Crypto Guides, Knowledge & Insights

Biggest Movers: AVAX, ALGO Among Crypto Losers as U.S. Inflation Hits 40-Year High

Avalanche (AVAX)　　AVAX moved close to a one-week low on Friday, as prices fell following the release of U.S. inflation data.　　Following a high of $25.29 on Thursday, AVAX/USD slipped to a low of $22.78 earlier in todays session.　　This drop took prices close to their support level of $22.50, and comes as AVAX has dropped for four consecutive days.　　AVAX/USD – Daily Chart　　Todays low sees prices trade at their weakest point since last Saturday, with many now waiting to see if we could see even more drops this weekend.　　Looking at the chart, the 14-day RSI does look as though it has also found a floor at the 35 level, and should this hold, then we may not see any additional slips in price.　　This will be positive news for bulls who will likely wait for any signs of reversals prior to re-entering the market.Algorand (ALGO)　　Like AVAX, ALGO also dropped in value during todays session, as it too hit its lowest point this week.　　As of writing, ALGO/USD hit an intraday low $0.3696, which is nearly 10% below its peak of $0.4156 from yesterdays session.　　Today‘s low is slightly above the recent support level at $0.3665, and it’s the first time prices have moved this close to

2022-06-11Deep Dive

How to Earn Passive Income from NFTs: 4 Ways That Already Work

You probably arent yet aware of this but non-fungible tokens (NFTs) represent an untapped passive income-generating opportunity.　　Read on to learn how you can earn passive income with NFTs using a variety of methods that actually work.Staking NFTs　　The convergence of NFT technology and decentralized finance (DeFi) protocols has led to the potential for staking NFTs.　　Staking is commonly used in proof-of-stake (PoS) protocols where users commit their tokens to secure a network and validate transactions. But there are also other forms of staking, such as locking away cryptoassets in a DeFi protocol smart contract to generate yield in return.　　Similar to staking cryptoassets, staking NFTs allows you to generate passive income in the form of staking rewards while retaining ownership of your tokens.　　Staking NFTs can be a good strategy if you are planning to hold them long-term since you cant trade your staked NFTs. NFT staking platforms often study the rarity of the NFT and calculate the APY (annual percentage yield). The higher the rarity, the higher the APY, and the higher the staking rewards.　　Currently, there are several platforms that support NFT staking, including Kira Network, NFTX, Axie Infinity, and more.Renting out NFTs　　Several GameFi platforms allow you to earn passive income from your

2022-06-11Deep Dive

Forbes Survey：Nearly 30% of the Top 65 World’s Wealthiest People Invested in Crypto

The world’s wealthiest individuals are also jumping on the crypto bandwagon because approximately 30% of the top 65 globe’s rich people have directly or indirectly invested in cryptocurrencies, according to a Forbes survey. 　　Per the report:　　“Nearly 30% are either directly or indirectly invested in cryptocurrencies, a rate that is higher than among non-billionaire investors.”　　Therefore, this represents a change of tune among the world’s wealthiest people because some have been heavy crypto critics. The survey noted:　　“Of the billionaires surveyed, about 18% reported having at least 1% of their fortune in cryptocurrencies. Of that group, most are investing as a small side experiment.”　　“3.2% of the billionaire respondents said they have more than half of their fortunes poured into crypto. The study added that another 10% said they hadn’t directly invested in cryptocurrencies but had backed crypto-focused companies,” the study added.　　Despite some of the world’s leading billionaires having openly opposed crypto, many of them have cast their nets wider by looking at alternative currencies. Some of them have also made a paradigm shift from their previous tough stance about cryptocurrencies. 　　For instance, billionaire investor and Dallas Mavericks owner Mark Cuban has emerged as one of the famous converts because he was a previous

