Crypto Guides, Knowledge & Insights

New York City to Become the ‘Center of Bitcoins,’ Promised Mayoral Front Runner

The number of US city mayors, whether current or running, supporting bitcoin continues to grow. After Miamis Francis Suarez, the favorite to win the race in New York City, Eric Adams, promised to make NYC different in a year, including becoming the “center of bitcoins.”　　BTC Going to NYC？　　Running as a Democrat, Eric Adams is a polarizing figure that managed to get ahead in the race through an old-school strategy by receiving support from Black and Latino voters with unions.　　Although roughly 70% of voters didnt make him their first choice, the new and controversial voting system in the city has made him the favorite. The latest polls showed a lead of over 75,000 votes over Maya Wiley.　　Apart from making the usual political promises of lowering crime rates and creating new jobs, he also outlined a somewhat unexpected strategy, which he believes will bring back economic prosperity to one of the worlds most important cities.　　During a recent speech, he spoke about his intentions to turn New York City into a technology hub, and he even briefly mentioned the largest cryptocurrency – bitcoin.　　“Im going to promise you in one year, you are going to see a different city. We are going to become

2021-06-25Deep Dive

JPMorgan says Bitcoin may dump to $25,000, cites Grayscale’s GBTC unlocks

JPMorgan analysts say the upcoming ‘unlock’ of a popular Bitcoin fund could cause further selling of spot BTC, driving the prices of the worlds largest cryptocurrency by market cap to as low as $25,000.　　“While weak flows and price dynamics resulting from last month‘s selloff fueled Bitcoin’s recent declines, possible sales of shares in the Grayscale Bitcoin Trust upon the expiry of a six-month lockup period could be an additional headwind,” wrote analyst Nikolaos Panigirtzoglou in a client, as per a report on Bloomberg.　　Bitcoin has fallen nearly 50% over the past few months from a mid-April high of $64,800. It trades at $34,000 at press time, with technicals suggesting an overall bearish market for now.　　How Grayscale affects Bitcoin　　Grayscales products are a crucial part of the broader crypto market. These are publicly traded financial instruments that hold a small amount of spot crypto, such as Bitcoin or Ethereum, in a custodial account for each share they offer on the open market.　　The product is largely aimed at high-networth individuals and institutional investors who may not want to interact with a shady crypto exchange (which may shut down overnight), or deal with custody their own crypto (imagine relying on yourself to safeguard millions of

2021-06-25Deep Dive

Government, Police to Inspect all 60 of South Korea’s Crypto Exchanges

The South Korean financial regulator is to radically step up its monitoring of the crypto industry – with an announcement that it is set to conduct inspections at all 60 of the nations crypto exchanges in conjunction with the police and independent IT inspectors.　　After being accused of dragging its feet and “neglecting” the domestic crypto sector, Seoul earlier this year handed almost total control over the industry to the top financial regulator, the Financial Services Commission (FSC).　　And the FSC has taken to its new role with apparent zeal, summoning the 30 leading exchanges to its headquarters on three different occasions. This group comprises exchanges that have either already obtained the necessary information security management system (ISMS) data protection certification needed in order to continue operating after September 24, or are in the process of obtaining certification. After September 24, exchanges without ISMS, banking contracts and more will be forced to shut.　　Earlier this month, media outlets reported that the FSC had conducted a week-long “due diligence” on-the-spot check at one of Seouls biggest exchanges. But now it appears that the FSC wants to go a step further. After a raft of smaller exchanges that appear to have no intention of applying

2021-06-25Deep Dive

Former European Central Bank President Says Crypto Needs “Absolute Transparency”

During his Thursday appearance on France 24, French economist Jean-Claude Trichet—who has served as President of the European Central Bank from 2003 to 2011—said that there is a need for “absolute transparency” in crypto.　　Trichet raised concerns over criminal activities associated with cryptocurrencies:　　“As long as these transactions are not transparent, they are paving the way for any criminal activity. It‘s unacceptable. It’s not considered appropriate…”　　The former ECB head added that “the real cryptocurrencies” will be issued by central banks.　　He highlighted that 58 central banks around the world were already working on their own digital currencies.　　On June 23, the Bank for International Settlements threw its support behind CBDCs, underlying their role in modernizing finance.　　Trichet has routinely trashed Bitcoin in the past. Back in November 2019, he said that it “wasnt real.”Earlier this year, he also dismissed the top cryptocurrency as “pure speculation.”

