Crypto Guides, Knowledge & Insights

Bitcoin Will Hit $160,000 This Year - Alex Mashinsky

" />　　　　Bitcoin Will Hit $160,000 This Year - Alex Mashinsky　　Alex Mashinsky, the Chief Executive Officer and Co-founder of Celsius - the centralized cryptocurrency lending platform - said that he sees Bitcoin hitting $160,000 this year or possibly a bit lower. He made this statement in a recent interview in Miami at an event called Bitcoin 2021. “We havent seen the highs yet for 2021,” Mashinsky said. 　　The price of Bitcoin has been diving down for the past weeks, creating panic in the crypto market. Bitcoin still hovers around $34,000 as industry experts are still maintaining bullish bias in the long term. 　　Mashinsky further explained that the crypto market was bound for a correction, following a rally to the all-time high of over $63,000. 　　“When you go too high, too fast, you are bound for a correction. You can see my tweets in both March and February saying ‘we’re going to have a crash, we‘re going to have a correction.’ I predicted $30,000. Bitcoin is like a spring – we stretch it too much and we put too much leverage. Too many people got greedy.”　　To add to the discussion on the price of Bitcoin, Mashinsky also commented on Elon Musks recent

2021-06-28Deep Dive

5 Negara Ini Membenarkan Undang-Undang Perdagangan BTC

Sejak El Salvador minggu lalu mengumumkan untuk menjadikan Bitcoin menjadi sistem kewangan arus perdana, negara-negara lain juga menyiapkan rangka tindakan untuk memasukkan Bitcoin dalam strategi kewangan mereka. Dalam artikel ini, mari kita bincangkan negara-negara di mana Bitcoin diiktiraf sebagai cryptocurrency yang sah.　　Amerika Syarikat　　Amerika Syarikat sentiasa optimis mengenai bitcoin dan Rangkaian Penguatkuasaan Jenayah Kewangan Jabatan Kewangan A.S. (FinCEN) telah mengeluarkan panduan mengenai bitcoin sejak 2013. Selain itu, bitcoin dikategorikan sebagai harta untuk tujuan percukaian oleh Internal Revenue Service. Walau bagaimanapun, beberapa agensi kerajaan berusaha untuk mencegah penggunaan bitcoin untuk transaksi haram.　　Kanada　　Kanada sentiasa mengekalkan pendekatan positif terhadap bitcoin dan telah mengenalinya sebagai komoditi oleh Canada Revenue Agency. Agensi ini menganggap transaksi Bitcoin sebagai transaksi barter, dan pendapatan yang dijana sebagai pendapatan perniagaan. Selain itu, Kanada menganggap pertukaran bitcoin sebagai perkhidmatan. Namun, ini juga membawanya ke bawah undang-undang anti-pencucian wang (AML).　　Australia　　Australia telah menyatakan undang-undang bitcoin serupa dengan AS dan Kanada. Walau bagaimanapun, pembeli dikehendaki mengikuti Akta Anti Pencucian Wang dan Pembiayaan Keganasan. Selain itu, bitcoin dan cryptocurrency lain juga dikenakan Cukai Keuntungan Modal.　　Kesatuan Eropah　　Pada tahun 2015, Mahkamah Kehakiman Eropah (ECJ) mengumumkan bahawa membeli dan menjual mata wang digital di EU dianggap di bawah penawaran perkhidmatan dan membuatnya dikecualikan daripada cukai pertambahan nilai (PPN).

2021-06-28Deep Dive

South Korea Seized $47M Worth of Crypto From Wealthy Tax Dodgers

The authorities of South Korea confiscated the cryptocurrency holdings of 12,000 people. The locals received charges of tax evasion, and 53 billion won or $47 million worth of BTC, ETH, and other digital assets were seized from them.　　The Largest Crypto Seizure for Back Taxes in Korean History　　Following a months-long investigation, the officials in the most populated South Korean province – Gyeonggi – targeted 12,000 wealthy residents under suspicion of tax avoidance.　　The British daily newspaper Financial Times recently reported that the authorities seized 53 billion of the local currency ($47 million) worth of digital assets from the tax dodgers. Kim Ji-ye – the director of the Gyeonggi Province Fairness Bureau – outlined that all Koreans should abide by the law and no exceptions are tolerated:　　“We will do our utmost to protect law-abiding taxpayers and fulfill our fair taxation mandate by probing and tracing assets that tax dodgers may be concealing in the midst of the recent cryptocurrency trading fervor.”　　Gyeonggi officials praised this operation as the largest “cryptocurrency seizure for back taxes in Korean history.” They added that the tax dodgers had used local trading venues to hide virtual assets.　　Interestingly, a famous television host and a doctor are among the 12,000 wealthy

2021-06-28Deep Dive

Why Is Ethereum’s Trading Volume Declining Despite Gas Fee At a 6-Month Low?