2022-06-10Deep Dive

Mastercard to Enable Payments for NFTs

Mastercard has announced that the payment company is working to enable non-fungible token (NFT) commerce with Immutable X, Candy Digital, The Sandbox, Mintable, Spring, Nifty Gateway, and Web3 infrastructure provider MoonPay. 　　“We‘re working with these companies to allow people to use their Mastercard cards for NFTs purchases, whether that’s on one of these companies marketplaces or using their crypto services,” Mastercard said.　　The new payment system will allow Mastercard holders to directly purchase NFTs from a digital assets marketplace. Prior to Mastercards new payment strategy, NFT buyers would first have to purchase crypto to complete the transaction.　　According to the company, the introduction of the new payment system could have a major impact on the NFT ecosystem as there are currently 2.9 billion Mastercard cards globally.　　Mastercards new NFT commerce has come at a time when NFT marketplaces have already generated more than $25 billion in sales in 2021 from art to sports to video games to collectables to metaverse platforms.　　Mastercard is also expanding the adoption of Web3 - a new version of the internet based on blockchain. The companys Web3 expansion is bringing its payment network to Coinbases new NFT marketplace, which opened to all Coinbase users in May.　　“Overall, these integrations are

2022-06-10Deep Dive

Majority Of American Merchants Prioritize Crypto As Payment: Deloitte Survey

Deloitte in collaboration with PayPal has carried out a survey called “Merchant Attitude to Digital Currency” involving 2000 senior executives at retail organizations across the United States. The result shows that about 85% of the surveyed merchants expect that cryptocurrency will be everywhere in five years time.　　Digital currency as a form of payment to be everywhere soon　　In recent times, we have clearly seen more people adapt to the use of cryptocurrencies as a form of payment, Deloitte‘s survey shows that the number of users might skyrocket in just about five years’ time as merchants in the US have been found to be optimistic about digital currency.　　The survey which focused on US consumer businesses, with annual revenues ranging from below $10 million to $500 million and above, recorded that 64% of consumers currently have interest in digital currency and 85% of organizations are of the view that digital currency payments will be widespread by 2027.　　It is also interesting to note that 54% of large retailers with revenues of $500 million and up have invested more than $1 million in attempts to authorize digital currency payments, and 6% of small retailers with revenues of under $10 million have done so, too.　　The survey

2022-06-10Deep Dive

Lithuania to Ban Anonymous Wallets Following EU Regulation

Key Takeaways　　Lithuanias Finance Ministry is looking to ban non-custodial crypto wallets.　　New regulation also imposes strict regulations on crypto service providers operating within the nation.　　The announcement comes after the European Unions recent decision to advance anti-anonymity rules in the crypto space.　　Lithuanias Finance Ministry has banned anonymous wallets and imposed strict regulations on crypto exchanges in an attempt to combat money-laundering, terrorist financing, and sanctions evasion. The ministry stated it had made the move in anticipation of future European Union decisions.　　 Lithuania Bans Self-Hosted Wallets　　The Lithuanian government is looking to pass a new law to tightening crypto regulations and outlaw anonymous wallets.　　According to the Ministry of Finance, the government approved Wednesday amendments to the “Law on the Prevention of Money Laundering and Terrorist Financing,” aiming to increase the transparency of the cryptocurrency sector while ensuring its “sustainable further development.” The amendments will need to be approved by the Seimas, Lithuanias legislature, before it is passed into law.　　Among other things, the law seeks to ban the creation of “anonymous accounts,” tighten know-your-customer (KYC) regulations for crypto exchanges, and require managerial employees of Lithuanian-based exchanges to be permanent residents of Lithuania. The Registrar of Legal Entities will also make the names of crypto exchange

2022-06-10Deep Dive

Colombia Takes First Steps Toward Regulating Cryptocurrency Exchanges

The Congress of Colombia has approved a bill that regulates the behavior of cryptocurrency exchanges in the country in its first discussion, taking the first steps to bring clarity to this issue. One of the creators of the bill, Mauricio Toro, a representative of the Green Party, stated that this bill is needed to protect users from Ponzi schemes, giving them security in the crypto world.　　Colombia Gets on the Crypto Regulation Road　　More and more countries in Latam are realizing the growth and influence crypto and crypto-related businesses are seeing in their territories. Colombia is one of them, and this is moving the government to accelerate the regulation of cryptocurrency exchanges to clarify the responsibilities and duties of these companies.　　In this sense, the Colombian Congress has taken steps in this direction by approving a bill that seeks to give more clarity and security to the operation of crypto exchanges in the country. One of the proponents of the bill, representative Mauricio Toro of the Green Party, gave his opinion about this development on social media. According to Toro:　　“Colombia has to move forward in regulating this business, which is legal and multi-million dollar, so that jobs and opportunities are created, but also

