Crypto Guides, Knowledge & Insights

Amid Market Rout, Bitcoin (BTC) Gaining Strength Over Altcoins As “Safe-Haven” Asset

The altcoin party is over and looks like money has started flowing back into BTC! Bitcoin (BTC) has recovered more than 10% from its Tuesdays low of $29,092 in a quick market-wide recovery. The Bitcoin market dominance has now touched 47% recovering from its lows of under 40% last month.　　During Tuesdays correction, while BTC lost over 10%, almost all of the top ten altcoins tanked over 20% in a single day. Amid this massive market volatility, Bitcoin (BTC) is once again showing its power as a safe-haven asset. On-chain data provider Santiment reports:　　“Those who have stayed strong in #Bitcoin on the #crypto downswing have been relatively rewarded compared to high-risk #altcoin traders. $BTC has fallen just -4.5% the past 3 days through the volatility, while $DOGE (-26.1%) & other #alts have dropped hard”.　　Courtesy: Santiment　　With yesterdays price correction, Bitcoin was down more than 50% from its all-time high of $64,000 in mid-April 2021. Another data from Santiment also shows that Bitcoin millionaire whale addresses have been constantly accumulating. The on-chain data provider notes that there are potential signs of a turnaround.　　Bitcoin Hashrate Corrects Over 50% In A Month　　The declining BTC hashrate has seen a further drop during the last 24 hours

2021-06-24Deep Dive

Three Low-Risk Ways to Secure New Project Tokens

Over the last few weeks, the cryptocurrency market has shown signs of weakness, with many cryptocurrencies losing considerable value during this time, and investors becoming increasingly wary of investing in new tokens.　　But while straight-up buying new tokens is one way to gain exposure to new potentially promising projects, there are also numerous ways to buy, earn, or win new tokens with little to no risk. Here, we list three often overlooked ways to do exactly that.　　Participate In a Lockdrop　　Generally, getting your hands on new project tokens entails either participating in an airdrop, or helping to fund the project through an investment round — such as an initial DEX offering (IDO) or Liquidity Bootstrap Pool (LBP).　　But Edgeware, a platform that provides an all-one hub for developers and blockchain enthusiasts, pioneered a completely novel token distribution system, known as the Lockdrop.　　As its name suggests, a Lockdrop involves locking up tokens for a fixed period of time to receive an airdrop for another asset. The team behind Edgeware believe that this system is more conducive to getting new project tokens in the hands of would-be long-term holders, since participants need to temporarily forgo the opportunities that come with holding onto the first token

2021-06-24Deep Dive

How CoinsPaid is Connecting Businesses With DeFi

If you havent heard about them yet, CoinsPaid has been successfully developing crypto payments solutions for the B2B sector since 2014. The company is mainly known for its crypto processing and is the 2021 winner of the Payment Provider nomination by AIBC.　　However, it is not only crypto processing in the range of CoinsPaid products. The companys ecosystem includes an Exchange s note that CoinsPaid until now was mostly a B2B focused company and that their clients are online businesses. The estimated number of total clients end-users is 5 million, so CPD has a great chance of attracting these users attention.　　The tokenomics includes an incentive program aiming to make the token popular among both B2B and B2C clients.

2021-06-24Deep Dive

BIS Says CBDCs Necessary to Keep Government Control of Money

IN BRIEF　　The Bank for International Settlements says central bank digital currencies (CBDCs) are needed to ensure governments retain control of money.　　With the advent of privately issued digital currencies gaining traction, big tech firms could come to dominate currency issuance.　　The BIS has been working with central banks around the world in developing different varieties of CBDCs.　　The Bank for International Settlements (BIS) says central bank digital currencies (CBDCs) are needed to ensure governments retain control of money.　　BISs remarks come amid the global fall in the use of physical cash. Cryptocurrencies are also gaining traction as both investments and legal tender. This has motivated Big Tech firms to begin developing their own digital currencies. For instance, in 2019 Facebook proposed its Libra digital currency could act as a universal currency. However, widespread condemnation caused it to scale back its intentions to the current Diem project.　　It is these ambitions, however, that the BIS is fearful of. They believe that without CBDC digital money would become increasingly dominated by big tech firms. This could happen primarily by them leveraging their enormous social media user base. The loss of control over sovereign money, “that is a place where you don‘t want to be, where governments don’t

