Crypto Guides, Knowledge & Insights

South Korea: Interest in Crypto Equal Between Younger and Older Age Groups

The authors of a detailed report on the profile of crypto investors in South Korea have concluded that Crypto Fever 2.0 has been marked by a spike in interest among older age groups – with those in their 40s and 50s expressing a similar amount of interest in tokens as the ever-crypto-keen 20-39 age group.　　The findings were published in a report compiled by the newspaper Hankook Ilbo, in association with the Institute for Social Data Science at POSTECH, one of South Koreas biggest technology-focused universities. Its authors used Big Data solutions to analyze news articles, search engine data and analyze comments on media posts – to attempt to see if there were any differences between Crypto Fever 1.0 (in the period May 2017 to May 2018) and now. The most recent data was taken from the period October 202 to May 2021.　　The findings revealed that while in the 2017-2018 period the overwhelming majority of crypto-related searches were conducted by those aged 20-39, in the 2020-2021 period, there was almost an even split of searches made by both age groups. Those aged 40-59 were also almost as active in sharing and commenting on crypto-related news stories.　　Even more interesting, perhaps is the

2021-05-14Deep Dive

State-Owned Swiss Bank Postfinance Launches App Supporting 13 Cryptocurrencies

The banking subsidiary of the national postal service of Switzerland, Postfinance, has launched a mobile app providing clients with access to cryptocurrencies, ETFs and more. The software allows users to make payments, save funds or invest in various assets, with a commitment to a level of security provided only by the countrys leading online banks.　　Swiss Posts Bank Offers Clients Access to Crypto Assets and Stocks　　The new application called Yuh is the product of a partnership between Postfinance and the online trading platform Swissquote. The collaboration was established late last year and the software was unveiled at a virtual launch event on May 11, the bank said in a press release. Anyone who wants to test it is welcome to download and install the app on either an iOS or an Android device. Postfinance emphasized:　　With the Yuh app, you can not only execute payments and save for future projects or goals, but also make small or large investments, all from your smartphone.　　Users can invest in over 100 of the most popular stocks like those of Apple, Nike, Tesla, or Coca-Cola, as well as exchange-traded funds (ETFs). The two financial companies also revealed that their customers will be able to buy and

2021-05-14Deep Dive

Experts Warn of Tighter Policing Ahead for Stablecoins

It appears that regulatory strife may well be in store for stablecoins, with experts opining that fiat-pegged tokens could fall under the scrutiny of financial policymakers.　　Quoted in the Financial Times, John Salmon, the head of the legal firm Hogan Lovells blockchain and cryptocurrency division, opined:　　“Certainly the direction of travel is to look at regulating [stablecoins].”　　The warning comes ahead of forthcoming new guidelines from the Financial Action Task Force (FATF), which is set to update its stablecoins policies in a set of regulatory standards to be published next month.　　And the same media outlet quoted more warnings from Rohan Grey, a professor of law at Willamette University and one of the architects of a bill put forward last year by United States Congress members. The draft bill, if approved, would require stablecoin issuers to obtain banking charters prior to issuance, as well as abide by American banking regulations – and apply for approval from both the Federal Reserve and the regulatory Federal Deposit Insurance Corporation.　　Grey said:　　“All of [the variations of stablecoins], to me, are just shadow banking which should have been regulated .[…] as part of the banking system.”　　According to him, there is this long history of new entrants into the financial

