Cryptocurrency Tracker

Home/Cryptocurrency Tracker

XRP: Will the gains continue

Ripples native coin, XRP, has enjoyed some incredible gains, rallying to massive levels since a week ago. In fact, XRP’s price has been described as the best performing price action in the entire crypto market in recent times – so much so that it even eclipsed the big hitters, Bitcoin and Ethereum.

While XRP investors have been left rubbing their eyes in disbelief, many have begun to wonder when the bubble will burst. While Ripple’s case with the SEC – more on this later – may have something to do with these unprecedented gains, it remains to be seen the trajectory that XRP follows in the coming weeks. 

Top crypto gains

After a devastating month in the world of crypto, it appears that the crypto market is in a period of recovery, with major cryptocurrencies showing great improvement in the past few days. Let’s touch on the performance of XRP and Bitcoin over the past week.

XRP

XRP

XRP has been trading bullish in the past 7 days, up 45% and trading around $0.88 at the time of writing. Fascinatingly, XRP is significantly up against BTC, gaining around 5.62% in XRP/BTC trading pair – marking the strongest single-day move in the trading pair over the past half-year.

The XRP price rebound is the strongest gain against top crypto assets in 6 months, surpassing both Solana and Cardano in market valuation – truly incredible! XRP also gained in the EXR/ETH trading pair, up by 6.83% on the day. XRP is currently sitting at 6th place on the market cap rankings, and experts believe it will soon breach $1, a price last seen in the final quarter of 2021.

Bitcoin

The world’s largest cryptocurrency – BTC – gained around 20% in the last week, purportedly due to the stronger-than-expected US jobs data release that encouraged investment. With BTC’s price hovering around the $44,000 mark at the time of writing, experts believe that it won’t be long before Bitcoin breaches the $46,000 mark.

Market sentiment is that Bitcoin is building momentum, fighting back from its recent slump and lifting above its 50-day moving average for the first time in 81 days. Time will tell whether this upturn in fortunes can sustain itself as we head into March and beyond.

Why XRP has gained so much

XRP has been the talk of the town in recent times and its price surge could well be attributed to the positive sentiment surrounding the Ripples court case with the US Securities and Exchange Commission (SEC) – who allege that the blockchain-based payments company sold XRP to the public as an unregistered security.

Ripple’s battle with the SEC began in December 2020 as they argued whether XRP should be treated as a security or a cryptocurrency. Ripple has been adamant that XRP is a cryptocurrency and not subject to the same regulations as stocks.

In the latest twist, the judge ordered several documents to be unsealed – including email threads from executives – and also allowed Ripple to maintain its fair notice defence where it could argue if it had fair notice from the SEC over whether XRP sales were classified as securities sales.

XRP’s value has soared as investors have been encouraged by developments in this case – especially considering that Ripple is allowed to maintain its fair notice defence. If Ripple wins this case based on their fair notice defence, that could become a persuasive authority for any crypto company that the SEC sues going forward – making it incredibly hard for the SEC to succeed with future lawsuits against crypto companies.

Final thoughts

Despite a topsy-turvy past few months, Ripples executives remain cautiously optimistic about XRP’s growth in 2022. Having enjoyed fantastic gains in the past week and all signs pointing towards a successful outcome of the court case with the SEC, the stage is set for XRP to flourish in the coming year.

Factors such as regulatory clarity, NFT’s, greater interaction with different blockchains, and improved crypto adoption also make for a promising year for Ripple and XRP. Certainly, investor confidence will sky-rocket with a legal win over the SEC – something that many are anticipating in earnest.

As things stand, XRP is showing no signs of slowing down in 2022 – it’s best to buckle up and enjoy the ride!

2022-03-09T10:18:49+00:00February 11, 2022|Cryptocurrency Tracker|Comments Off on XRP: Will the gains continue

Wisly Wednesday Industry News – 8 February 2022

With February in full swing, it’s been a fascinating week in the crypto industry with some stimulating news that is sure to dominate talk amongst crypto circles. North Korea funds missile programs with stolen crypto; KPMG adds crypto to its corporate treasury; Venezuela imposes a heavy tax on crypto transactions; and Crypto exchange gives away Bitcoin for Super Bowl ad campaign.

North Korea funds missile programs with stolen crypto

North Korea funds missile programs with stolen crypto

A recent report from the United Nations (UN) claims that North Korea has financed its missile programs with stolen cryptocurrencies. The UN’s report states that North Korea has stolen crypto worth millions of dollars to fund nuclear experiments and advance its missile program.

