Crypto Guides, Knowledge & Insights

XRP Soaring Leaves Bitcoin Behind To Boost Altcoin Trends

XRP is up 73% consistently over the past 7 days after winning a dispute with the SEC that lasted nearly years.　　Altcoins are also enjoying the win with bullish momentum.　　BTC dominance has dropped to 49.8% from a high of 52% at the end of June.　　Inheriting the victory from the Courts ruling in the dispute with the SEC, Ripple (XRP) is still recording an impressive increase to become the most popular token, surpassing even Bitcoin.　　The native token of the Ripple payment system has recently increased by around 6% in the last 24 hours and continuously increased by more than 73% in the past 7 days, reaching the highest level among the top 20 cryptocurrencies by market capitalization.　　Ripples win with the SEC prompted several exchanges, such as Coinbase, Kraken, and Bitstamp, to re-list XRP, leading to an increase in investment, trading volume, and open interest for futures contracts.　　In a recent report, smart data portal Kaiko revealed that open interest for altcoins is outpacing Bitcoin (BTC). When measuring the change in open interest since last week, XRP has outperformed Bitcoin by an impressive 50%.　　Smaller cryptocurrencies are also up on the day. XLM, the token of the Stellar network adjacent to Ripple, is up 24%.

2023-07-20Deep Dive

Sequoia Capital Loses Prominent Partners and Crypto Team

Sequoia Capital announces departure of key partners in cryptocurrency team.　　Departure of esteemed individuals raises questions about firms future direction in crypto.　　Departure may have implications for firms position in burgeoning cryptocurrency space.　　Sequoia Capital is undergoing a significant shake-up as it announces the departure of some key partners.　　Michael Moritz and Mike Vernal, two prominent figures within the company, are set to leave their roles. In addition, Michelle Fradin and Daniel Chen, both part of Sequoia Capitals cryptocurrency team and instrumental in leading investments in major players like FTX and other crypto projects, will also be bidding farewell to the firm.　　The departure of such esteemed individuals is making waves within the industry, leaving many wondering about the future direction of Sequoia Capitals cryptocurrency investments. With their extensive expertise and contributions to the world of blockchain and digital assets, their exit has become a subject of speculation and curiosity among investors and industry players.　　Michael Moritz has been with Sequoia Capital for several decades and has played a vital role in its success. Similarly, Mike Vernal‘s contributions as a partner have been pivotal in driving the firm’s growth and expansion. Their departure raises questions about the firms future investment strategies and focus areas.　　Michelle Fradin and

2023-07-20Deep Dive

SEC Chairman Asks For An Extra $72M To Strengthen Investor Protection In Crypto

The SEC chairman has asked US lawmakers for an additional $72 million in funding to protect investors from the crypto market.　　This money is used to add dozens of full-time employees to its list.　　Gensler cited “the wild west of crypto markets” that were “rife with non-compliance”.　　According to Coindesk, US SEC Chairman Gary Gensler has proposed $72 million in additional funding for the agency to protect investors from market participants disadvantage, including the cryptocurrency industry.　　Speaking before Wednesdays US Senate Appropriations Committee, Gensler cited the “wild west of the crypto market” as “fraught with non-compliance.” In this case, legislators and agencies must expand protections for investors.　　“Weve seen the Wild West of the crypto markets, rife with noncompliance, where investors have put hard-earned assets at risk in a highly speculative asset class,”Gensler said in his prepared remarks.　　In his opinion, he is seeking an additional $72 million to add dozens of full-time employees to his roster. The SEC chairman argued that a bipartisan bill approved last week to fund the SEC $2.364 billion for the fiscal year 2024 is just enough to “support currently authorized personnel levels ”due to inflation.　　The SEC employed 4,685 people in 2023, with about half focused on enforcement and inspection tasks,

2023-07-20Deep Dive

Q2 Web3 Startup Funding Declines 76% Compared to the Same Period Last Year

Crunchbase data shows that in the second quarter of this year, Web3 startups raised over $1.8 billion in funding through 322 transactions.　　With a slowdown in large financing deals, venture capital investment in Web3 startups during the second quarter of this year decreased by 76% compared to the same period last year. In the second quarter of last year, startups in this industry raised over $7.5 billion. In the first half of last year, Web3 startups raised nearly $16 billion. However, in the first half of this year, the figure dropped significantly to $3.6 billion, a decrease of 78%. Meanwhile, artificial intelligence (AI) startups have become a new focus for investors, with funding reaching $25 billion in the first half of 2023.　　

