Crypto Guides, Knowledge & Insights

Binance Looks to Re-Enter the Japanese Market

In order to revitalize the Japanese economy, one of the top aims of Prime Minister Fumio Kishidas plan is to stimulate the expansion of Web3 businesses. In order to boost the growth and adoption of cryptocurrencies, Binance applies for an operational license in the country.　　A spokesman for Binance noted:　　“Binance is committed to working with regulators and policymakers to shape policies that protect consumers, encourage innovation, and move our industry forward.”　　 The Japanese government suggested a business-friendly cryptocurrency tax in August that would go into effect in 2023.　　For instance, a reduction from the existing rate of 55% to 20% was considered for the income tax on bitcoin gains made by private investors.　　Corporate taxation has indeed been condemned by lobbying groups as dragging cryptocurrency companies away and to nations like Singapore and the United Arab Emirates.　　For instance, the Web3 infrastructure company Stake Technologies Pte shifted to Singapore in 2020 due to the countrys high taxation. Watanabe Sota, the CEO of the company, revealed that if the corporate tax was reconsidered, he would move the business to Japan again.　　In contrast, the Japanese parliament approved a bill that categorizes stablecoins as digital money that must be linked to the yen, the countrys official currency,

2022-10-07Deep Dive

Dollar Spot Index Perpetual Futures are listed on the cryptocurrency exchange FTX.

The so-called FTX Dollar Spot Index, which is intended to measure the fluctuations of four important currencies, such as the Euro, Yen, Canadian dollar, and British Pound against the U.S. dollar, will serve as the basis for FTXs new perpetual contracts.　　This is how the FTX USD Spot Index (FTXDXY) is determined:　　35.7*EURUSD^-0.6*JPYUSD^-0.2*CADUSD^-0.1*GBPUSD^-0.1　　The volatility of the foreign currency market, however, has dramatically grown recently. The US dollar is currently at its highest level since 2022, especially after the Federal Reserve hiked interest rates multiple times. This is due to tightening monetary policy and the swift increase in interest rates in the 　　The US dollar index went over the 111 mark, re-established a recent peak since 2002, and is currently looping the record-setting level of 111.76. 　　Foreign currency gradually reduced. The US dollars volatility will have a substantial impact on the world economy because it is the dominant currency in international trade and finance. 　　Due to the fact that Bitcoin (BTC) is still viewed as a risk asset against inflation, many traders think that for Bitcoin to increase, the dollar must decline.　　The messy implementation of Prime Minister Liz Truss economic plan, on the other hand, caused the pound to fluctuate. 　　On September 23,

2022-10-06Deep Dive

BTC & USDT Crypto Payments Accepted at McDonald's in Swiss Town

The McDonalds digital kiosk in the city of Lugano permits customers to place orders, which they can then purchase for using a smartphone application at the standard check-in desk. In addition to cryptocurrency payments, this area also accepts them for paying municipal fees, parking fines, taxes, public services, and tuition.　　The City of Lugano has declared that LVGA, Tether, and Bitcoin are all recognized as legal money. The local government intends to accept Bitcoin, USDT, and a specific Swiss franc-pegged Stablecoin as the only methods of payment for locals to pay their annual taxes and purchase items and services.　　One of the first cities in the world to implement a full cryptocurrency payments system will be Lugano, a city of 63,000 people in Italian-speaking Switzerland, which said in March that it will do so. The predicted adoption of cryptocurrency payments for products and services by more than 200 shops and companies. To that goal, Tether and Lugano will work together to establish the city as a key hub for the use of the blockchain in Europe.　　El Salvador became the first country to recognize Bitcoin as legal tender on September 7, 2021, and as a result, McDonalds has started taking Bitcoin as a

