Crypto Guides, Knowledge & Insights

Ethereum's Speculative Activity Increases as the Merge Approaches

Put options indicate selling, whilst call options indicate buying. The heavily hyped merge event scheduled for September 15 has prompted purchasing pressure to outweigh selling, as evidenced by the call options being displayed on the ETH network. 　　Despite being difficult for a few years, the merge is expected to be the largest software upgrade in the Ethereum ecosystem since it will shift the protocol from proof-of-work (PoW) to proof-of-stake (PoS). 　　Consequently, a number of experts and institutions think that this development may accelerate Ethereums efforts to become a deflationary asset. 　　For instance, the merger will reduce global Ether issuance by 4.2% annually, which would be deflationary, according to recent analysis from the American multinational investment firm Citigroup or Citi, as reported by Blockchain.News. 　　The number of addresses holding more than 100 ETH has reached an 18-month high, and Ethereum address activity has been hitting new heights. During intraday trade, ETH climbed by 6.7% over the previous 24 hours to reach $1,622, according to CoinMarketCap. It will be interesting to see how the second-largest cryptocurrency develops following the Bellatrix update, which has already started the process for the integration.　　As a reminder, WikiBit is ready to help you search the qualifications and

2022-09-12Deep Dive

Crypto advertising are illegal on F1 tracks in Singapore.

The Wall Street Journal reports that the Monetary Authority of Singapore (MAS), Singapores financial watchdog, informed F1 organizers that it would forbid Crypto.com advertisements from showing on the course.　　The banking system of Singapore is known as the Monetary Authority of Singapore (MAS). The MASs objective is to encourage solid and forward-thinking financial institutions as well as sustainable, non-inflationary economic growth. In order to implement Project Ubin, a central bank digital currency (CBDC) project, the MAS used blockchain technology. 　　For single-seater open-wheel formula racing cars, F1 is the highest level of worldwide competition. To sponsor Formula One, cryptocurrency exchange Crypto.com has paid big bucks. 　　80 percent of the F1 teams in 2022 have at least one cryptocurrency sponsor. 　　Singapore will host the seventeenth race of the 2022 season from September 30 to October 2.　　Although the on-track brand on its own is more specifically targeted at Singaporeans, the regulator noted that Crypto.com ads might appear on teams and apparel but were not allowed to sell cryptocurrency-related ads on the track directly to the general public. 　　The first cryptocurrency platform to collaborate with an F1 team, Aston Martin, is Crypto.com. Prior to the unveiling of the 2021 F1 car from British automaker Aston

2022-09-12Deep Dive

Top 2 Alternative Coins to Keep an Eye on This Week

The overall market value of virtual assets is currently up 0.96% to $1.06 trillion. Controversy surrounding whether this market value will sink below the $1 trillion level, however the underlisted three tokens should be observed as the Ethereum platform shifts from Proof-of-Work (PoW) to Proof-of-Stake (PoS) mode.　　CARDANO 　　If Ethereums The Merge is a triumph, Cardano will indeed be linked to several other cryptocurrencies in the upcoming week. It is among the oldest and has fewer stable ecosystems than Ethereum, but it is not the sole rival blockchain technology that will be kept under the spotlight. 　　Investors will add Cardano to their radar once Ethereums PoS upgrade becomes operational because it has experienced a reasonably strong growth run over the previous week. At the time of writing, it was up 0.35% and trading at $0.5125.　　ETHEREUM　　Currently selling at $1,740.40, Ethereum has risen 1.73% in price during the last 24 hours, according data from CoinMarketCap. The price of Ethereum is much above its worst point for the year, which is at $896.11, despite the fact that it is now trading below its monthly high of $2,022.79 at the time of writing. 　　In the current crypto economy, Ethereum is a key player. The PoS

