Mr. Musk, a celebrity in the universe, tweets about it frequently; It was parodied on the popular TV show “Saturday Night Live”; Collins Dictionary chosen NFT as its word of the Year for 2021.

Exchanges boom and flourish in 2021.

According to a cryptocurrency research institute, The Block Research, as of December 24, global cryptocurrency trading volume exceeded $15 trillion, nearly seven times more than last year.

The bustling 2021 has finally ended, and the cryptocurrency world will usher in new challenges and chances in 2022.

01 The Year of Booming Cryptocurrencies

The Virtual world seems to extract more attention from people.

On Christmas Day last year, the NO.1 download in Apple’s APP Store in the US was a VR app: Oculus.

As a software used to pair with Oculus VR glasses, its hit also means that Meta (formerly Facebook)’s VR glasses have been widely popular over the holiday season.

In addition to this new gift craze, other facts prove the point, such as the cryptocurrency trading volume is seven times more than last year, and Sotheby’s sold more than $100 million of NFT this year.

NFT sales totaled about $14.1 billion in the past year, up from $65 million in the previous year, according to nonfungible.com.

About 16% of Americans hold or once held cryptocurrencies, according to the Pew Research Center. In 2015, the proportion was just 1%. The number of people holding cryptocurrencies worldwide has doubled this year to about 220 million, according to Crypto.com.

Decentralized cryptocurrency exchanges saw an 858% jump in trading volume but accounted for just 6% of cryptocurrency trading volume at $1 trillion.

Cryptocurrency exchange Coinbase successfully listed on Nasdaq in April with a valuation of $86 billion on its first day of trading. The Capital was bet on cryptocurrencies. In the US alone, venture capital funds invested $7.2 billion in cryptocurrencies in 2021, according to PitchBook. Globally, venture capital invested $29.4 billion.

Cryptocurrencies experienced many twists and turns in 2021. Concepts such as NFT, DAO, metaverse, and Web3 have emerged, and those who can predict the correct trend will withstand the trend, no matter it is institutional investors, retail traders, or practitioners. This is almost a general rule.

02 Challenges And Chances For Exchanges

About 45% of cryptocurrency owners are millennials born between 1980 and 1996, according to a recent survey commissioned by a venture capital giant a16z, a consulting firm.

After the birth of Web3, some organizations claimed that Web3 would have 1 billion users in the next five years, and most of those billion users would be made up of people born after 1980.

Guy Hirsch, Executive Director of eToro USA, said the market was witnessing a generational shift of trust from traditional stock exchanges to digital currency exchanges.

For cryptocurrency institutions, the favor of the millennials is half the battle. In other words, whoever can win over these young people will hold the initiative.

Millennials are statistically more likely to emphasize an investment philosophy that enriches both themselves and the world around them. They prefer cryptocurrencies to gradually solidify real estate and stock markets.

The competitive landscape of cryptocurrency exchanges is not set in stone, and the selection and anticipation of new cryptocurrencies, as well as compliance operations, will be key indicators to distinguish the strengths and weaknesses of cryptocurrency institutions including exchanges.

MEXC started its global compliance operation in 2020, and during this process, it became known for its fast and prescient layout of the cryptocurrency track, which is now among the world’s top 3 spot trading volume after two years.

According to relevant data, MEXC’s overseas users increased by 1,100% in 2021. The annual growth rate of trading volume exceeded 700%, and overseas users accounted for 70% of the total users.

According to MEXC Research and the data source of CoinGecko, the top 10 cryptocurrencies with gains in 2021 are all from MEXC debut projects, and the track mainly covers the two sectors of metaverse and blockchain underlying infrastructure, so it can be seen that the right track is of paramount importance to investment.

It is also worth noting that the top gainer SHIB from MEME registers a surprising 106,363,536% increase. The influences of MEME exerted on the cryptocurrency market defy description.

03 2022 Cryptic Prediction

Looking ahead to 2022, what will happen to the cryptocurrency world?

1. More Capital Than Ever Before

 Since this year, capital giants that have entered the cryptocurrency world include Sequoia Capital, a16z, Coinbase, and so on. In June last year, a16z announced that it had raised $2.2 billion in cryptocurrency funds, which together with its first two early-stage cryptocurrency funds totaled $825 million, bringing its cryptocurrency assets under management to more than $3 billion. On November 15, Paradigm announced it would launch $2.5 billion cryptocurrency investment funds to bet on the next generation of leading cryptocurrency projects.

Beyond that, with millennials entering this field, cryptocurrencies will continue to astonish and enrich the world in 2022.

2. More Design Space  

Ethereum created many innovative models in its early days, such as NFT, DAO, and chain games, which are becoming a reality. Their possibilities are endless.

A large number of DAO teams came into being in the second half of 2021 and then got to grips with the stagnant growth, which was resulted from project mismanagement, brain drains, slow decision making, and misallocation of capital by raising significant amounts of capital. Just like how OpenSea suddenly became a major market for NFT, there will be a winner in the DAO space next year.

3. Arrival Of New Regulations

At a hearing before the House Financial Services Committee on December 8, executives from six cryptocurrency companies, including Coinbase and Circle, called on Congress to make clearer rules for the burgeoning $3 trillion industry, but they also warned that too severe restrictions would push industries overseas.

In October, one executive of a16z travelled to Washington DC to lobby for the regulation of Web3. As a policymaker, a16z has been trying to come up with a potential solution for Web3 network regulation.

It is believed that by 2022, the US government will come up with clear regulations on cryptocurrencies. Globally, “cryptocurrency unicorns” are more likely to emerge among cryptocurrency exchanges and institutions that operate in compliance.

Recently, Ark Invest Founder Catherine Wood released the year-end summary and outlook for the future. Unlike the previous stage of the Internet bubble, whose reappearance seemed to worry us all, (1) today’s technology companies have real market demand, not concept; (2) Investors have taken the potential risks very seriously. Therefore, considering a five-year investment term, the following five fields that Ark focuses on in the future, including DNA sequencing, robotics, energy storage, AI, and blockchain technology, will generate 3-5 times the return on investment.

Anyway, 2022 is bound to be another amazing year. No matter what happens in the market, cryptocurrencies will continue to improve and move toward the inevitable future of the entire world.