2021-06-25Deep Dive

SHIB Stabil, Kerana Penurunan Maksimum Terhad Kepada 10%

Dari 11 Jun rendah hingga tertinggi 15 Jun, harga Shiba Inu berjaya menguji paras terendah 19 Mei pada $0.00000607, menembusi saluran menurun, mengatasi rintangan luar biasa pada $0.00000770, sebentar melampaui puncak segitiga simetri berbilang minggu pada $ 0,00000888 dan menandai 200 SMA empat jam pada $0.00000978. Tambahan pula, SHIB naik sekitar 80%, sehingga menghilangkan keraguan yang ditentukan oleh struktur harga menurun sebelumnya.　　Sejak itu, harga Shiba Inu telah menurun hampir 35% dari ketinggian 15 Jun, meninggalkan puncak segitiga simetris dan sokongan sementara yang ditemui pada 50 bergerak sederhana (SMA) 50 empat jam. Walau bagaimanapun, pembalikan yang mengecewakan telah melepaskan keadaan overbought yang ditunjukkan oleh Indeks Kekuatan Relatif (RSI) empat jam, memperbaiki keadaan untuk kenaikan baru SHIB yang bersemangat tinggi sekiranya pasaran cryptocurrency mendapatkan kembali sokongan.　　Memandangkan tindakan harga SHIB yang menurun pada hujung minggu dan hari ini, arah perdagangan pelabur harus berhati-hati, dengan melihat pada paras rendah pada 19 Mei pada $0.000000607, diikuti oleh tahap sokongan rendah pada bulan Jun $0.00000550 sebagai kemungkinan sokongan. Tahap masing-masing mewakili kerugian 10% dan 20%.　　Sekiranya kedua-dua tahap harga SHIB gagal, spekulator pasaran harus mengakui sokongan seterusnya pada lanjutan penurunan Fibonacci 138.2% pada lonjakan 19 Mei pada $0.00000354, setara dengan penurunan 48% dari harga Shiba Inu semasa.　　Pada

2021-06-24Deep Dive

Beware of ‘soft rugs’ — a growing menace in decentralized finance

The decentralized finance ecosystem has been plagued by a variety of known scams and exploits for some time, with yet another coming in the form of what is known as a “soft rug”.　　Those that have been dabbling in DeFi for some time will be familiar with the term “rug pull”. This generally refers to the abandoning of a project by insiders or developers who remove liquidity from pools or vaults on decentralized exchanges and disappear with the funds.　　A related malfeasance to plague the emerging financial landscape is the “soft rug” which is where a project‘s founders simply dump their own tokens and exit the venture instead of taking control of users’ assets.　　In some cases, a soft rug is more insidious with developers going out of their way to build trust and a false sense of security at the same time as attempting to disguise the dumping of tokens. If done cleverly enough, users may not even know theyve drawn the short straw.　　There have been a couple of incidents in the DeFi scene over the past week where soft rug exit scams have been alleged.　　The team from Polywhale, a Polygon-based yield farming project, announced that it would be ceasing work on

2021-06-24Deep Dive

Capacity of Enduring Steep Slump at 60% Is Precondition for Embracing Growth at 6,000%!

The terrifying plunge was seen by cryptocurrencies a time ago, featuring the reduction in the market value of Bitcoin (BTC) and Ethereum (ETH) by 50% and 60% respectively within 11 days. As such, many investors have been enveloped by fear. Views of a senior investor are shared herein to help you have a better understanding of ‘plunge’.　　We will be lost if we are engulfed in 11-day trading charts. However, this plunge could be predicted based on long-term charts. BTC and ETH, varying according to the macro-environment, are impossible to enjoy the growth all the time.　　Throughout the whole market, every plunge can upset investors as the market often bears witness to slow progress but sudden plummets, which is frightening but true. The more rapid growth digital currencies enjoy, the more devastating falls they will suffer.　　In this regard, investors should not be affected by their emotions as it is fair for them to suffer from the decrease after enjoying the happiness brought about by the increase. This marks the moment when their confidence has to be tested, equivalent to a way to weed out traders who are less determined in the market.　　You are not qualified to obtain the striking surge by 6,000%

