Crypto Guides, Knowledge & Insights

Uniswap v3 Becomes Second-Largest DEX Two Weeks After Launch

Despite its shaky start, Uniswap v3 volumes have surged propelling the decentralized exchange (DEX) into second place, behind its v2 iteration.　　Since its launch on May 5, the third form of Uniswap has grown significantly in terms of weekly trading volumes.　　The DEX has now surpassed SushiSwap according to Messari data and is the second-largest on the Ethereum network with a weekly volume of $6.5 billion. Uniswap v2 is still the leading Ethereum-based DEX with almost double that at $12.4 billion per week.　　The monumental growth was noted by Messari researcher Ryan Watkins who predicted:　　“At its current pace of growth it will likely surpass V2 in volume by end of month. And the most impressive part about it, is V3 is doing so with a fraction of the capital.”　　DEX weekly volumes – Messari　　Battle of the DEXes　　SushiSwap, which was once above Uniswap, is now the third-largest DEX according to those stats, with $5.6 billion traded per week. In terms of total value locked, a value that has slumped across the entire DeFi sector alongside the market crash, Uniswap has around $5 billion compared to $3 billion on SushiSwap according to DeFi Pulse.　　Watkins noted that Uniswap v3 reached 81% of the volume of Uniswap v2

2021-05-20Deep Dive

Global Cryptocurrency Google Searches Reach a New All-Time High

The latest developments in the cryptocurrency space have caught the attention of retail traders. Google trends data shows that the number of “cryptocurrency” searches has skyrocketed to new all-time high levels with queries varying from environmental issues to should investors sell.　　Crypto Searches Through the Roof　　Google trends Twitter highlighted the massive surge in online searches for “cryptocurrency” yesterday. The graph below demonstrates that the worldwide queries have dwarfed the 2017/2018 peak and are heading towards yet another all-time high.　　Worldwide Cryptocurrency Searches. Source: Googe Trends　　Furthermore, the worlds largest search engine provided more details on various crypto-related queries made by users. The most significant increases came from “what happened to cryptocurrency today,” which recently saw an 850% uptick.　　Interestingly, “should I sell my crypto” searches in the US alone skyrocketed by 400% in the past day. This came amid one of the largest market-wide crashes in which bitcoin fell by $10,000, and most alternative coins bled out even worse.　　Additionally, people were highly interested in environmental issues. Google trends indicated that “most energy-efficient cryptocurrency” and “environmentally friendly cryptocurrency” became “breakout searches.”　　Environmentally Friendly Crypto Searches. Source: Google Trends　　Perhaps Elon Musk is to blame for this as Tesla‘s CEO criticized BTC’s energy consumption levels as the EV-maker

2021-05-20Deep Dive

JPMorgan says investors fleeing to gold after Bitcoin dipped to near $30,000

Institutional investors are turning away from Bitcoin amid the latest massive sell-off on the crypto market—and allocating their capital back in gold, according to a note written by research analysts at American investment bank JPMorgan Chase.　　“The Bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors. Over the past month, Bitcoin futures markets experienced their steepest and more sustained liquidation since the Bitcoin ascent started last October,” analysts at the bank said.　　A shift towards gold　　Per Business Insider‘s report published today, JPMorgan’s research note pointed out that there was a shift in institutional investors crypto strategies over the past few months. During the course of Q1 2021, flows of institutional funds into Bitcoin have been gradually slowing down and ultimately turned negative in early April.　　It is not entirely clear why this happened, the researchers noted. One of the possibilities is that Bitcoins extreme volatility—that was especially evident over the past few days—combined with fears of inflation have made the crypto a less attractive proposition in comparison to gold.　　“Or they perhaps view the current Bitcoin price as too high relative to gold and thus do the opposite of what they did in the previous two quarters, i.e.

