Crypto Guides, Knowledge & Insights

Putting Things In Perspective: Bitcoin Is Down, But Up 400% YOY

Despite the market crash, ARK Invest Analyst @yassineARK points out that Bitcoin is still +400% up compared to this time last year. A look back to that period shows BTC priced at $9.5k, and uncertainty over the “corona-crash” was dominating sentiment.　　“Even down 40% from its peak, Bitcoin is up 400% in the last year. Where is the perspective？”　　Although yesterdays crash was undeniably brutal, it was not triggered by any fundamental changes to cryptocurrency as a whole. And true to form, bulls are showing up today, only adding to the narrative that long-term diamond hand hodlers remain in a decent position.　　Were Not In The Clear Yet　　As the autopsy on what happened continues into today, markets have responded by rallying hard. The total crypto market cap is now approximately the same as before yesterdays crash. But still 18% down from the start of the seven-day rolling period.　　The crash was a real wake-up call for hit and run speculators and over-leveraged longs. However, that‘s not to say we’re in the clear after the shake-out.　　Analysis performed by Altsignal puts Bitcoin at a “pivotal point.” He drew attention to the $40k-$42k range, which represents the 200-day EMA.　　Source: BTCUSDT on TradingView.com　　After the huge move down recently,

2021-05-21Deep Dive

Samsung Adds 3rd-Party Crypto Wallet Support

The electronics giant Samsung has announced that it will allow users of older Galaxy smartphones that do not feature its crypto wallet app – the Samsung Blockchain Keystore – to use hardware wallets. The company also reorganizes its blockchain division and expands the scope of its phones crypto services to allow third-party wallet support.　　The development will essentially allow crypto users to transfer their tokens off their own app and onto hardware wallets.　　Per Newsis and a post on the Samsung Newsroom, the firm wrote that devices running Android OS 9.0 that do not feature the Samsung Blockchain Keystore app can download an update that will allow them to physically connect hardware wallets to “manage blockchain assets or keys.”　　The firm stated that Galaxy smartphones can now be connected to hardware wallets from Ledger, beginning with the Ledger Nano S and Ledger Nano X. The firm was quoted as stating that it was planning to add support for “various” other third-party wallets.　　The company has previously sought to make much of the fact that its app is underpinned by its secure Knox platform, which protects private keys with fingerprint and password authentication.　　And Newsis added that Samsung was working to bolster its blockchain team in

2021-05-21Deep Dive

TRGC to Unlock Blockchain’s Immense Opportunities for Global Investors

After four years, the fund will open its doors to outside investors during this period of explosive growth in blockchain and DeFi.　　The increasing acceptance of Bitcoin as an asset class during the past year has encouraged many of the worlds largest financial institutions and companies to pour in cryptocurrencies and blockchain technology investments. Even BNY Mellon, the oldest bank in the US, recently unveiled plans to provide an integrated service for digital assets, marking a notable change in the way that long-standing financial stalwart approaches the cryptocurrency space.　　A recent JP Morgan poll highlighted that 22% of the respondents said their respective organizations were likely to trade or to invest in cryptocurrencies, with family offices, private investment firms and high net worth individuals now seeking for opportunities in this rapidly evolving and highly lucrative landscape.　　TRGC will open its doors to outside investors for the first time, after 4 years of operating in a closed capacity. The digital asset fund will offer its investors a generational opportunity to participate in the historical returns that can arise from supporting early stage blockchain projects. TRGC is focused on investing in high quality blockchain project founders and teams, utilising a deep knowledge of the blockchain

