Crypto Guides, Knowledge & Insights

Mark Cuban Increases Bitcoin Bets While Criticizing Gold

“I want Bitcoin to go down a lot further so I can buy some more,” Cuban said in an appearance on comedian Bill Mahers “Club Random” podcast.　　Dallas Mavericks owner remarked that gold investments were not worthwhile and that he greatly favored digital content. Long a proponent of cryptocurrencies, particularly Bitcoin, Ethereum, and Dogecoin, Cuban, who is worth $6.25 billion, has praised them.　　The investor continued by saying that holding gold today is essentially equivalent to having a digital transaction; for this reason, he greatly preferred to invest in Bitcoin.　　As per CoinGecko, the current price of bitcoin is $16,844; this is significantly less than the record high price of $69,044 it reached in 2017. Silver and gold have performed significantly better as assets in 2022. The metals have largely maintained their worth despite the decline in the cryptocurrency market and American stocks. Currently, the price of gold is $1,800 per ounce, up from $1,807 at this time the year before.　　Because Bitcoin is unbacked by anything, according to Maher, it is not worthwhile to purchase. Cuban retaliated, claiming that it was useless to own stock in “90% of the companies out there.”　　The two decided on one thing at least during the two hours

2022-12-27Deep Dive

Which is a good investment: Bitcoin or Ethereum?

Despite the famously unstable nature of the cryptocurrency industry, Bitcoin (BTC -0.29%) and Ethereum (ETH -0.16%) have become the two best choices for investors seeking a degree of security. The two currencies with the greatest track histories, a proven ability to weather market downturns, and the greatest liquidity are Bitcoin and Ethereum. These two coins make up about 60% of the market cap of all cryptocurrencies.　　Furthermore, as Coinbase Global (COIN 2.60%) notes in its brand-new 2023 Crypto Market Outlook Report, things are probably going to stay pretty much the same in 2019. In 2023, investors will continue to pour money into Bitcoin and Ethereum as a result of a widespread flight to quality during a challenging macroeconomic period, claims Coinbase. But which one, if you had to pick just one, would be better for your portfolio？　　Furthermore, as Coinbase Global (COIN 2.60%) notes in its brand-new 2023 Crypto Market Outlook Report, things are probably going to stay pretty much the same in 2019. In 2023, investors will continue to pour money into Bitcoin and Ethereum as a result of a widespread flight to quality during a challenging macroeconomic period, claims Coinbase. But which one, if you had to pick just one,

2022-12-27Deep Dive

Crypto’s Top 5 Wildest Moments of 2022

Cryptoassets, like bitcoin, have been present since 2009, but their popularity and significance skyrocketed in 2021.　　During the pandemic, many crypto loan and investment options appeared, with some proving to be more promising than others. This year, 2022, has witnessed a series of catastrophes that would restructure and redefine the market in the coming year.　　Much of the crypto industrys funk can be traced back to the meltdown of Terras UST stablecoin and the following market instability, which led to widespread layoffs and other symptoms of an industry in crisis.　　Cryptoasset losses impacted both traditional investors and millennials, who comprised the majority of the crypto-investing client base, and many people were turned off by the substantial dangers highlighted by the precipitous decline.　　These are the five wildest moments in the industry this year:　　The implosion of Terras UST and Luna — and the ensuing crypto turmoil　　　　TerraUSD (UST) was always intended to be worth exactly one dollar, but its price fell below $1 in May. It wasnt the first time a currency was devalued, but it swiftly became the most catastrophic, prompting widespread investor concern.　　As an algorithmic stablecoin, UST was not backed by US dollar-denominated assets, but was instead issued and burned by an algorithm using