2021-05-14Deep Dive

Looking to Buy a Crypto Business? Here’s What You Should Know

Purchasing a crypto company raises special issues around cybersecurity, data privacy and regulations, says one lawyer who knows.　　The rapidly expanding crypto world has started to see an uptick in investments and M&A deals (and lofty valuations). Galaxy Digital acquired BitGo. Coinbase bought Routefire. Recently founded NYDIG is moving into mining through M&A. By some estimates, crypto M&A is a billion-dollar-plus business.　　Understanding the assets and revenue streams of target businesses is critical to capturing and realizing value in any equity investment or M&A deal – especially in crypto. Given the complexity and nuances of crypto businesses, this understanding requires a deep dive into a few key areas: cybersecurity, data privacy and regulations.　　Joe Castelluccio is a partner at Mayer Brown LLP and counsels clients on M&A, equity financings and other corporate and business matters.　　While these issues are not unique to businesses in the crypto space, effective analysis and due diligence in this space is particularly complex and challenging.　　Cybersecurity　　While every company in the world should be concerned about cyberattacks (for several reasons), businesses in the crypto space should be particularly focused on it. There are a host of negative effects that this kind of attack or breach can have. To name just a

2021-05-14Deep Dive

Why Investing Magnate Druckenmiller Deems ‘Central Banks Are The Problem And Crypto…The Solution’

Serial billionaire investor, Stanley Druckenmiller has lambasted the US Federal Reserves decision to continue influencing its economy negatively by grounding its short-term interest rates despite growing indices of an already resuscitating economy.　　Druckenmiller recently took a hot swipe at Jerome Powell, the chairman of the United States Federal Reserve, for choosing to fetter Americas vibrant economy to crippling inflation which has since hovered around 2.6%, under the guise of a pandemic already established as less critical since the start of the vaccination program in January.　　The owner of Duquesne Family Office, in an interview session with CNBCs squawk box, stressed that the interference of the government in the economy, which started during the pandemic era, has simply gone on too long and is starting to backfire. With trillions of dollars in stimulus debt now cuffed to the wrist of over 300 million Americans, the nation stands the risk of shedding off more value and losing its priced position as a standard federal reserve for many countries.　　“Already this is happening”, said Druckenmiller; ‘and there appears to be no solid replacement from any currency in the world – not the Euro and not even China, no thanks to her communist practices.’　　Will Crypto Come To

2021-05-14Deep Dive

What Are The Chances Of Dogecoin Being Above $5 By End Of 2021?

Dogecoin has taken this year by storm. The digital asset has also come a long way from being tagged as a meme coin to being one of the hottest sensations in the crypto space. DOGE has seen a whopping 6000% rise in its value this year alone and is looking to continue its sensational form.　　The asset gained by 47% last week and briefly became the fourth most valuable coin on the crypto ladder, overtaking coins such as XRP, Litecoin, Bitcoin Cash, Tether, Cardano, all of which were household names in the crypto market back when Dogecoin was deemed nothing more than a joke.　　Dogecoin was trading above $0.60 in the early stages of Thursday, taking its market cap to $78 billion, almost $4 billion more than SpaceX‘s, Elon Musk’s privately held Rocket Company. Dogecoins impressive performance has thrown the crypto space into a frenzy zone as interest in the digital asset has seen an unprecedented rise.　　Dogecoin is now battling some of the crypto markets finest assets and many believe that this hot streak will propel the coin to greater heights. At press time, Dogecoin was trading at $0.40, an 11.4% loss in the last 24 hours, however, many experts believe that

2021-05-14Deep Dive

Elon Musk Just Handed the Best “Ad Campaign” to Ripple and XRP: Attorney John Deaton

Tesla CEO Elon Musk has just handed “the best ad campaign” to the Ripple-affiliated XRP cryptocurrency, according to attorney John Deaton.　　As reported by U.Today, the e-car manufacturer dropped Bitcoin payments due to environmental concerns, making the price of the flagship coin tank to just $45,700 before seeing a relief bounce.　　Deaton—who‘s spearheading the effort to insert XRP holders into Ripple’s legal battle with the U.S. Securities and Exchange Commission—believes that more mainstream coverage will now be devoted to sustainable currencies.　　Ripple CEO Brad Garlinghouse and other high-ranking executives have been very vocal about XRPs green cred. In a recent interview, Garlinghouse claimed that the token was 10,000 times more energy-efficient than Bitcoin.　　In the meantime, Ripple co-founder Chris Larsen suggested that the number one cryptocurrency should ditch the power-hungry proof-of-work consensus mechanism to remain the dominant coin.　　Last month, Ripple also joined the Crypto Climate Accord to decarbonize all blockchains.　　The “green” race　　In his bombshell announcement, Tesla CEO Elon Musk said that his company was looking into other cryptocurrency alternatives that consume less than one percent of Bitcoins electricity.　　XRP is, of course, far from being the only “green” contender. Elrond Network CEO Beniamin Mincu said that Elrond is “the solution”:　　Stellar, Algorand, Cardano, IOTA, and Nano