2021-05-21Deep Dive

Breaking: U.S. FED Will Publish Report On Cryptocurrencies In Summer

Per a press release issued by the U.S. Federal Reserve (FED), represented by its Chairman Jerome Powell, the institution will publish a “response” to the advances made in the crypto industry. The document claims that the global payments landscape has “driving rapid change”. Thus, the institution will explore mechanisms to “refine its role”. Powell said the following on the document:　　Our forthcoming paper on the evolution of digital payments is intended—along with our other work as a supervisor, regulator, and payment system operator—to advance the objective of ensuring that the payments system and the economy work for all Americans.　　Powell highlighted the potential that cryptocurrencies and digital assets have for improving the current financial system. Specifically, the government official referred to central bank digital currencies (CBDCs) as the main tool to benefit the general public. Powell added:　　As the central bank of the United States, the Federal Reserve is charged with promoting monetary and financial stability and the safety and efficiency of the payment system. Pursuit of these core functions we have been carefully monitoring and adapting to the technological innovations now transforming the world of payments, finance, and banking.　　In addition, the FED is to explore the “risk” that could emerge with CBDCs

2021-05-21Deep Dive

Bank of Canada: Intrinsic Value of Bitcoin, Ethereum 'Hard to Establish'

In brief　　Canadas central bank has warned about “high-risk” assets like Bitcoin in a new report.　　The Bank of Canada sees cryptocurrencies as a threat.　　The Bank of Canada today issued a warning on cryptocurrencies, describing such assets as “high-risk.” And if you were among the group of investors who purchased Bitcoin at its peak of $63,000, that assessment likely comes as no surprise.　　In its annual review of vulnerabilities and risks in the financial sector, the central bank said that despite their growing popularity, the intrinsic value of assets like Bitcoin and Ethereum is “hard to establish.”　　The implication is that these assets are only good for speculation, and the events of the last week only fuel such criticisms. Bitcoin lost more than half of its value from its peak when it dropped to $30,000 yesterday in a crash that saw massive losses incurred across the crypto market. But Crypto believers say that such drawdowns are not uncommon and may even be healthy for the market. Bitcoin is currently trading for around $40,000 per coin.　　The bank included the crypto world in its vulnerability report because it is perceived as a threat to the financial status quo in the country. Crypto gets significant media attention

2021-05-21Deep Dive

Robinhood Rival Futu Plans to Offer Crypto Trading in US, Singapore, Hong Kong

Futu Holdings Ltd., the fast-growing Chinese brokerage and Robinhood rival, plans to offer cryptocurrency trading to “international clients” later this year, according to executives.　　Speaking on Futus Q1 earnings call Wednesday, Senior Vice President Robin Li Xu said the Tencent-backed trading firm has begun applying for “digital currency–related licenses” in the U.S., Singapore and Hong Kong.　　During the earnings call, the Nasdaq-listed Futu, which had not previously disclosed its crypto offering, didnt elaborate on what the new trading service would look like. Xu said the feature should launch in the second half of 2021.　　China remains a definite no-go zone for Futus crypto trading, however.　　“What we know for sure is that we will not offer digital currency trading services to mainland China users,” Xu said. Chinese regulators had reiterated the countrys yearslong crypto ban one day prior.　　Crypto trading would add another weapon to Futus already supercharged financial services arsenal, alongside stock trading and wealth management.　　Drawing comparisons to Robinhood, the firm tripled its revenue in Q1 and grew its user base 70%. Futu now has over 14 million users.

2021-05-21Deep Dive

Cathie Wood says Elon Musk will return to ‘green’ Bitcoin, ETF is now more likely

The CEO of Ark Investment Management, Cathie Wood, believes the controversial Tesla CEO and Dogecoin proponent, Elon Musk, will again embrace Bitcoin once greater adoption of renewable energy has occurred within the mining sector.　　Despite relations between Musk and the Bitcoin community souring, Wood predicted: “Elon will come back and be part of [the Bitcoin] ecosystem.”　　Wood‘s comments come on the same day that Ark’s Sam Korus published an update the firm‘s “open-source Solar+Battery+Bitcoin mining model” to allow historic testing of the system’s efficacy.　　Korus concluded: “The takeaway is that regardless of a Bitcoin bull of bear market, Bitcoin mining can incentivize additional solar and battery installations,” adding:　　“The next step is to dimension solar+battery+Bitcoin mining at the household level.”　　Musk replied to the post, noting that while such a system could be achieved over time, the recent “extreme” growth in Bitcoins hash rate could not have been supported by renewables.　　He advocated for the top 10 mining pools by hash rate to post audited breakdowns of their energy sources.　　With Wood anticipating renewables will soon represent a larger share of the energy fueling the mining sector, the Ark Invest founder is steadfast in her predictions of $500,000 BTC for the future despite the recent crash that