The post Cryptic Narrative 2022: Challenges And Chances appeared first on Crypto Insider.

Despite the volatility in the market, cryptocurrencies still witnessed a strong year, with some currencies posting gains of at least 5,000 per cent in market value, bringing huge profits to investors.

The total market capitalisation was around US$771 billion at the beginning of the year and it’s now at $2.2 trillion.

Some popular coins such as Bitcoin and Ethereum have climbed by 35-45 per cent in value in 2021. However, before reaching the current stable state, Bitcoin had seen some strong corrections.

In mid-February, Bitcoin surpassed US$1 trillion in market value for the first time as some major companies like Tesla started using their balance sheets to buy Bitcoin. The biggest crypto in market capitalisation hit $65,000 in April before plunging more than 50 per cent in May. The downtrend continued in June following Elon Musk’s tweets concerning the environmental impact of mining and China’s tightening of crypto transactions.

The sell-off caused the prices of some currencies to drop as much as 30-40 per cent in a few hours. But Bitcoin buyers returned in September and the crypto price broke over the $69,000 level, then Bitcoin recorded the longest losing streak. Bitcoin is gradually climbing back in the last days of 2021, trading at around $51,000.

The cryptocurrency market also received a lot of positive news, including the largest US cryptocurrency exchange Coinbase successfully listing on Nasdaq, partly affirming the position of cryptocurrencies in the investment market.

Some coins have posted extraordinary gains this year, up over 5,000 per cent such as BakeryToken (BAKE), up more than 6,000 per cent, Fantom (FTM), up over 7,500 per cent and Gala (GALA) – a community-based blockchain gaming platform – even rising over 40,000 per cent.

Therefore, it is not exaggerating to say crypto is the most impressive investment channel of the year.

Phan Dung Khanh, Head of Investment Advisory at Maybank Kim Eng, said that there are two popular investment channels in 2021, which are securities and digital assets.

“Digital assets, including cryptocurrencies, are a trading channel that has not been recognised by law, but the number of investors participating in the market is still very large,” Khanh said.

A report from Chainalysis, a blockchain analytics firm, showed that Viet Nam ranks fourth among the largest countries in terms of profits earned from cryptocurrency, behind China, Japan and South Korea.

Of which, Vietnamese investors have earned $400 million in 2020 from investing in Bitcoin alone, ranking 13th in the world. Previously, according to a survey by Finder and Statista, Viet Nam also became the world’s top country in terms of the percentage of the population owning cryptocurrencies.

Dao Tuan Anh, a banker, said that he has invested around $3,000-4,000 in cryptocurrencies since May. “Because of social distancing, I can’t go to work and have a lot of free time, so I looked for investment channels and the crypto market is quite popular now,” Tuan Anh said.

“I don’t spend much on this channel since it is still new to me. I choose to allocate my capital in different virtual coins, including Bitcoin.

“Even though the crypto market was highly volatile and Bitcoin has dropped recently, I still gained 15 per cent.

“With other coins, some I gained 30 per cent, but some lost up to 50 per cent.”

Although there are forecasts about the downtrend of cryptocurrencies next year, many experts still believe that the market will continue to be active.

As the crypto market is very risky, with many fake crypto exchanges in Viet Nam, investors should learn and understand the assets they are going to invest in. Meanwhile, picking the right time to join the market is also a crucial factor.

@ VNS

The post Cryptocurrency will continue to be attractive investment channel in 2022 appeared first on Crypto Insider.

The Ministry of Finance of Vietnam has set up a research committee to begin a comprehensive examination of cryptocurrencies with the goal of enacting new legislation to regulate the sector.

While bitcoin trade and use is on the rise around the world, Vietnamese law has no mention of it.

However, the ongoing economic transformation in Vietnam provides a suitable environment for cryptocurrencies to thrive. Apps, QR codes, and e-wallets are becoming increasingly common payment methods in Vietnam as the country moves toward cashless transactions. There is a drive for electronic payments by the government to cut cash transactions by 90% by 2020, which was signed by the Prime Minister in 2017.

It’s projected that by 2030, the number of Vietnamese people utilizing cryptocurrencies would have tripled to one million. In the coming years, the sector is expected to be extremely lucrative.

In spite of this, the country is plagued by cryptocurrency crime, which includes currency thefts, hacks, and cyber scams. Scamming more than 30,000 investors into ill-defined cryptocurrency projects and initial coin offerings, the Vietnamese start-up Modern Tech vanished from the public eye in 2018. (ICO). US$660 million was lost by investors. Therefore, Vietnam’s current problem is to create a legal device for managing and handling virtual assets.

Vietnam Starts To Regulate Cryptos

Until today, Vietnam, like many other countries, had no idea how to deal with the sudden influx of cryptocurrencies into its territory.

Cryptocurrency skepticism is understandable. For example, state-owned banks with no control over cryptosystems are challenged by their immaterial character. Speculation and manipulation, which have the potential to have enormous effects on national economies, are on top of the list of government concerns. Legislative processes are also triggered by virtual currency volatility and a widespread lack of information. As a result, there exist legal voids all throughout the world. Vietnamese law, like it’s written on this website, does not identify or recognize cryptocurrencies as an asset or foreign money at this time, nor does it reference them as a legal mode of payment. It has been explicitly stated by the State Bank of Vietnam that Bitcoin and other cryptocurrencies are unlawful and are not allowed to be used in trade transactions.

There is a punishment of up to US$8,700 and up to six months in prison if you use or supply or issue cryptocurrencies on the territory. Although it is not illegal to own, trade, or invest in cryptocurrencies, it is merely tolerated for the time being.

In any case, a legal void of this magnitude is dangerous, and Vietnam must act quickly to minimize the negative effects of cryptocurrencies.

In the long run, there are countless public, social, and economic advantages to any new rules.

First and foremost, it will give Vietnam a way to tax the cryptocurrency trade, bringing in new income. Previously tax-exempt exchanges of foreign currencies or financial assets may now be subject to business or personal income tax if they are defined as such.

Vietnam should also regulate cryptocurrencies to effectively combat money laundering, hacking, and other unlawful activity associated with virtual currencies.

A safe regulatory environment for cryptocurrency users will be ensured as a result. If that happens, the government’s approach to cryptocurrencies would evolve from passive advice and caution to one of proactive defense.

