Mga Gabay, Kaalaman at Insight sa Crypto

KuCoin Secures $150m in Pre-Series B Funding, Reaching a $10bn Market Cap

KuCoin Exchange, the worlds fifth-largest brokerage platform by trading volume, has announced a $150 million pre-Series B fundraising round.　　The trading platform stated that the cash raised would be used to enhance its present centralized service offerings in order to gain a footing in the larger Web3.0 ecosystem. The exchange stated that it would continue to enhance its crypto wallet services as well as expand its engagement in gaming, Decentralized Finance (DeFi), and Non-Fungible Tokens (NFTs) via its investment arms KuCoin Labs and KuCoin Ventures.　　“The vote of confidence from prominent investors, including Jump Crypto and Circle Ventures, solidifies our vision that one day everyone will be with crypto. KuCoin is built for all classes of investors, and we believe these new investors and partners will contribute to making KuCoin synonymous with a reliable and trustworthy gateway into (the) crypto space,” said Johnny Lyu, CEO of KuCoin.　　Jump Crypto led this round of fundraising, with Circle Ventures, IDG Capital, and Matrix Partners also participating.　　Following the completion of its Series A round in November 2018, the firms total capital raised now stands at $170 million. With the additional liquidity, the exchange stated that it is committed to expanding its platform to make it ten

2022-05-11Malalim na Pagsisid

Is Coinbase Safe for Your Cryptocurrency? Retail investors, according to the CEO, are at Risk

Coinbase CEO Brian Armstrong stated on Wednesday that retail consumers may not be able to reclaim their assets if the exchange goes bankrupt.　　Armstrong also stated that the company had not informed its consumers about the risk until it was identified in a filing on Tuesday.　　Armstrongs remarks follow a previous announcement in which it was indicated that if Coinbase went bankrupt, it might regard its users as “unsecured creditors.”　　The news generated significant uproar on social media, fueling an increase in calls to remove cryptocurrency from the exchange.　　Armstrong claims there is no possibility of bankruptcy.　　In a series of tweets on Wednesday, Armstrong conceded that Coinbases terms of service had not been appropriately updated to reflect the possible danger to regular traders.　　He stated that the new statement of potential risk was required by the Securities and Exchange Commission (SEC). However, this had not been revealed to retail holders, who make up the vast majority of the exchanges user base.　　However, Armstrong noted that this possible risk only existed in the case of a bankruptcy, which the exchange was not in danger of experiencing. The treatment of a companys holdings after bankruptcy is also primarily determined by a court, which is outside of the firms

2022-05-11Malalim na Pagsisid

Twitter Reacts to the UST Collapse and Market Meltdown in Crypto

As Crypto Twitter watched Terras stablecoin drop in real time, insights, warnings, and vengeance were all on the table.　　Yesterday, cryptocurrency Twitter was already firing on all cylinders as Bitcoin and other top cryptocurrencies plunged to levels not seen in over a year. Then Terras stablecoin, UST, plummeted off a cliff, sending the social networking site into overdrive.　　UST, which is supposed to be held at the value of the US dollar, has fallen from a troubling $0.985 to a frightening $.90, then to $.85, then to $.80, and then even lower. As the once-stable coin depegged from the US dollar, falling below $.70 late Monday, Crypto Twitters resident experts, stakeholders, contrarians, and trolls were all present to analyze the historic tragedy in real-time.　　As UST began to fall, and then continued to fall, questions arose: How could a stablecoin become so... unstable？ Why hasnt it ceased？ Why did this only happen with UST and not with other stablecoins pegged to the dollar？　　Jonathan Wu of Aztec delivered a concise crash course that analyzed the depegging in real time.　　As with any suffering transmitted through Twitter, reactions to USTs demise drew both concern and arrogant enjoyment. Some, such as Messari Crypto founder Ryan Selkis, warned

