Crypto Guides, Knowledge & Insights

ProShares to launch Bitcoin short ETF

ProShares will launch a short Bitcoin-backed exchange-traded fund (ETF) on the New York Stock Exchange (NYSE), the U.S.-based ETF issuer announced on Monday.　　Fast facts　　ProShares Short Bitcoin Strategy ETF is scheduled to begin trading on the NYSE on Tuesday under the ticker BITI.　　A short Bitcoin-backed ETF allows investors to profit from falling Bitcoin prices.　　Bitcoin has fallen roughly 70% from its all-time high in November last year and was changing hands at US$20,575 at publishing time.　　ProShares launched the first Bitcoin Futures ETF in the U.S. last October, before Bitcoin rallied to its record-high price.　　The U.S. Securities and Exchange Commission has yet to grant approval to a spot-traded Bitcoin ETF.　　For more blockchain news, please download WikiBit- the Global Blockchain Regulatory Inquiry APP.

2022-06-21Deep Dive

Korean Financial Authority Imposes Departure Ban On Terra Developers

According to Korean news site JTBC, the Seoul Joint Financial and Securities Crime Investigation Team has placed travel embargoes on developers in the Terra team. This is as a result of the ongoing investigation on Terra by Korean Authorities.　　TFLs members were not informed about the ban　　After the crash of LUNA and UST, authorities have been on the tail of the founder of Terra, Do Kwon. His legal troubles seem to be compounding as Korean Authorities have now placed a travel ban on present and ex members of his team.　　This move seems to have been taken to prevent said persons from suddenly leaving the country as it appears that a more serious investigation is going to be launched on the company soon.　　According to a Terra employee, David Hong, none of them were notified of the restrictions beforehand, which he said was done so they wouldnt destroy evidence.　　“To be honest, people being treated as potential criminals like this is absolutely outrageous and unacceptable.”Hong tweeted.　　At the moment, the prosecution is said to be coordinating the investigation schedule with Terra officials. However, an official from the Ministry of Justice noted that,　　“It is impossible to confirm whether the departure ban is related to the confidentiality

2022-06-21Deep Dive

Bloodbath in Crypto: Nigerian traders lose money as Bitcoin Crashes to 17K

By: Damian Okonkwo　　The Crypto market has witnessed its most difficult moment last week with Bitcoin falling to two years low at 17,588 marking its lowest point since 1st October 2020. This has dealt a heavy blow to all crypto traders the world over; including Nigerian traders who have invested in Bitcoin and altcoins as a lifetime investment without bothering to take profits during the dip. Bitcoin has witnessed over 79% loss of value from its all-time-high recorded in November last year at 69K. Most altcoins have seen greater price crash with some losing over 90% value while some shitcoins rug pulled entirely with no hope of recovery.　　So far the current dip seems to have exposed to all new crypto traders the risk involved in investing in Cryptocurrency. Thus there is no price regulation nor monitoring of the developers by the government. This gives room for the possibility of a rapid price crash as we saw last month in Luna coin and this month in Bitcoin without anyone questioning the developers.　　What is the major cause of the crash in Cryptocurrency today？　　There are two major causes of the crash witnessed this month in the crypto industry. We have explained them below:　　Interest rate

2022-06-20Deep Dive

Binance Suspends Direct Deposits and Withdrawals in Brazil

Binance announced this week that the direct withdrawal and deposits were suspended in Brazil. The exchange issued a statement where it announced that this was the result of a change in the payments partner in the country and that it will be taking legal steps against it. However, the partner states that Binance did not adapt to provide the new KYC information required by Brazils central bank.　　Binance Stops Real Related Movements　　Binance stopped real-based direct deposits and withdrawals in Brazil this week as a result of a change in its secondary payments provider. The exchange announced that it was making the necessary changes to fix this problem in the future to keep offering these services to its customers in Brazil.　　In a blog post explaining the situation, Binance stated: [Binance] will promote a smooth transition in the coming weeks and that it is taking all necessary steps, including legal related to Capitual, to ensure that users are not adversely affected by the change.　　Furthermore, the exchange stated that Brazil was “an extremely relevant market for the company,” and that it would continue to invest and expand services in the country.　　Capitual Answers　　Capitual, the bank that provides payments services for Binance and other exchanges in

2022-06-20Deep Dive

Elon Musk: I Will Keep Supporting Dogecoin Despite The $258 Billion Lawsuit

Elon Musk, the worlds richest man and self-proclaimed Doge Father, has declared his unwavering support for the leading meme cryptocurrency, Dogecoin.　　Elon Musk to Keep Supporting Dogecoin　　The Tesla CEO posted on Twitter earlier today: “I will keep supporting Dogecoin.” He also revealed in response to a user that he is still buying the memecoin.　　As usual, DOGE reacted to the billionaires tweet, and the price surged by 11% from $0.052 to $0.058 despite the bearish market.　　Musks declaration of his continued support for Dogecoin comes a few days after an American investor filed a $258 billion lawsuit against him and two of his companies, Tesla and SpaceX, for allegedly promoting DOGE and manipulating the price of the cryptocurrency.　　As reported, the plaintiff, Keith Johnson, described Dogecoin as a “crypto pyramid scheme” and alleged that Musk and his companies deliberately promoted it as a legitimate investment.　　The plaintiff argued that the billionaires endorsement of Dogecoin led many people to invest in the cryptocurrency, which is currently down by more than 90% from its 2021 all-time high of $0.73.　　Johnson is seeking $86 billion in damages from the billionaire and $172 billion for losses incurred from DOGE trades since 2019. He also wants Musk to stop promoting or