Crypto Regulation Around The World

Companies that deal in crypto-assets in the United Kingdom are required to register with the Financial Conduct Authority of the United Kingdom (FCA). Crypto companies may apply for a license to operate as “Authorized Payment Institutions” (APIs). BCB Payments Limited received the first UK license for a crypto asset firm. Regulation of crypto-asset enterprises in the UK is required for anti-money laundering (AML) and counter-terrorism financing (CFT) reasons. The UK High Court has ruled that digital currency such as Bitcoin is property under British common law.

Singapore: The Monetary Authority of Singapore (MAS) is authorized to regulate cryptocurrency trade under Singapore’s Payment Services Act,2020. A license is required to operate a bitcoin exchange. Public offerings and digital currency issuance are governed by the Securities and Futures Act of 2001. Those wishing to move their blockchain and cryptocurrency businesses in India know that Singapore is a top choice. A renowned Indian cryptocurrency exchange, CoinDCX, has moved its headquarters to Singapore. – More than INR 100 crores in finance has been acquired for the company since then from worldwide sources of capital In addition, Unocoin, a second Indian cryptocurrency exchange, has emerged.

The government of Indonesia is one of the few in the world to have prohibited cryptocurrencies at one point before permitting their legal usage later on. All payment systems and financial technology providers in Indonesia were banned from handling virtual currency transactions from the beginning of 2018. Regulation of the trade of crypto assets, like commodities, was passed into law by Indonesia’s Commodity Futures Trading Regulatory Agency in 2019. Cryptocurrency futures contracts must be handled in accordance with AML/CFT regulations. Additionally, the Indonesian Financial Transaction Reports and Analysis Center is obligated to receive reports from the organizations.

Canada: In 2018, the Canadian Securities Administrators (CSA) released a notice to make it clear that organizations trading cryptocurrencies or tokens must adhere to securities regulation requirements.. Platforms that promote the trade of crypto-assets will be subject to securities regulation, according to a new notice released in January 2020. All virtual currency enterprises in Canada will be obliged to implement anti-money laundering and anti-terrorism financing (AML/CFT) measures by June 1, 2020, if they haven’t already.

As a consequence, each of these countries has implemented laws controlling the exchange of cryptocurrencies. An anti-money laundering and anti-fraud framework have been put in place for bitcoin businesses. There’s a chance that India may follow suit.

The post Here’s what you should know about cryptocurrencies regulations in Vietnam appeared first on Crypto Insider.

After a decade of milestone sales at exclusive auctions, The Dalmore delves further into the world of cryptocurrencies

The Dalmore, a brand of single malt Scotch whisky synonymous with refinement and whisky craftsmanship is riding the waves of success in the investment sector. Following the success of The Dalmore Decades Collection, the brand recently launched first NFT with BlockBar – one set of the Decades No.4 Collection lately was offered as an exclusive NFT at BlockBar.com, bridging the physical and digital worlds for the first time in the brand’s 180-year-old history.

The NFT initiative follows the recent record-setting sale of The Dalmore Decades No.6 Collection in October, which achieved a record $1.1 million USD at Sotheby’s Hong Kong. Collectors from Hong Kong, Taiwan and the UK competed to secure the six-bottle collection, with the winning bid going to an Asian private collector. The sale price represents the highest value for a whisky lot sold at Sotheby’s in 2021 and the most valuable whisky lot ever sold by Sotheby’s in Asia. The Dalmore, at the pinnacle of luxury scotch category, is enjoying its moment in the spotlight with the success of its rare Decades Collections.

The Dalmore Decades is a masterpiece of time: a unique selection of exceptional single malt whiskies that tells the story of The Dalmore’s relentless pursuit of excellence through six decades. Three once-in-a-lifetime collections carefully curated by Richard Paterson, Master Distiller of the Dalmore, bring together the quintessential DNA of The Dalmore with bottlings from 1951 to 2000. This Dalmore Decades No. 4 Collection for NFT on BlockBar.com, is part of the three collections launched in September 2021.

The growing appetite for fine and rare whiskies as part of an investor’s portfolio continue to gain momentum with The Dalmore at the forefront of the movement, thanks to its renowned rare releases. The Dalmore remains the fastest growing of all spirits brands by volume over the last 2 years (IWSR 2021). This accolade comes at a time when, according to the 2020 Knight Frank Wealth Report, with a 582% increase in value make rare whiskies one of the most lucrative investments.

The post The Dalmore, the luxury Scotch icon continues to shake up the investment sector appeared first on Crypto Insider.

Numerous analysts and experts in the economic world have started predicting that there will be a recession in the next years or so. After several years of experiencing a bull market, investors who might be concerned that a recession may be a possibility may be looking for other ways to slowly move their investments into safer territory.

The most traditional move involves using gold as a hedge against stock volatility. History has proven this to be an effective method, but there has been a newer alternative that might give gold a run for its money.

Bitcoin was launched in 2009, and it was responsible for being the start of the era of cryptocurrencies. It is by far and large the top cryptocurrency in the market. Bitcoin shares a lot of properties that real currencies have, but with a lot of unique features that make it a potential investment haven. In the end, though, it will still be up to the investor to determine if Bitcoin will be their designated safe space when the market is in trouble.

If you’d like to learn more about cryptocurrencies, then you can use the tools provided by this secure cryptocurrency exchange platform to get started, for any kind of queries you can contact the team of Bitcoin Revolution.

Let us compare how gold and Bitcoin would be as safe havens:

The Case for Gold

Gold makes for an attractive, safe haven for investors due to numerous reasons. It counts as a very valuable material involved in consumer goods like gadgets, electronics, and jewelry. It is also relatively scarce, and no matter how high the demands are, the supply would still be disproportionately low. Unlike company shares or banknotes that could be manufactured or produced if needed be, gold needs to be dug from the ground and go through processing.

Gold also has very little or almost no correlation to other assets and stock indices. It was tied to the US Dollar back in 1971, but since then, those who did not wish to ride stock market swings have decided that it would be better to invest in gold. This valuable metal has historically helped soften the blow whenever there is a stock market correction or decline.