2022-05-11Malalim na Pagsisid

After the Crypto Crash, Shiba Inu Is Recovering More Rapidly Than Dogecoin

Both coins plummeted heavily on Monday, along with the rest of the market, but SHIB is yielding higher returns than its meme opponent.　　After yesterdays dramatic fall, in which several of the major cryptocurrencies lost 10% or more of their value, the cryptocurrency market is showing signs of life today. Overall, the market is up a couple percentage points today, and when it comes to meme coins and tokens, Shiba Inu is outperforming its main competitor, Dogecoin.　　Shiba Inu (SHIB) is up about 5% in the last 24 hours, according to CoinMarketCap statistics, and is currently trading at $0.00001615. Dogecoin (DOGE), on the other hand, is currently trading at $0.109833, up less than 1%.　　What is causing SHIBs faster value recapture？ Theres no obvious hint this time—no tweet or announcement from the makers or a key influencer, and no sudden pops on the 24-hour chart.　　Shiba Inu may have merely fallen harder yesterday as a result of the broader market turmoil, and then rebounded a little harder as a result. Meme coins and tokens are notoriously volatile, with value swinging rapidly in either direction, even when its only fractions of a penny.　　Nonetheless, Shiba Inu has survived recent losses. It has dropped by around 21%

2022-05-11Malalim na Pagsisid

Cardano's Founder Confirms That This Is A Bear Market

The crypto market has recently taken a beating, and Cardano has been one of the worst-affected digital assets. This has spread dread throughout the market, with investors mourning the fact that the crypto ecosystem is finally entering another bull market. Cardano founder Charles Hoskinson has addressed, or rather confirmed, these bear market fears.　　Yes, there is a bear market　　Hoskinson had commented on Twitter, evidently praising the foundations of the Cardano network. Cardano has held the title of the network with the most development, and as a result, has witnessed growth in a variety of areas.　　In his tweet, the founder celebrated the fact that the network was becoming quicker and more decentralized, that it was still the most sophisticated technology, and, most importantly, that the community was growing from all aspects, and he topped it off with a cute GIF.　　Despite all of the developments, there were many who came out to complain about the falling price of its own cryptocurrency, ADA. This was said by a user known as Matt Winfield in response to Hoskinsons tweet, who then took the time to explain why the price had dropped.　　This is a bear market, according to the originator. As a result, the price of

2022-05-11Malalim na Pagsisid

Capitalization of the Crypto Market Plummets Over 50% to Roughly $1.4T

Cryptocurrency market capitalisation has plunged by more than half to roughly $1.4 trillion after the Federal Reserve (Fed) boosted interest rates by 50 basis points, causing a sell-off panic among investors.　　Bitcoin (BTC) fell to a three-month low in Asian trading on Monday.　　BTC has dropped to its lowest level since July 2021, with a daily low of more than 12%, and is down more than 56% from its all-time high of nearly $69,000 in November last year.　　The market value of the top 500 digital assets has dropped by more than half to $1.4 trillion since a peak in November 2021.　　According to CoinMarketCap data, the current cryptocurrency Market Cap is $1,406,774,855,869.　　According to data provider Kaiko, Bitcoins correlation with the Nasdaq Composite, a measure of large U.S. technology companies, has achieved new highs.　　Wedbush Securities strategist Daniel Ives stated:　　“This is a risk off across all asset classes including crypto.”　　A drop also affected related-listed equities of bitcoin companies on US exchanges. MicroStrategy, the largest Bitcoin holding public business managed by Michael Saylor, has plummeted by 55% this year. Similarly, Coinbase, a U.S.-listed cryptocurrency exchange, has plummeted 65 percent in 2022, sliding below $100 for the first time.　　As a reminder, WikiBit is ready to help you

2022-05-10Malalim na Pagsisid

Binance Suspends LUNA and UST Withdrawals Due to Market Volatility

Cryptocurrency exchange Binance has stopped LUNA and UST token withdrawals as the Terra-based stablecoin tries to regain its peg to the US dollar.　　Binance announced the temporary restrictions in a blog post earlier this morning, blaming network congestion for “a huge volume of outstanding withdrawal transactions.”　　“Binance will reopen withdrawals for these tokens once the network is deemed reliable and the volume of pending withdrawals has decreased.” In a subsequent notification, we will not alert users, the company added.　　The announcement comes at a time when Terras algorithmic stablecoin UST — the third largest stablecoin by total issuance behind USDT and USDC — has plummeted dramatically against the dollar.　　Efforts have been undertaken to strengthen UST. Luna Foundation Guard (LFG), a Singapore-based organization founded to assist both Terra-based stablecoins and the broader Terra ecosystem, announced a plan to lend $1.5 billion in bitcoin and UST to third-party trading firms in order to sustain USTs peg on May 9.　　Nonetheless, the price of UST has continued to plummet in comparison to USDT, the largest dollar-pegged stablecoin. According to Binance data, it hit a low of $0.6065 on Monday. It has since recovered somewhat to roughly $0.85 at press time.　　Meanwhile, the price of LUNA, the Terra blockchains

