Crypto Guides, Knowledge & Insights

Stablecoins re-enter exchanges, what it means for you

The number of stablecoins getting transferred on to centralized exchanges has surged considerably in the last few days.　　The stablecoin influx was not entirely driven by crypto markets rally on 21 June.　　Binance.US asked its users to convert their USD holdings to stablecoins.　　After witnessing a large exodus from centralized exchanges (CEXs) over the last month, stablecoins made a comeback. According to a tweet by on-chain research firm Unlocks Calendar, the number of stablecoins getting transferred on to exchanges surged considerably in the last few days.　　Source: Unlocks Calendar　　Demand for stable coins shoots up　　Typically, a high influx of stablecoins indicates buying pressure. This is simply because they remain the primary way for traders on non-fiat crypto exchanges to enter and exit trades. Most novice investors prefer to convert their fiat currencies to U.S. dollar-pegged stablecoins like USD Coin [USDC], and Tether [USDT] before opening their positions.　　The crypto market got a fresh lease of life after bellwether Bitcoin [BTC] rallied to 30,000, persuading many long-term investors to lock in gains after weeks of HODLing.　　However, Glassnode revealed that 21 Junes surge did not solely cause the increase. Rather, the supply has been slowly expanding over a two-week period.　　Source: Glassnode　　Following the legal action against crypto behemoth Binance

2023-06-25Deep Dive

Twitter Suspends Memecoin-Linked AI Bot Amid Scam Crypto Allegations

The account of “Explain This Bob,” a prominent meme coin-linked artificial intelligence (AI) bot, has been formally suspended on Twitter. This suspension was announced lately, following Elon Musks charges that it was implicated in a “scam crypto account.” Furthermore, this move has sparked a wave of controversy and disagreement within the cryptocurrency community.　　Explain This Bob Case Explained　　Explain This Bob, as previously stated, used OpenAIs GPT-4 model to comprehend and respond to tweets from people who tagged the account. It was founded by Prabhu Biswal from India and has amassed over 400,000 fans.　　The bot‘s account, however, was suspended shortly after Musk publicly condemned it on June 18. Furthermore, the project’s link with the ERC-20 memecoin, Bob Token (BOB), which was created in April, has been called into question. According to CoinGecko, the suspension prompted a substantial drop in BOBs price, which fell by more than 30%.　　Interestingly, Musk‘s previous sentiments toward the bot were supposedly favorable, as indicated by a tweet from April 20 in which he proclaimed his affection for Bob. This tweet, which is prominently placed on the project’s website, stands in stark contrast to his previous charges.　　While Twitter suspended the Explain This Bob account, no action was taken against

2023-06-21Deep Dive

Layer 2 Polygon Wants To Upgrade Polygon PoS Chain Compatible With zkEVM

On Tuesday, Polygon, an Ethereum scaling solution, published a pre-proposal discussion post to make its primary chain, the Polygon PoS chain, compatible with zero knowledge (ZK) technology.　　According to the proposal, the update intends to connect the present Polygon PoS chain with the concept for Polygon 2.0, a future version of Polygon that employs zkEVM validium, a sort of zero-knowledge scaling technology.　　The proposal, named “Polygon 2.0,” indicates that it intends to employ Polygon‘s in-house zkEVM to improve the security and efficiency of the sidechain while maintaining its low fees. This would be distinct from the team’s current zkEVM, which was released in March 2023.　　The update would still be Ethereum Virtual Machine compatible. A valium varies from a ZK rollup in that it employs an off-chain data availability architecture. Polygon also provides a ZK rollup, which became live in March.　　According to Polygon co-founder Mihailo Bjelics blog post, if accepted by the Polygon community, the massive update would boost security and make the blockchain foundation more “future-proof.”　　Polygon Labs said that the updated Polygon PoS and the old zkEVM would coexist inside the Polygon ecosystem. If the update is authorized, it might be deployed on the mainnet by the end of 2024.　　Moreover, Bjelic claims

2023-06-21Deep Dive

Crypto Exchange Backed by Fidelity, Schwab, Citadel Launches With Trading of 4 Cryptocurrencies