 The reason why gold performs well even if there is a stock market correction is that even if gold doesn’t rise, an asset that retains its standing while other assets experience a decline is quite useful as a hedge. And because a lot of people would be of the same mindset and would start investing in gold while they flee from stocks, gold prices will rise accordingly.

The Case for Bitcoin

Bitcoin is a cryptocurrency that makes use of blockchain technology. It has quite a few similarities to gold and has even been labelled as “digital gold” at some point in its history due to its loose ties to other assets, especially stocks. The value of Bitcoin has surpassed the $8,000 mark back at the start of 2020, but what makes it so valuable?

One of Bitcoin’s similarities to gold is that it has a limited supply. Upon its creation, the supply of Bitcoin was set at a hard limit of 21 million tokens. Another aspect of Bitcoin that likens it to gold is that it is not produced or issued by any governing body like a central bank or federal government. Because Bitcoin is a decentralised cryptocurrency, Bitcoin coins are generated with the efforts of “miners”, people on the network who make use of specialised computing rigs to verify transactions. The miners are then rewarded with coins in exchange for their time, effort, and the computing power used. To make sure that there wouldn’t be a surplus of coins, the rewards are periodically halved.

If you have a high-risk tolerance and are looking for a long term investment to add to your portfolio, then investing in cryptocurrencies might just be for you.

Comparing Gold and Bitcoin

1. Transparency and Safety

Gold has hundreds of years-long track records when it comes to the system that it has established for trading, weighing and tracking. It can be very hard to steal gold or to pass it off as fake. Similarly, Bitcoin is also difficult to counterfeit since it makes use of algorithms and encryption methods. However, Bitcoin investors would still need to be wary since there is still no solid infrastructure in place that could guarantee its safety.

2. Rarity

Another similarity between the two assets is that they are both rare resources. Because the rewards for mining Bitcoin are periodically halved, it ensures that the last coin won’t be mined until the year 2104. And for gold, it is currently unknown exactly when we will exhaust all of the gold reserves in the world. There has been quite a bit of speculation that gold can be mined from asteroids, but this is still uncertain.

3. Baseline Value

Aside from being inherently valuable, there have been a lot of uses and applications for gold historically, ranging from jewellery to electronics and dentistry equipment. On a similar note, Bitcoin has had a huge role in introducing the new and innovative applications of blockchain technology. It is thanks to Bitcoin that individuals that do not have access to banking infrastructure and traditional means of finance are able to send money across the globe with minimal fees. As it stands, Bitcoin has a huge potential of being an alternative for those who do not have access to traditional banking products and services.

4. Volatility

Investors have shown concern over the volatility that is inherent in Bitcoin and cryptocurrencies. Bitcoin is especially well-known for experiencing lots of highs and lows. IN addition to that, Bitcoin has repeatedly shown itself to be easily affected by headlines and market whims. This is where gold seems to be much more attractive as a safe haven since it is not tied to other assets and does not have the inherent volatility that cryptocurrencies have.

The post Which One of Gold and Bitcoin is More Worth? appeared first on Crypto Insider.

London’s massive public transport body is cracking down on crypto ads after meme token floki inu’s campaign flooded the city’s travel system

Transport for London said at the weekend it would ensure crypto ads complied with its policies from now on.
“Missed Doge? Get Floki ” posters appeared throughout the city’s travel system, touting the unregulated meme crypto coin.
S​​iân Berry, Green party London Assembly member, told Britain’s Guardian that crypto ads were unethical.

London’s transport authority is going to crack down on ads for cryptocurrencies after the massive campaign to tout dogecoin spinoff floki inu around the city’s travel system sparked concern about unregulated assets like this one.

“Missed Doge? Get Floki” was the slogan splattered across London’s underground stations, trains and buses in October. The three-week campaign for meme token floki inu, inspired by Elon Musk’s dog, was even funded by a 4% marketing fee levied on buyers.

Some critics were concerned about the fact the ads were promoting a little-known and unregulated financial asset that they said could be open to manipulation, such as pump-and-dump schemes, or fraud. There has been no evidence this far that would suggest floki inu has been subject to any such schemes.

“Since 2018, we have asked our advertising partners to refer all cryptocurrency advertising to us for review prior to it running on our estate,” Chris Reader, head of commercial media at Transport for London (TfL), told Insider Monday.

“When reviewing copy now from cryptocurrency brands who wish to advertise on our estate, we ensure that campaigns contain sufficient information to comply with both our policy and the ASA [Advertising Standards Authority] ruling.”

TfL’s policy stated that nothing controversial or sensitive can be advertised on its platforms among other things.

This isn’t the first time that a crypto advertiser has fallen foul of the rules. Earlier this year, crypto exchange Luno ran an ad campaign on the underground and on London’s famous double-decker buses with the slogan “if you’re seeing bitcoin on the underground, it’s time to buy.” Britain’s advertising watchdog banned the posters, calling them “misleading and irresponsible.”

Speculative crypto tokens are unregulated in the UK and officials have regularly voiced their concerns about how risky they are. Charles Randell, the chair of the Financial Conduct Authority, a regulatory body, said in a speech in September: “if you buy (crypto), you should be prepared to lose all your money.”

“The FCA does not currently have the power to oversee how unregulated cryptoassets, like floki inu, are advertised to consumers,” a spokesperson for the regulator said in an emailed response.

A couple of weeks ago, fraudsters ran off with at least $2 million in a pump-and-dump scam involving the Squid Game token, which draws its name from the Netflix hit show, but is not affiliated with it.

Floki inu is a legitimate cryptocurrency. But it carried warnings on its posters about the risks to potential buyers.

“Where the advert says ‘this is completely unregulated, you may lose all your money’, they ought to have had second thoughts. I don’t think cryptocurrency ads should be on the network. They’re unethical,” S​​iân Berry, the Green party London Assembly member told Britain’s Guardian newspaper.

Experts have said that one way to check the legitimacy of a coin is to find out if it has different real-world use cases. According to the floki inu website, the coin will be linked to a play-to-earn gaming metaverse called Valhalla that is under development, as well as a non-fungible token marketplace.

By Camomile Shumba

The post London’s transport authority will crack down on ads for cryptocurrencies appeared first on Crypto Insider.

Meme coins burst onto the scene in early 2021 and helped kickstart the bull market after Dogecoin (DOGE) rallied above $0.01 to new highs while being shilled by the likes of Elon Musk and Mark Cuban.