2023-07-19Deep Dive

Polychain Capital Raises $200 Million for Fourth Fund

According to a report from Fortune, citing sources familiar with the matter, blockchain-focused venture capital firm Polychain Capital has raised approximately $200 million in the initial fundraising for its fourth cryptocurrency venture fund.　　Fortune magazine reports that Polychain intends to raise a total of $400 million for the fund, aligning with the target amount stated in the Polychain Ventures IV (Parallel) LP fund documents submitted to the U.S. Securities and Exchange Commission in April. According to sources cited by Fortune, the venture capital firm has also laid off three members from its research team of approximately 15 members as it shifts its investment focus.　　Polychain Capital was founded in 2016 and is one of the worlds largest digital asset hedge funds. Its founder, Olaf Carlson-Wee, started his career at Coinbase in the customer support department and later served as a product manager and risk manager. He was responsible for overseeing the operation of company products, account security, and fraud prevention.　　According to Crunchbase, Polychain Capital has been involved in a total of 199 investments, with 113 of them as lead investors. Among Polychain Capitals investment portfolio, notable projects include Polkadot, Cosmos, Tezos, Dfinity, Compound, and others.　　

2023-07-19Deep Dive

Based on S2F Model Prediction, Bitcoin's Next Halving Cycle Could Reach $500,000

On July 19th, cryptocurrency analyst PlanB released an update to the Bitcoin Stock-to-Flow (S2F) valuation model on social media. The update stated, “Based on the latest data and the average S2F ratio and BTC price during the current halving cycle: The model predicts a Bitcoin price of $54,000, while the actual average price is $31,000.During the 2016-2020 halving cycle, the model predicted a Bitcoin price of $4,400, while the actual average price was $5,800. For me, the models margin of error is within an acceptable range, and S2F is not ineffective. However, I believe it is a personal decision. I am focusing on the Bitcoin price reaching $500,000 in the next halving cycle (with a potentially large margin of error).”　　PlanB is a popular blogger known for using models to predict the long-term price of Bitcoin. They have gained fame for making several accurate predictions and have amassed a following of 1.8 million followers on Twitter.　　In 2021, PlanB used the Stock-to-Flow (S2F) model to predict that the price of Bitcoin would reach $100,000 by the end of the year. However, the actual price of Bitcoin deviated significantly from this prediction. It is worth noting that while the S2F model has gained

2023-07-19Deep Dive

Big Whale Suddenly Transfers All 61,216 ETH To Kraken After 8 Years Of Hibernation

All 61,216 ETH worth $116.3 million was moved by a whale wallet.　　After eight years of immobility, the wallet suddenly transferred all ETH to the Kraken exchange, causing the community to panic about a possible big sell-off.　　According to speculation from the community, this is likely a wallet related to a member of the Ethereum Foundation or an early investor in the project.　　On the morning of July 19, many crypto investors on Twitter were bewildered because the movement of an Ethereum whale wallet containing 61,216 ETH (worth $116.3 million) had resumed after eight years of sleep.　　Source: Etherscan.io　　Concerns about the ETH mentioned above wallet increased when it immediately transferred all assets to the Kraken exchange, as noted by Etherescan.　　Currently, the true purpose of this ETH whale has yet to be discovered. Many people quickly came to the conclusion that $120 million of ETH is about to hit the market.　　In particular, this is a pre-mine wallet, meaning that this wallet received ETH before the ICO event of Ethereum in 2015. Therefore, there has been a lot of speculation about the owner of this wallet. It could belong to one of the founders of Ethereum, a private investor or a particular core member of the

