Crypto Guides, Knowledge & Insights

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

Bitmain reportedly suspends Bitcoin miner orders amid booming secondhand supply

Chinese mining giant Bitmain is reportedly scrambling to respond to market conditions amid a major crackdown on crypto mining activity by local authorities.　　According to a Wednesday report by Chinese news agency Sina Finance, Bitmain has halted global spot sales for its new Bitcoin (BTC) mining devices in order to avoid losses by customers amid massive selling on the secondary market.　　By postponing the sales, Bitmain intends to help miners exiting the industry get better prices for mining equipment and protect the firm from further price declines over the longer term, Bloomberg reported. A Bitmain spokesperson said that the company will continue supporting future delivery of devices used to mine smaller altcoins. The representative did not elaborate on when Bitmain expects to resume global spot delivery.　　Arthur Li, founder of Bitmain-backed mining startup Sai Technology, highlighted massive selling pressure for top-tier Bitmain miners in the secondhand market. Some of the flagship miner devices from Bitmain and rival Whatsminer are now sold at around 150 yuan ($23) for each terahash per second, down from 600 yuan ($93) in April, when Bitcoin hit an all-time high above $64,000.　　A sharp decline in ASIC Bitcoin miner prices comes in line with a major price drop of Nvidia

2021-06-24Deep Dive

JPMorgan Survey: 49% of Institutional Investors Agree BTC Is 'Rat Poison' as Warren Buffett Says

Investment bank JPMorgan conducted a survey of thousands of investors from 1,500 institutions and found that 49% of them think that cryptocurrency is either “rat poison squared,” the term used by Berkshire Hathaway CEO Warren Buffett to describe bitcoin, or “a temporary fad.”　　49% of Investors Told JPMorgan Cryptocurrency Is a Fad or ‘Rat Poison Squared’　　JPMorgan released the results of a survey it conducted at the firm‘s 24th Macro, Quantitative it was attended by some 3,000 investors from around 1,500 institutions. Marko Kolanovic and Dubravko Lakos-Bujas, two of JPMorgan’s top strategists, wrote:　　“Investors‘ view on cryptocurrency’s future is very divided.”　　The survey results show that 42% of investors feel that cryptocurrency is here to stay and 9% even believe that it will become an important asset.　　However, 49% of investors agree with Berkshire Hathaway CEO Warren Buffett and said that cryptocurrency is “rat poison squared.” Moreover, 16% of respondents see cryptocurrency as a temporary fad.　　JPMorgans survey results. Source: CNBC anchor Carl Quintanilla　　In terms of regulation, 81% of investors surveyed expect tighter regulations of cryptocurrency and 95% believe fraud is “somewhat or very much prevalent” in the crypto world.　　JPMorgan further found that only 10% of investors trade cryptocurrencies. Of those that do not, only 20%

2021-06-24Deep Dive

MP Lodges Constitutional Challenge to Bukele’s Bitcoin Bill

Another Salvadorian MP has launched a bid to derail President Nayib Bukeles bitcoin (BTC) adoption bill – and has teamed up with a lawyer as part of his effort.　　As reported last week, two lawmakers from the opposition Farabundo Martí National Liberation Front (FMNL) party last week lodged a bid to amend the bill, which has already been passed in parliament with what the President labeled a “supermajority” backing. It has also been published in the executives Official Gazette, meaning that barring a last-minute intervention, it will promulgate in around two months.　　The FMNL MPs proposal will be examined by a house committee. And now judges could have a bill-binning proposal to look at, too.　　Per the media outlets ElSalvador.com and El Mundo, a fellow FMNL MP, Jaime Guevara, the representative for the northern department of Morazán, has joined forces with a lawyer named Óscar Artero.　　The duo stated that they represented a “group of citizens” who were disgruntled with the bill and presented their case before the Constitutional Court. They labeled the National Assembly vote on the bill a “flawed and perverse process that lacked legality.”　　The MP was quoted as stating:　　“I am bringing a lawsuit of unconstitutionality against the [...] Bitcoin Law. It

2021-06-23Deep Dive

El Salvador’s Opposition Party Files Lawsuit Against Bitcoin Legal Tender Legislation