2022-06-20Deep Dive

Crypto Scammers on LinkedIn Pose Big Threat to Users, Says FBI

IN BRIEF　　US FBI has warned LinkedIn users to be wary of crypto scammers on LinkedIn.　　According to the authorities, these scammers use different techniques to defraud their victims.　　LinkedIn has revealed that it is working with the FBI to curb the use of the site for scams.　　The Federal Bureau of Investigation has warned LinkedIn users to be wary of crypto scammers, saying that these malicious players present a huge threat to the social media platform.　　Speaking on behalf of the law enforcement agency, its special agent in charge of the San Francisco and Sacramento, California field offices, Sean Regan, noted that numerous users have already fallen victim to those scammers.　　LinkedIn users already falling victim　　“This type of fraudulent activity is significant. There are many potential victims, and there are many past and current victims.”　　Regan continued that the growing rate of these crypto investment scams has contributed to the rising number of investment-related frauds recorded by the FBI.　　“They are always thinking about different ways to victimize people, victimize companies.”　　He noted that scammers invest a lot of time in researching their claims, defining their goals, and their strategies. He also added that they deploy tools and tactics that are always predetermined.　　A report by the Federal Trade

2022-06-20Deep Dive

Ukraine Joins European Blockchain Partnership

Ukraine finally became a member of the European Blockchain Partnership (EBP). Alexander Bornyakov, Deputy Minister of Ukrainian Digital Transformation for IT Development took part in the meeting with all other EBP member countries as an observer.　　Ukraine aims to integrate digital economics　　Many lawmakers in Kyiv have been urging the European Union (EU) to do so for a long time. However, this move makes Ukraine the second country outside the EU to be a part of this group. Earlier, Norway was the only non-EU country to take part in the EBP. However, this big development has come amid the ongoing Russian invasion.　　As per the release, the main goal of this project is to build the pan-European blockchain. This will lead to the integration of digital economics between the EU and Ukraine. However, the nation aims to expand its interstate blockchain network in partnership with other countries.　　It added that a letter was sent to the President of the European Commission regarding the formation of a single blockchain infrastructure based on EBP. In response, Ukraine got the confirmation to join European Blockchain Partnership as an observer. For more blockchain news, please download WikiBit - the Global Blockchain Regulatory Inquiry APP.　　 Big relief amid Russian

2022-06-20Deep Dive

The Metaverse Will Be Valued at $5 Trilllion by 2030: Report

Global consultancy firm McKinsey & Company released a new report on the Metaverse, stating that in eight years, the field could be valued at $5 trillion – around the same size as Japans economy. The report “Value Creation in the Metaverse” drew data from two surveys, including 3,104 consumers across 11 countries and 448 companies across 15 industries.　　Metaverse as an Opportunity　　According to the report, as the Metaverse continues infiltrating into everyday life, 50% of live events could be held in a virtual space, and 80% of commerce would be “impacted by something consumers do there” by 2030. At that time, every internet user would spend roughly 6 hours a day on the space.　　In particular, the gaming sector will be the main driver behind the Metaverse, eclipsing the entertainment industries like music and movies. As of now, the sector has around 3 billion gamers worldwide and is valued at $200 billion.　　Its worth noting that besides gaming – the report predicted – e-commerce and virtual advertising are two major sectors that could take advantage of the Metaverse by 2030, with approximately $2 trillion to $2.6 trillion of all spending in the former one and $144 billion to $206 billion in the latter

2022-06-20Deep Dive

Sberbank to Conduct First Digital Asset Transaction on Own Platform

Russias largest bank, Sberbank, is going to carry out the first transfer of digital assets on its own dedicated platform within a month, a top executive revealed this week. The announcement comes after earlier this year, the bank was authorized to issue digital financial assets.　　Sberbank Prepares for Deal With Digital Financial Assets on Proprietary Platform　　Russian majority state-owned bank Sberbank (Sber) will perform the first transaction with digital financial assets (DFAs) on a platform developed by the institution within a month, Tass reported. The news agency quoted Anatoly Popov, deputy chairman of the Management Board of the banking and financial services company.　　Speaking on the sidelines of the St. Petersburg International Economic Forum, the high-ranking executive reminded that Sberbank, which accounts for about a third of all bank assets in Russia, was added to the Central Bank of Russias register of information system operators permitted to issue DFAs this spring.　　‘Digital financial assets’ is the current term in Russian law describing cryptocurrencies and other digital assets. Additional legislation is on the way, with a bill “On Digital Currency,” proposed by the Ministry of Finance to comprehensively regulate the countrys crypto market, likely to be adopted during the fall session of the State Dima,

2022-06-20Deep Dive

Iran Cuts Power Supply To Crypto Mines

Irans Ministry of Energy has decided to cut down the supply of electricity given to the authorized crypto mines units of the country. As reported by Tehran times, this decision will be implemented on the upcoming Wednesday. The step is taken to stop the access of electricity to unauthorized mines.　　The electricity of authorized cryptocurrency mining units will be cut off from the beginning of the next Iranian calendar month Tir (Wednesday, June 22) until the end of the restriction.　　Saving countries domestic power supply　　The Government of Iran gave 1,000 crypto mines licenses to mint the token in January this year. At present, 118 authorized mines are using the electricity supply of the country. The country recorded consumption of 62,500 megawatts (MW) in the previous week. The power consumption is expected to cross the bar of 63,000 MW, which will limit the supply for the country.　　Last year also the Iranian government had banned the mining of cryptocurrency to save the countrys power supply. It was recorded that the illegal mines had consumed nearly 600 megawatts of the power supply back then. The ban is in action till the start of March this year. It was estimated to free up to 209 megawatts

2022-06-20Deep Dive

...

231233

...

743