Crypto Guides, Knowledge & Insights

New altcoin era? Dogecoin liquidations briefly surpass Bitcoin

Dogecoin (DOGE) saw more liquidations than Bitcoin (BTC) at one point on April 24. This shows there is a significantly high demand for trading the meme cryptocurrency even as Bitcoin and Ether (ETH) struggle to recover.　　Various trends and metrics, such as social volume, trading volume, and liquidations in the futures market indicate that DOGE remains one of the most frequently traded cryptocurrencies in the global market.　　Large liquidations mean DOGE is seeing genuinely high demand　　Although some metrics, like the daily volume on small exchanges, is often exaggerated, futures market open interest and liquidations data is much harder to inflate.　　According to Bybt.com, in the last 12 hours, over $44 million worth of DOGE positions were liquidated.　　In comparison, Bitcoin saw $117.4 worth of liquidations, suggesting that the trading interest around DOGE remains relatively high.　　CoinMarketCaps data also shows that DOGEs daily trading volume across all exchanges is higher than most top cryptocurrencies　　In the last 24 hours, DOGE recorded $11.5 billion in daily trading volume. In the same period, Cardano (ADA), Binance Coin (BNB), and XRP saw lower trading volume than DOGE despite having larger market capitalizations.　　A large portion of the demand for DOGE could be coming from the influx of new entrants into the

2021-04-25Deep Dive

Get Educated On Binance Smart Chain: Decentralized Or Centralized?

Here at Bicoinist, we‘re covering the Binance Smart Chain’s growth as it happens. They might be the world‘s biggest cryptocurrency exchange, but we’re still in awe of what Binance built seemingly overnight. And about the contributions theyve made to the DeFi space in such a short period of time.　　But, can the Binance Smart Chain technically be considered part of the DeFi space？　　What Does The Exchange Say About Binance Smart Chain？　　According to Messari researchers Wilson Withiam and Ryan Watkins, the BSC is a centralized affair. And thats precisely the reason for the high-speed transactions, for the low fees, for its success.　　Their case makes sense, but thats not even the weird part. The most surprising thing about this whole situation is that everyone in the crypto space seems to know about this.　　Let‘s start from the beginning. As far as we can tell, the company doesn’t claim that the BSC is a decentralized platform. They do say:　　Binance Smart Chain is (…) a new blockchain with a full-fledged environment for developing high-performance decentralized applications. It was built for cross-chain compatibility with Binance Chain to ensure that users get the best of both worlds.　　Can the applications be considered decentralized even if the environment is not？

2021-04-25Deep Dive

Genetics, Crop Startups Utilize NFTs: From Corn & Wildlife to Hollywood

With some industry sources estimating the non-fungible token (NFT) market value exceeded USD 2bn last quarter, a number of projects underway aim to extend NFTs to genetics, promote non-fungibles in Hollywood, and use the technology to facilitate grain trading, among others.　　Paving the way for the technology‘s increased use in genetics, Harvard Medical School genetics professor George Church is set to auction off his genome as an NFT in the first such event to take place. Church, who succeeded in developing the first system for direct genomic sequencing in 1984, will put up one of the first genomes to be sequenced. The auction will be held through Nebula Genomics, a company he co-founded, Church told The Scientist. The auction’s date is to be unveiled on April 25, the National DNA Day.　　Further extending the technologys use, Swiss crop trading start-up Cerealia is piloting the use of the technology which will allow to trade grain with the use of non-fungibles. The company has created a token backed by 30,000 tons of corn, aiming to reduce costs and improve supply chain transparency, according to the information obtained by Bloomberg.　　Ahead of the forthcoming Academy Awards, aka the Oscars, which are slated for April 26, another

2021-04-25Deep Dive

Biden’s Tax Plan Could be Bullish for Ethereum but Bearish for Bitcoin

Joe Biden, the United States president, is reportedly in the process of proposing a tax law targeted at the wealthiest Americans. The news surfaced at a bad time for cryptocurrency investors who are not exactly in their happiest of moods, and rightfully so.　　The top marginal rate will be increased following the implementation of the new proposal and investment gains laying in the bank account of some of the richest Americans will be taxed. Per the reports, Wall Street noticed a massive sell-off, as Bitcoin dropped significantly.　　The new tax proposal remains a threat to Bitcoin whales　　The plan which the White House terms “the American family plan” will roll out in the coming week, and families earning any less than $400,000 every year will not be affected by it.　　The white house press secretary Jen Psaki gave an insight on what the proposal fully encapsulates:　　“His view is that that should be on the backs… of the wealthiest Americans who can afford it and corporations and businesses who can afford it,” Jen revealed.　　The reception of the new development for the Bitcoin community is not encouraging as the months ahead might be plagued with some bearish storm. It is expected that the implementation of the

2021-04-25Deep Dive

What will be the key to Coinbase’s ‘pricing power’ in the future?

Post the Coinbase listing, most of the community‘s eyeballs in the financial sector are now on Coinbase’s revenue streams. In fact, the company has witnessed a surge in retail users lately and most of its revenue, for now, is being generated through trade commissions.　　The same was touched upon in a recent podcast by Gil Luria, Director of Research at D.A. Davidson. According to Luria, however, these numbers are merely a function of volatility. He added,　　“Their results will be much more volatile than other companies, but as long as they grow with the crypto economy, they‘ll grow a lot over time, and that’s what is getting people excited.”　　Shedding light on how the surge in the number of active monthly and verified users isnt a great metric to be used to see where Coinbase stands, he said,　　“I‘m not sure if that’s a great metric because it doesnt capture that interplay between retail and institutional participants. Retail is paying a far higher take rate than institutional, and that matters to me a lot more than the number of active traders.”　　According to the exec, it would be best to check out the mix of trading volumes between retail and institutional players and how the