Shortly afterwards, Dogecoin clones and other canine-themed tokens popped up to catch the wave of bullish momentum and Shiba Inu (SHIB) was one of the projects that quickly caught wind and sailed higher.

Now that Bitcoin (BTC) has hit a new all-time high again, it appears that the meme tokens are ready to continue their run and this time they’re not waiting for the big-name influencers to get on board. In the last two weeks, SHIB has rocketed to new highs and befuddled cryptocurrency traders are scratching their heads as to the exact cause.

Data from Cointelegraph Markets Pro and TradingView shows that since trading at a low of $0.0000069 on Oct. 1, the price of SHIB has scorched 914% higher to a new record high at $0.0000699 on Oct. 27 as its 24-hour trading volume surged 137% to $24.67 billion.

Three reasons for the surging price and trading volume for Shiba Inu include its listing on multiple exchanges, the launch of its own line of Shiboshi nonfungible tokens (NFTs) and SHIB’s surging open interest on derivative exchanges.

Exchange listings increase access to SHIB

One of the biggest factors helping to lift the price of SHIB over the past month has been the increase in user access to the token, thanks to its listing on multiple cryptocurrency exchanges.

Some of the new listings for SHIB and the protocol’s LEASH token include the BitKan exchange, AOFEX, StealthEx and CoinFlex. Change Now also launched a “flip DOGE for SHIB campaign” to celebrate its listing of LEASH.

The ecosystem also got a bump in momentum after it was announced that a partnership with the crypto payment provider NOWPayments made it so that SHIB and LEASH can be accepted as a form of payment, used for donations and is available to issue salaries in crypto via the mass payment feature.

As an added deflationary feature, 3% of the profit NOWPayments receives from all SHIB transactions will be burned.

Shiboshi NFTs

A second reason for the building strength of Shiba Inu was the launch of its own line of NFTs known as Shiboshi’s.

NFTs continue to be one of the most popular sectors of the cryptocurrency ecosystem and are a reliable way for projects to increase their community interaction and support.

The Shiboshi drop included 10,000 individual NFTs and community members had 24 hours to purchase them using the protocol’s LEASH token.

All Shiboshi’s have now been minted and listed on the OpenSea NFT marketplace.

Surging open interest

A third reason for the rising strength of SHIB has been the surge in futures open interest (OI) on multiple exchanges including OKEx, FTX and Huobi.

As seen in the chart above, the OI for SHIB has surged from $15.7 million on Oct. 3 to a record $178.95 million on Oct. 27 as the price of SHIB spiked to a new all-time high.

According to markets analyst and Cointelegraph contributor Marcel Pechman, “the open interest seems to be following the price pump instead of an actual increase.”

What is interesting to note is that while it’s “usually expected during bull runs for sellers to have their position liquidated,” that did not happen in this recent run-up which means traders either “doubled the short by adding more margin,” which Pechman sees as unlikely, or “those are market makers who are fully hedged and don’t care about the price.”

Pechman said,

“Longs are in huge profit, so it’s easier for them to keep buying spot and pushing the price up. There seem to be no ‘real’ short-sellers, only market makers. Had there been huge liquidations, the open interest would have gone down.”

VORTECS data from Cointelegraph Markets Pro began to detect a bullish outlook for SHIB on Oct. 24, prior to the recent price rise.

The VORTECS Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements and Twitter activity.

As seen in the chart above, the VORTECS Score for SHIB began to pick up on Oct. 23 and climbed into the dark green zone for a high of 89 on Oct. 24, around seven hours before the price increased 119% over the next three days.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

By Jordan Finneseth

The post SHIB keeps hitting new all-time highs, but what’s really behind the altcoin’s moon mission? appeared first on Crypto Insider.

Bitcoin (BTC) sees a volatile start to a new week and a new month after its first-ever monthly close above $60,000 — what’s next?

After a highly anticipated end to “Uptober,” bulls are looking to November to provide the next phase of what they hope — and sometimes promise — will be a BTC price surge like no other.

The timing varies, and so do the predictions. In store for BTC/USD this month could be a monthly close of nearly $100,000 — but also a dip to near $50,000.

With everything to play for and solid buyer support in the upper $50,000s holding, Cointelegraph takes a look at what could help shape Bitcoin price action in the coming week.

October 2021 becomes best month since 2020

Regardless of what comes next, market participants are in a celebratory mood this week as Bitcoin sees the highest monthly close in its history.

Not only $60,000 but $61,000 has now become the target to beat for November.

Bitcoin is anything but “up only” on short timeframes, however, and Sunday’s close was met with noticeable downside volatility post factum — a trip to $59,500 — before another surprise took it above $62,000 hours later.

Perhaps slightly nervous are fans of PlanB’s “worst-case scenario” price predictions, these calling for at least $63,000 for the end of October.

While still more or less on track, for the series to continue its historical accuracy, $98,000 needs to be on the table by the end of this month.

For PlanB himself, however, the results have been more than satisfactory.

“Yes, Bitcoin might not close above $63K this month,” Cointelegraph contributor Michaël van de Poppe, meanwhile, added about the situation.

“However, @100trillionUSD his hitrate on the stock-to-flow model is way better than your trading performance, so I wouldn’t really roast him at all. Bitcoin at $61K is just as fine and close enough.”

After a correction from overnight lows, BTC/USD is trading at around $62,000. October, then, was its best month since December 2020, with returns just shy of 40%.

Difficulty lines up eighth straight increase

Those looking for something that truly is in “up only” mode need look no further than Bitcoin network fundamentals.

This week, difficulty will put in its eighth consecutive positive adjustment — something which has not happened since 2018.

Reflective of the increasingly competitive mining arena, the mining difficulty has now all but made up for the losses it necessarily inflicted after China forced miners to down tools in May.

Difficulty will increase to 21.89 trillion this week, just over 3 trillion below all-time highs.

The hash rate — the measure of processing power dedicated to mining — tells a similar story.

Despite being impossible to “measure” in definitive terms, the hash rate is still trending toward new all-time highs, estimates show.

Raw data trends up and down, and different estimates often end up with considerably different readings. The weekly average hash rate, however, now stands at around 159 exahashes per second (EH/s) — closer than ever to the 180 EH/s-record from April.