It is estimated that hackers from the secretive state stole around $50 million in crypto – targeting mostly centralised exchanges and investment firms with malware, phishing scams and social engineering tactics.

Bitcoin accounted for around 20% of the stolen crypto while more than 50% was made up of Ether, and altcoins rounding up to the remainder of the loot. In January alone, North Korea has launched no less than nine ballistic missile experiments – the largest number of weapons tests in the country’s history making the UN’s claims all the more believable.

While the UN Security Council has urged North Korea to cease such missile tests, Pyongyang has continued with the development of its ballistic missile and nuclear infrastructure. A recent statement from government officials said, “DPRK demonstrated increased capabilities for rapid deployment, wide mobility (including at sea), and improved resilience of its missile forces.”

As always, Wisly will keep you posted on the very latest.

KPMG adds crypto to its corporate treasury

KPMG adds crypto to its corporate treasury

Canadian accounting giant, KPMG, has added Bitcoin and Ethereum to its corporate treasury and has become the latest traditional firm to dip its toes into the crypto sector. In a statement released recently by KPMG, they stated that they acquired the digital assets through the Gemini crypto exchange execution and custody services.

This exciting initiative marks the accounting firm’s first direct investment with cryptocurrencies – with its allocation includes carbon offsets in alignment with its commitment to environmental, social and governance obligations to maintain net-zero carbon transactions.

The company has decided to venture into crypto assets as they believe that digital currencies are the way forward. Managing Partner of KPMG Canada – Benjie Thomas – was delighted with this move as he said, “Crypto assets are a maturing asset class. This investment reflects our belief that institutional adoption of crypto assets and blockchain technology will continue to grow and become a regular part of the asset mix.”

Wisly will keep you in the loop with the latest developments.

Venezuela imposes a heavy tax on crypto transactions

Venezuela imposes a heavy tax on crypto transactions

Parliamentarians in Venezuela have approved a law that would now tax crypto and foreign currency transactions by up to 20% – a move to reduce inflationary pressure on their struggling fiat currency, the Bolivar.

This newly authorised tax – known as the large financial transaction tax – will affect all crypto and foreign currency payments and transactions and encourage Venezuelans to use the national currency instead.

In such a multi-currency environment that Venezuela finds itself in, the sentiment is that the Bolivar has lost its relevance and the government has been looking at creative ways to bring its citizens back to the native currency that lost 70% of its value in 2021.

The bill that was passed last week states that the national government will first collect 2.5% of all crypto and foreign payments, and the rate will later shift between 2% to 20%, depending on the nature of the transaction. Furthermore, the bill reads, “It is necessary to guarantee treatment at least equal to, or more favourable, to payments and transactions made in the national currency or in cryptocurrencies or crypto assets issued by the Bolivarian Republic of Venezuela versus payments made in foreign currency.”

Wisly will keep you in the loop with the very latest with this story. 

Crypto exchange gives away Bitcoin for Super Bowl ad campaign

Crypto exchange gives away Bitcoin for Super Bowl ad campaign

Globally renowned crypto exchange – FTX – has launched an exciting Bitcoin giveaway worth hundreds of thousands of dollars in collaboration with a Super Bowl ad campaign. NFL fans are in for a treat as the Bahamas-based crypto exchange will run the advert during the second half of the NFL championship game between the Cincinnati Bengals and Los Angeles Rams.

Prize money will be awarded to four lucky winners of the sweepstakes – chosen randomly – with the Bitcoin reward being determined when the advert airs on the East Coast. To enter the competition, participants must follow FTX’s official Twitter account and retweet the crypto exchange’s pinned tweet between the time that the advert airs on Sunday and 11.59 pm that same night.

If the advert airs at 9pm on Sunday, the four winners will get 9.2 BTC – approximately $400,000 – but, if the advert airs later in the game, like 10.30 pm, the reward will bump up to 10BTC – or around $450,000.

FTX has found tremendous value in using the country’s biggest sporting day to draw attention to cryptocurrencies, joining other popular exchanges like Coinbase, which also run similar promotions. Founder of FTX – Sam Bankman-Fried – beamed with delight as he said, It’s a way to get our name out there. In terms of venues to do that, it’s hard to find a higher-profile one than this.”

What better way to watch some awesome Super Bowl action while getting your hands on some valuable crypto. Wisly will keep you informed on the latest with this story.

