Crypto Guides, Knowledge & Insights

These 3 Altcoins on Binance Smart Chain Could Skyrocket, Says Lark Davis

Popular crypto YouTuber Lark Davis talked about Binance Smart Chain (BSC) many opportunities for investors. With its low fees and fast transactions, Davis believes this ecosystem provides the kind of experience that the people want.　　BSC flagship product PancakeSwap (CAKE) has given its competitor a run for their money and even managed to “eclipse Ethereum” in terms of transaction volume, according to Davis. The analyst cited data from DappRadar that claims BSC outperformed Ethereum on this metric, at least for a 24-hour period.　　Source: DappRadar　　PancakeSwap experienced an all-time high number of users during the past week and registered some issues due to the high congestion. Davis said:　　Binance Smart Chain hit a an all-time of 8.5 million transactions. I think it is pretty obvious what we are seeing right here. People want exposure, they want to get into DeFi. They want to get into crypto and use the different products.　　The analyst reiterated Ethereum‘s disadvantages and the high number of users that have been price out of the platform. When it comes to adoption, the “numbers speak for themselves”. PancakeSwap’s native token trading volume sits at $1.1 billion in the daily chart. Ethereum DEX Uniswap record a similar number but has been lagging behind

2021-04-26Deep Dive

Analysis Reveals Why This Year’s Altcoin Season Will Be “Significantly Wilder” Than 2017’s

As Bitcoin stagnates, altcoins make their way into their traditional bullish cycle, making them one of the most promising assets in the market at this time. The bullish takes from analysts have outweighed the bearish ones by a large margin, and if the market continues to imitate historical patterns, then we might witness one of the biggest altcoin bull runs this year. Weiss Crypto Ratings, a leading cryptocurrency, and stocks rating platform has supported the bullish claims in a new reveal.　　This years altseason could send the market to new levels　　As shared in a Twitter post, Weiss is of the opinion that Ethereum (ETH) is ushering the market into the bullish uptrend. For context, the altcoin season is one of the highly anticipated cycles for the altcoin market. The altcoin season usually precedes an exponential movement in the markets demand.　　Investors will then quickly go into panic mode, forcing them to secure their assets and accumulate gains from alternative assets. This usually results in an outflow of funds from Bitcoin to Ethereum, and with time, many more altcoins begin to benefit from the outpour of funds.　　This pattern, as posted by Weiss, is one that the market could still follow. And although there

2021-04-26Deep Dive

4 Key Factors Why Ethereum Gas Fees Could Get Cheaper

Ethereum has the biggest gains on the daily chart for the main cryptocurrencies by market cap. At the time of writing, ETH is up 4.9% and trades at $2.328,58. With sideways movement in the weekly and 46.7% gains on the monthly chart.　　ETH recovering on the daily chart. Source: ETHUSD Tradingview　　More appreciation for ETH seems to be imminent. The network appears to be solving a “disadvantage” that has been leverage by its competitor to gain market share, high transaction fees. Data from EthGasStation indicates that a fast or standard transaction has a cost between 45 to 50 gwei.　　As shown in the chart below, ETHs gas fees are on a decline since April 20th. At that moment, this metric soared to an average of $37, their highest cost since February 2021. The trend appears to be reversing and the metric is close to its lowest point this year with an average cost of $10.22 per transaction.　　Source: ychart　　Co-founder of EthHub, Anthony Sassano, believes there are 4 main reasons for fees getting cheaper: the increase in the gas limit (block size) by 20%, a cooled down on the crypto market, implementation of second-layer solutions, and the adoption of Flashbots. The latter seems to be

2021-04-26Deep Dive

Peter Brandt: “Biden Presidency May Become A Big Negative Factor For Bitcoin”