2021-05-21Deep Dive

Australian Minister Urged Crypto Investors to Be Utterly Cautious

The Australian Financial Services Minister – Jane Hume – warned cryptocurrency investors to beware of the risks in the market. She sounded a note of caution to the public after the prices of most digital assets collapsed significantly yesterday. However, Hume outlined their future importance.　　‘They Are Volatile And High-Risk Assets’　　Following the recent bloodbath, many of the cryptocurrencies are now far away from their highs. For example, Bitcoin itself lost a major chunk of its value during the past week, which caused a huge panic in the community.　　Jane Hume used the opportunity to advise Australians about the risks related to crypto trading. In a recent Daily Mail interview, she stated that the digital assets are not only risky but also unstable:　　“They are volatile and high-risk assets and investors must be aware of these risks.”　　On the other hand, the Australian minister said that the government has no objection to people investing in crypto assets. She hinted, though, that transactions of this kind were subject to Australian law and noted that the countrys officials were alert about tax evasion possibilities:　　“We take no issue with consumers investing in cryptocurrencies. But like investment in any asset class, they are subject to Australian law, including our

2021-05-21Deep Dive

Green Investments Help Bitcoin Miners Amid Possible Regulatory Crackdown

Regulators have been moving into multiple areas of the crypto industry, and they will – in one way or another – come after crypto mining powered by non-renewables, according to two miners that talked with Cryptonews.com.　　However, as the concerns, facts, and misinformation over Bitcoin (BTC)s carbon footprint have reemerged during this cycle, mining companies that have been moving towards cleaner energy sources seem to be more prepared ahead of possible new mining-related regulations.　　Igor Runets, CEO and Founder of BitRiver, a major provider of colocation services for cryptocurrency mining in Russia, and the CIS, noted that countries across the world are already moving towards carbon neutrality, so it‘s to be expected that there’ll be regulations discouraging non-renewable powered crypto mining, directly or indirectly.　　As for Greenidge Generation, a US-based vertically integrated BTC mining and power generation facility, Chief Financial Officer (CFO) Tim Rainey said that the company will continue working with regulatory agencies and government at all levels, given that they all share a goal – an environmentally-sound, economically-vital operation.　　As a power producer, “Greenidge is one of very few cryptocurrency mining companies with extensive experience” working with regulators on this matter, Rainey said, adding that “by design, the Bitcoin mining algorithm forces

2021-05-21Deep Dive

Dogecoin Becomes Most Searched Financial Term On Google In India

According to the number of searches this month, Dogecoin is the most searched financial term on Google in India, ahead of Sensex, Nifty, Bitcoin, or Mutual Fund, reported the countrys leading financial daily The Economic Times.　　Breathtaking and unbelievable rallies in cryptocurrencies are nothing new but the rise of Dogecoin has been phenomenal even from the standards of cryptocurrencies.　　Dogecoin that came into being as an internet meme in 2013 has largely been an inconsequential me-too coin with a valuation of half-cent for most of its existence. Contrary to other cryptocurrencies, Dogecoin does not come with a hard cap. Rather, every year 5 billion new Dogecoins come into being. At that rate, Dogecoin was always supposed to be cheap.　　But the reality changed dramatically this year, thanks to Elon Musks steadfast endorsement that brought to focus his interest in Dogecoin. The digital asset went from $0.01 to $0.7 in less than 5 months. This was just the beginning as the investors finally saw a coin that was ready to go to the moon — both literally and figuratively.　　DOGEUSD Chart By TradingView　　The valuation of Dogecoin kept growing over the next few weeks, crossing the $50 billion market valuation and still showing no signs of

2021-05-21Deep Dive

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