2022-10-06Deep Dive

Bitcoin Hits the $20K Mark as Whales Proceed to Amass Tokens

During intraday trade, the top cryptocurrency increased by 7.77% over the previous seven days to reach $20,154, per the CoinMarketCap. 　　Bitcoin whales on a spending binge based on increased accumulation are driving the upward momentum. Santiment, a source of market information, stated:　　“Bitcoin whales are showing signs of sustained accumulation, which has been a rarity in 2022. Since September 27th, addresses holding 100 to 10k BTC have collectively added back 46,173 BTC back to their wallets as large USDT holdings have dropped.”　　The continuous hodling behavior that whales on the Bitcoin network are exhibiting can also be observed in the fact that more coins have been leaving cryptocurrency trading.　　“Bitcoin continues to see its supply moving away from exchanges as traders show further signs of being content with their current holdings. With less than 9% of BTC on exchanges for the first time since 2018, it is a good bode of confidence for bulls.”　　Coins are transferred to digital wallets or cold storage for purposes other than speculative use after leaving bitcoin exchanges, which typically reflects a hodling culture. The fact that it reduces selling pressure makes it a bullish indicator. 　　Because more than 42 million addresses still hold BTC in spite of the

2022-10-06Deep Dive

Avoid Crypto Rocket, an Unregulated FX Broker.

If you want to make money on the Forex market, trading with Crypto Rocket is not advised. This broker is unregulated, has had numerous negative evaluations, and has even received a warning. Well explain what Crypto Rocket looks like in real life in this section.　　Not regulated, but cautioned　　On its page, scammer Crypto Rocket merely provides a Saint Vincent and the Grenadines address without mentioning any regulatory information. We thus performed a company name search with the S.t. Vincent and the Grenadines Financial Services Authority (SVG FSA) using the company name CryptoRocket Limited and discovered that it was an SVG-registered business. But a well-known offshore registration is the SVG FSA. It doesnt control forex transactions or grant forex licenses. Registration therefore does not entail regulation.　　More crucially, the Comisión Nacional del Mercado de Valores in Spain has issued a warning about the scam (CNMV).　　Dangerous Leverage　　Because most regulators place severe leverage limitations on brokers in accordance with national regulations, Crypto Rockets assertion that it can offer high leverage of up to 1:500 is another way of suggesting that scammers are not subject to top authorities oversight. The maximum leverage a broker subject to FCA regulation may provide is 1:30. As high-risk leverage like

2022-10-05Deep Dive

Michael Saylor claims that Bitcoin is "100 times better than gold."

The bull in the cryptocurrency market not only believes that Bitcoin will return to its former glory but also believes that the leading cryptocurrency has a lot of potential to increase beyond its present trading level.　　Saylor sees Bitcoin as the next major “store of value asset” and thinks it is 100 times better than gold. Although the event was initially reported on Saturday, September 24, the CEO made the remarks during the Money Festival, which was hosted by MarketWatch on Wednesday. “I believe that Bitcoins next natural step will be to displace gold as a non-sovereign store of value asset. At the moment, gold is a $10 trillion asset. Bitcoin is 100 times better than gold,” according to Saylor.　　Saylor did not hold back while making his prognosis that the price of the cryptocurrency may approach $500,000 within the next ten years during the festivals Best New Ideas session, “You cant inflate it. The half-life of money in Bitcoin is forever. You can move it on billions of computers at the speed of light. So, if Bitcoin goes to the value of gold, its going to $500,000 a coin, and I think that will happen this decade.” the executive said. 　　According

2022-10-05Deep Dive

Co-founder of Celsius Daniel Leon has resigned.

In a statement provided to Bloomberg News on Tuesday, the cryptocurrency lender that went into bankruptcy previously this year said, “We confirm that Daniel Leon resigned from his role at Celsius and is no longer part of the group.”　　His departure comes a week after Alex Mashinsky, the companys CEO, turned in his letter of resignation.　　The companys Special Committee of the Board of Directors received the resignation letter, according to a press release from the organization.　　“Please accept my resignation as CEO of Celsius Network Ltd, as well as my directorships and other positions at each of its direct and indirect subsidiaries, with the exception of my director position at Celsius Network Ltd., effective immediately.” Mashinsky wrote in his letter of resignation.　　Lior Koren, formerly the businesss worldwide tax director, is now in charge and based in Israel, according to CNBC, which cited an internal email.　　Following the ambiguity of hundreds of investors, Celsius declared bankruptcy. Prior to the decline in cryptocurrency values, the corporation had placed dangerous bets. The business revealed a $1.19 billion deficit in July.　　The design of Celsius business strategy was intended to compete with conventional banks. It made it possible for users to invest in their cryptocurrency and earn interest

2022-10-05Deep Dive

By the end of 2022, BitMEX will introduce its platform token BMEX.