After winning the November 2020 presidential election, pundits were optimistic that President Joe Biden would cause a wave of much-needed regulations and reshape the crypto industry.　　However, in a two-part Twitter thread on April 24, veteran trader and chart guru Peter Brandt has voiced concerns that the Biden administration may have undesirable effects on the firstborn cryptocurrency.　　Brandt shared the link to an article by the Wall Street Journal regarding Biden‘s capital gains tax proposal. It’s a mere consideration for now, but if the proposal is passed, it will raise the capital gains tax to almost 40% from the current 20% for investors who make $1 million or more. In some U.S. states, Brandt notes that it could be raised to 55%. The tax rate doubling will bring in $370 billion for government spending.　　This means that families with huge amounts of unrealized gains will be forced to change their investment plans and make it hard for business owners to pass on assets to their children.　　This will arguably be the largest tax increase in history. It‘s no wonder the price of bitcoin fell over 10% to below $50,000 after news of Biden’s aggressive capital gains proposal was first revealed. Other cryptocurrencies like ethereum

2021-04-26Deep Dive

Decentralization is the final frontier for CBDCs

As central bank digital currencies, or CBDCs, continue to garner mainstream traction across the global financial landscape in recent years, almost all central banks are actively researching the benefits and risks of offering a digital currency to the public.　　In its most basic sense, a CBDC is a digital form of fiat money, backed by a suitable amount of monetary reserves like gold or foreign currency reserves. Each CBDC unit acts as a secure digital instrument equivalent and can be used as a way of payment, a store of value and an official unit of account. What distinguishes them from stablecoins — similar digital offerings whose value is pegged to fiat — is that they are government-issued and backed by central bank-issued money, making them completely regulated.　　China‘s Digital Currency Electronic Payment, or DCEP, project is arguably the most advanced CBDC trial, which has already been rolled out for consumer testing across major regions of the country including Beijing, Suzhou, Shenzhen and, most recently, Chengdu. With the country aiming to release the digital yuan before next year’s Winter Olympics, China is positioning itself as a global leader within the digital currency sector.　　While the digital yuan was initially quite limited in its overall

2021-04-25Deep Dive

It is interesting to note a fundamental change in the way Chainlink’s market is operating

Akin to many in the altcoin market, Chainlink too witnessed a substantial price correction in the past week, after having shed over 27 percent of its trading price on 22 April. However since then, in the days that followed the coin was able to arrest the bearishness, stabilize the price and begin a recovery run. This has led to a 14 percent price hike in the past few days and the trend may continue in the coming week, provided there is much volatile movement from Bitcoin.　　Source: IntoTheBlock　　During this recovery run, it was interesting to note a fundamental change in the way in which the LINK market operates. Altcoins have always had a high correlation with Bitcoin and this has led to multiple corrections in the altcoin market in the recent past. Interestingly, data provided by IntoTheBlock highlighted a dramatic trend reversal in LINKs market. In the past week, the BTC-LINK correlation fell from 0.86 to 0.31 and one could argue that this has also enabled the price to trigger a recovery run, even as BTC stalls around the $50k price point.　　Source: IntoTheBlock　　In the case of Chainlink‘s derivatives offerings, Binance continues to dominate with the highest trading volumes, and taking a

2021-04-25Deep Dive

Ripple Executives Refuse to Provide Their Offshore Trading Records

Jorge Tenreiro, a senior trial attorney at the U.S. Securities and Exchange Commission, claims that neither Ripple CEO Brad Garlinghouse nor co-founder Chris Larsen has provided any documents related to their accounts on foreign exchanges in a letter to Magistrate Judge Sarah Netburn.　　Tenreiro stresses that the defendants are refusing to turn over these records despite placing “significant weight” on the fact that they were trading outside the U.S. in their motions to dismiss.　　Based on its forensic analysis, the SEC alleges that Larsen and Garlinghouse have transferred hundreds of millions of XRP tokens to at least a dozen foreign trading platforms apart from U.S.-domiciled ones.　　Going after foreign exchanges and Ripples partners　　As reported by U.Today, the SEC has sent a slew of Memorandum of Understanding (MOU) requests to foreign regulators.　　The SEC is trying to obtain documents from 14 cryptocurrency exchanges, five companies that use Ripples On-Demand Liquidity (ODL) solution, and an investor who bought XRP directly from the distributed ledger company.　　Countering Ripples arguments, the agency claims that the federal securities laws do not restrict its ability to send requests to foreign regulators:　　Nor do the federal securities laws restrict the SECs ability to send Requests to foreign regulators once the SEC files a