2021-05-20Deep Dive

Record Label CEO Launches NFT-Focused Token on Binance Smart Chain

Anthony “Antz” Robb is an entrepreneur, CEO, influence, and cryptocurrency fan. His passion has grown to the point where he has created his own crypto that is focused on buying and trading non-fungible tokens (NFTs).　　Antz announced via his Instagram account that BAIT will launch today on the Binance Smart Chain.　　“I‘m pleased to announce that Wednesday, May 19, will mark the release of BAIT. BaitCoin will be a cryptocurrency available on the Binance Smart Chain focusing on NFTs. You’ll be able to buy concert tickets, save your favorite moments from an artists set with so much more coming. BaitCoin will also have a strong link with charities aiming to better the lives of the less fortunate by collaborating with different charities,” he said.　　 Making it impossible to fake tickets　　While Antz is no household name, he has been in the social media game for a while now. He originally set up a channel called “Im Just Bait,” which started as a standard shoutout page with the goal of getting 10,000 followers. As the channel grew, Antz signed a record deal with Sony, who realized his ability to find and work with emerging talent. Now, with almost 400,000 followers, Antz and his team

2021-05-20Deep Dive

Institutional investors dump Bitcoin for gold, JPMorgan analysts say

JPMorgan still sees a $140,000 Bitcoin price as a long-term theoretical target.　　Amid Bitcoin touching five-month lows near $30,000, JPMorgan Chase analysts suggested that large institutional investors are now dumping Bitcoin (BTC) in favor of gold.　　In its Tuesday note to clients, JPMorgan suggested that institutional investors are going back to gold, reversing a major bullish cryptocurrency market action that drove Bitcoins price above $64,000 in mid-April.　　Citing open interest data in Bitcoin futures contracts on the Chicago Mercantile Exchange, the American megabank said that BTC futures now saw the first biggest decline since the bull market that started in late 2020:　　“The bitcoin flow picture continues to deteriorate and is pointing to continued retrenchment by institutional investors. Over the past month, bitcoin futures markets experienced their steepest and more sustained liquidation since the bitcoin ascent started last October.”　　Despite pointing out the latest trend reversal of gold over Bitcoin, JPMorgan still maintains its previous forecast that Bitcoin is on track to hit $140,000 in the long term. “This $140k price should be thought of as a long-term theoretical target assuming a convergence of bitcoin volatility to that of gold and an equalization of bitcoin allocations to that of gold in investor portfolios,” the new

2021-05-20Deep Dive

Australian Senate Committee Exploring Crypto Regulation

The Australian Senates Select Committee on Australia as a Technology and Financial Centre will explore how crypto assets could be regulated in the country.　　The parliamentary inquiry will consider crypto regulation in an effort to strengthen the local fintech sector, while encouraging financial innovation. Although some institutions accept cryptocurrencies, others are hesitant due to the risk from lack of regulation.　　Crypto regulation in Australia　　The committee chaired by Senator Andrew Bragg will look at the policy and legal backdrop surrounding cryptocurrencies in Australia. It will consider this in light of approaches taken by Canada, Singapore, the United Kingdom, and the European Union. Ultimately, the goal would be the development of a comprehensive regulatory framework for cryptocurrency and digital assets.　　“We want to know what type of policy provision and legal certainty is needed to drive private investment into Australian digital assets rather than the investment occurring offshore,” said CEO of cryptocurrency exchange Independent Reserve, Adrian Przelozny.　　He said that he would appreciate some sort of licensing regime to protect the interests of consumers. Regulation enforced by the Australian Securities and Investments Commission could also give the industry greater certainty, he added.　　Debunking de-banking　　The committee will also look into the practice known as “de-banking.” This is when

2021-05-20Deep Dive

How Crypto Exchanges Bring the Digital Asset World Closer

There is no denial that cryptocurrencies are rapidly conquering the world. A drastic shift in perception happened in less than a decade.　　By taking more and more new heights, this sector attracts a lot of new investors. The unprecedented momentum and adoption of cryptocurrencies have spurred the emergence of new services that allow people to purchase their first BTC or ETH as easily as possible.　　The entry to the digital asset field has been simplified. Leading platforms open convenient gateways to engage in the world of alternative finance – providing customers with multiple entry points into the exciting realm of cryptocurrencies. We see the convergence of traditional finance and cryptocurrency exchanges. What implications may it bring？　　Ongoing payment revolution　　People get used to innovations fast. There was a time not so long ago when Bitcoin was labeled as a fraud by no other than JP Morgan Bank itself and the very same institution now buys these “controversial” digital assets by dozens and even lets its clients invest in BTC after just a few years!　　Since 2020, the number of Bitcoin ATMs has increased significantly worldwide. The number of active ATMs has doubled in just one year. Such a drastic increase clearly demonstrates the rising need