2022-05-10Malalim na Pagsisid

Ethereum Whales Buy Cryptos During A Crash

With the crypto market crashing to 2022 lows, significant whales appear to be buying stablecoins and a few select tokens in large quantities.　　While this has done nothing to sustain prices, given that selling outnumbers purchasing, whale transactions may help suggest which coins are poised for a faster comeback. Some big cryptocurrencies appear to have recovered from recent losses and are trading somewhat higher than intraday lows.　　According to Whalestats data, Ethereum (ETH) whales purchased the most ETH, USDC, and USDT in the last 24 hours. The demand for stablecoins is mostly driven by volatility, which drives traders to seek safe havens. The two stablecoins have likewise mostly held their value despite the market downturn.　　Whales invest in utility coins　　According to data, whales purchased roughly $2 million in ETH per transaction. While the coin has dropped over 17 percent in the last week, this purchase shows that whales believe ETH will soon reach a bottom.　　The imminent migration to a proof-of-stake network for ETH has also increased confidence in the tokens widespread adoption, particularly among institutions.　　Other non-stablecoin cryptos bought by whales included Shiba Inu (SHIB), Chainlink (LINK), and Decentralands Mana (MANA). SHIB and MANA are both affiliated with their own main metaverses, which gives

2022-05-10Malalim na Pagsisid

IMF Warns Countries Against Utilizing Cryptocurrency as Money

The International Monetary Fund (IMF) has urged countries against using Bitcoin as legal tender in place of central bank-issued money.　　Speaking at the IMF Spring Meetings on Friday, Kristalina Georgieva, the IMF Managing Director, stated that countries should not adopt bitcoin as a form of currency in the economy.　　Georgievas declaration comes from a number of emerging economies, including the Central African Republic and El Salvador, both of which have declared Bitcoin to be legal tender alongside their national currency.　　Both Central African Republic and El Salvador adopted cryptocurrencies to maintain their domestic currencies and sustain their economies by luring Bitcoin users for business transactions and tourism.　　According to the IMF, crypto assets constitute an anti-establishment movement that threatens central banks dominance and exclusive control over the money supply. The global financial authority issued a warning about the significant risks connected with Bitcoin use in terms of consumer protection, financial stability, and financial integrity.　　However, Georgieva picked the Central Bank Digital Currency (CBDC) as the top financial system innovation. “The future of money is a prominent theme at the IMFs Spring Meetings,” the CEO said, cautioning against using volatile crypto currencies as money.　　The Central African Republic (CAR) recognized Bitcoin as legal cash late last month,

2022-05-10Malalim na Pagsisid

Google Creates Web3 Team to Take Advantage of Growing Crypto Popularity

To set the ball rolling in Web3, Google is assembling a team to create services for developers in this ecosystem through its cloud unit, according to CNBC.　　Through an email, Amit Zavery, the vice president at Google Cloud, noted that the objective was to make the Google Cloud Platform the most preferred by developers in Web3. He wrote:　　“While the world is still early in its embrace of Web3, it is a market that is already demonstrating tremendous potential with many customers asking us to increase our support for Web3 and Crypto related technologies.”　　Therefore, Google seeks to tap the potential presented by the crypto space, given that Web3 Pioneers have developed peer-to-peer and decentralized systems intended to transform the internet.　　As a new iteration of the World Wide Web-based on blockchain technology, Web3 aims to incorporate token-based economics and decentralization concepts. 　　With Google battling for market share in cloud infrastructure against Amazon, Alibaba, and Microsoft, the tech giant intends to provide back-end services to developers eyeing their own Web3 software. 　　Zavery pointed out:　　“We‘re not trying to be part of that cryptocurrency wave directly. We’re providing technologies for companies to use and take advantage of the distributed nature of Web3 in their current businesses

2022-05-10Malalim na Pagsisid

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