Crypto Guides, Knowledge & Insights

Coinbase Pro Will Begin Trading Dogecoin On Thursday

Coinbase Pro will initiate Dogecoin trading on June 3, as revealed in a new blog post from the cryptocurrency exchange.　　Trading Begins in Two Days　　Coinbase says that it will enable Dogecoin trading on June 3 at 9:00 a.m. PST, assuming that liqudity is sufficient.　　Users can also deposit Dogecoin into Coinbase Pro ahead of trading. Desposits are open as of today, June 1.　　Initial trading pairs will include DOGE-USD, DOGE-BTC, DOGE-EUR, DOGE-GBP, and DOGE-USDT.　　Coinbase drew attention to Dogecoins main goal: to serve as a “lighthearted alternative” to Bitcoin. It also noted that Dogecoin has no supply cap, which differentiates it from Bitcoin.　　Retail Trading Is On the Way　　The details above only apply to Coinbase Pro. The company did not state when Dogecoin will be available on its retail trading platform, Coinbase.com. “We will make a separate announcement if and when this support is added,” it wrote in its blog post.　　Coinbase initially announced its plans to list Dogecoin in a quarterly earnings call on May 14. During the call, executives suggested that the exchange would list DOGE within six to eight weeks.　　That timeline suggests that Dogecoin will arrive on Coinbases retail trading platform by the end of June at the latest.　　Coinbase is the second largest

2021-06-02Deep Dive

Bitcoin Is Too Big to Escape Regulations, Says the Governor of Sweden’s Central Bank

Bitcoin has become too big of an asset to escape regulatory frameworks, argued the governor of Sweden‘s central bank – Stefan Ingves. At the same time, the nation’s finance minister confirmed that the country is already looking into implementing tighter rules around cryptocurrency exchanges.　　BTC: Too Big Not to Be Regulated　　During a recent speech cited by Bloomberg, Riksbank Governor Stefan Ingves joined the trend of central bankers commenting on bitcoin amid its recent popularity (and USD value) increase. While most of his colleagues are openly against the primary cryptocurrency and even warn investors about the possibility of losing all of their money, Ingves took a different approach.　　In fact, he scratched the hot topic of cryptocurrency regulations and predicted that such legislation is indeed coming.　　“When something gets big enough, things like consumer interests and money laundering come into play. So, there is a good reason to believe that regulation will happen.”　　Its worth noting, though, that very few countries have proposed any clear regulations on the cryptocurrency market. The US, for example, has struggled for years, and the latest proposals from FinCEN were paused after the Biden administration took control.　　Although Europe has also failed to outline proper rules, Swedens financial markets minister, Asa

2021-06-02Deep Dive

Polkadot ETP hits Swedish stock market

The mainstream financial world has taken notable strides to incorporate various crypto assets. A new exchange-traded product (ETP) for Polkadot (DOT) recently surfaced on a mainstream exchange in Sweden.　　The Nordic Growth Market now hosts buying and selling for the DOT ETP, officially labeled as the “VALOUR POLKADOT (DOT) SEK,” according to a public statement provided to Cointelegraph. The ETP is a product of Valour, a company that produces digital asset-based ETPs. The product went live on the exchange on Monday. A company called DeFi Technologies is Valours parent company.　　“This is a particularly exciting time for the Polkadot protocol with the upcoming launch of its parachain functionality, providing increased scalability and finalizing its core build,” Diana Biggs, Valours CEO, said, as quoted in the public statement. “Our launch of Valour DOT SEK is a direct response to increased demand from both retail and institutional investors for access to further innovative blockchain protocols via our ETPs.”　　An equities market based in Sweden holding regulatory approval in the country, the Nordic Growth Market, also shortened to NGM, serves participants from multiple countries.　　Over the years, mainstream entities have paved more traditional roadways for cryptocurrency exposure, such as the Chicago Mercantile Exchange‘s Bitcoin and Ethereum futures,