At the Token2049 conference in Singapore, BitMEX CEO Alexander Hoeptner made the announcement in an interview. 　　It was originally planned to launch BMEX, a P2P trading platform for crypto-products, earlier. Nevertheless, BitMEX chose to delay the debut of BMEX due to the unfavorable market conditions at the time. By doing this, BitMEX wanted to allow BMEX to begin in a situation where investors would have the best opportunity of making a profit.　　Despite being prepared to list BMEX, the firm stated in a July release that the current market conditions were not optimal. As a result, the company wanted to list the token in a setting where it would have the greatest shot of rewarding its investors.　　　　Before analyzing the exact BMEX token listing time, the team would consider if there would be another “big drop” in the future, according to Alexander Höptner. 　　Platform currency is the digital money created by the platform itself, just like other exchange tokens like BNB of the Binance exchange and FTT of the FTX exchange.　　Comparatively to conventional assets like Bitcoin, platform money offers a wider range of value support. There are numerous application scenarios depending on the exchanges equity, including its transaction and circulation value.　　Owners of

2022-10-04Deep Dive

Since May, cryptocurrency exchange volumes have increased, reaching $733 billion in September.

The performance of the cryptocurrency market in the first half of the year fell short of expectations, with large declines in spot and derivatives trading volumes across the major exchanges. 　　According to data gathered by CryptoCompare, as bitcoin prices fell, cryptocurrency spot trade volumes dropped roughly 28% in June to $1.41 trillion, the lowest level since December 2020.　　According to The Blocks reasonable trade volume indicator, June saw $629 billion, July saw $633 billion, and August saw $630 billion.　　Fairlead Strategies co-founder Katie Stockton stated:　　“Given investor attitude in cyclical bad markets, volumes have decreased; as a result, it is anticipated that volumes will be below average until cryptocurrency prices exit the current cycle, which may not happen for a few months.”　　Recently, Bitcoin (BTC) has been bouncing around $19,000. CryptoQuant observed that over the past three days, more than 60,000 Bitcoins have left exchanges, the largest number in months, signaling that interest is returning to the sector. The same information was released by Santiment, which also noted that investors are probably optimistic about the fourth quarter.　　According to CryptoQuant data, the highest outflow of bitcoins in recent months occurred in the last three days as 61,301 bitcoins left exchanges. After months of falls, “this

2022-10-04Deep Dive

The Number of Bitcoin ATMs Installed Slowed Significantly in September

Data obtained from CoinATMRadar shows that the number of ATMs deployed decreased from 38,776 in August to 37,980 in September. A decline of -2.05% occurred as a result of the removal of 796 ATMs from the global network. 　　Numerous variables, including market uncertainty and tensions from various geopolitical countries, can be blamed for the abrupt decline in Bitcoin ATM installations.　　A user can use cash or a debit card to purchase Bitcoin and other cryptocurrencies at a bitcoin ATM. You can purchase and sell bitcoin for cash using some Bitcoin ATMs two-way capability. 　　In some instances, Bitcoin ATM providers demand that customers have an active account in order to use the machine. One of the easiest to see indicators of how the ecosystem of digital currencies is developing is the presence of bitcoin ATMs.　　　　Installed Bitcoin ATMs in Various Locations　　According to information obtained from CoinATMRadar, as of May 18, 2020, there were 5,888 crypto ATM locations in the United States alone, with 736 of those being concentrated in the Los Angeles region and 946 in Washington, DC. This number includes additional coins like Bitcoin Cash (BCH). Litecoin (LTC), Dash (DASH), and Ethereum (ETH) (DASH).　　Additionally, there are now roughly 15 bitcoin ATMs spread

2022-10-04Deep Dive

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