2021-06-24Deep Dive

DeFi and NFT crossover project Aavegotchi releases ‘Gotchiverse’ litepaper

One of the original decentralized finance and nonfungible token (DeFi/NFTs) crossover projects is taking a step forward today with the launch of a metaverse litepaper.　　Aavegotchi — a project that creates upgradeable NFTs backed by yield-bearing positions on lending platform and money market Aave — announced the publication of a litepaper devoted to a gamified metaverse called the “Gotchiverse.”　　Aavegotchi co-founder Jesse Johnson joked about the sometimes-esoteric features and backstory in the litepaper on a celebratory Twitter Spaces today:　　“This is not your typical litepaper, it‘s got a lot of lore in it [...] We’ve got a bit of a DeFi RPG in front of us.”　　The metaverse will introduce a new, fungible ERC-20 token, the “Gotchus Alchemica,” which will be farmable from REALM land plots, themselves backed as NFTs — similar conceptually to Decentralands MANA/LAND two-token system.　　Alchemica can be used to craft upgrades to REALM plots, including structures like the “Gotchi Lodge,” which will enable groups of players to socialize as well as combine their farming efforts. Upgrades will take a “certain number of blockchain blocks to finish constructing,” but liquidity providers to Aavegotchis in-house AMM, the “Gotchus Alchemica Exchange,” can hasten the process with rewards for providing liquidity.　　This gamified yield farming is

2021-06-24Deep Dive

South Korean Exchanges Delist More Altcoins to Meet Banking Requirements

Several top cryptocurrency exchanges in South Korea have engaged in a mass delisting of many of the altcoins they offer to foster their relationships with banks.　　Crypto Exchanges Partnering With Banks　　According to a Tuesday report by a local media outlet, South Korean exchanges are taking these steps to strengthen their chances of partnering with banks that offer real-name accounts for their virtual clients.　　This new development comes just a few weeks after the countrys authorities demanded that crypto exchanges should report their activities to the Korea Financial Intelligence Unit (KoFIU).　　To carry out the mandate, crypto exchanges will have to partner with banks that will issue real-name accounts for their customers, and failure to do this will result in the exchange shutting down.　　However, based on a recent update from the Korean government, the more coins that an exchange offers, the more vulnerable it is to be used for money laundering and other crypto-related fraud.　　Warnings Against Altcoins　　Earlier in May, the Korean government began to look into the rapidly growing number of altcoins on the various crypto exchanges in the country. According to a previous report, the authorities showed deep concern over the trading of hundreds of altcoins with little to no value.　　In Korea, crypto

2021-06-24Deep Dive

Elon Musk May Have Finally Exited The Dogecoin Market For Good

Dogecoin has been going off track since Elon musks SNL performance, which took place on the 8th of May, ever since then, the meme-coin has lost an estimated $70 billion in market capitalization, bringing its market cap to $29.5 billion at this time.　　Can Dogecoin thrive without hitting $0？　　Dogecoin has been moving on a slippery slope since the year began. Starting out the month of January with a price of $0.005685. April recorded a high of $0.47, and on the 8th of May, Doge hit $0.7 for the first time. At press time, Doge is down 26%, trading at a price of $0.2.　　DOGEUSD Chart By TradingView　　Where is Elon Musk？　　It is safe to say that Elon Musk has single-handedly fueled buying interest for Dogecoin, for the most part of this year. The Billionaire who prides himself as the “DogeFather ” had always been present to put in a word or two for the asset time and time again.　　Many times, the CEO only needed to do as much as post a meme, or make a Doge joke and the price of the meme coin went off the roof almost instantly. On few other occasions, Musk went as far as saying that Doge was

