Crypto Guides, Knowledge & Insights

UK Now Admits Crypto As Regulated Financial Activity In The Country

The UK has passed a bill to regulate cryptocurrencies and stablecoins, strengthening its financial ecosystem.　　The new law provides clear rules for crypto assets as financial products and promotes blockchain innovation in financial markets.　　The UKs proactive approach sets an example for other countries looking to regulate the crypto industry.　　The United Kingdom (UK) has taken a proactive step to strengthen its financial ecosystem with the Royal Assent of the Financial Services and Markets Bill (FSMB).　　King Charles endorsed a measure providing authorities the authority to regulate crypto and stablecoins on Thursday, marking the last formal step before the bill becomes law.　　The UK Government has been working on the Financial Services and Markets Bill for quite some time, and it believes that its passage will play a central role in delivering the Government‘s vision of growing the economy and creating an open, sustainable, technologically advanced financial services sector, and it includes measures to bring crypto and stablecoins under regulation. The law was adopted by Parliament’s upper house last week.　　Andrew Griffith, the Treasurys Economic Secretary, stated:　　“This landmark piece of legislation gives us control of our financial services rulebook, so it supports UK businesses and consumers and drives growth.”　　Among other things, the FSMB establishes a clear

2023-07-06Deep Dive

Celsius Moved Around $74 Million Altcoins Into BTC And ETH After Approval

Celsius moved about $74 million in altcoins into Bitcoin and Ethereum.　　Celsius wallet holds about $615 million in crypto, including $296 million in Bitcoin and $120 million in ethereum.　　On June 30, a New York court agreed that the bankrupt platform could begin converting its altcoins into bitcoin and ether from July 1.　　According to TheBlock, Celsius transferred approximately $74 million in altcoins, including Synthetix, Uniswap, ZRX, and several stablecoins, after being approved to convert altcoins into Bitcoin and Ethereum. One of the transfers went to a wallet linked to the market maker Wintermute.　　According to data from the crypto data platform Arkham, the Celsius wallet holds about $615 million in crypto, including $296 million in Bitcoin and $120 million in ethereum. They also have around $100 million worth of CELs and approximately $30 million worth of stablecoins, with the remaining altcoins worth around $69 million.　　In addition, Arkhams report also states that network address Celsius (0x1C…9074) has staked 40.96 thousand ETH, worth about $75 million, for ETH2 staking contract through Figment from date May 10 to 12.　　As previously reported, on June 30, a New York court approved Celsius to convert its altcoins into bitcoin and ether from July 1.　　Celsius is preparing a plan to

2023-07-06Deep Dive

Ethereum Price Retests Uptrend Support Amidst Market Turmoil

Ethereums price fails to clear the $1,975 resistance and starts a downside correction, trading below $1,950 level.　　Immediate resistance is near the $1,925 level and the next major resistance is near the $1,945 level.　　Clear move above $1,945 resistance could push the price towards $1,975 and the next major resistance is near the $2,120 level.　　Ethereums price has encountered a downside correction, failing to clear the $1,975 resistance level.　　As a result, there has been a decline below $1,950, similar to Bitcoin, and even below the $1,920 support level. The price eventually spiked below $1,900, reaching a low of $1,894, and is now consolidating losses. Currently, the price is near the 23.6% Fib retracement level of the recent decline from the $1,974 swing high to the $1,894 low.　　Ether is now trading below $1,940 and the 100-hourly Simple Moving Average, indicating a bearish trend. On the hourly chart of ETH/USD, there is a key bearish trend line with resistance near $1,925. The immediate resistance level stands near the $1,925 level, which is the 100-hourly Simple Moving Average. The next major resistance level is at $1,945, which is close to the 61.8% Fib retracement level of the recent decline from the $1,974 swing high to the

2023-07-06Deep Dive

Glassnode Tweet: Exchange Addresses Hold Decreased Bitcoin Balance to 2.26 Million Coins