Hodlers hodl on

September provided a golden “buy the dip” opportunity for Bitcoin buyers, and October was likewise not without its brief retracements.

Did you buy the dip? If you did, you added to the increasingly strong cohort of long-term hodlers whose conviction has only increased in October.

As noted in research from major exchange Kraken last week, the price gains and run to $67,100 all-time highs have failed to tempt hodlers to sell BTC.

“Notably, while long-term holders were unfazed by the retracement last month and used it as an opportunity to continue accumulating, this trend has not changed despite a significant rebound in price to new all-time highs near $67,000,” researchers concluded.

“In other words, the supply shock bought by long-term holders last month has only grown stronger this month.”
It is these entities, rather than short-term speculators, who are driving price performance in Q4 this year, they add.

This chimes with a previous analysis, notably by analyst Willy Woo, showing that the so-called “hodlers of last resort” or “Rick Astley” investors remain committed to their investment. Among the long-term holders, since 2020, are miners themselves.

“Since 2020 miners have been HODLers (and buyers) of BTC, this is a sea change in behaviour,” Woo noted this weekend.

“Miners have not been in sustained accumulation behaviour since the 2009–2014 era.”

Exchange balances lowest since October 2018

On the topic of a supply shock, the picture from exchanges is grim — from the perspective of a Bitcoin bear.

According to fresh data from on-chain analytics firm Glassnode, exchange BTC reserves are now at their lowest in three years.

At that time, in late 2018, Bitcoin was heading into the pit of its previous bear market, which bottomed out in December at $3,100.

Since then, price action has changed by an order of magnitude, but balances are still dwindling — all pointing to the scale of the potential shock should demand increase heavily from here.

Exchanges now control 2.47 million BTC. While at its peak in April 2020, over 3.1 million BTC stood on their orderbooks.

Balance changes can vary considerably among exchanges. Over the past 24 hours, for example, Coinbase Pro led the decrease, down almost 20,000 BTC, while some other players saw slight increases in their balance.

Markets expect Fed tapering announcement

The coming week could produce some familiar trends on traditional markets — and their traditional knock-on impact on crypto markets.

These could come thanks to fresh comments from the United States Federal Reserve on coronavirus management Tuesday and Wednesday as markets expect further cues on asset-buying tapering.

This comes as inflation ramps up worldwide, while Fed Chair Jerome Powell previously admitted that the accompanying narrative — supply chain crisis — will likely persist “well into next year.”

“I think the Fed has pretty well determined to start the taper pretty quickly. We expect them to announce it next week and then start it soon thereafter, so that’s pretty well carved in stone,” Kathy Jones, chief fixed income strategist at Charles Schwab, told Yahoo Finance last week.

“I think the big debate now is how quickly the Fed moves toward actually raising rates. The expectation in the market has really shifted to expecting as many as two rate hikes in 2022 and 2023… that’s a pretty aggressive pace of tightening.”
Such conditions serve to increase Bitcoin’s attractiveness as an inherently deflationary asset class with a mathematically verifiable supply cap.

Institutional inflows into extant Bitcoin investment products, along with the newly launched futures exchange-traded funds (ETF), highlight growing demand.

By WILLIAM SUBERG

The post Top 5 things to watch in Bitcoin this week as ‘Uptober’ closes at record high appeared first on Crypto Insider.

The Bitcoin blockchain is an amalgamation of Bitcoin (BTC) and blockchain. A person or a group of people known as Satoshi Nakamoto created the Bitcoin protocol in 2008 to decentralize control of money when centralized entities had failed the world.

A publication called the Bitcoin white paper outlined a set of computational rules that determined a new type of distributed database: the blockchain. The network was launched in January 2009.

The most well-known cryptocurrency, Bitcoin, is the one for which blockchain technology was created. Like the United States dollar, a cryptocurrency is a digital means of exchange that uses encryption techniques to oversee the establishment of monetary units and verify financial transfers.

The Bitcoin blockchain refers to the data stored in “blocks” of information that are then linked together in a permanent “chain.” A block is a collection of Bitcoin transactions from a specific period. Stacks of blocks are stockpiled on top of each other, with each new block relying on the previous ones. As a result, a chain of blocks is formed, giving rise to the word “blockchain.”

Every time a new block is added, it makes the previous blocks unmodifiable. This ensures that each block is more secure over time, and it is an example of how Bitcoin technology is changing how banking and financial transactions are being made. 

Bitcoin blockchain, however, is much more than cryptocurrency: It is the technology that most cryptocurrencies are built on, including Bitcoin. The Bitcoin blockchain is unique because it ensures that all transactions are accurate. Every action in the blockchain is recorded and there is nothing that is left out of the network. Once an action is recorded and stored in one of the information blocks, it is time-stamped and secured, and the entire record is available to anyone in the system.

The Bitcoin blockchain is also decentralized, meaning it is not stored in one master computer or controlled by one company. It is distributed on many computers that are in the network.

In the Bitcoin blockchain, there are codes called a hash. A hash is unique to each block in the blockchain. Hashing allows every network user to identify each block and directs them to move in the chain since every block has its own hash and a previous block’s hash.

With the latter in mind, the critical parts of the blockchain include records, block, hash and chain. Block records and transactional records are the two types of records in the blockchain. A block contains the most recent Bitcoin transactions that have not yet been recorded in any previous block. Transaction records include the asset, price and ownership data that are recorded, approved and settled across all nodes in seconds. 

In essence, a hash is a fixed-length string generated after transforming any length of input data in the blockchain network, a block is similar to a page in a ledger or record book and a chain refers to blocks linked together in a network.

Short story of Bitcoin blockchain

The idea of blockchain technology was introduced in 1991 by Stuart Haber and W. Scott Stornetta in their paper “How to Time-Stamp a Digital Document.” In this paper, they explained the use of a continuous chain of timestamps to record information securely.

Bitcoin was created largely to facilitate the exchange of Bitcoin cryptocurrency. However, early adopters and inventors rapidly discovered that it had far greater potential. With this in mind, they designed Bitcoin’s blockchain to store more than just data on the token’s movement.