2022-03-09T09:07:59+00:00February 9, 2022|Cryptocurrency Tracker|Comments Off on Wisly Wednesday Industry News – 8 February 2022

Diem: Facebook’s failed attempt at cryptocurrency

Diem is a digital currency initiative led by META – Facebook’s parent company – and has been recently cancelled after months of speculation about the stablecoin’s future. This comes in the wake of fierce opposition from politicians and financial regulators – particularly considering whether other stablecoins can succeed as a viable method for business and consumer payments when central banks develop their own digital currencies.

Diem’s background

Diem’s background

Initially dubbed Libra back in 2019, Facebook launched the Diem Association with the support of prominent industry players that included VISA and Mastercard, and tech giants like Spotify and Lyft. 

The Diem Association was classified as a not-for-profit organisation with its headquarters in Geneva, Switzerland, and was created to manage this new cryptocurrency. There was hope that diving into payments would give META a fresh stream of revenue and greater influence.

Diem was intended to be a stablecoin – a type of cryptocurrency that has its value pegged to the performance of a fiat currency like the US Dollar. By doing so, Diem would avoid fluctuations in value that cryptocurrencies so often have to experience while offering the privacy and instant payments that cryptocurrencies offer.

By creating Diem as a stablecoin, META and its partners wanted to convince businesses and consumers that they could confidently use this cryptocurrency without risking their assets. While META had initially planned to attach Diem to various assets worldwide, they had since changed their minds and opted to peg it to a fiat currency. 

The demise of Diem

The demise of Diem

With cryptocurrencies not the most popular amongst governments and financial institutions around the world, there was hope that Diem could provide a suitable middle ground. However, in November 2021, a US President’s Working Group on Financial Markets report requested new regulations for digital currencies – specifically mentioning that they could be used to finance terrorist groups and avoid anti-money-laundering rules.

The report stated that stablecoins should be regulated in the same manner as a traditional bank. In addition, META came under fire from prominent politicians who questioned the thought process behind its development. Members of Congress also suggested that due to META’s size, influence, and reach – Diem could easily emerge as a rival to the US Dollar – the prospect of which ruffled plenty of feathers.

When considering the above, coupled with the recent scandals that have entangled Facebook in recent times regarding data protection and the selling of consumer information to third parties – Diem was always going to face an uphill battle to gain traction from the authorities.

So the question on everyone’s minds is – Was Diem bound to fail because of META’s involvement or because of the underlying issues with stablecoins? Industry experts agree that Facebook’s reputation, especially its inability to protect the privacy of its consumers, has played a massive part in Diem’s demise. This is without even considering how META chose to ignore regulatory issues and the political implications of introducing Diem – a possible competitor to the mighty US Dollar.

Final thoughts

As of last week, Diem’s assets are being sold off with speculation that Silvergate Bank is buying the digital currency’s underlying technology for around $200 million. While Diem appeared to be a very ambitious project, stablecoins need unequivocal support from the banking system if they plan to be used widely – or as widely as META anticipated.

While getting regulatory approval would be possible for a project like Diem with support, protection of reserves, and insurance – in essence, this project was akin to creating a central bank digital currency (CBDC) but with the key difference being that a third party would be holding all the funds.

With governments and banks around the world creating their own CBDC’s, it is clear that for Diem to emerge as a practical alternative for payments, it would have to be initiated by the banking and financial services sectors as opposed to massive tech giants like META.

While CBDC’s would be much safer as they would enjoy direct backing from their respective governments, stablecoins like Diem are vulnerable to “bank-run” risks with insufficient reserves to satisfy deposited demands. In essence, not enough support from regulators and authorities has meant that Diem was doomed to fail from the very beginning.

So for 2022, it’s back to the drawing board for META as we wait in anticipation to see how they plan to dip their digital toes in the world of crypto.

2022-03-09T09:00:50+00:00February 4, 2022|Cryptocurrency Tracker|Comments Off on Diem: Facebook’s failed attempt at cryptocurrency

Wisly Wednesday Industry News – 3 February 2022

With the first month of 2022 done and dusted, and the sweet smell of February wafting through the air, it’s been another fascinating week in the world of crypto with some exciting news that’s sure to dominate talk amongst crypto enthusiasts. Thai café offers coffee with crypto advice; Arizona plans to make Bitcoin legal tender; Justin Bieber splashes $1.29 million on latest NFT; and Las Vegas gentlemen’s club now accepting Bitcoin.

Thai café offers coffee with crypto advice

Thai café offers coffee with crypto advice

A café in northeast Thailand has made headlines as it launched a service offering free crypto investment consulting for its patrons. HIP Coffee & Restaurant, situated in Nakhon Ratchasima province, has been dubbed the home of crypto traders due to some innovative features that have the locals flocking in their droves.

