Crypto Guides, Knowledge & Insights

Mass Crypto Exodus: Why Major Exchanges Are Delisting Tokens At Unprecedented Rates

Crypto exchanges have recently been making moves to streamline their offerings, and an unprecedented number of digital tokens are being shown the exit. As Bitcoin commands renewed interest and experiences a revival, its ironic to witness numerous other tokens getting the chop from major platforms.　　According to data compiled by Kaiko, the numbers are clear: 3,445 tokens or trading pairs are on the chopping block, having been rendered inactive or slated for imminent delisting. In a comparative analysis, this figure overshadows last years numbers by 15% and even doubles those of the year prior, as reported by Bloomberg.Major Exchanges Taking The Lead　　Coinbase Global Inc. and Binance, the two behemoths in cryptocurrency exchanges, have been proactive in this culling exercise. Surprisingly, this month alone has seen over 100 tokens being delisted from these platforms.　　Data from researcher CCData pinpoints that Coinbase removed 80 pairs just in October – an unparalleled monthly figure for the year. Meanwhile, another significant player, OKX, has already culled 172 tokens this year, with Coinbase not far behind at 176 pairs.　　The numbers may seem alarming, but theres more to the story. Despite the sheer volume of tokens available, trading volumes across most exchanges have taken a significant hit over

2023-10-25Deep Dive

Paradigm Plans to Launch a New Fund as Co-Founder Fred Ehrsam Steps Down as Managing Partner

On October 25th, according to a report from The Information, an email sent to employees revealed that Fred Ehrsam, co-founder of Paradigm, is stepping down from his role as managing partner. He will continue to serve as a general partner and collaborate with the investment and research teams. Meanwhile, Paradigm is planning to establish a new fund. Last month, Paradigms Chief Financial Officer, Nathan Apsel, and General Counsel, Reena Jashnani-Slusarz, both resigned. Currently, Paradigm has only two managing partners remaining: co-founder Matt Huang and Chief Operating Officer Alana Palmedo.　　

2023-10-25Deep Dive

BlockFi Announces Bankruptcy Plan Taking Effect, Will Repay Creditors According to Relevant Terms

According to official news, BlockFi has announced that its bankruptcy plan became effective on October 24, 2023. BlockFis management, advisors, and other stakeholders have been working diligently for the past 11 months to reach this crucial milestone, doing so faster and more efficiently than many other retail-focused crypto companies.　　Following the emergence, BlockFi can now formally commence the execution of the detailed plan, which includes repaying its creditors according to the terms of the plan. The company will also be allowed to take the following actions:　　Recovery: Attempting to recover assets from companies like FTX, 3AC, and others, as well as their bankruptcy estates, which BlockFi believes are owed to them. The success of this litigation may increase compensation for customers.　　Withdrawals: Continuing to distribute digital assets back to customers, including BIA account holders.　　Claims: Continuing the claims verification process to ensure that customer claims accurately reflect the asset categories and amounts and to ensure fair distribution of remaining and recovered assets to customers.　　

2023-10-25Deep Dive

Vombatus, Former Toptier of friend.tech, Sells 176 Keys and Transitions to New Bitcoin City

On Monday evening, popular user and crypto influencer Vombatus sold Key worth 850 ETH and then shifted to a similar social app on the Bitcoin Layer 2 network, New Bitcoin City.　　Wallet data indicates that user @Vombatus_eth (using the same name on friend.tech) earned around $1.5 million after selling 176 of their Keys. Prior to this, Vombatus was ranked first in the “account Keys” price ranking on the friend.tech platform. Vombatus is one of the largest Key holders on the friend.tech platform and still holds 150 Keys.　　According to DefiLlama data, there are currently four SocialFi protocols with a TVL exceeding $1 million. The social protocol New Bitcoin City, based on the Bitcoin Layer 2 network NOS, currently has a TVL of $3.69 million, ranking second.　　

2023-10-25Deep Dive

Participate in the WikiBit Review Event and Share Daily Prizes!

WikiBit User Review Event - Share Your Honest Opinions on Exchanges, Projects, and Tokens!　　Event Period: Event Period: From October 25th to October 29th, 2023.　　　　Ready to share your thoughts and have a chance to win prizes？ The time is now!✨Event Details　　WikiBit is your trusted platform for cryptoDcurrency safety, offering in-depth assessments and information about exchanges, projects, and tokens. To better understand your views on the cryptocurrency world, we are hosting a special user review event.　　Every day, we will feature three popular cryptocurrencies or projects on the WikiBit APP. You just need to choose one of them for a review and provide your subjective opinions on the related page. This is a great opportunity to share your investment experiences and insights.✨Surprise Prizes　　To show our appreciation for your participation, we will select some lucky reviewers after the event ends. The more likes your reviews get, the higher your chances of winning!　　Announcing the Winners　　Every day, there will be 6 winners ranked by the total number of likes, and the daily winners will be announced after the activity ends at the end of the week.　　 Prize Categories　　First Prize: 1 winner, 3u　　Second Prize: 2 winners, 2u each　　Third Prize: 3 winners, 1u each✨Review Requirements　　a. Rate and give