According to data from Glassnode platform, the number of BTC held on exchanges has been consistently decreasing, with the balance dropping to 2.26 million coins, reaching its lowest point since March 14, 2018 (1940 days ago).　　Typically, there are two main reasons for the outflow of BTC from exchange addresses:　　1. Exchanges typically hold users assets in a centralized manner. When a trust crisis occurs, users tend to withdraw their BTC to their own wallets.　　2. Traders, when not in immediate need of selling, withdraw BTC to their wallets for storage.　　On the Glassnode platform, the Exchange Balance data is often considered to have a non-linear inverse correlation with BTC price and can be used as one of the factors to assess the medium to long-term price trends of BTC.　　Generally, in the absence of black swan events, when the data shows a sharp decrease in exchange balances in the short term, BTC prices tend to rise. Conversely, when the data shows a sudden increase in exchange balances in the short term, BTC prices tend to decline.　　However, its important to consider the impact of black swan events and other external factors that may introduce noise into the data. After filtering out the noise caused by

2023-07-06Deep Dive

Do Kwon Transfers $163 Million Worth Of Bitcoin To Anonymous Wallet

Terraform Labs CEO Do Kwons encrypted wallet transferred $163 million worth of Bitcoin to a new anonymous wallet on July 3rd, 2021.　　Prior to the BTC transfer, a test transfer appeared between the LFG and anonymous wallets on June 22nd and 23rd, where they exchanged 0.0211 BTC three times.　　Digital Asset reports that Terraform Labs CEO, Do Kwon transferred 5292 BTC (approximately $163 million) from a Luna Foundation Guard (LFG) Binance wallet to a new anonymous wallet on July 3rd. Prior to this transfer, only 351 BTC had been withdrawn from the wallet on May 8th.　　On July 3rd, 2021, the encrypted wallet held by Terraform Labs CEO Do Kwon, known as Luna Foundation Guard (LFG)s Binance wallet, transferred all 5,292 BTC (approximately $163 million) to a new anonymous wallet that has no known connection to Kwon, according to Digital Asset. This transfer was confirmed by on-chain data analysis. Prior to the transfer, the wallet had withdrawn 351 BTC on May 8th.　　The LFG wallet is the Binance wallet of the Luna Foundation, which Kwon established in January 2021 with the aim of defending the price of LUNC (Terra Classic). The wallet contained the largest amount of Bitcoin among Kwons on-chain assets.　　On November 2022,

2023-07-05Deep Dive

Hong Kong Considers Launching HKDG Stablecoin To Boost Digital Economy

Hong Kong government is considering creating its own stablecoin, HKDG, to strengthen the citys digital economy and increase financial sector efficiency.　　Experts suggest a government-backed HKDG could offer more confidence and reduced risk compared to private stablecoins, potentially competing with major stablecoins like USDT and USDC.　　The launch of HKDG could be a significant step towards de-dollarization and encourage other sovereign currencies to follow suit, promoting global financial market diversity.　　According to Wu Blockchain News, significant players, including the Vice-President of the Hong Kong University of Science and Technology, have suggested that the Hong Kong government create its own stablecoin, dubbed HKDG, as a strategic step to strengthen the citys digital economy.　　The Hong Kong Special Administrative Region governments continued promotion and adoption of digital assets puts it ahead of nations or areas such as the United States and Singapore. Stablecoins, which bridge the gap between conventional banking and the digital economy, are becoming more significant in this setting.　　The Hong Kong SAR government is actively fostering the development of digital assets and the digital economy, owing to the fast expansion of the global digital asset market.　　Simultaneously, the Hong Kong dollar stablecoin has the potential to increase the efficiency and inclusivity of Hong Kong‘s financial

2023-07-05Deep Dive

STORJ Token Of Decentralized Storage Network Surge 46% In The Last 24 Hours

The STORJ token has increased by more than 46% in the past 24 hours.　　Upbit STORJ/KRW, Koreas largest exchange, contributes 57.04% of the total spot trading volume of about $259 million.　　On Binance, STORJ/USDT is trading at $0.4917, while on Upbit, the price is $0.5022.　　The STORJ token has increased by more than 46% in the past 24 hours. STORJ/KRW on Upbit, Koreas largest exchange, contributes 57.04% of the entire spot trading volume.　　In the midst of the cryptocurrencys price decline due to the strong influence of Bitcoin and Ethereum, STOJI emerged as one of the most muscular bulls, with a significant price increase in the past 24 hours. Currently, the token is trading at $0.50, up 46.2% in the last 24h and up 91% in the previous 7 days.　　24h STORJ price chart. Source: CoinMarketCap　　The reason for the latest price action in STORJ token can be attributed to the fact that Koreans are the STORJ/KRW trading pair on the countrys largest cryptocurrency exchange, Upbit, currently accounting for 57.04% of the total volume of crypto assets, according to CoinMarketCap.　　In fact, on Binance, STORJ/USDT is trading at $0.4917, while on Upbit, the price is $0.502. For those unaware of South Korea‘s crypto scene, the country’s retail