The café comes fully equipped with banks of computer and television screens strewn across its walls that show the latest market movement. In addition, resident experts offer patrons free crypto advice while they tuck into their coffee and cake.

This sweet deal can be found nestled behind a calm exterior of cherry blossom trees where investors gather in their numbers to trade as a pack. Interest in cryptocurrencies has taken off in the country, with an estimated 251 billion Bhat being traded in the last two months of 2021.

While HIP café has been around for almost ten years, it was given a crypto makeover in 2020 and has since doubled its turnover due to the overwhelming number of investors looking for alternative investment opportunities. Those who visit the café get free crypto investment advice and regulars believe that this platform offers them the best chance of success in a highly volatile market.

One such crypto investor, Detnarong Satianphut, who frequents the establishment, said,” It’s exciting for me to be here because I get to meet people who share the same interests. We traders get to exchange information because in the trading world we are coming up against millions of people.”

Apakon Putnok is another regular who said, “Having so many screens helps a lot. We immediately know and get to analyse crashing factors and whether we should buy.”

The café has grand plans on launching its own cryptocurrency in the near future. Wisly will keep you posted on the very latest with that.

Arizona plans to make Bitcoin legal tender

The state senator of Arizona, Wendy Rogers, has proposed a bill that will make Bitcoin legal tender in the US state. While US federal law does not permit states to create their own currencies, the bill is certain to spark a wave of interest from lawmakers and the general public.

In a recently introduced draft bill – numbered SB1341 – Rogers stipulated that Bitcoin should be afforded the status of transactional currency or legal tender. Although the date is not yet confirmed, once the bill is discussed in the state senate and House of Representatives, the Grand Canyon State will become the first in the US to consider such a development – incredible!

In the proposed bill, senator Rogers defines legal tender as “Any medium of exchange that is authorized by the United States Constitution or Congress for the payment of debts, public charges, taxes, and dues.” while Bitcoin is defined as “Bitcoin means the decentralized, peer-to-peer digital currency in which a record of transactions is maintained on the Bitcoin blockchain and new units of currency are generated by the computational solution of 21 mathematical problems and that operates independently of a central bank.”

Rogers is part of a 3-member Blockchain and Cryptocurrency Study Committee in Arizona and tweeted late last year, “I am going to work to help make Arizona crypto-friendly.” The introduction of this draft bill is sure to trigger fresh impetus into Bitcoin’s growing acceptance and adoption across the globe.

As always, Wisly will keep you in the loop with the latest developments on this.

Justin Bieber splashes $1.29 million on latest NFT

Justin Bieber splashes $1.29 million on latest NFT

Canadian singer and global icon Justin Bieber has splashed some of his hard-earned dough on a one-of-a-kind NFT from OpenSea. Bieber invested $1.29 million or 500 ETH on a Bored Ape Yacht Club (BAYC) NFT to add to his growing NFT collection.

While everybody is hooked to Bieber-fever, Justin has been gripped by crypto fever and has recently started to explore deeper into cryptocurrencies and NFT assets. Using his account JustinBieberNFTS on OpenSea, Bieber bought Bored Ape Yacht Club #3001 on 29 January 2022 and – astonishingly – it appears that he overpaid for this amazing piece of digital art.

At the time of sale, the floor price of BAYC was sitting at 104 ETH or around $270,000, but much to everyone’s surprise, the singer ended up forking out 500 ETH or $1.29 million on it – paying a whole lot more than what the market estimated it was worth.

Although Bieber’s personal fortune should sufficiently take care of that bill, it’s still remarkable that he would choose to buy an NFT so much higher than market value – perhaps stemming from his fascination for NFTs with his stash now at 619 NFTs from 49 different collections. Fortune favours the brave!

Wisly will keep you informed on the latest with this story.

Las Vegas gentleman’s club now accepting Bitcoin

Las Vegas gentleman’s club now accepting Bitcoin

They say – what happens in Vegas stays in Vegas – and a certain gentleman’s club on the Las Vegas strip, Crazy Horse 3, is now accepting Bitcoin for lap dances and tips. Las Vegas is known for being a city of craziness, so the establishment aims to live up to the city’s reputation with its latest move.

The news is sure to lift the spirits of crestfallen crypto investors who have endured a pummelling in the market in the last month and are hoping to find some fresh joy with their crypto. All patrons at Crazy Horse 3 can pay anonymously with their Bitcoin by scanning a QR code that will facilitate a Bitcoin transaction through their crypto wallet – all without a paper trail leading to the adult entertainment club – privacy at its very best!