2023-07-19Deep Dive

Telegram Founder Reveals New Investments In Toncoin, TON Increases Over 5%

Telegram sees over 2.5 million new daily users and surpasses 800 million monthly active users.　　Telegram issues $270 million worth of bonds for continued growth, with CEO Pavel Durov personally investing.　　Durov confirms ownership of Toncoin and previous investment in Bitcoin, showing dedication to the crypto space.　　Telegram founder Pavel Durov took to his personal Telegram channel on July 18 to reveal some significant milestones and financial updates regarding the popular messaging app.　　Durov announced that more than 2.5 million new users are registering for Telegram each day, contributing to the platforms impressive growth. Earlier this year, the app surpassed 800 million monthly active users, a testament to its increasing popularity.　　While Durov expressed gratitude for this massive growth, he acknowledged the associated higher expenses on storage and traffic required to serve such a vast user base. However, he reassured users that Telegram is highly efficient in managing expenses and had a successful start with monetization efforts in the previous year. Although Telegram is not yet profitable, Durov emphasized that it is closer to profitability in absolute numbers compared to its competitors like Twitter and Snap.　　To fund the apps continued growth until it reaches the break-even point, the company issued approximately $270 million worth of

2023-07-19Deep Dive

Former FTX Executive Emerges At Sino Global Capital Amidst Crypto Crisis

Former FTX executive, Zhe “Constance” Wang, joins crypto venture capital firm Sino Global Capital.　　Wang held executive roles at FTX, including Chief Operating Officer and Co-CEO of FTX Digital Markets.　　Sino Global Capital had been an early investor in FTX, and Wang‘s hiring comes after FTX’s collapse and bankruptcy.　　Zhe “Constance” Wang, a former executive at FTX, has joined the crypto venture capital firm Sino Global Capital, according to sources familiar with the matter.　　According to Bloomberg, Wang held key roles at FTX, serving as the Chief Operating Officer and Co-CEO of FTX Digital Markets, the exchange‘s affiliate in the Bahamas. Her responsibilities included overseeing global business expansion, token listings, and public relations and marketing efforts. Wang’s move to Sino Global Capital comes after FTX filed for bankruptcy in November, leading to a subsequent investigation into its operations.　　Sino Global Capital, founded in 2015 by Matthew Graham, has revealed that it was an early investor in FTX. The firm had also launched a $200 million fund with FTX as a significant investor. The collaboration between Sino Global Capital and FTX aimed to support the vision of FTX and assist in its growth as a prominent player in the crypto industry. The bankruptcy filing by FTX,

2023-07-19Deep Dive

Solana EVM-Compatible Solution Neon EVM Goes Live on the Solana Mainnet

Neon EVM, the Solana EVM-compatible solution, has announced its launch today, providing a computing environment that allows developers to build Ethereum applications on the Solana blockchain. Neon is implemented as a smart contract on top of Solana, enabling the deployment of Ethereum Virtual Machine (EVM) code.　　The development team has announced the completion of the necessary tools to migrate Ethereum developer projects to Solana. They believe that this move has the potential to reduce operational costs for applications. They express confidence in the integration of their EVM solution with Solanas high throughput capabilities and are currently undergoing extensive testing.　　In addition to providing access to the Solana network, Neon EVM aims to enable Ethereum applications to leverage the native features of Solana, including parallel transaction execution.　　As widely known, the Ethereum ecosystem has been leading in terms of developer count and activity. According to https://www.developerreport.com/, the number of full-time developers in the Ethereum ecosystem this year is approximately five times that of Solana.　　Neo EVM and Solana are complementary products, meaning that they have a positive effect on each other. The launch of Neon EVM can help developers more easily enter the Solana ecosystem. Solana may see the emergence of more innovative products and

2023-07-18Deep Dive

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