2021-05-13Deep Dive

Binance Suspends ETH and ERC-20 Withdrawals for Customers

Just now, major crypto trader Binance has tweeted that withdrawals of Ethereum and all tokens based on its ERC-20 standard will be suspended during temporary wallet maintenance.　　This will happen starting at 8 a.m. UTC and extending until 9 a.m. UTC.　　The exchange assures users that trading and deposits will continue operating during this period.　　This is the third time that Binance has shut down crypto withdrawals temporarily. Earlier this week, users were temporarily unable to withdraw their XLM and ETH. After that, the exchange suspended all withdrawals completely, but they were later restored.

2021-05-13Deep Dive

Diem parters with Silvergate bank to launch stablecoin in the US

Facebook-backed digital currency project, the Diem Association, has partnered with cryptocurrency-friendly bank Silvergate to launch a stablecoin pegged to the United States dollar.　　Diem announced Wednesday a new model of its upcoming stablecoin, relocating its main operations from Switzerland to the United States and withdrawing its application for a payment system license from the Swiss Financial Markets Authority.　　The association, which comprises of 26 financial firms including Nasdaq-listed cryptocurrency exchange Coinbase, is now planning to move forward with its USD stablecoin plans through Silvergate bank, which is set to be the issuer of the Diem USD and will manage the Diem USD reserve.　　Diem Networks U.S., Diems wholly-owned subsidiary, will run the Diem Payment Network, a permissioned blockchain-based payment system facilitating Diem stablecoin transactions.　　While Silvergate is a California state-chartered bank and a member of the Federal Reserve, Diem Networks U.S. is seeking to register as a money services business with the U.S. Department of the Treasurys Financial Crimes Enforcement Network, the announcement notes.　　“We believe in the future of U.S. dollar backed stablecoins and their potential to transform existing payment systems,” Silvergate CEO Alan Lane said. “Were inspired by Diems technology and commitment to building a regulatory compliant payment system that offers a safe

2021-05-13Deep Dive

Crypto Market Cap Lost $500B in a Day as Bitcoin Slid to a 2-Month Low (Market Watch)

The announcement from Elon Musk and Tesla resulted in massive price slumps in the crypto market as bitcoin lost more than $12,000 of value in a day to a low beneath $46,000.　　All altcoins followed suit, with Ethereum dipping to $3,600, and the market cap had lost roughly $500 billion at one point.　　Bitcoins Massive Nosedive　　Although bitcoin has failed to overcome $60,000 for weeks, the cryptocurrency was actually performing rather well lately. Just yesterday, BTC had reached a high of $58,000.　　However, it all changed after Tesla and Elon Musk said they will cease receiving bitcoin payments for their products and services. Somewhat immediately, the asset price slumped by $3,000, but that was just the start of it.　　In the following hours, the primary cryptocurrency kept falling to a low beneath $46,000. In other words, BTC nosedived by more than $12,000 in a day and plummeted to its lowest price level since late February.　　According to Bybt, the liquidations in the past 24 hours alone are worth almost $4 billion. Somewhat expectedly, over 90% of them came from long positions.　　Despite recovering some ground and currently sitting above $51,000, bitcoin‘s market cap dived well below the coveted $1 trillion line. Furthermore, BTC’s market dominance also keeps

2021-05-13Deep Dive

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