A statement from Crazy Horse 3 read, “The venue becomes one of the first strip clubs in the United States to welcome the exchange of the digital currency for adult entertainment, providing tech savvy customers with an added layer of privacy and flexibility.”

The publicist for the establishment, Lindsay Feldman, beamed with delight as she chimed, “Guests can enjoy all our bustling adult entertainment anonymously and instantly. Crazy Horse 3 has always been at the forefront of the industry and remains committed to offering unique and innovative amenities that elevate the world-class experience that our high-end clientele knows us for.”

As always, Wisly will be watching with eagle eyes for any peaks to this story.

2022-03-09T08:52:33+00:00February 3, 2022|Cryptocurrency Tracker|Comments Off on Wisly Wednesday Industry News – 3 February 2022

The benefits of long-term crypto-investment

2021 proved to be a landmark year in the crypto industry as major crypto coins hit all-time highs while the market experienced its greatest level of investment. In addition, an increasing number of investors warmed up to cryptocurrencies, with many choosing to diversify their portfolios with a variety of long-term investments.

While crypto investors in the past have traditionally invested for the short term in the hope of making a quick buck, significant milestones in 2021 have inspired investors to commit to long-term investments. El Salvador’s adoption of BTC as an official tender was certainly the highlight, while major banks and global payment operators started to offer crypto services to keep up with the times.

As the first month of 2022 draws to a close, the trend of long-term crypto investment appears to be as strong as ever, with more and more investors choosing to HODL in the midst of a period of violent market swings. With that being said, let’s explore why long-term crypto investments make sense.

Benefits of long-term crypto-investment

Investors who choose to commit to long-term crypto investments are generally optimistic that its value will increase over time, despite volatility in between. These long-term investments are typically maintained for a minimum of 6 months, with a significant number of investors holding onto their crypto for years on end. Let’s touch on some of the benefits of investing in crypto for the long term.

Winning formula historically

Serious investors are those who do thorough research before committing to any crypto investments. A big part of their research is to observe the performance of a crypto coin over a period of time. By looking back at the history of the coin’s performance, investors have a better idea of how much that coin has gained in value.

By merely looking back at the past 5 years, the crypto market has appreciated astronomically, outperforming traditional investment markets in some instances. Dogecoin, for example, started 2021 at a unit price of under $0.01 and started 2022 at $0.16 – validating long-term DOGE investors for committing to the cause.

Lower transaction fees

Investors who trade regularly incur more transaction fees which can become significant when adding them up. By using a long-term investment strategy, however, you are not incurring trading fees as your investment is pretty much left untouched.

Long-term investors do not trade daily, so their profits are not diminished by incurring trading fees. In addition, they are not fazed by market swings and remain confident that their investments will gain in the long run – which more often than not is the case.

Lower risk

Investors who choose to dive in and out of the market hoping to make a quick profit are at a greater risk of running a loss. When you choose to move in and out of the crypto market, you could miss out on profitable opportunities in those window periods when you are outside the market.

On the flip side, those with long-term investments are always in the market and can quickly capitalise for a profit when the opportunity arises.

How to choose a crypto coin for long-term investment

How to choose a crypto coin for long-term investment

When you are considering a long-term crypto investment, there are some important factors to consider.

Market share

You must consider how much of market share that crypto coin has against other cryptocurrencies. Larger market shares indicate a more dominant position and may provide greater stability in the long term.

Utility value

You must consider if there is a market for users of that cryptocurrency. Look at its underlying purpose and whether it really is a feasible proposition. In general, useful and purposeful projects are usually a good bet for widespread adoption – meaning they are great for long-term investments.

Transaction value

You must consider how often people transact with that cryptocurrency. Observe if that amount has increased or decreased over a period of time. A greater number of users is a good indication that the crypto coin is likely to be adopted easier – making it a fantastic long-term investment prospect.

Technological development

You should look at the projects and goals of that cryptocurrency and see if its technological development aligns with its purpose. If a cryptocurrencies development is in alignment with its purpose, it is more like to gain market share against its competition and be adopted easier – making it a great long-term investment.

What regulation could mean for investors

What regulation could mean for investors

Due to enormous interest from a growing number of investors, governments and financial institutions around the world are constantly looking at ways to establish laws and guidelines to make cryptocurrencies safer for investors and less appealing for cybercriminals.

However, this is easier said than done, as the decentralized nature of cryptocurrencies has led many of these governments and financial institutions to believe that crypto is an easy way to evade the authorities with unscrupulous financial activity.

Banks like JPMorgan Chase have recently started closing down bank accounts without notice for those individuals who deal with crypto, while countries like China have clamped down hard on crypto users – indicating that favourable crypto regulations are still a long way off.