2021-04-25Deep Dive

Top Analyst Austin Arnold Says 5 Overlooked Cryptos Have Giant Upside Potential Amid Market Correcti

Closely-followed crypto trader and influencer Austin Arnold is naming five overlooked altcoins that he says offer massive upside potential.　　In a new video, Arnold looks at the current correction in the crypto markets as a “sea of opportunity” and starts off his list with Injective Protocol (INJ).　　Injective Protocol is a decentralized derivatives exchange, which Arnold notes is backed by investment heavyweights such as Shark Tank veteran Mark Cuban, Pantera Capital, and BlockTower. He also mentions that the initially issued INJ tokens will be in a lockup phase of one year, giving some security to investors.　　According to CoinGecko, INJ has skyrocketed from a low of $0.65 in November 2020 to its current value of $14.95, representing gains of 2,200% in five months.　　The next coin Arnold lists is Celo, a global payments infrastructure for crypto assets. He brings up the fact that telecommunications giant Deutsche Telekom has already invested in the Celo network.　　“While Celo isn‘t a small-cap project by any means, it’s definitely a coin to watch…”　　“Not only is this a first for [Deutsche Telekom] to invest and jump into the crypto infrastructure, but they also now HODL some of Celos tokens. Interesting.”　　Coming in at number three on the traders list is Yield

2021-04-25Deep Dive

Dogecoin Investor Becomes Millionaire in 2 Months, Inspired by Elon Musk

A dogecoin investor has shared his story of how he became a crypto millionaire in a little over two months after learning about the meme cryptocurrency and pouring all his savings into it. He said he was inspired by Elon Musks tweets about dogecoin.　　A Doge Millionaire Shares His Story　　Glauber Contessoto, a 33-year-old who works at a music company in Los Angeles, has shared his story of how he became a dogecoin millionaire in just a little over two months.　　He invested over $180,000 in dogecoin on Feb. 5 when its price was about 4.5 cents, the investor told CNBC Make It in an interview published Friday. He learned about the meme cryptocurrency on Reddit and was inspired by Teslas technoking Elon Musk who tweeted about DOGE on several occasions.　　Contessoto explained that he was drawn to dogecoin for a few reasons. Besides loving the Reddit community surrounding dogecoin, he said he appreciates that the crypto was inspired by Shiba Inu “Doge” meme. He is also very bullish on the coins growth, believing that it could help him build “generational wealth” to pass on to his future family. “I grew up really poor, so this is a huge deal for me,” he opined.　　Furthermore,

2021-04-25Deep Dive

Korean tax officers seize $22M in crypto directly from exchange accounts

South Koreas Seoul metropolitan government has seized 25 billion won ($22 million) worth of crypto from tax evaders—directly out of their exchange accounts, local news outlet Yonhap reported yesterday.　　Per the publication, tax officers discovered digital assets belonging to 1,566 individuals and heads of various companies—referred to as “top tax delinquents”—across three cryptocurrency exchanges. The authorities then seized $22 million in total from 676 of them to compensate unpaid taxes.　　Notably, 118 people already paid 1.26 billion won ($1.12 million) to get their cryptocurrencies back.　　 Betting on price rallies　　“We are continually being asked by delinquent taxpayers to refrain from selling their cryptocurrencies as they will pay their taxes,” a city government official said in the press release.　　They explained that the individuals affected by the seizure are likely expecting the prices of cryptocurrencies to go up and decided that it will be more profitable to pay overdue taxes in return for digital assets.　　For example, an unnamed head of a hospital who had $11.2 million in cryptocurrencies immediately paid $520,000 out of his $900,000 tax debt and provided security for the rest, asking the government not to sell his digital assets.　　Interestingly, another individual—who owes the government roughly $20,000—specifically asked to not sell his $2,700

2021-04-25Deep Dive

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