2021-04-25Deep Dive

NFTs and US taxes: What you should know

Seems like we now all have stories starting with, “What I did during the pandemic...” Most begin with cleaning out the closet and, hey, guess what？ That‘s where my story starts, but I bet you can’t guess where it ends!　　Let‘s start with what I found in that closet: family photos before the days of digital. I know — memories of boring trips with the kids and people who I either owe money to or who don’t talk to me anymore!　　And all of these are nicely arranged in photo albums. You know, photo albums. Big, bulky books with strange plastic adhesive and picture protection sheets that, in reality, ruin every picture, as the pictures can never be easily removed without using a blowtorch.　　So, even though I am a senior citizen, I came up with a techie solution. During the COVID-19 pandemic, I started taking smartphone pictures of the photos in the album, realizing that by converting these into digital bits, I would be preserving them for posterity… or at least giving myself an opportunity to put a compromising photo of someone on Facebook. (Now you know why some people dont talk to me anymore!)　　So proud I was of this great idea

2021-04-25Deep Dive

NFT trading cards: A new way to own collectibles or an asset bubble?

Unique items have long been attracting collectors who are willing to pay top dollar to get them. Paintings, baseball cards, stamps, vintage cards and rare coins have all been sold at huge premiums to collectors in the past. Now, these items are moving into the digital realm, thanks to the use of blockchain technology.　　These items are now represented on several different blockchain networks as “unique” digital assets known as nonfungible tokens. The use of blockchain technology means that authenticity and ownership are easily verifiable, especially in a world where scarcity plays a vital role in the valuation of an asset.　　A piece of art originally created by the renowned street artist Banksy, was turned into an NFT version of the physical painting that was destroyed on purpose — later sold for nearly $400,000. Anita Moore, CEO at Blind Boxes, an NFT platform for digital artwork, told Cointelegraph, “By decentralizing the concepts of provenance and authenticity, NFTs are revolutionizing the way we think about ownership and value.”　　 What are NFT trading cards？　　NFT trading cards are virtual representations of their physical underlying asset. By being represented on the blockchain, these cards are granted immutability and public verification of ownership. Even if the physical

2021-04-25Deep Dive

How DIGITALAX Is Shaping The Digital Fashion Industry

Ever played a game online and spent hours creating your avatar？ Well, weve all been there and done that. In a digital world, we express ourselves through the characters we create online. Now with virtual realities and other immersive digital experiences continue to surface, our online appearances will only become more vital. So, to meet the needs of this emerging space and create more immersive digital metaverses, an entire industry is taking shape. This is the digital fashion industry.　　What is Digital Fashion？　　Digital fashion refers to garments, outfits, accessories, and even wearables that are created for and exist only in virtual worlds. The best example of digital fashion would be the trendy outfits available in mobile games like PUBG. Created on advanced software these virtual garments are three-dimensional and look extremely realistic.　　Though this is still an emerging industry, there are several digital fashion designers dedicated to creating impeccable pieces of clothing for the virtual world. Now, combine blockchain technology with digital fashion, and just like that, we have a world of new opportunities waiting to be explored. These virtual garments can be created and traded on blockchain networks, converted to NFTs, and creators can benefit from the transparency and security of

2021-04-25Deep Dive

Terranova Picks: Genesis Shards, Redefining NFTs as DeFi Options

BeinCrypto presents our new series, Terranova Picks. BICs global head of trading and investments, Vinícius Terranova, brings readers non-biased research articles to help them understand the new projects launching on the market. These articles are not financial advice and are only for educational purposes.　　As the DeFi and NFT market advances, several products have emerged in the blockchain area. One that has gained a lot of traction is Initial DEX Offering (IDO).　　Undoubtedly one of the best ways to beat the centralization of traditional exchanges and provide a good path for DeFi and NFT.　　At the moment, when there is no need for exchange fee payments, and it is the community that examines the project and the tokens, it is possible to see how much room IDO has for growth.　　However, decentralization is not the only feature of an IDO. It also ensures fair fundraising, as anyone can participate in the offering.　　Its trading is fast as an IDO can be traded immediately. Also, liquidity is instantaneous, which is important for the benefit of the token.　　Despite all these benefits, there are still some issues that the IDO of a DeFi or NFT token needs to overcome.　　These difficulties are usually in its pre-launch process because most

2021-04-25Deep Dive

Former NYSE Prez: Crypto is 'The Best Kept Secret in the World'

The former president of the New York Stock Exchange (NYSE) Thomas Farley loves crypto—but mostly Coinbase and decentralized finance (DeFi).　　Farley, now the CEO of fintech investment firm Far Point, told CNBCs Squawk Box on Thursday that crypto is “the best-kept secret in the world and maybe in the history of financial markets.”　　But considering that theres been much talk about crypto going mainstream, that doesnt seem like a well-kept secret at all.　　“Im all in,” cheered the former Wall Street exec. “I think the crypto space is amazing right now, notwithstanding the press its gotten.”　　In 2013, Farley directed the NYSE to invest $10 million in Coinbase. He didnt invest his own money, even though Coinbase co-founders Brian Armstrong and Fred Ehrsam tried to talk him into it. “For some reason, I did not,” he sighed, then justifying his FOMO that it would have been “a conflict of interests” anyway.　　Now Farley‘s got his sights trained elsewhere. “There’s a corner of crypto called DeFi,” he went on to explain. It comprises “really smart kids putting up code on a blockchain of their choosing, and you have self-operating smart contracts.”　　Farley‘s interested in decentralized exchanges, on which investors trade crypto without intermediaries like Coinbase. “It’s fascinating,

2021-04-25Deep Dive

...

632634

...

737