While that may be the case, many other governments and financial institutions are working hard to regulate the crypto market equitably, having dedicated crypto teams working tirelessly to appease the needs of crypto investors. With the direction that the crypto market is heading in, 2022 could present a watershed moment for crypto regulations – much to the delight of investors and traders the world over.

Final thoughts

While the crypto market is in the midst of a rocky period, this shouldn’t be a reason to shy away from investing in some promising digital assets. If anything, it’s the perfect time for investors to commit to some great long-term investments while the markets are at their most attractive for buyers.

Historically, long-term investors have ridden out storms and come out smiling with their pockets filled to the brim, so there’s no reason to doubt the value of long-term crypto investments. Make sure to use established platforms like Wisly to track and analyse your long-term investments and maximise your performance. Good Luck!

It is important to note that investing in cryptocurrencies is a risky and highly speculative proposition. This article does not provide recommendations, advice or guidance regarding crypto investments but is rather our opinion on such activities. Investors must conduct their own research and engage in the services of qualified professionals before making any financial and/or cryptocurrency investment decisions.

2022-03-09T08:28:55+00:00January 27, 2022|Cryptocurrency Tracker|Comments Off on The benefits of long-term crypto-investment

Wisly Wednesday Industry News – 26 January 2022

With the first month of 2022 almost done and dusted, it certainly has been an eventful start to the New Year, with some fascinating developments setting the tone for what promises to be a bumper year. NYC mayor converts first paycheck to cryptocurrency; Ozzy Osbourne falls victim to crypto scam; JPMorgan Chase clamps down on crypto users with account closures; and Trump family distances itself from “fraud” TrumpCoin.

NYC mayor converts first paycheck to cryptocurrency

NYC mayor converts first paycheck to cryptocurrency

New York City mayor, Eric Adams, has made good on his promise to convert his first paycheck to cryptocurrency. The newly sworn-in mayor who took office on 1 January 2022 announced back in November 2021 – after winning the mayoral race – that he would take his first three paychecks in Bitcoin and Ether.

In a tweet on 5 November 2021, Adams said,NYC is going to be the center of the cryptocurrency industry and other fast-growing, innovative industries! Just wait!” Crypto exchange – Coinbase – confirmed that Adam’s first paycheck was credited through a deposit service on 21 January 2022, although they did not reveal details of the split between ETH and BTC.

With the crypto industry – and Bitcoin in particular – taking a massive hit in recent weeks, it is estimated that Adam’s lost around $1,000 in value based on his first bi-weekly paycheck of $9,924.66, assuming there was an even split of Ether and Bitcoin deposited.

It remains to be seen if the new NYC mayor has the last laugh with this decision. Wisly will keep you up to date with the latest on this.

Ozzy Osbourne falls victim to crypto scam

Ozzy Osbourne falls victim to crypto scam

Black Sabbath legend, Ozzy Osbourne, has fallen victim to crypto scammers who targets his exciting new NFT art project – CryptoBatz. Fans of the rock star were duped out of thousands of pounds in cryptocurrency after a phishing scam was shared by CryptoBatz official Twitter account.

In this elaborate scheme, hackers used an old URL on the CryptoBatz Twitter account and created a fake Discord chatroom with it. Links to the fraudulent URL were left on both CryptoBatz and Ozzy’s personal Twitter pages, adding credibility to it.

Fans flocked in their droves to the link’s destination, thinking that it was trustworthy, with many suffering devastating consequences as a result. The dodgy link on the CryptoBatz account received more than 4,000 retweets while over 1,300 people signed up for the fake Discord.

Suspiciously, each user was asked to connect their cryptocurrency wallets to the link’s destination for “verification” purposes. The scammers are thought to have got away with close to 14.6 ETH or £29,000, leaving investors in a tailspin.

The company collaborating with Osbourne on the CryptoBatz project – Sutter Systems – laid the blame squarely on the shoulders of Discord, saying, “Although we feel sorry for the people that have fallen prey to these scams, we cannot take responsibility for the actions of scammer exploiting Discord – a platform that we have absolutely no control over. In our opinion, this situation and hundreds of others that have taken place across other projects in the NFT space could have easily been prevented if Discord just had a better response/support/fraud team in place to help big projects like ours.”

As always, Wisly will keep you in the loop with the latest on this.

JPMorgan Chase clamps down on crypto with account closures

JP Morgan Chase has been actively targeting individuals and companies involved in the crypto industry by closing their bank accounts. In the latest case, Hayden Adams, founder of the biggest decentralised exchange protocol – Uniswap Protocol – had his accounts closed by the bank, much to his dismay.