The cryptocurrency exchange backed by Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial has launched and completed a new funding round. The platform offers the trading of four cryptocurrencies.　　EDX Markets announced Tuesday “the successful launch of its digital asset market and the completion of an investment round with new equity partners.” According to the announcement and the new exchanges website:　　Products traded on EDX include bitcoin (BTC), ethereum (ETH), litecoin (LTC), and bitcoin cash (BCH).　　EDX offers “a unique, non-custodial model designed to mitigate conflicts of interest,” the announcement adds. In addition, the platform has “introduced a retail-only quote to the crypto markets, allowing participants the benefit of better pricing for retail-originated orders” and plans to launch EDX Clearing later this year “to settle trades matched on EDX Markets.”　　The company also recently closed a funding round with the participation of new strategic investors, including Miami International Holdings, DV Crypto, GTS, GSR Markets Ltd., and HRT Technology. The firms founding investors include Charles Schwab, Citadel Securities, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial. Bitcoin.com News first reported Schwab, Citadel, and Fidelity planning to launch a cryptocurrency trading platform in June last year.　　EDX Markets launched at a

2023-06-21Deep Dive

A Top Elon Musk Lawyer Leaves DOGE Price Manipulation Case

According to Decrypt, according to documents filed in federal court today, Tesla founder and CEO Elon Musk (Elon Musk) has lost one of the companys main internal litigation attorneys.　　Source: Decrypt　　Adam Gabor Mehes, an attorney on the verge of leaving, has signaled to withdraw his attorney in Musks $258 billion lawsuit related to the alleged Dogecoin (DOGE) market manipulation. It is reported that this lawyer has only been in office for less than a year and has actively participated in many legal proceedings related to Musk before.　　Meanwhile, Teslas legal team has applied to the court to invite their new attorney, Allison Huebert, who previously worked as a litigator at law firm Quinn Emanuel, in the DOGE market manipulation case.　　Earlier in the news in June of this year, Musk denied the “Dogecoin whale” allegation. It is known that in June last year, Musk was also accused of manipulating the price of Dogecoin to the detriment of the interests of retail investors.　　Musk has repeatedly denied allegations of market manipulation and insider trading related to the meme coin. A group of DOGE investors alleges he used his social media accounts to pump money after he appeared on NBCs Saturday Night Live.　　The Elon Musk‘s lawyer

2023-06-20Deep Dive

Binance Is Under Siege In Europe After The SEC Attack

According to Protos, police and financial officials in numerous European nations are partnering with the US Securities and Exchange Commission (SEC) to learn more about Binance.　　For some time, the SEC has been requesting information on Binances actions from many European nation-states and a number of them have been prompted to act after the exchange was indicted and accused of commingling money earlier this month.　　Several European agencies are currently examining the complexities of Binance‘s case and have yet to respond to the SEC’s disclosure demands.　　On June 5, the SEC filed a lawsuit against Binance, its CEO and founder, Changpeng Zhao, and Binance.　　The agency in the United States claims that Binance artificially inflates its trading volumes, diverts client money, fails to prohibit U.S. customers from its platform, and misleads investors about its market surveillance procedures.　　As a US district court signed off on a consent decree issued Saturday, Binance and the SEC struck an arrangement to avert a complete asset freeze of the platform in the US and retain customer funds in the US.　　The accord came as the SEC launched a broad, continuing complaint accusing the business of operating an unlawful securities exchange, which could take months, if not years, to settle.　　Binance has

2023-06-20Deep Dive

Crypto Market Regulatory Uncertainty Overshadows Blockchain Development: Bank of America

The bank said it expects blockchain infrastructure and tokenization to transform financial and non-financing infrastructure and markets over the next five to 10 years.　　The rally in risk assets continues, but digital assets have underperformed the Nasdaq stock index by 24% since the beginning of May after gaining 52% from the start of the year, Bank of America (BAC) said in a Friday research report.　　“Digital asset sentiment remains poor as the U.S. Securities and Exchange Commissions (SEC) enforcement actions create regulatory uncertainty, pressuring token prices,” analysts Alkesh Shah and Andrew Moss wrote, adding that “digital asset trading platforms are just one piece of the broader ecosystem.”　　The regulator said earlier this month that it was suing Binance, its founder Changpeng “CZ” Zhao and the operating company for Binance.US on allegations of violating federal securities laws. A day later it sued rival exchange Coinbase on similar charges.　　Bank of America says an excessive focus on regulatory headwinds, spot bitcoin exchange-traded-fund (ETF) approval in the U.S. and illicit activity is “overshadowing the rapid development and integration of distributed ledger and blockchain technology infrastructure.”　　“Specifically private permissioned distributed ledgers and blockchain subnets,” that enable the tokenization of traditional financial assets, the report added.　　The bank says it expects