2022-06-10Deep Dive

Jamaica Becomes First Country to Make a CBDC Legal Tender

The Bank of Jamaica (BoJ) has legalized its CBDC in a move to provide an alternative to its cash-based economy.　　According to reports, the Jamaican senate has authorized the central bank to issue its CBDC, known as the Jamaica Digital Exchange, or Jam-Dex. According to Bank of Jamaica Governor Richard Byles, the Jam-Dex will officially launch for domestic use later this month.　　The digital Jamaican dollar “offers a more secure, convenient alternative to physical notes and coins, and can be used without a bank account,” Byles told Blockworks.　　The Jam-Dex has been in a pilot testing phase since Aug last year. BeInCrypto reported earlier this year that it would be rolled out in Q1, but delays have pushed it into the second quarter.　　New payments solutions　　CEO of CBDC technology provider eCurrency, Jonathan Dharmapalan, confirmed the move: “Legislators in Jamaica have all now unanimously moved a digital dollar forward in Jamaica. You can use this to settle any debt in Jamaica. It is the medium of exchange. It is the medium of account.”　　He stated that it was important for countries to start recognizing that their money can come in digital form, before adding: “Because it‘s digital, you don’t have to be in the same place

2022-06-10Deep Dive

Tether has announced that it will launch USDT on the Tezos network

Tether Operations Limited, the company behind Tether (USDT), the worlds largest stablecoin by market capitalization, has announced its plans to launch USDT on the Tezos (XTZ) blockchain. This announcement now means that USDT is available on 12 blockchain networks, including Ethereum (ETH), Tron (TRX), and Binance (BNB).　　The stablecoin was launched on the Tezos network to “power revolutionary applications across payments, DeFi, and more.” according to Tether.　　“Were excited to launch USD₮ on Tezos, offering its growing and vibrant community access to the most liquid, stable, and trusted stablecoin in the digital token space,” said Paolo Ardoino, CTO at Tether. “Tezos is coming fast onto the scene and we believe that this integration will be essential to its long-term growth.”　　Tether is currently the most widely used stablecoin with the most cryptocurrency pairs on exchanges, followed by USD Coin (USDC), the second most popular stabelcoin. By making Tether available on multiple blockchains, more users will be able to store their funds in non-volatile, USD-pegged cryptocurrencies. It also makes it easier for users to engage in Decentralized Finance (DeFi).　　“With the introduction of USD₮, on and off ramps into the Tezos DeFi ecosystem are simplified and efficient. Tezos is an exemplary system with features and

2022-06-10Deep Dive

CFTC may become main regulator for crypto industry

The Commodity Futures Trading Commission (CFTC) is garnering support to be the primary regulator for the crypto industry amongst stakeholders in the crypto industry and US lawmakers, Commissioner Summer Mersinger said during the Reuters Commodities Trading USA conference in Houston.　　The CFTC commissioner continued that the commission is also reviewing its potential roles in the crypto industry, especially in areas such as spot-market crypto trading. However, the reviews are still at the preliminary stage.　　In his words,　　“We are still a strong regulator, but our registrants have a lot of flexibility. They have been very interested in that approach versus the top-down way of some other financial regulators.”　　Several crypto exchanges have revealed their preference for the CFTC to be the principal regulator of the crypto space. The CEO and founder of FTX, Sam Bankman-Fried, has been lobbying the US Congress to give the CFTC a bigger role in overseeing the industry.　　Meanwhile, a newly proposed bipartisan bill by Senators Kirsten Gillibrand and Cynthia Lummis wants to regard cryptocurrencies as commodities that should be placed under the purview of the CFTC.　　 Who should regulate the crypto industry？ SEC or CFTC？　　With the newly proposed bill pushing CFTC to the forefront of crypto regulations, experts in the

2022-06-10Deep Dive

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