Revealing the news on Twitter, Adams said that the US banking giant had suddenly closed his bank accounts without any explanation or prior notice. He tweeted, “This week @JPMORGAN @CHASE closed my bank accounts with no notice or explanation. I know many individuals and companies who have been similarly targeted simply for working in the crypto industry. Thanks for making it personal.”

While it may sound preposterous for a bank to suddenly close accounts because a person or company is involved in the crypto industry, analysts suggest the move is a display of power by financial institutions who want to make their sentiments towards the crypto market known.

Other customers have also fallen in the same boat as Adams, with the bank closing their accounts due to their dealings with cryptocurrencies and flagging those accounts for suspicious activities. Wisly will inform you of the very latest with this.

Trump family distances itself from “fraud” TrumpCoin

Trump family distances itself from “fraud” TrumpCoin

A meme coin dubbed “TrumpCoin” has grabbed the attention of members of the former US president, and they have not taken lightly to it – labelling it a fraud. TrumpCoin’s website indicates that it launched on 20 February 2016 in honour of former President Trump and described itself as the #1 Patriot Cryptocurrency on its Twitter account.

Eric Trump, son of Donald Trump, appeared livid and said that TrumpCoin had no association with the Trump family and mentioned that legal action would be forthcoming. In a tweet released on Monday, Eric said, “ Fraud Alert: It has come to our attention that someone is promoting a cryptocurrency called ‘TrumpCoin’ (Symbol: TRUMP). This has NOTHING to do with our family, we do not authorize the use and we are in no way affiliated with this group. Legal action will be taken.”

TrumpCoin’s market cap is around $1.5 million and has a circulating supply of over 6.6 million coins – seemingly targeting right-wing Trump supporters. For the creator’s part, an FAQ on TrumpCoin’s website confirms that “TrumpCoin is not owned, operated, endorsed by, or otherwise affiliated with Donald J. Trump, The Trump Organization, Donald J. Trump for President, or any other organization owned and/or operated by Donald J. Trump or any of its affiliates.”

However, Eric Trump’s tweet did TrumpCoin a world of good as its trading volume spiked by 350% afterwards. Interesting times, indeed, and Wisly will let you know of the very latest developments.

2022-03-08T14:32:32+00:00January 26, 2022|Cryptocurrency Tracker|Comments Off on Wisly Wednesday Industry News – 26 January 2022

What is Web 3.0?

Web 3.0 is commonly described as the future of the internet and is actually the third generation of the internet – albeit one that is still in the development stage. It is being designed with the intention of changing the way that the internet processes information – where apps and websites use technologies such as machine learning, Big Data, and decentralised ledger technology to process information in a smart human-like way.

Essentially, data will be interconnected in a decentralised manner with semantic web, blockchain technology and artificial intelligence central to Web 3.0’s development. Considering that a lot of the technology required for Web 3.0 is still in its infancy, its vision is certainly exciting – especially for those concerned about how huge companies, such as Meta, dominate the internet and control how people experience it.

Since Web 3.0 networks plan to operate through decentralised protocols – the founding blocks of crypto technology and blockchain – it is likely that emphasis will be placed on making the platform interoperable and easily integrated with automation through smart contracts. To understand Web 3.0 better, we should take a step back and look at how the web has evolved.

Evolution of Web 3.0

Evolution of Web 3.0

Web 3.0 appears to be the natural evolution of the older generation of web tools and the internet, where the latest technologies like blockchain and artificial intelligence will be central to its operations. So let’s look at how the internet really started.

Web 1.0

Web 1.0

This was the first version of the internet and was prevalent from 1989 to 2005. It was referred to as the static web or “read” version that offered users access to limited information with little to no user engagement. Essentially, it was a collection of links and homepages, and users couldn’t do much besides reading things and publishing content for other users to read.

There were no algorithms to browse internet pages, making it hard for users to find specific information. Content creation was traditionally done by a select few sources and was mostly available through directories.

Web 2.0

Web 2.0

This was an upgrade of the first version of the internet and is actually the version that we still use today. It was launched in 2005 and is referred to as the “read/write” version of the internet – referencing computer code that allows a user to open and edit files instead of just viewing them.

This version of the internet is incredibly interactive and allows users not only to consume content but also to create and publish their own content on platforms like blogs, forums, marketplaces, and social media.

While Web 2.0 has made a significant contribution to the way people live their lives, the general public has become increasingly concerned about how global tech giants harvest their personal information and use it without their consent. Despite the world of amazing free services that Web 2.0 has brought, society at large wants to have more control over their data and content – the perfect space for Web 3.0 to enter.