Ethereum (ETH) has just recorded its lowest transaction or gas fee in 6 months. As with Bitcoin (BTC) and other digital assets, Ethereum has witnessed a massive plunge in price and capitalization since it attained its ATH price of $4,362.35 back in May. From this ATH, the cryptocurrency is now trading at $1,828.69, up 3.87% in the past 24 hours at the time of writing.　　The ongoing clampdown of all crypto-related activities in China, including mining and trading of digital assets, has also largely affected Ethereum price. All of these negative fundamentals have perhaps helped veer off the engagements of the Ethereum blockchain users, resulting in a decline in the gas fee.　　The Gas Fee: Trailing the On-Chain Data History　　Ethereum is known as a highly congested blockchain with a hoard of decentralized finance (DeFi) smart contracts and DApps making it their home. As the DeFi ecosystem gained more prominence through platforms like Uniswap, and Aave amongst others built atop the Ethereum network, miners activities increased, with more transaction fees the avenue to reward them for validating transactions.　　According to data from Bitinfocharts, the Ethereum gas fee which rose to an ATH of $69.922 on May 12, 2021, is now currently pegged at $2.312.

2021-06-28Deep Dive

Breaking news in Crypto and Market Forecast

Breaking news in Crypto and Market Forecast 　　By: Damian Okonkwo　　ABSTRACT:　　•Cyber Legend and Crypto Currency influencer John McAfee dies Mysteriously at Spain Prison after the Announcement of Extradition to the US Court　　•Paraguay Proposes a Bill to Adopt Bitcoin As Countrys Legal Tender　　•El Salvador Government to airdrop $30 in Bitcoin to every adult citizens　　 •Market Analysis and Forecast: Bitcoin and Altcoins　　1.0 Cyber Legend John McAfee dies Mysteriously at Spain Prison after the Announcement of Extradition to the US Court for tax evasions.　　The Cyber Legend John McAfee, a UK born computer pioneer and founder of the antivirus software - McAfee which he named after himself, has been found dead in Spain Prison. This sad incident had occurred hours after the countrys highest court, approved his extradition to the United States, where some tax evasion charges that carry a prison sentence up to 30 years has been laid against him.　　His Mysterious dead which some argued might be suicide as no health challenges have been previously reported against him to have led to his death was confirmed by Catalan‘s regional police force, the Mossos d’Esquadra, in a statement released to the public.　　According to the report, “McAfee aged 75, was found dead in the Brians

2021-06-28Deep Dive

Does this metric hold the key to trading Bitcoin profitably?

Bitcoin shorts have increased in volume. Besides, shorts require additional leverage with Bitcoins price at the $30000 level based on price data from coinmarketcap.com. Thus the funding rate is negative yet again. Does this signal that it is a good time to buy, and Bitcoin is expected to consolidate as the funding rate becomes further negative？　　BTC Funding Rates || Source: The Block　　There is demand at the current price level across spot exchanges and derivatives exchanges but it is not sufficient enough for adequate longs. The funding rate has dropped to a negative 5% on Huobi based on data from The Block.　　BTC and ETH Total Exchange Volume || Source: The Block　　Based on the above chart, after dropping consistently through mid-June 2021, after hitting a peak, the total exchange volume has increased. The negative funding has been indicative of dropping exchange volume, this supports the narrative of accumulation and supports the bullish narrative of Bitcoin.　　Additionally, based on the past 24-hour buy/sell ratio from Skew, it favors a negative funding rate. The 24 hr buy/sell ratio is bullish for Bitcoins price. Though further consolidation is expected, there may be a further drop in prices in the short term.　　This may be the ideal way