2022-12-27Deep Dive

450K BTC moved to cold storage in 2022

According to Glassnode data, 450,000 Bitcoin (BTC) kept on an exchange or a hot wallet before 2022 have been relocated to cold storage throughout the course of the year.　　Multiple black swan occurrences have occurred in the market during the last year, resulting in around 550,000 BTC leaving exchange reserves. These reserves shrank in large portions on multiple occasions. For example, Binance lost 90,000 BTC in seven days in December, FTX lost 70,000 BTC in two weeks in June, and Coinbase lost 200,000 BTC in four days in November.　　The orange line in the graphic below reflects the total amount of BTC held on cryptocurrency exchanges since the start of the year.　　The exchanges began the year with just under $2.8 million in BTC and ended with roughly $2.25 million, a decline of about 20%. Current exchange-held BTC reserves amount to less than 12% of total BTC supply.　　Self custody　　Over a million BTC entered self-custody this year as well. The orange line on the figure below depicts the illiquid BTC supply level, which increases.　　The illiquid BTC supply was 14 million in January and more than 15 million in December. This also means that 78% of the circulating BTC supply is kept cold.　　As a reminder,

2022-12-27Deep Dive

Solana’s Top NFT Projects DeGods and Y00ts to Migrate Chains

Following months of rumors that DeGods and Y00ts, two of the top Solana non-fungible token (NFT) projects, will leave the SOL ecosystem, the projects teams confirmed the migration on Twitter on Sunday.　　The team announced that DeGods would be transferring to Ethereum and Y00ts will be moving to Polygon in early Q1.　　“Theres an argument to be made that [DeGods] has topped out on Solana,” the projects leader, Rohun Vora, also known as Frank, remarked on Twitter Spaces on Monday. “Its difficult to accept, but its been difficult for us to develop at the rate we want to grow. If Ethereum is where we need to go to continue expanding, thats what we need to do.”　　The collections are two of the most talked-about in the Solana NFT market, with DeGods demanding the highest floor price in the ecosystem at 515 SOL (approximately $5,750) at the time of writing. Y00ts, DeGods sister PFP collection launched this fall, has a price of 148 SOL (about $1,660).　　Following the news, sales of DeGods increased, with the collections floor price climbing 12% as of Monday. Y00ts sales have been reasonably stable, with the floor increasing by only 5 SOL (about $55). According to Magic Eden data, sales

2022-12-27Deep Dive

Top 3 Alternative Currencies Under $100 With Substantial Utility Demand

A cryptocurrency is a sort of virtual money that is available for online purchases and uses encryption algorithms to protect them from fraud. Cryptocurrencies other than Bitcoin are alluded to as altcoins.　　Traders who want to make money are quite interested in these unregulated currencies, and occasionally speculators drive values sky-high. The price of bitcoin, the most popular cryptocurrency, has fluctuated erratically this year. Out of the thousands of cryptocurrencies listed on CoinMarketCap, investors have a wide variety of options for choosing the right digital assets.　　SOLANA　　Solana is among the most well-known cryptocurrencies. Solana has emerged as the strongest driver among such major cryptocurrencies over the previous year, increasing by well over 10,000%. Solana has attracted many speculators as an Ethereum replacement. Both blockchains enable smart contracts. However, Solana provides far quicker system throughput and less expensive transaction fees than Ethereum.　　The price of Solana is now $11.32, with a $4 B market cap and an 18.46% decrease in 24-hour trading volume. It is currently $116 million. At the same time, there are about 367,056,407 SOL in circulation.Tether　　Tether is the third-largest cryptocurrency globally by market value. It is very different from bitcoin and other virtual currencies, though. An illustration of a stablecoin is

2022-12-26Deep Dive

In addition to LedgerX, FTX also requests authorization to offer FTX Japan and FTX Europe.

The derivatives exchange LedgerX, the stock-clearing system Embed, and the companys offices in Japan and Europe are all up for sale, and FTXs attorneys are asking a U.S. bankruptcy proceedings for authorization to do so.　　The attorneys write in their statement from December 15 that every one of these companies has been subject to regulatory pressure, which “merit[s] an expedited sale process,” adding:　　“The longer operations are suspended, the greater the risk to the value of the assets and the risk of a permanent revocation of licenses.”　　Although FTX Europes licensing and services have been halted, FTX Japans organization is particularly subject to business restriction and rectification orders.　　They also point out the decline in clients and personnel the companies have seen since FTX declared bankruptcy on November 11 and contend that selling them now would enable a return to profitability and realize profits for the FTX estate.　　The attorneys claimed that because these companies were recently purchased and had been functioning mostly autonomously of FTX, selling them would be a lot simpler procedure.　　　　The 134 companies involved in the bankruptcy procedures are claimed to be attractive to more than 110 parties, and FTX has indeed signed 26 confidential contracts with relevant parties in FTX s

2022-12-26Deep Dive

FTX Japan creates a strategy to repay client money.