2022-09-12Deep Dive

Late Queen Elizabeth II Sparks Influx of Meme Coins and NFTs

The death of Elizabeth II, Queen of the United Kingdom and Commonwealth countries, on Thursday hit Britain hard, as the pound fell, inflation rose, and a new prime minister was elected.　　Despite this, crypto degens continue to create NFT pictures, caricatures, artwork, and meme coins of the late king.　　Over the last 24 hours, more than 40 crypto coins have appeared on decentralized exchanges on the BNB Smart Chain (BSC) and Ethereum, with names like “RIP Queen Elizabeth,” “Queen Elizabeth Inu,” “God Save The Queen,” “Queen Doge,” “Elizabeth II,” and “London Bridge Is Down.”　　The “Rise Of The King” token, named after the Queens successor King Charles, has risen about 2,000% since its inception on Friday and is presently trending on Dex Screener, which maps prominent digital assets on Ethereum-powered Uniswap.　　Over the last 24 hours, the Elizabeth token has witnessed $6.1 million in transaction volume on BSC-based PancakeSwap.　　The majority of the projects have negligible liquidity, which may imply the possibility of short-term pump and dumps – thus would-be traders should exercise cautious.　　NFT communities pay respects — in their own way　　The RIP Queen Elizabeth II “memorial” collection debuted on OpenSea with 522 items and has had the highest activity among Queen-related NFTs on the

2022-09-12Deep Dive

The Flippening: Will Ether Flip Bitcoin in the Next Year?

For years, supporters of Ethereum have yearned for “The Flippening,” the hypothetical (as of today) time when ether surpasses bitcoins market valuation.　　When else than during Ethereums Merge？ It is one of the most important improvements in the history of cryptocurrencies since it replaces the energy-intensive, proof-of-work-based consensus with a proof-of-stake system.　　In six days, Ethereums Beacon Chain and its established mainnet are anticipated to merge.　　But whether its sufficient for ether to supplant bitcoin is a different matter. Given that both equities and cryptoassets have fallen by around 70% from their respective high in November, bullish sentiment would suggest that June is the bottom for both.　　At slightly under $368 billion in market value, Bitcoin, which is currently trading at $19,000, accounts for 39% of the whole market for digital assets.　　Ether trades for $1,600, and its nominal worth, at $196.4 billion, or little over one-fifth of the total market capitalization of all cryptocurrencies, is slightly more than half that of bitcoin.　　Back of the napkin calculations reveal If ether reaches about $3,050, The Flippening would happen. However, this is only possible in the extremely unusual scenario that bitcoins price doesnt change.　　“The flippening is merely a symbolic triumph for ETH maximalists, and may not be

2022-09-12Deep Dive

GameStop Establishes an Alliance with FTX US

By promoting “FTXs digital asset community and marketplace,” the alliance hopes to lure more GameStop consumers to FTXs platform. GameStop will start releasing FTX gift certificates at a few of its outlets in addition to partnering with FTX on the implementation of e-commerce and digital marketing initiatives.　　Even though GameStop announced an approximately 4% reduction in its net sales for the quarter to $1.14 billion, the companys shares increased nearly 12% to $26.84 per share in after-hours trading in response to the news.　　As of July 30, the corporation announced a second quarterly profit of $1.14 billion. Comparatively to the same period last year, the net loss for the quarter was $108 million.　　In accordance with the most recent earnings reports, the companys humiliating defeat was 35 cents per share on a cost basis, which was lower than the 38 cents per share average Wall Street analyst projection.　　Despite having decreased net sales for the quarter, GameStop saw a surge in after-hours trading, climbing 11.06% to $26.48. This is due to the collaboration with FTX US.　　In a recent GameStop quarterly report, Furlong remarked that the business has begun to concentrate on modernizing the brand and promoting growth. He said that the company had revamped

2022-09-09Deep Dive

Before FIFA 2022, Binance Releases Football Fan Token Index Perpetual Contracts

The exchange announced that its brand-new cryptocurrency price index is monitoring the market volatility of football club fan tokens listed on Binances open market in USDT. 　　　　The cryptocurrency USDT, sometimes referred to as Tether, is tied to the US dollar at a 1:1 ratio.　　According to the firm, permanent Binance Football Fan Token Index contracts are now accessible for trading around-the-clock, featuring much as 25 times leverage, including using USDT as the settlement currency on the exchanges derivatives trading.　　The tick size, optimum leverage, preliminary margin, and/or maintenance margin demands are a few of the agreement specifications that Binance indicated may change from time to time depending on market risk conditions.　　　　A new device that permits the user to transact using their USDC balance on the Binance credit market has been announced by the business today: USDC perpetual contracts for its fan token index.　　　　Customers can place either long or short-term agreements with maximum to 25x leverage and no expiry date on Binances new USDC perpetual contract accepting USDC as collateral.　　Users can compute the margin, revenue, and deficit using USDC and place a transaction based on the amount of the cryptocurrency they are using (including Bitcoin or Ether, among several others). Investors mostly utilize