2021-06-28Deep Dive

How KELPIE Facilitate Free Flow of Data and Content Creation

The world is changing at a pace we have never seen before. We have new revolutionary technologies that are interrupting every aspect of our lives from healthcare, education, content creation, etc. The Internet is the best-known example and for years the internet has monopolized the free flow of data and content creation. This is where KELPIE comes in and this project aims at facilitating the free and uninterrupted flow of data in a decentralized ecosystem.　　KELPIE is a fully decentralized next-generation network that aims at decentralizing the flow of data and all types of content. It will empower all types of content creators all over the world by giving them full ownership and control of the content they create. Since this platform is decentralized, users will have many choices. They can customize their preferences thus giving users the decision-making power. Because of this users will not be forced to accept unfair terms and conditions that other platforms use to exploit their users. One will have complete control over their data and because of the end-to-end encryption, users will have privacy and they will be able to share any information securely.　　KELPIE being a fully decentralized platform will allow users to have all

2021-06-28Deep Dive

Cardano (ADA) adds 50,000 new ‘staking’ addresses in just 3 weeks

According to data aggregation platform PoolTool, Cardano (ADA) added more than 50,000 staking addresses in three weeks time, reflecting a substantial 8% growth in less than a month.　　Cardanos total staking addresses surpassed the 600,000 milestone in early June as the attention around the platform continues to grow.　　Recent developments　　Currently, Cardano has a total number of 659,301 staking addresses from 2,647 active pools and its total staked value is $29,44 billion, accounting for 71,27% of the $41,3 billion total supply.　　Cardanos price witnessed its all-time high on May 16, when it reached $2,46 but like most of the market, it experienced a downward trend and since then witnessed a 49% plunge.　　Since its price hit a 90 day low on June 22, dropping to $1,02, Cardano managed to bounce back and is currently trading at $1,27.　　On June 14, the platform‘s developers launched a new version of the Cardano node, AlonzoBlue 2.0 to the testnet. The ’Alonzo hard fork is a major breakthrough for the platform, which will enable the implementation of smart contracts in Cardano, along with the deployment of numerous DeFi applications.　　In the works for ADA　　Input-Output (IOHK), the firm behind Cardano, said they are exploring the potential integration of Stablefees, a system that

2021-06-28Deep Dive

Blockchain Technology Not Ideal For CBDCs, SWISS Central Bank Economist Argues

Central bank digital currencies (CBDCs) have little structural benefits to draw from decentralized features of blockchain technology, according to the chief economist at Swiss National Bank Carlos Lenz.　　Lenz said that blockchain happens to be very inefficient, which nullifies decentralization in CBDCs as an ideal solution. Apart from blockchain technology, he said that there are technological possibilities that Switzerland could consider for its CBDC, due to its “inefficiency.”　　“One could imagine a direct account with the National Bank, not that we want to do that, but that would be the simplest form. Or you can rely on completely decentralized solutions on a blockchain where there is no central authority. However, blockchain is very inefficient. I dont think a decentralized solution is ideal.”　　Additionally, the Swiss Central Bank is confident that the franc is in no danger whatsoever of being replaced by other currencies such as the EURO, if Switzerland prefers not to develop a CBDC.　　“We had such discussions when the euro was introduced. There was also fear that the payments would suddenly be made in euros. But that did not happen.”　　Swiss National Bank: No Plans for a Digital Franc　　Although the Swiss National Bank (SNB) is currently researching a digital franc, Lenz said that

2021-06-28Deep Dive

JPMorgan: Cryptocurrencies Repeating 2018 Bear Market

In a recent research note, JPMorgan Chase, the largest U.S. bank, writes that that the current total cryptocurrency market cap is tracing the path of the 2018 bear market.　　Image by @jpmorgan　　Multiple major cryptocurrencies, including Dogecoin, Litecoin, Chainlink, and others, are already down more than 60 percent from their recent peaks.　　Bitcoin, the crypto king, is also 48 percent away from its Apr. 14 peak at the time of writing.　　For the entire cryptocurrency industry, the crypto winter of 2018 was one of the most severe drawdowns ever, with some prominent projects losing nearly 99 percent of their value and hundreds of projects ending up dead.　　JPMorgan believes that theres more downside in store for Bitcoin, setting its medium-term Bitcoin target at as low as $23,000.　　As reported by U.Today, Guggenheims Scott Minerd recently said that $10,000 could be Bitcoins “worst-case” scenario.　　The China ban is positive for bitcoin　　Presently, China banishing almost of its miners is the dominant bearish narrative.　　However, according to JPMorgan, the ban will be “positive” for Bitcoin in the medium-term:　　The crackdown on mining operations in China should be considered as positive for bitcoin over the medium-term as it accelerates a shift away from Chinas high share in bitcoins hash rate.

2021-06-28Deep Dive

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