After ensuring that its clients funds are not included in FTXs bankruptcy process, the Japanese division of the now-defunct FTX cryptocurrency exchange released a plan for starting withdrawals again.　　On December 1, the company published an update, indicating that it had been able to verify that the assets of its clients “should not” be included in FTX Japans property owing to Japanese laws requiring cryptocurrency exchanges to keep customer accounts separate from their respective assets.　　The legal team defending FTX Group in the Chapter 11 bankruptcy proceedings, Landis Rath s Chapter 11 bankruptcy petition on November 11 as one of them.　　Ever since, FTX Japan has stated that re-enabling withdrawals is its main priority, and it is apparently hoping to do it by the close of 2022.　　Since it has now been confirmed that the assets of its customers are not included in FTX Japans estate, this essentially gives them a mechanism to begin user disbursements.　　“Japanese customer cash and crypto currency should not be part of FTX Japans estate given how these assets are held and property interests under Japanese law,” the firm said.　　The initial draft of FTX Japans proposal to start withdrawal has been delivered to Japanese authorities, the exchange said, and regular

2022-12-26Deep Dive

The debut of the Huobi Visa Card has been announced by Huobi.

On December 22, Huobi, one of the largest virtual currency exchanges in the world, unveiled intentions to launch the Huobi Visa Card globally, with the goal of providing a much more effective fiat-to-crypto conduit for its consumers and fostering the growth of the virtual asset sector.　　　　Several European markets will still have access to the Huobi Visa Card during the initial deployment phases; other regions will receive it soon after. The Huobi Visa Cards introduction demonstrates Huobis steadfast commitment to fostering the global acceptance of virtual assets.　　A representative of Huobis global advisory board, Justin Sun, stated that:　　“This launch of the Huobi Visa Card marks a significant milestone in Huobis push toward making virtual assets available to all. Huobi and Visa are both prominent leaders in their respective industries, and with the Huobi-branded card, we hope to contribute toward global financial inclusion. ”　　Cuy Sheffield, Visas Head of Crypto, stated:　　“Visa wants to serve as the bridge between the crypto ecosystem and our global network of merchants and financial institutions. Were excited to work with innovative platforms like Huobi to make it easy and seamless for consumers to spend from a crypto balance—anywhere Visa is accepted.”　　The accounts of Huobi users will be connected to

2022-12-26Deep Dive

Nigeria is about to pass new laws to recognize Crypto as Investments

By: Damian Okonkwo 　　Nigeria is currently working on passing new laws that will recognize cryptocurrencies as investment capitals. This was revealed last week by Ibrahim Babangida - the Chairman of the House of representative committee on Capital Markets and Institutions while speaking with Punch.　　According to the statement by Ibrahim, the country will pass the bill as soon as it has been approved by the Senate. The said bill for the recognition of crypto as investment capital is contained in the amendment bill on Investment and Securities Act of 2007 currently under review. The bill will also have to define the roles of the CBN towards crypto.　　The plan to recognize crypto as capital for investment comes up barely two weeks after Finance minister Zainab Ahmed disclosed that the Finance bill for 2022, had pushed to include taxation for cryptos describing them as digital assets.　　The current move from the Nigerian government to recognize crypto as investment capital and to further add taxation for crypto trading seem to be a major move towards recognizing cryptocurrency as a legal tender within the country.　　Recall that Nigeria has hitherto maintained a hostile attitude towards crypto after the CBN proceeded to restrict the banks on February 2021

2022-12-26Deep Dive

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