2021-06-24Deep Dive

Americans Choose Gold Over Bitcoin for the Next 10 Years: Survey

More Americans are willing to invest in gold compared to Bitcoin over the next ten years (13 percent and 9 percent, respectively), according to a recent survey conducted by New York-based consumer financial services company Bankrate.　　Stocks, cash, certificates of deposit (CD) are also more popular than crypto with U.S. investors.　　Real estate has topped the list, with 28 percent of respondents saying that they are willing to put their money into it.　　Image by bankrate.com　　The majority of the survey participants (61 percent) are either “not too comfortable” or “not comfortable at all” with crypto.　　Unsurprisingly, most millennials, who are aged between 25 and 37 years, have the opposite attitude to crypto. Meanwhile, baby boomers are overwhelmingly bearish: only 16 percent of them are okay with crypto.　　Inflation talks falling on deaf ears　　Another notable takeaway from the Bankrate survey is that 58 percent of all the surveyed Americans claim that inflation wont influence their investment choice.　　This, of course, flies in the face of the “inflation hedge” narrative that is being routinely pushed by both gold and Bitcoin supporters.　　Only 20 percent of the survey participants are willing to invest more aggressively if inflation spikes.

2021-06-24Deep Dive

Mike Novogratz: Institutional Investors Will See Bitcoin's Price Decline as Opportunity to Buy

Galaxy Digital CEO Michael Novogratz says he is not nervous about bitcoins price falling, even when it falls below $30K. “The ecosystem is so much more mature. The amount of players that are moving in are so much more mature. Every single bank is working on their own crypto project,” he said.　　Novogratz Still Bullish About Bitcoin　　Mike Novogratz commented on the bitcoin market Tuesday in an interview with CNBC as the price of the cryptocurrency fell below $30K. Commenting on the falling BTC price, Novogratz said:　　If it‘s really breached, $25,000 is the next big level of support … I’m less happy than I was at $60,000, but Im not nervous.　　The Galaxy Digital CEO opined: “We had China really be much more forceful in their idea to ban cryptocurrency. That‘s created a retail deleveraging. A lot of crypto happens in Asia, a lot of it is Chinese focused. So we’re seeing big liquidations, so its hard to call a bottom.”　　Novogratz believes that the Chinese government‘s crackdown is a long-term positive for bitcoin. “Maybe not in the short run, but it’s a good thing. That‘s what’s created this excessive volatility that weve seen,” he detailed.　　Recently, Facebooks head of payments and the Diem crypto

2021-06-24Deep Dive

No Cardano and XRP? El Salvador Won't Adopt Any Altcoin as Legal Tender

During a hotly anticipated interview with Bitcoin proponent and denim aficionado Peter McCormack, El Salvador President Nayib Bukele confirmed that the tropical nation had no plans to adopt any alternative cryptocurrency as legal tender.　　Bukele explains that having two official currencies (Bitcoin and the U.S. dollar) is already hard enough:　　“It will be impossible to have ten legal tenders...Having two legal tenders is quite a challenge… So, for legal tender, its only gonna be Bitcoin and the USD.”　　El Salvador, however, will not ban any altcoins. Moreover, Bukele stressed that other cryptocurrency projects were free to do business in the country:　　“We are open for business now.”　　On a June 16 Lex Fridman podcast, Cardano creator and IOHK CEO Charles Hoskinson said that El Salvador‘s move into Bitcoin couldn’t be ignored, adding that his team might do a state visit to the country:　　“We know the president‘s brother. We’ve had some conversations. Maybe, we will go there in the next few months, and see whats going on there, and do a state visit to talk to the president.”　　As reported by U.Today, Matt Hamilton, director of developer relations at Ripple, recently mentioned that El Salvadors digital crypto wallet partner, Strike, was taking notes from XRP-powered On-Demand Liquidity

2021-06-24Deep Dive

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