2023-07-05Deep Dive

BREAKING: SEC Thailand Prohibits Crypto Staking And Lending With The Passage Of The New Act

SEC Thailand mandates risk warnings for cryptocurrency trading entrepreneurs.　　Clear warnings and user consent are required for crypto traders.　　In addition, the SEC prohibited digital asset business operators from offering deposit staking and lending services　　On July 3, 2023, Thailands Securities and Exchange Commission (SEC Thailand) issued guidelines for cryptocurrency trading entrepreneurs to disclose risk warnings so that traders are adequately informed about the risks of cryptocurrencies, as well as rules prohibiting digital asset business operators from providing services. Instead, to strengthen investor protection from the hazards of such services, back digital asset custody with returns to deposit staking and lending.　　To safeguard investors, the rules went into force on July 31, with an injunction prohibiting deposit staking and lending effective on August 30.　　However, the SEC approved requiring cryptocurrency business operators to disclose warnings of the risks of trading cryptocurrencies at its meeting No. 12/2022 on September 1, 2022, and set to prohibit digital asset business operators from providing services or supporting deposit staking & lending services.　　The authorities determined to adopt upgrading the rules for revealing risk warnings from cryptocurrency trading to be more suitable at meetings No. 16/2022 on December 1, 2022, and No. 9/2023 on May 11, 2023, so the SEC Thailand

2023-07-04Deep Dive

Where Does Azuki Elementals Crisis Come From? Is There A New Path?

Azuki faced disappointment and backlash with launching its Elementals collection due to accusations of similarities to their previous NFTs.　　The minting process for Elementals received mixed responses, with some holders successfully acquiring NFTs while others were frustrated by their inability to participate.　　Azuki acknowledged the communitys concerns and proposed corrective steps.　　Azuki, a non-fungible token (NFT) company, launched sales for its new Elementals NFT collection last week. The new release was announced with much enthusiasm, as eager owners awaited the newest extension of the anime-inspired Azuki environment. Nevertheless, this is where the project hit a snag.　　The beginning of the disappointment that the NFT blue chip project brought　　Azuki, one of the most solid blue-chip projects in the NFT bear market, announced the debut of a new series of Azuki Elementals, which piqued the interest of many investors, and the animated promotional video, which lasted more than one minute, exceeded expectations.　　The Azuki Elementals are the third addition to Azuki‘s rapidly growing cosmos, after Azuki’s genesis collection and Beanz. Elementals are made up of 20,000 NFTs and span four distinct domains (Lightning, Earth, Water, and Fire). At the projects recent Vegas event, the first 10,000 Azuki tokens were airdropped to Azuki holders. The remainder were auctioned

2023-07-04Deep Dive

Bloody NFT Market, Over 1200 NFTs Liquidated in the Last 4 Days

The NFT market plunged, and a series of large collections witnessed a dizzying drop in prices.　　Over 1244 NFTs have been liquidated in the past four days, the largest liquidation in NFTs history.　　Among the most significant losers is the Azuki ecosystem native NFT.　　With the NFT market plummeting, more than 1,200 NFTs have been liquidated in the past three days, which is the most significant liquidation in the history of the NFT. The heaviest damage is the collections from the Azuki ecosystem.　　CirrusNFT states there have been 1244 liquidations in the last 96 hours. This does not include forced sellers who sold their collateral to pay off loans before they were underwater. This is considered the most catastrophic liquidation in the history of NFT, and it shows no signs of stopping.　　During this liquidation, the Azuki ecosystem was the hardest hit. With 10-15 NFT loans liquidated, more than 630 Beanz and about 3% of total Beanz NFT liquidated. The good news is that the liquidation rate has slowed significantly in the last few hours, and there are not many loans under water anymore.　　Some of the hardest-hit NFT collections originate from the Azuki ecosystem. In the last week, the Azuki, Elemental, and Azuki Elemental Beanz

2023-07-04Deep Dive

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