2021-06-02Deep Dive

From Speculation to Allocation: Crypto Markets Seeing a Paradigm Shift

Theres a paradigm shift from pure speculation to tactical allocation in the crypto market as investors are locked in an accumulation phase and are holding their positions with a medium- to long-term view, according to digital asset investing firm CoinShares.　　“This trend is also highlighted by the amount of coins left on exchanges, a metric which is experiencing an accelerating downtrend,” Jean-Marie Mognetti, CEO of the company, said in the companys annual report for 2020.　　He argued that the trend is observable not only in the global media, but also on the blockchain itself, “where its immutability comes in very handy,” as unspent transaction output (UTXO) analysis enables the mapping of the maturation of the global coin supply.　　Moreover, this year, the “investor landscape is very different with a blend of financial services companies to catch up with the growth of the digital asset ecosystem and other corporates exploring digital asset exposure in response to monetary inflation,” the CEO said, noting that the previous bull market cycle, in 2017, was led first and foremost by retail investors.　　Per Mognetti, the market is sending “some interesting indications” that digital assets are in the early phases of a 12-24 month bull market cycle, itself part of

2021-06-02Deep Dive

Bitcoin Could Crash Further, Says JP Morgan

Key Takeaways　　A JP Morgan analyst says that Bitcoins fair value is between $24,000 and $36,000 following the recent market correction and cooling interest in the asset.　　The note says that rising volatility is to blame for the recent loss of interest from institutions.　　JP Morgan will soon join the likes of Morgan Stanley and Goldman Sachs to start offering Bitcoin products to rich clients.　　May 2021 was Bitcoins worst-performing month since 2011, but an analyst from American bank JP Morgan believes the asset could trend lower in the medium term.　　JP Morgan Turns Bearish　　JP Morgan strategist and digital asset expert Nikolaos Panigirtzoglo is forecasting more pain for Bitcoin holders.　　In a research note to investors, he wrote that Bitcoin would need to make a descent to $26,000 to signal retail capitulation before starting a new ascent. According to him, Bitcoins current fair value is between $24,000 and $36,000.　　In the last few weeks, greater volatility linked with lowered institutional interest in Bitcoin is to blame for the recent stagnation at levels between $30,000 and $40,000. The May crash has damaged Bitcoins image in the eyes of many institutional investors who have started to doubt its potential as a store of value, Panigirtzoglo added. He said:　　“There is

2021-06-02Deep Dive

Crypto unlikely to escape regulation, says world’s oldest central bank Riksbank

Regulatory oversight would soon creep into the burgeoning crypto sector even as they currently continue to largely operate in a legal gray area, said the governor of Riksbank, Swedens central bank, on Monday.　　Risks, money laundering, and crypto　　Riksbank is the worlds oldest central bank and the third-oldest bank. It oversees monetary policies and Krona issuance in the largely cashless Swedish economy, and has, so far, been generally favorable about the crypto sector.　　But regulations are coming soon. “When something gets big enough, things like consumer interests and money laundering come into play. So theres good reason to believe that [regulation] will happen,” said Riksbank Governor Stefan Ingves.　　He added that the rapid growth of cryptocurrencies in the past year—the market rose to a $2.1 trillion market cap at its peak earlier this year—has attracted legal and regulation attention from central banks.　　This has only risen as institutions like Goldman Sachs and JPMorgan unveiled their own crypto products (and/or interest in such products) this year.　　Ingves said the regulation of cryptocurrencies “will probably come at different times in different areas,” likely as different countries understand and choose how to (or how not to) integrate cryptocurrencies as part of the central financial system.　　Go after toolmakers　　But until such

2021-06-01Deep Dive

South Korean Presidential Candidate: Delay Crypto Tax Until 2023

As South Korea‘s general elections draw ever nearer, the nation’s provincial governors appear to have grown bolder – and are looking to strengthen their political positions by taking on Seoul over its crypto policy.　　While last week it was the turn of the Governor of the province of Jeju Island, the crypto-owning Won Hee-ryong, who declared his wish to debate the former Prime Minister about crypto among other things, this week the Governor of Gyeonggi Province has spoken out on the increasingly thorny issue of crypto tax.　　Seoul had originally planned to start taxing crypto trading profits of USD 2,100 or over at a flat rate of 20% from October this year, but after pleas from exchanges decided to delay the launch of taxes until January 1, 2022. However, the plans have been the subject of bitter criticism from mainly younger South Koreans – who happen to make up the bulk of the ruling Democratic Partys support.　　This criticism has led many in the ruling party to hint that a tax U-turn is not impossible, even at this late stage. And per Hanguk Kyungjae and WowTV, Lee Jae-myung, the Gyeonggi Province Governor and one of the two leading candidates for the Democratic Party