Bitcoin technology uses peer-to-peer (P2P) transactions, making it possible to function without any bank or third party to manage each financial movement. It allows online payments to be sent directly from one party to another without going through any financial institution.

The term peer-to-peer means that the computers that are part of the network are equal to each other, that there are no “special” nodes and that all nodes share the burden of providing network services. It is made up of thousands of Bitcoin nodes that run the protocol. The protocol is responsible for establishing and safeguarding the blockchain.

The formation of a peer-to-peer network is possible because users’ data is related to the person or entity they are interacting with, and they are in charge of keeping the distributed network up and running. The information regarding the individual or entity is then passed from their Bitcoin wallet to their location and IP address, which represents peer-to-peer Bitcoin interaction.

What is needed to make the Bitcoin blockchain work?

Bitcoin represents a digital, trustless form of money, alongside a movement to decentralize financial services. Before Bitcoin, there was a need for a trusted third party to keep a ledger — the record-keeping system of a company’s or person’s financial data — to record who owned how much. Everyone has a copy of this ledger with the Bitcoin network, so there is no need for third parties.

Every Bitcoin transaction happens in the Bitcoin blockchain network, which is the digital space where Bitcoin mining and hash power generation occur. Hashing power is the processing power used by your computer or hardware to perform and solve various hashing algorithms. These algorithms are used to create new cryptocurrencies and allow them to trade with one another. This process is called mining.

Usually, Bitcoin owners purchase their cryptocurrency supply through a cryptocurrency exchange, a platform that facilitates transactions of Bitcoin and other cryptocurrencies. The decentralized ledger is what makes the blockchain network. The latter shows that Bitcoin is a piece of software, a set of processes in which participants perform different tasks.

A blockchain is a digital ledger of duplicated transactions distributed across the blockchain’s network of computer systems. Each block on the chain contains several transactions, and whenever a new transaction occurs on the blockchain, a record of that transaction is added to the ledger of each participant.

This distributed database is managed by multiple participants using a technology called distributed ledger technology (DLT). Blockchain is a type of DLT in which transactions are recorded using an immutable cryptographic signature known as a hash. The transactions are then organized into blocks. Each new block includes a hash of the preceding one, effectively chaining them together, which is why distributed ledgers are commonly referred to as blockchains.

The blockchain works as a ledger, tracking every Bitcoin transaction, and is self-verifying, meaning that the entire network of nodes — different computers participating in the network — will constantly check and secure every movement. Here is where the “miners” come into the game: Their computers do the heavy lifting of maintaining the chain and thus, receive Bitcoin as a reward. These rules, collectively, are the Bitcoin protocol.

Bitcoin miners refer to the high-powered computers solving complex math problems to mint a coin. Miners are network-dedicated machines that verify all transactions and block any malicious actors. Bitcoin miners compile as many transactions as possible into a block, then verify the block and add it to the chain of previous blocks using a mathematical method. For providing their computing power to the network, miners are paid in newly minted Bitcoin.

How does the Bitcoin blockchain work?

A blockchain is a type of database which is a collection of information stored on a computer system electronically. What is kept in databases, information or data is usually structured in a table format that makes it easier to search and filter information. Databases are designed to store large amounts of information that can be accessed, filtered and edited easily and quickly by many users at any time. 

To do this, extensive databases house data on servers that are made of potent computers. Those servers can be built using hundreds and hundreds of computers. Why? To have the computational storage and power needed for many users to access the database simultaneously. This is the difference from a database too, let’s say, a storage cloud-like drive. 

Here’s how a blockchain differs from a database. The first difference is how data is structured. A database structures data into tables, while a blockchain collects information into groups, known as blocks, that hold data sets. Each block has a specific storage capacity that is chained onto the previous filled block when it gets filled, forming a chain of data. That’s why it’s called the blockchain: Millions of blocks filled with data are chained together.

This system means that every blockchain is a database that is more complex since it creates an irreversible chainline of data when implemented in a decentralized system. When one block is filled, it is unchangeable and becomes part of a timeline, and so, each block on the chain has an exact timestamp when added to the chain.

Thus, the goal of the blockchain is to allow digital information to be recorded and distributed, but not edited. That’s why it is not a database per se; no one can change it once it is filled and chained. With the appearance of Bitcoin technology, blockchain had its first actual application.

Reducing risks

Using a blockchain network comes with a lot of advantages. First, the accuracy of the chain. Transactions that are part of the blockchain have to be approved by thousands of thousands of computers. This removes all human involvement in the verification, which means there are fewer human errors, as well as a more accurate record of information.

But, what if one of the computers in the network makes a computational mistake? The error would only be in one copy of the blockchain. For it to spread, at least 51% of the network would need to have the same mistake, which is very unlikely.

Another advantage is that blockchain eliminates the need for third-party verifiers. Any member of the Bitcoin network can check and verify the blockchain at any time.

Blockchain data is decentralized, which means that it is not stored in a central location but instead copied and spread across a vast network of computers. This makes it very hard for anyone to tamper with the data since a kicker, for example, would need access to all of the networks to compromise it fully.

Finally, an instrumental part of the blockchain is that, although anyone with an internet connection can see the list of the network’s transaction history and access details about transactions, no one can access identifying information about the users that are making those transactions. Also, every time a transaction is recorded, it is verified by the network, meaning that the thousands of computers that compose it confirm if the details of the purchase are correct. 

Blockchain vs. banks

Blockchain works very differently from a traditional bank since it is 100% decentralized and it relies on thousands of computers to verify its transactions. This means it runs 24/7, every day of the year. The most significant advantage of all of the Bitcoin blockchain is its transparency because the blockchain acts as a public ledger for every transaction made in the Bitcoin network.

Other differences are that the speed of the transactions is as little as 15 minutes or as much as over an hour, depending on the network’s congestion. While card payments and check deposits can take from 24 to 72 hours.

The Bitcoin blockchain has variable fees, usually ranging from $0 to $50. While the fee is unrelated to the amount being transferred, it is determined by network circumstances at the moment and the transaction’s data size. Because a block on the Bitcoin blockchain may only hold one megabyte (MB) of data, the number of transactions included in a single block is limited. 

Another difference is in the way of making transactions. While the blockchain allows anyone with an internet connection to make a transfer, banks need you to have an account, a mobile phone, or a computer.