2022-09-09Deep Dive

Algorand Added A New Protocol to Boost Transaction Speed and Cross-Chain Communication Security

Algorands Layer 1 protocol is currently one of the quickest in crypto thanks to an improvement. The upgrade includes modifying the mainnet activity capacity of the network. Algorand estimates that this enhancement will result in a 1,200–6,000 boost in network TPS. This improvement primarily brings State Proofs to the cryptocurrencys mainnet, which facilitated trustless communication among the various blockchain protocols.　　This edition contains several innovative approaches for developers in addition to these massive modifications. They provide Algorand-based decentralized apps (DApps) accessibility to on-chain randomness. The Algorand PPOs consensuss on-chain unpredictability has been a key element; in this compromise, the system validators are selected at random rather than according to the amount of staked Algorand tokens.　　Through the networks addition of State Proofs and the ability to safeguard numerous blockchains independently of one another, Algorands upgrade has enabled trustless cross-chain communication.　　What is the State of Proofs？　　It is a novel technology that will empower the market to find a solution to the problem of blockchain systems dependency on centralized validation networks and bridges. With the help of this functionality, bridge-related exploits and assaults will no longer be a typical occurrence.　　Silvio Micali, the man behind Algorand, stated:　　“Algorand proves once again that decentralization does not need

2022-09-09Deep Dive

Circle CEO Allaire Backs Binance's Choice on Stablecoin

Tuesday, the CEO of Circle suggested that impending developments at Binance would make USDC the preferred stablecoin rail between centralized exchanges (CEXs) and decentralized exchanges (DEXs). According to Allaire, the development is not only advantageous for Binance but will ultimately increase the utility and uptake of USDC. 　　Aside from enjoying more liquidity and utilization outside of Binances exchange, USDC has a larger market cap than BUSD. 　　Allaire, however, is confident that the latest adjustment will assist USDC in becoming the markets preferred stablecoin train for transferring money between centralized and decentralized exchanges.　　The biggest stablecoin in the world, Tether (USDT), was not included in the consolidation proposal by Binance. The exchange will continue to accept stablecoin trades. 　　The exclusion of USDT from Binances plans was justified by two factors, according to Allaire. First, the CEO said that switching to BUSD would have been too problematic due to Binances present USDT liquidity. And second, he claimed that USDT is “not even close” to meeting the criteria for becoming a cash-equivalent asset. 　　The justifications put out by Allaire attempt to address accusations of Tether for using shaky backup assets to underpin its stablecoins.　　Allaires statement came after Binance revealed on Monday that starting on

2022-09-08Deep Dive

New ETP to be Released by ETC Group in Light of Upcoming Ethereum Hard Fork

The investing company announced that it intends to register a new Ethereum ETP dubbed as Xetra on the Frankfurt Stock Exchange in preparation of Ethereums impending hard fork. With its headquarters in London, ETC Group is the principal supplier of institutional-grade digital asset-backed securities in Europe. 　　A long-awaited settlement upgrade termed as the Ethereum Merge is intended to switch the Ethereum blockchains Proof-of-Work (PoW) mechanism from one that depends on mining to one that doesnt (PoS).　　The largest smart-contract network in the world, Ethereum, is set to hard fork in the middle of September, dividing into a proof-of-stake (PoS) chain and a proof-of-work (PoW) chain. The seven-year-old Ether (ETH) cryptocurrency, with a market cap of $1,585, will continue to function as the native token of the Ethereum chain with the PoS consensus process. A new coin called ETHW will be used on the PoW chain, which stands for a group of miners that are opposed to the move to PoS.　　A group of miners who are opposed to Ethereum shifting to PoS are addressed by the new Ethereum ETP from ETC Group, which is preparing to rely on a forked PoW Ethereum chain. 　　A new currency named ETHW will be introduced for

2022-09-08Deep Dive

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