2021-06-01Deep Dive

Bitcoin and Ethereum fees slump to six-month low

The transaction fees of Bitcoin and Ethereum have slumped to six-month lows as the markets cool after the recent crypto downturn.　　According to BitInfoCharts, the average price of performing a transaction using Bitcoin has fallen from an early-April all-time high of $62.77 to around $7.20 — an 88% drop over just six weeks.　　Bitcoin average transaction fees - BitInfoCharts　　The falling Bitcoin transaction fees appear to have been driven by a decline in overall market activity, with daily volumes evaporating from more than $67 billion on May 10 to $30 billion as of this writing, according to CoinGecko.　　The meteoric 2021 crypto bull-run has seen the average transaction fees associated with using Bitcoin or the Ethereum mainnet frequently skyrocket to unprecedented levels in recent months.　　In February 2021, Bitcoins fees nearly tripled in two weeks following a Feb. 8 announcement that Tesla added $1.5 billion worth of Bitcoin to its balance sheet.　　The news sparked a surge in crypto speculation, with the price breaking its former high of $40,000 before topping out at $54,410. Data from CoinGecko shows that 24-hour volume for BTC increased by nearly double from $57 billion on Feb. 7 — the day before Teslas announcement — to $101 billion on Feb. 23.　　The

2021-06-01Deep Dive

Ray Dalio: China’s Digital Yuan Will Overshadow the Digital Dollar

According to billionaire investor Ray Dalio, China‘s digital Yuan will outpace the United States’ efforts to create a central-bank digital currency.　　In an interview with CNBC, The Bridgewater Associates founder shared that when the United States issues its own CBDC, it will certainly have its uses and “be viable.” But according to him, it wont be the most competitive one, with the U.S. economy slowing down from its rising debt levels.　　Chinas digital Yuan, on the contrary, would be much more competitive in terms of value and use, he argued.　　“I think we‘re going to enter a world in which people will be thinking which currency, and the ones that have the best fundamentals will be the ones that will be the most competitive and that’ll be threatening to countries.”　　The reasoning for this was with the expectation of Chinas economic growth continuing to outpace the U.S. economy, especially if the Yuan became more internationally accepted with a relatively healthier interest rate environment.　　“I think youre going to see the renminbi become more significant… a strong currency, a stable currency, more attractive-returning currency, and also a more widely used currency in the years ahead.”　　The dollar (USD) continues to weaken against the Yuan (CNY) as both

2021-06-01Deep Dive

Korbit Launches South Korea’s First NFT Marketplace

South Koreas first crypto exchange is bringing another first for the country with the launch of its non-fungible token (NFT) marketplace.　　South Korean-based cryptocurrency exchange Korbit has announced the launch of an NFT marketplace. The announcement reportedly marks the first NFT marketplace to launch in South Korea.　　Korbit said that starting today, NFT creators can officially put their digital artwork or music up for sale on the marketplace. This includes crypto investors who currently own NFTs that they wish to re-sell on the open market. All sales will be via Ethereum (ETH).　　In a statement, the CEO of Korbit Oh Se-jin said that “the local NFT market is still in a fledgling stage, compared to global ones.”　　While Korbit will be the first NFT marketplace in Korea, there have been some private sales that have preceded this announcement. Namely, in March at a local art auction, an animated NFT was sold for around $600,000. Meanwhile, a video artwork titled “Global Groove” by Baek Nam-june is going up for sale and expected to sell for north of $100,000.　　Song Ja-ho, CEO of Pica Project shared her hope for NFTs in the art world. “Young collectors in their 20-30s seem to think art is something special as

2021-06-01Deep Dive

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