All of these differences make blockchain technology a great disruptor of traditional finances and the banking industry. They are tamper-proof and decentralized, set-in-stone chains that not only reduce costs but create a transparent network in which users can feel empowered and safe.

The limitations of the blockchain 

Although the blockchain comes with many benefits, like everything, it has its downsides. The first is that the blockchain can slow down when there are too many users on the network. It is also harder to scale due to its consensus method of work.

Another limitation is that data within the blockchain is immutable, you cannot go back and alter the previous block once it is written. Some may view it as an imitation that requires self-maintenance, which means that users have to maintain their own wallets or else they can lose access. 

A big limitation is that blockchain technology is still not mature. Also, it doesn´t offer interoperability with other blockchains and other financial systems, and is hard to integrate into legacy systems.

Technical advances

Lightning Network

The Lightning Network (LN) permits participants to transfer BTC between each other without any fees using their digital wallets. A second layer is added to the Bitcoin network to enable transactions between parties off of the blockchain, which is called off-chain transactions. A second layer boosts throughput without compromising any of the original blockchain’s decentralization or security features.

Lightning Network creates payment channels between two users in a distributed database so they can transact with each other, without all the other users receiving their information, defining off-chain transactions.

It is considered a game-changer in the cryptocurrency world since it has been designed to speed up transaction processing and decrease associated costs of the Bitcoin blockchain. It was conceived in 2015 and is being further developed and activated. 

However, researchers have cautioned that as the Lightning Network grows, it will become a more appealing target for attackers. Bitcoin on the developing payment network might be stolen if users aren’t careful and it may be hard to ensure the safety of assets in the future.

According to experts from the Hebrew University of Jerusalem, Bitcoin that is currently locked in the Lightning Network payments channel, which is currently roughly $9 million in Bitcoin, might be looted by attackers. While the flaw has the potential to be serious, the researchers are optimistic that it is fixable in the long run.

SegWit

Segregated Witness, or SegWit, refers to a process change in how Bitcoin maintains transaction data in the blockchain. Segregate means to separate and witnesses are the transaction signatures. It was created to renew the way in which data is stored on Bitcoin’s blockchain. This allows the network to hold more transactions in a single block, enhancing transaction throughput. SegWit went active on Bitcoin in August 2017 after the code for the update was released in 2015.

SegWit increases the block size limit of a blockchain by removing signature data from Bitcoin transactions. When parts of a transaction are removed, space gets freed and so does capacity to add more transactions to the chain.

SegWit not only improved Bitcoin’s transaction processing speed but also solved a weakness in the protocol that allowed nodes to tamper with transaction malleability problems (TXIDs) on the network. By removing what is known as “signature data” or “the witness data” from the input field of a block, Segwit increased the number of transactions that could fit into a block and fixed the transaction malleability flaw.

On the Bitcoin network, the SegWit update was introduced as a soft fork in August 2017. A soft fork is a backward-compatible update that allows upgraded nodes to communicate with non-upgraded nodes. A soft fork usually includes a new rule that does not conflict with the existing ones. However, due to the high cost of running a node (especially in developing countries), the upgrade was put on hold on November 8, 2017.

Taproot

Bitcoin Core developer Greg Maxwell proposed the Taproot improvement in January 2018. The 90% criterion of blocks mined with a support signal from miners was met three years later on June 12, 2021. It means that 1,815 of the 2,016 blocks mined throughout the two-week time frame had some encoded data left by miners to demonstrate their support for the upgrade. 

Taproot is a soft fork that improves Bitcoin’s scripts to enhance privacy and increase anonymity on the network. When a user does not use Taproot, anyone can detect transactions. When using Taproot, they can “cloak” their transactions. Taproot even makes it possible to hide that a Bitcoin script ran at all. As of October 2020, Taproot is merged with the Bitcoin Core library. 

One of the most significant changes to the network is the substitution of Schnorr signatures for Bitcoin’s current elliptic curve digital signature technique (ECDSA). The ECDSA technique generates public keys from randomly generated private keys, which makes it impossible to determine a private key from a Bitcoin address or public key. Moreover, the Schnorr signature will free up space and bandwidth on the Bitcoin network by making transactions faster and smaller. 

By permitting discrete log contracts (DLCs), the Schnorr signature can help simplify complex smart contracts on the Bitcoin blockchain. The DLCs are a proposal to add a smart contract implementation to Bitcoin, allowing the establishment of simple, safe and easy-to-use blockchain oracles.

It may also aid in the scaling of layer-two payment channels such as the Lightning Network, which allows for immediate transactions on the Bitcoin network.

The post A Complete Guide for Beginners: How Blockchain and Bitcoin Technology Works appeared first on Crypto Insider.

Brazilian retail giant Via Varejo has partnered with blockchain payment service Airfox, according to a September 12 press release.

Via Varejo, which owns home appliance and furniture chain Casa Bahia, is integrating Airfox’s digital banking platform on its e-commerce platforms, as well as in nearly 1,000 of its offline shops.

As the press release notes, customers will be able to purchase goods in Casa Bahia by paying directly via Airfox, or will be able to use microloans provided by the retail group. Customers can also reportedly use the app for personal finance, such as depositing and withdrawing cash, at the chain’s location.  

Airfox is a mobile financial service launched in February 2018 that includes fiat and blockchain payments via its AirToken (AIR) coin, an ERC-20 based token.

The press release outlines the importance of the collaboration for mass adoption of blockchain-powered payment services, letting the Airfox “extend its mobile digital wallet to Via Varejo’s national customer base and drive mainstream adoption.”

Via Varejo is one of the largest consumer electronics and home appliance retailers in Brazil, reaching 60 million customers in Brazil via its brands Casas Bahia and Pontofrio. The company owns over 900 stores in 350 Brazilian cities, reportedly making as much as 1 million deliveries per month.

According to the recent press-release, Via Varejo handled approximately $6.3 billion sales in 2017.

Last week, U.S. luxury automobile retailer Post Oak Motor Cars became reportedly the first Rolls-Royce, Bentley and Bugatti dealership in the country to accept Bitcoin (BTC) and Bitcoin Cash (BCH) as payment.

By

The post Brazilian Retail Giant Partners Via Varejo With Blockchain Payment Service Airfox appeared first on Crypto Insider.