, as recent comments made by the U.S commissioner for the SEC have raised hopes that a Bitcoin ETF may be approved in the third quarter of 2021.　　Speaking to CNBC news on Thursday, SEC Commissioner Hester Peirce commented that the continued delay of the approval of a Bitcoin ETF by the SEC has become ridiculous and uncharacteristic of the organization. She further noted that the SEC is responsible for applying an unfavorably high standard to approving a Bitcoin ETF compared to other traditional products.　　Further buttressing her point, she noted that though the initial fear the SEC had that made it not approve any cryptocurrency ETF was well found, seeing that the crypto market, and particularly the Bitcoin market has matured significantly and so fears of market manipulation are unfounded at the present time. In her opinion, the cryptocurrency market is not waiting for the USA to make up its mind; the USA stands a strong chance to miss out on the benefits of the market if they do not act fast.　　Recall that the SEC itself seemed to be trying to understand the Bitcoin market better, hence expectations were raised when the

2021-07-05Deep Dive

DeFi’s Reliance On The USD Is Proving To Be Extremely Dangerous For The Multibillion-Dollar Market

Replacing banks and brokerages to be the middleman for buyers and sellers is one of the values that Decentralized finance (DeFi) Brings to the modern digital market. Almost every definition of DeFi noted the fact that financial services are made available without any centralized entity in charge.　　However, in one of Glassnodes most recent experiments, DeFi shows itself to be more dependent on the USD, (which is essentially backed by a centralized organization; the government) further reflecting a major relationship between DeFi and the USD. This relationship is one that Glassnode finds to be highly dangerous in the long term.　　The USDs connection to DeFi is proving to be extremely dangerous　　A major debate in the cryptocurrency community has been the possibility of the crypto market, and the subset of innovations created within that industry surviving independently in the long term.　　While skeptics argue that the industry might not last for too long, community members argue that the markets‘ dominance over the short period of time that it has existed is partly proof that Crypto, DeFi, and NFTs can survive without depending on the traditional financial market. However, Glassnode makes a thought-provoking argument for why DeFi’s involvement with the USD is worrisome.　　“DeFi has built

2021-07-05Deep Dive

Vietnam Becomes Latest Country to Turn to Crypto

According to a July 4 report by The Phnom Penh Post, Vietnamese Prime Minister Pham Minh Chinh asked the countrys central bank to pilot a blockchain-based cryptocurrency over the next two years.　　The initiative is part of the PMs e-Government development strategy.　　Chinh—the 62-year-old leader of the countrys leading Communist Party—believes that digital money is “an inventible trend.” Apart from crypto, Vietnam will also focus on implementing such cutting-edge technologies as big data, artificial intelligence, and augmented reality.　　In May, Vietnams Ministry of Finance created a research group tasked with studying cryptocurrency regulations.　　Vietnam imposed a ban on Bitcoin payments all the way back in 2017.

2021-07-05Deep Dive

Wall Street Survey Says: Bitcoin To Close 2021 Under $30K

A CNBC survey of 100 chief investment officers and portfolio managers shows the majority think Bitcoin will end the year below $30,000.　　2021 started with an unbelievable run, in which Bitcoin seemed to defy overbought signals, taking its price to $65,000 by mid-April.　　Since then, a wave of bearishness has taken hold as FUD report after FUD report began to proliferate. The results of this CNBC survey only add to the FUD.　　However, the opposing view, as reported by Bloomberg, states the leading cryptocurrency could hit $100,000 before the year ends.　　44% Of Investment Managers See Bitcoin Below $30k　　CNBCs quarterly survey of institutional investment managers paints a grim picture for Bitcoin. 44% of those surveyed believe it will close the year below $30,000.　　Whereas 25% of respondents believe Bitcoin will hit $40,000 by the year-end. Another 25% selected $50,00, and the remaining 6% thought BTC could close on $60,000.　　In discussing the results, Squawk Box anchor Andrew Sorkin said that he would agree with most respondents on a short time scale. But over ten years, he thinks Bitcoin would be priced above $30,000.　　“By the end of the year, and maybe Ill be a cynic here, I would take the under. But if you said ten years

2021-07-03Deep Dive

Thai SEC and Cayman Islands regulator take action on Binance

Binance, the leading cryptocurrency exchange by trade volume, continues facing scrutiny from regulators regarding the legality of its operations in certain countries.　　Thailands Securities and Exchange Commission (SEC) and the Cayman Islands Monetary Authority (CIMA) are the latest financial regulators to announce a regulatory crackdown on Binance.　　Thai SEC announced Friday that the agency had filed a criminal complaint against Binance, launching a criminal procedure and an investigation for allegedly operating a digital asset business without a license. The authority said that Binance had provided crypto trading services via its website by “matching orders or arranging for the counterparties or providing the system or facilitating entry into an agreement.”　　“In so doing, Binance has solicited the Thai public and investors to use its services, either via its website or Facebook Page: Binance Thai Community,” the SEC noted. The regulator mentioned that it previously issued a warning letter to Binance in April, requiring the exchange to submit a written response but the crypto exchange failed to submit a response within the specified time.　　“Only providers who have obtained relevant licenses under the law are allowed to provide services related to digital asset trading, exchange, depository, transfer, withdrawal or any transactions related to digital assets. Violators

2021-07-02Deep Dive

VeChain Announces The World’s First National eNFT Adoption, Why It Could Be Huge for VET