2023-06-20Deep Dive

US National Debt Soars to Record-Breaking $32 Trillion

On Friday, the Treasury Department officially released data indicating that the federal borrowing has exceeded $32 trillion on US national debt. This milestone was reached within a span of less than two weeks after President Biden enacted legislation suspending the debt ceiling.　　The contentious bill, which includes substantial spending cuts as per the demands of House Republicans, grants the government unrestricted borrowing capabilities until the conclusion of 2024, coinciding with the expiration of the debt ceiling suspension.　　A Surge in Federal Borrowing　　Upon President Biden signing the bill into law on June 3, the recorded national debt was reported to be $31.47 trillion. However, on the immediate business day subsequent to the suspension of the debt ceiling, federal borrowing purportedly surged by almost $400 billion.　　This development signifies the accumulation of delayed borrowing requirements, including payments to federal worker retirement plans that the Treasury Department deliberately postponed to avert breaching the imposed ceiling. As of today, the national debt stood at $32.04 trillion.　　During the initial eight months of the ongoing fiscal year, a noticeable pattern emerges wherein the federal governments expenditures surpass its revenue, leading to the continuous growth of the national debt by $1.2 trillion.　　Meanwhile, projections indicate that annual budget deficits of $1

2023-06-19Deep Dive

Hong Kong Allocates 50 Million Yuan To Foster Growth Of Web3.0 Enterprises At Cyberport

Hong Kong Financial Secretary, Paul Chan, has announced the allocation of 50 million yuan to promote the development of Web3.0 enterprises at Cyberport. 　　Over the past year, Cyberport has attracted more than 150 companies in the Web3.0 space, showcasing its position as a thriving hub for technological innovation. With significant financing and intellectual property projects, Cyberport aims to accelerate the growth of Web3.0 and blockchain-based ventures.　　In an article penned by Hong Kong Financial Secretary, Paul Chan, it was revealed that Cyberport, the city‘s flagship technology hub, has successfully attracted over 150 companies operating in the Web3.0 sector. This remarkable achievement underscores Cyberport’s position as a leading center for cutting-edge technological innovation in Hong Kong.　　With more than 1,900 community enterprises, Cyberport boasts a cumulative financing figure of over 35.7 billion yuan for start-ups and holds over 480 intellectual property projects. This robust ecosystem has nurtured the growth of various successful ventures, including six “unicorns” that have emerged from Cyberports community.　　To further promote the advancement of Web3.0, the Hong Kong government has allocated 50 million yuan in the Financial Budget to Cyberport. This financial injection aims to fuel the growth of the third-generation Internet, which leverages blockchain technology as its underlying foundation.

2023-06-19Deep Dive

Binance Takes Action Against Fraudulent Entity In Nigeria, CZ Warns Users

In a recent development, Binance founder Changpeng Zhao, known as CZ, took to Twitter to address a fraudulent entity operating under the name “Binance Nigeria Limited.” 　　CZ stated that Binance has issued a suspension notice to this entity, urging them to cease their operations immediately. Furthermore, he warned users not to trust any information associated with this fraudulent entity, advising them to rely solely on official announcements from the platform.　　This action comes after the Nigerian Securities and Exchange Commission (SEC) publicly declared that Binance Nigeria Limited is not registered with or regulated by the commission. As a result, the SEC classified the entitys operations in Nigeria as illegal. The announcement by the SEC raised concerns regarding the legitimacy and compliance of the entity, prompting the firm to take swift action against it.　　Binance, one of the worlds largest cryptocurrency exchanges, is known for its commitment to regulatory compliance and the security of its users. The suspension notice serves as a strong stance against fraudulent entities attempting to operate under the brand in unauthorized ways. By issuing this notice, the platform aims to protect its reputation and prevent potential harm to users in Nigeria.　　CZs tweet acts as a cautionary message to users,

2023-06-19Deep Dive

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