2021-06-24Deep Dive

Canada’s 3iQ Lists Its Bitcoin fund on Nasdaq Dubai, the First In the Region

Dubai is now getting the first-ever Bitcoin fund in the UAE region. Canadas 3iQ Corp announced that it shall be officially listing its Bitcoin Fund on Nasdaq Dubai.　　The fund launch comes just at a time when Bitcoin (BTC) and the overall crypto market are facing major turbulence and volatility. On Tuesday, June 22, the BTC price crashed to a low of $29,092 levels before recovering back. However, 3iQ CEO Frederick Pye is confident of the Bitcoin future. But despite his bullish stand, Pye remains realistic in the short term. Speaking to Arab business, Pye said:　　“We could be in for another correction, or most likely the markets consolidate over the summer and then the markets again will go to an all-time-high on Bitcoin, if you believe in the thesis. That means investors in Dubai are going to be in a perfect position to make some money, which is a win, win, win situation.”　　For this regional fund offering in the UAE, 3iQ has appointed Dalma Capital and Canaccord Genuity as the joint-lead arrangers. Besides, it has also appointed BHM Capital as the funds liquidity provider.　　The 3iQ Bitcoin Fund　　3iQ is currently Canadas largest digital asset investment manager with over C$2.5 billion in net

2021-06-24Deep Dive

Canaan Diversifies Business by Becoming a Bitcoin Miner In Kazakhstan

Major producer of Bitcoin (BTC) mining equipment Canaan announced it has moved beyond its existing business model and into becoming miners themselves, as “the logical next step” towards optimizing their revenues, strengthening the inventory management and supply chain capabilities, as well as accumulating BTC.　　Canaan is “driving their own crypto-mining business in Kazakhstan with their latest Avalon Miner units already in operation,” the company said in the emailed press release today. This way, they are “delivering on their 2021 strategic plans announced earlier this year.”　　As for the reasons behind this move, one is that it will enable Canaan to directly accumulate BTC which is “now widely accepted as an investable asset class, and thus has the potential for considerable upside for Canaan.”　　Furthermore, Nangeng Zhang, Canaans Chairman and CEO, said that the team believes their self-operated Bitcoin mining business would help improve the companys financial performance, but also expand the business scope and their customer base.　　As reported early this month, Canaan reached a total net revenue of USD 61.5m in the first quarter (Q1) of this year, lower than the USD 68.3m of Q1 2020, but higher than the USD 38.2m of Q4 2020. Their net income was USD 200,000, whereas the

2021-06-24Deep Dive

Kapasiti Mengalami Kemerosotan Mendadak

Kita akan hilang sekiranya kita diliputi dalam carta perdagangan 11 hari. Walau bagaimanapun, kejatuhan ini dapat diramalkan berdasarkan carta jangka panjang. BTC dan ETH, berbeza-beza mengikut lingkungan makro, tidak mungkin dapat menikmati pertumbuhan sepanjang masa.　　Di seluruh pasar, setiap kejatuhan dapat membuat para pelabur kecewa kerana pasaran sering menyaksikan lambatnya kemajuan tetapi jatuh secara tiba-tiba, yang menakutkan tetapi benar. Semakin pantas pertumbuhan mata wang digital, semakin banyak kejatuhan yang akan mereka alami.　　Dalam hal ini, pelabur tidak boleh terpengaruh dengan emosi mereka kerana wajar bagi mereka untuk mengalami penurunan setelah menikmati kebahagiaan yang disebabkan oleh kenaikan tersebut. Ini menandakan saat keyakinan mereka harus diuji, setara dengan cara untuk menyingkirkan peniaga yang kurang berazam di pasaran.　　Anda tidak berkelayakan untuk mendapatkan lonjakan yang mengejutkan sebanyak 6,000% sehingga anda dapat menahan kemerosotan yang mengejutkan sebanyak 60%!　　Muat turun WikiBit untuk mendapatkan pelajaran daripada pakar yang telah bertapak dalam bidang ini selama bertahun-tahun.

2021-06-24Deep Dive

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New York City to Become the ‘Center of Bitcoins,’ Promised Mayoral Front Runner

JPMorgan says Bitcoin may dump to $25,000, cites Grayscale’s GBTC unlocks

Government, Police to Inspect all 60 of South Korea’s Crypto Exchanges

Former European Central Bank President Says Crypto Needs “Absolute Transparency”

SHIB Stabil, Kerana Penurunan Maksimum Terhad Kepada 10%

Beware of ‘soft rugs’ — a growing menace in decentralized finance

​Capacity of Enduring Steep Slump at 60% Is Precondition for Embracing Growth at 6,000%!

Canada’s 3iQ Lists Its Bitcoin fund on Nasdaq Dubai, the First In the Region

Canaan Diversifies Business by Becoming a Bitcoin Miner In Kazakhstan

Kapasiti Mengalami Kemerosotan Mendadak

Capacity of Enduring Steep Slump at 60% Is Precondition for Embracing Growth at 6,000%!