2023-10-24Deep Dive

Curious Patterns Emerge Amid XRP Price Explosion

The XRP price saw a rapid increase alongside the rest of the crypto market over the weekend, bringing its price finally above the $0.53 mark. Amid this increase in price has emerged a pattern that suggests what might be going on with the altcoin.Real Volume Amid XRP Price Rally　　In the real volume chart by Messari, an interesting pattern can be seen with the XRP price rally. For one, the real volume shows how trading volume has spiked at various price points. The most notable of these is what happens when there is an XRP price spike.　　Volume tends to jump at these points suggesting that there is a high degree of interest in the altcoin. This means that as XRP tokens go on the market, there are eager investors waiting to pick up on this available supply and defend the price.　　Mostly, the bulls have been able to dominate during these times where they have been able to maintain support for the price. This was seen when there was a dip to $0.51 as investors in profit rushed to secure their gains. But not too long after, the XRP price was back up, suggesting that bullish investors have continued to maintain dominance

2023-10-24Deep Dive

Is The Bitcoin Trend Beginning Its Most Bullish Phase?

You might not realize it yet, but Bitcoin price could be in a bull market, on the cusp of a major breakout into its most bullish phase yet.Bitcoin Could Get Impulsive If 2023 High Is Broken　　Bitcoin price is back above $34,000 after spending more than a year in the $20,000 range. A higher high above the current 2023 record – which is less than $1,000 away at this point – could send the top cryptocurrency into overdrive.　　If price action marches higher from here, there‘s a strong chance that BTCUSD has entered what’s called an impulse phase. An impulse phase is the most bullish (or bearish) point of any trend, just before things begin to accelerate.　　This only occurs when certain psychological price thresholds are surpassed. When price begins to rapidly increase in this manner, it caused the Relative Strength Index to reach overbought levels. While this sounds like a negative thing for a rallying asset, Bitcoin and other cryptocurrencies can remain overbought for extended periods during the strongest trends.　　The daily RSI has pushed into overbought territory, with the 3-day right behind it. Once the weekly RSI also reaches overbought, there wont be any stopping the bull run. The last time the

2023-10-24Deep Dive

Bloomberg Analyst: BlackRock Possibly Approved, but Multiple ETFs Expected Simultaneously

Bloomberg ETF analyst Eric Balchunas has mentioned, “BlackRock either got a green light or is predicting and doing everything in preparation. We still believe multiple ETFs will launch together, rather than BlackRock getting the approval ahead of others.”　　As previously reported, BlackRocks iShares Bitcoin Trust, with the ticker code IBTC, has been listed on DTCC (Depository Trust s important to emphasize that this listing does not imply that the ETF has received approval from the SEC (U.S. Securities and Exchange Commission).　　

2023-10-24Deep Dive

Unauthorized 0x7bA7 Addresses Lack TUSD Contract Access and Team Affiliation

TrueUSDs recent announcement on X platform states that there needs to be clarification regarding the address (0x7bA7EF06A2621267f063eF2DB2d482D5B507D8b3). This address has no permissions over the TUSD smart contract; it is specifically designated for token deployment. It has no authority over the current TUSD contract or user token assets and has no impact on the operation of TUSD. The address is not owned or controlled by the TUSD team, and there is no affiliation between the TUSD team and this address.　　Since the end of 2020, the TUSD team has gained ownership of the TUSD contract. TUSD tokens are protected by the smart contract, which is securely owned and managed by the TUSD team.　　Earlier today, TrueUSD clarified in its announcement on October 16th that it has “no relationship” with TEURO. However, blockchain analytics company ChainArgos points out that the TEURO token contract was deployed using one of TrueUSDs private keys. Given that TrueUSD acknowledged a hack no later than September 18th, and TEURO was deployed ten days ago, there appears to be only one explanation:　　Someone has access to some of TrueUSDs private keys.　　This suggests that TrueUSD may not have disclosed the full extent of the hack.　　Considering that someone (Sun Yuchen) successfully minted 850

2023-10-24Deep Dive

Bitcoin Price Reached $35,000 After Months, Uptober Is Coming

Bitcoin is making a significant resurgence, nearing year-to-date highs, as it continues its remarkable uptrend. On October 23, Bitcoin price reached new number during the first US trading session of the week. BTC price chart. Source: TradingView　　Bitcoin price has crossed the $35,000 mark, pushing its monthly gains into double digits, indicating an increasingly bullish sentiment among investors. However, essential indicators suggest that the cryptocurrency is poised to climb even higher in the coming days.　　An intriguing factor contributing to Bitcoins continued dominance is the surprising rise of Bitcoin Dominance (BTC.D), which has been on an upward trajectory for eight consecutive weeks since August 21.BTC.D chart. Source: TradingView　　Historically, when the Bitcoin price achieves significant gains and reaches milestone levels, investors tend to diversify their portfolios into altcoins to maximize their returns. This time, though, the skittish macroeconomic landscape and ongoing events in the Middle East crisis appear to be keeping investors from venturing into altcoins.　　Despite Bitcoin‘s surge, market participants are cautious and believe that a weekly candle close is needed to confirm the rally’s sustainability.　　Excitement is brewing within the crypto community as rumors circulate about the potential approval of the first-ever spot Bitcoin exchange-traded funds (ETFs) by the US Securities and Exchange

2023-10-24Deep Dive

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