An opposition party in El Salvador and some public members have filed a complaint against the governments bitcoin legal tender law, which they view as unconstitutional.　　El Salvadors Bitcoin Law Faces Pushback From Opposition　　Just days after the World Bank declined El Salvadors request to provide technical assistance in the implementation of the bitcoin law, the South American nation has hit another snag.　　Jaime Guevara, the deputy of the opposition party Farabundo Marti National Liberation Front (FMLN), has joined arms with some citizens and moved to oppose the new bitcoin adoption program, according to a June 21 report by Spanish news publication El Mundo.　　One of the lead plaintiffs in the lawsuit, Oscar Artero, asserted that President Nayib Bukele‘s bitcoin law lacks a legal basis and was created “to loot people’s pockets.” “It is tax-exempt, they want to force us to trade,” Artero added. He also argued that the bitcoin legislation lacks legality and foundation and failed to take into account the potentially harmful effects that it could cause to the country.　　The plaintiffs are hoping that the newly appointed magistrates of the Constitutional Chamber of the Supreme Court of Justice (CSJ) will side with them. This could prove difficult as Bukele‘s New Ideas (Nuevas

2021-06-23Deep Dive

Heads Up for These Fake Exchangers!

As a smash hit, investment in cryptocurrencies has been a hotbed of illegal trading platforms growing with abandon. As a result, a lot of investors are swindled and harmed. In this case, two fake exchanges are disclosed herein, which you are well recommended to stay away from!　　Bitswap　　After an acquaintance with a so-called ‘tutor’ online, Mr. Zhao was guided to conduct several investments via Huobi which ended up with profits, thus investing all his savings in this regard. The ‘tutor’ then tempted Mr. Zhao to transfer his money to Bitswap and his account was frozen soon after.　　According to Bitswap, another USD 100,000 was required if Mr. Zhao attempted to unfreeze his account. Owing to the lack of money, he turned to his ‘tutor’ who was thereby annoyed and blacklisted him online.　　In fact, Bitswap is nothing but a fake exchange without official websites or customer services.　　Bitz　　Playing tricks similar to Bitswap, ‘tutors’ from Bitz provide users with some basic knowledge of digital currencies and mainly teach them how to top up USDT throng Bitz. Users accounts are frozen soon after their recharging, and taxes are a precondition for successful withdrawals! Obviously, profiting from taxing users is a fraud, riding a wave of unclear

2021-06-23Deep Dive

Indians could be charged an extra 2% tax on Bitcoin and crypto ‘purchased abroad’

Bitcoin (BTC) and other cryptocurrencies bought from exchanges outside the country could cost Indian investors additional tax, while the tax department is looking into whether crypto falls subject to the 2% equalization levy, reported the Economic Times.　　Google tax　　Services provided in India by overseas e-commerce companies are subject to the equalization levy, also colloquially called the “Google tax” but the experts are still uncertain how its applicable to crypto.　　“The way the new equalization levy is worded and defined, it appears that it will also be applicable on cryptocurrency bought from an exchange not based in India,” tax expert and founder of Transaction Square tax-advisory company, Girish Vanvari, told Economic Times, adding:　　“In the absence of any guidelines on the treatment of crypto assets, there is ambiguity in how these would be treated under the tax laws and Foreign Exchange Management Act.”　　According to his interpretation, the levy, which is usually meant for foreign corporations, would apply to the selling prices, meaning exchanges might add it to the cost of cryptos.　　Missing guidelines　　In 2020 India expanded the scope of the equalization levy to cover “e-commerce supplies or services,” not exempting business-to-customer transactions.　　The 2021 Finance Bill clarifies that the equalization levy now includes online marketplaces that

2021-06-23Deep Dive

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Elon Musk May Have Finally Exited The Dogecoin Market For Good

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

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

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

Bitmain reportedly suspends Bitcoin miner orders amid booming secondhand supply

JPMorgan Survey: 49% of Institutional Investors Agree BTC Is 'Rat Poison' as Warren Buffett Says

MP Lodges Constitutional Challenge to Bukele’s Bitcoin Bill

El Salvador’s Opposition Party Files Lawsuit Against Bitcoin Legal Tender Legislation

​Heads Up for These Fake Exchangers!

Indians could be charged an extra 2% tax on Bitcoin and crypto ‘purchased abroad’

Heads Up for These Fake Exchangers!