2021-05-20Deep Dive

Kusama: Recent 50% Surge, Developments, and the Future

Kusama (KSM) recently began a terrific price rally which saw the asset rise by over 50%.　　This increment in value has seen Kusama trade at over $581 which now reflects in its market capitalization which is now at $4.9 billion.　　The rise in value can be attributed to a number of factors including the upcoming upgrades which will see parachain auctions and crowd loan capabilities to Kusama.　　Another future development that spells good news for the Kusama community is the announcement from Chainlink to give a grant to ChainSafe Systems which will improve the development of hybrid smart contracts.　　Kusama is having a swell time in its history after it experienced a price surge of over 50% which resulted in the asset reaching an all-time high of $623.75. The reasons for this meteoric ascent in prices have been intricately linked to an array of future developments lined up for the project.　　These innovations have led traders to adopt the strategy of buying the rumor and selling the news as they keenly anticipate the announcements. The proposed deployment of parachain auctions, interoperability integration, and staking reward on the network have all led to a huge leap in prices for the network.　　Kusamas Bright Future　　Kusama, which bears a

2021-05-20Deep Dive

Guggenheim CIO Scott Minerd backflips on crypto, calling it 'Tulipmania'

In complete 180 on his stance just a few months ago, the global Chief Investment Officer of investment giant Guggenheim has reacted to the crypto market crash by referring to it as ‘Tulipmania’.　　It seems like Elon Musk is not the only wealthy person to make a u-turn on their position towards Bitcoin and crypto assets. As late as February, Guggenheim‘s CIO Scott Minerd was calling for a long term Bitcoin price of $600,000 based on Guggenheim’s “fundamental research”.　　But with markets plunging Minerd alluded to a bubble with his comments earlier today that claimed that “supply has swamped demand”.　　Tulipmania is a phrase derived from a period during the Dutch Golden Age when prices for some bulbs of the fashionable tulip reached extraordinarily high levels, and then dramatically collapsed.　　Compound Finance founder Robert Leshner argued that Minerds tweet was inaccurate:　　“Scott is dead wrong, bordering on financial malpractice. The supply of cryptocurrencies (#Bitcoin) and crypto assets ($ETH, $COMP, etc) does not increase as a function of price. Thats like saying the supply of stocks increases, as demand does.”　　Other industry experts also chimed in with crypto YouTuber Lark Davis replying with “wasnt your company going to invest hundreds of millions into Bitcoin？ This comment shows

2021-05-20Deep Dive

Musk Says Tesla’s “Diamond Hands” Will Help Market

Following todays cryptocurrency market crash, Tesla CEO Elon Musk has tweeted that his firm has “diamond hands.”　　Tesla Will Hold In Spite of Crash　　Musk‘s statement implies that Tesla intends to keep holding its $2.5 billion worth of Bitcoin despite the asset’s falling price.　　Today‘s drop was apparently motivated by China’s decision to restrict crypto payments. In just hours, Bitcoin fell to $30,400, a low point not seen since late January. Though prices have partially recovered to $38,000, the coin is still well below last weeks high of $50,000.　　Musks tweet is relevant in light of the fact that earlier crashes have been blamed on his actions and comments.　　On May 12, Musk announced that Tesla would suspend Bitcoin paymentsdue to the coins high energy consumption. That news caused Bitcoin to crash from $57,000; prices continue to decline.　　Bitcoin prices via CoinGecko　　Additionally, Musks recent Saturday Night Live appearance failed to attract investors to cryptocurrency. Instead, the price of Dogecoin dropped by approximately 30% following a professional investor skit from Musk that seemingly disappointed investors.　　Other Whale Investors Will Hold　　Musk is not the only one to announce that he and his company are holding crypto assets in the midst of the market crash.　　TRON CEO Justin Sun announced today

2021-05-20Deep Dive

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