The VeChain Foundation and DNV Assurance have partnered with the Republic of San Marino to issue Digital COVID-19 vaccination certificates. Approved via a law on June 16th, this solution will provide its citizens with a digital certificate “in line with the European Union standards”.　　The certificates will be issued via Enterprise Non-Fungible Tokens (eNFTs), a type of digital asset based on the blockchain VeChainThor. The eNFTs have designed with the purpose of leveraging blockchain technology to impact everyday life and allow companies to design products as a bundle of physical goods, enable digital products, and more.　　The San Marino Digital Covid Certificate will cover vaccination against Covid-19, and whether a person has been infected in the past or has received a negative result when tested for this disease. According to the VeChain Foundation, every certificate will be valid for 1 week 15 days after the first vaccination dose.　　If a person has received the second dose of the vaccine, the certificate will be valid for 9 months. Local authorities can issue the certificate according to the users request, on paper or digital former. The President of San Marino Innovation, Lorenzo Spadoni said:　　The San Marino Digital Covid Certificate is an important tool that aligns

2021-07-02Deep Dive

Mintable platform raises $13M, will integrate 'carbon neutral' NFTs on XRP Ledger

The NFT marketplace plans to integrate Ripples XRP Ledger blockchain　　An oversubscribed funding round has netted the Mintable nonfungible token (NFT) minting platform and marketplace a cool $13 million.　　The Series A funding round for the Singapore-based startup included some big name participants including Ripple, mobile and blockchain gaming developer Animoca Brands, and Metapurse, the worlds largest NFT investment fund.　　Ripple put out an announcement stating that Mintable plans to integrate the firms own blockchain, XRP Ledger (XRPL) which it says is already carbon neutrale and is “ideally suited to deliver a seamless experience for NFTs”.　　“Its environmentally friendly attributes will allow billions of NFTs to be minted, bought and transferred on the XRPL in a sustainable way.”　　Mintable, which is currently an Ethereum-based platform, is among a number of crypto-related investments in Dallas Mavericks owner Mark Cuban‘s burgeoning portfolio. The billionaire investor previously participated in Mintable’s $2.5 million seed round in March.　　The platform, which was launched in 2018, has minted more than 700,000 items over the past year enabling the establishment of a growing catalog of unique items, such as digital art, music, collectibles, and gaming items.　　Mintable has sold and auctioned works by various Grammy-Award winning artists and high-profile artists, celebrities, and sports professionals

2021-07-02Deep Dive

UK chancellor names CBDC on list of financial reforms for Treasury

“While I believe in the power of new technology, we also need to manage its impact on our economy and society,” said Rishi Sunak.　　Rishi Sunak, chancellor of the Exchequer for the United Kingdom, has included cryptocurrencies and stablecoins on the list of financial reforms the government plans to undertake in the next few years.　　Speaking to lawmakers at the Lord Mayor of London‘s residence on Thursday, the chancellor said the U.K. government would be implementing recommendations to establish the country as a center of fintech innovation and business. Though Sunak said the U.K. would be protecting its citizens’ access to cash, he added authorities would be monitoring updates in finance and technology as well as working on its own reforms regarding digital assets.　　Based on an independent review of the U.K. fintech sector conducted by entrepreneur Ron Kalifa, Sunak said officials would be consulting on pioneering reforms “to support the safe adoption of cryptoassets and stablecoins” as well as explore the case for the Bank of England issuing a central bank digital currency, or CBDC. The report, released in February, proposed changes to the countrys regulatory framework on new technologies, encouraging education in fintech, nurturing existing fintech firms in the U.K., and

2021-07-02Deep Dive

Why Coinbase-backed Worldcoin is Unlikely to Succeed

There is a new cryptocurrency in the works that has the backing of some of the biggest names in tech. Worldcoin is the startup behind the upcoming crypto project, and the founding team includes the former head of the Silicon Valley business incubator Y Combinator, Sam Altman. Additionally, the list of investors behind the project includes Andreessen Horowitz, LinkedIn founder Reid Hoffman, and the venture arm of Coinbase.　　According to comments made to Bloomberg, Altmans involvement in Worldcoin stems from his more general interest in universal basic income (UBI) and the future of wealth redistribution. The basic premise, at least based on what we know so far, is to create a new cryptocurrency from scratch that gives coins to every single human on earth (if they want them). To help guard against fraud in the initial distribution of coins (and perhaps other aspects of the cryptocurrency network), Worldcoin wants to use an iris-scanning hardware device to confirm that each user is a unique person.　　The case for Worldcoin　　So, whats the case for Worldcoins upcoming cryptocurrency？ Angel investor and podcaster Jason Calacanis shared his thoughts on the topic during Tuesdays edition of This Week in Startups. In his remarks, Calacanis covered some of

2021-07-02Deep Dive

Three Approaches Suitable for Novices in Cryptocurrency Trading

Are there any simple profitable approaches for beginners lacking experiences but craving wealth in digital currency trading？ The answer is YES! Three useful methods are introduced herein for your reference:　　Getting bonuses without any risks　　It is suitable for those who are good at social networks and bulletin boards. They can follow the information on new projects and airdrops posted via platforms, getting lucrative deals with the absence of risks.　　Speculating cryptocurrencies to strive for a better life　　The essence of struggling like no tomorrow is just riding the tide of price differentials among different trading platforms to profit from spreads between low bid prices and high ask prices. This approach is right for people boasting experiences in investing in financial products such as stocks and securities.　　Relying on analyses to judge the value of tokens　　It is suitable for those who are capable of analyzing projects, corporate strategic plans, team technological background, and the amounts of tokens in circulation. They can choose private placement or build positions and hoard coins at low prices according to the game rules made by enterprises.　　As a reminder, WikiBit is ready to help you search the qualifications and reputation of projects in a bid to protect you from hidden dangers

2021-07-02Deep Dive

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