Analysis Crypto by Thebittimes.Com

Despite prevailing views that the low amount of a digital asset on cryptocurrency exchanges equals high demand and, therefore, an increase in price, crypto market expert Willy Woo believes that buying up massive amounts of Bitcoin (BTC) from exchanges would not necessarily trigger soaring prices. Specifically, Woo referred to the belief that buying up the inventory of Bitcoin on exchange s would moon the price as a “fallacy,” arguing that “this happened all through the 2022 bear” market, as he explained in an X post published on September 24. Furthermore, the cryptocurrency analyst highlighted that “there’s no supply shock because synthetic BTC via futures markets added to inventory. The market made a bottom when futures markets relented,” demonstrating his views on a chart that represents Bitcoin inventory on crypto exchanges. Bitcoin inventory on exchanges. Source: Willy Woo As he further specified, an investor who wants to buy exposure to BTC “can now buy a futures ETF,” but,...

Experience zero tax on crypto trades — find out how to buy Bitcoin in Dubai. Dubai is a magnificent city to live and work in. But how can someone buy Bitcoin in Dubai? Is it legal to buy Bitcoin in Dubai? Is Dubai crypto-friendly?  Here’s a quick guide with the answers. The great news is that, yes, buying Bitcoin (BTC) in the United Arab Emirates is permitted, and the country is actually one of the most welcoming to cryptocurrency exchanges and investors. Is Dubai crypto-friendly? The thriving metropolis of Dubai in the UAE has long been deemed a crypto-friendly city. Some describe the UAE as the most crypto-friendly country. What’s more, there is zero tax to pay on cryptocurrency trading in the UAE, as well as zero income or capital gains tax. This combination has made the Middle Eastern country massively attractive to cryptocurrency and blockchain companies and the users of these technologies. There are many UAE crypto traders and plenty of crypto investment options in the UAE. But ...

How a one-stop DeFi ecosystem can drive mass adoption by reducing fragmentation and improving onboarding. Decentralized finance (DeFi) holds great promise thanks to the unique characteristics of blockchain, including transparency, immutability and decentralization. It can democratize access to financial services and transfer the decision-making power from centralized entities to communities. Navigating the complex DeFi ecosystem Despite its undeniable potential, DeFi has a significant problem to overcome before achieving mass adoption: fragmentation. This fragmentation results from an acute lack of interoperability between major decentralized networks and specific DeFi use cases. Communication between the growing number of DeFi applications is quite fragile, forcing users to register multiple platforms, buy multiple utility and governance tokens, and share their wallet permission with many decentralized applications (DApps) to enjoy the full palette of DeFi services. The current scena...

Binance remains under stern scrutiny from regulators and the community. Debate rages as some question the legitimacy of Bitcoin in such a scenario. Crypto influencer Rover predicts Binance collapse could lead to a drastic Bitcoin crash to $5,000. Prominent crypto influencer Crypto Rover has sparked conversations about the potential consequences of the collapse of Binance, the largest crypto exchange. In a recent tweet, Rover argued the collapse of Binance would spell doom for the largest cryptocurrency, Bitcoin. He believes the fall of Binance would imply Bitcoin crashing 81.23% from its current $26,627. “If Binance collapses, Bitcoin is going to $5,000,” Rover remarked. If #Binance collapses Bitcoin is going to $5,000 The entire industry will be screwed. I don't want this, but I do want to reveal the truth. — Crypto Rover (@rovercrc) September 22, 2023 Furthermore, the crypto influencer highlighted that the effect of such a collapse...

The report highlighted that Bitcoin mining can convert wasted methane emissions into less harmful emissions. A paper published by the Institute of Risk Management (IRM) concluded that Bitcoin (BTC) has the potential to be a catalyst for a global energy transition.  IRM Energy and Renewables Group members Dylan Campbell and Alexander Larsen published a report titled “Bitcoin and the Energy Transition: From Risk to Opportunity.” The paper argued that while BTC was perceived as a risk because of its energy consumption, it can also catalyze energy transition and lead to new solutions for energy challenges worldwide. Within the report, the authors also highlighted the important function of energy and the increasing need for reliable, clean and more affordable energy sources. Despite the criticisms of Bitcoin’s energy intensity, the study provided a more balanced view of Bitcoin by showing the potential benefits BTC can bring to the energy industry. Amount of vented methane that can be use...

Hong Kong-based defi protocol Linear Finance reported a security breach that drained its Linear USD token’s liquidity on PancakeSwap and Ascendex platforms. Hong Kong‘s burgeoning defi ecosystem faced a significant setback this week as Linear Finance, one of its leading protocols, came under an unexpected attack. In an incident that jolted the defi community, malevolent actors exploited a vulnerability in the protocol, resulting in a substantial liquidity drain of its Linear USD (ℓUSD) token. ️Urgent Update Re $LUSD The Linear stable coin $LUSD appears to be under an exploit attack. While the team investigates, DO NOT BUY LUSD, DO NOT TRADE $LUSD Liquidations are paused and users accounts are not at risk. Further updates will follow. — Linear Finance (@LinearFinance) September 21, 2023 According to a candid statement released by Linear Finance, the entire liquidity of ℓUSD on both PancakeSwap and Ascendex was drained. The breach caused a catastrophic fall in ...

Stellar completed the testnet for its Protocol 20 upgrade while XLM’s price fell. The value of XLM could hit $0.10 if selling pressure continues. A reversal could occur if the RSI value hits 25.00, marking a good entry point. On September 20, Stellar (XLM) completed its protocol 20 upgrade, geared at introducing support for businesses and developers building on the Stellar network. According to Stellar, the upgrade was a complex one, and by far the biggest since the project launched. While the upgrade on Wednesday was only a testnet version, Stellar in its blog post on September 18, revealed that developers may now access support for Soroban smart contracts on the network. Stellar’s Testnet Fails to Move XLM For the unfamiliar, Soroban smart contracts are built on Stellar’s network to enable the smooth functioning of decentralized applications (dApps). Meanwhile, Stellar also disclosed that the protocol 20 upgrade mainnet may take six weeks. Follo...