Web 3.0

Web 3.0

Web 3.0 can be described as the “read/write/own” version of the internet’s evolution. As opposed to using free tech platforms in exchange for access to our personal information, users will soon be able to participate in the governance and operation of the protocols on their own – making users shareholders and participants as opposed to being classified as customers or products.

The shares that users would hold will be in the form of cryptocurrencies or tokens – representing ownership of decentralised networks called blockchains. The platform will use the latest technological advancements to make the third version of the internet as realistic and interactive as possible. Essentially, what happens on Web 3.0 will be determined by investors and not a few global tech giants who control how you experience the internet.

Key Features of Web 3.0

Key Features Web 3.0

To really understand Web 3.0, let’s touch on some key features that set it apart.

Decentralisation enables information to be stored in multiple locations simultaneously instead of being kept on massive databases by a select few. The information generated by powerful computing resources like mobile phones, desktops and laptops, appliances, and cars will be sold by users through decentralised networks – ensuring that users maintain ownership control.

Web 3.0 will be trustless and permissionless, so you won’t need authorisation from any governing body to participate. Apps on the platform will operate on blockchains or decentralised peer-to-peer networks.

Like Web 2.0, this third version of the internet will be ubiquitous – meaning having the capacity to be everywhere at the same time. This is akin to taking a photo and sharing it on social media for the world to see. With Web 3.0, however, it plans to make the internet accessible to everyone, anywhere in the world, and at any time.

Semantic web enables devices to analyse information from the internet, such as content, transactions or links between people. By applying semantics in the third internet, devices can decode meaning and emotion through data analysis, leading to an enhanced internet experience.

Artificial intelligence is prominently used in Web 2.0. There are plans to ramp up its contribution to Web 3.0 through machines that can decipher the meaning and emotions reflected by data sets. This will help the third version of the internet to sift through information and tailor content to a user’s liking – ultimately providing users with the best filtered and unbiased results in an instance.

Final thoughts

Web 3.0 hopes to give users a more personal experience with customised browsing capabilities – a smart human-like assistant available instantly – and many benefits that come with using decentralised platforms.

Users will have full control over their own information and have a vastly enhanced experience of using the internet. When you consider the impact of technology on society – specifically how it has changed behavioural patterns, the dawn of Web 3.0 will certainly become an essential part of our lives that guides us into bigger and brighter things, filled with promise and wonder!

2022-03-08T14:26:04+00:00January 21, 2022|Cryptocurrency Tracker|Comments Off on What is Web 3.0?

Wisly Wednesday Industry News – 19 January 2022

With the New Year in full swing and everybody getting back into the grind after the festive season, it’s been a fascinating start to 2022 with some tantalising developments that are sure to tickle the taste buds of crypto enthusiasts across the globe. Tonga accepts Bitcoin donations after devastating tsunami; Singapore bans public crypto advertising; Walmart plans to create its own cryptocurrency; and Kim Kardashian and Floyd Mayweather sued by investors over crypto scam.

Tonga accepts Bitcoin donations after devastating tsunami

Tonga accepts Bitcoin donations after devastating tsunami

In the wake of the massive volcanic eruption of the Hunga Tonga-Hunga-Ha’apai volcano that caused a devastating tsunami in Tongatapu – the main island of Tonga – the pacific island nation has announced that it will accept Bitcoin donations to help with the relief efforts in the aftermath.

With volcanic ash spewing kilometres into the air and waves reaching heights of up to 1.2 meters – covering roads and properties – there are immediate concerns from aid organisations over air and water contamination.

Amidst an overwhelming surge of sympathy from crypto holders around the globe, one Twitter user – Onair Blair – appealed to former Tongan lawmaker and Bitcoin supporter – Lord Fusitu’a – to set up a crypto wallet address where BTC users could donate Bitcoin for relief operations.

Lord Fusitu’a replied to the tweet with a BTC wallet address and a link where concerned people could donate fiat currencies to help the country deal with the aftermath. To date, over $4,600 worth of Bitcoin has been donated.

In further efforts to raise funds, Lord Fusitu’a highlighted plans to use geothermal energy from the volcanoes to power Bitcoin mining operations that would help boost the country’s finances. He said that the country’s 21 volcanoes could each produce 95,000 megawatts and generate $2,000 worth of Bitcoin daily – an amount that would be donated to the affected families.

Wisly will keep you up to date on the very latest with this story.

Singapore bans public crypto advertising

Singapore bans public crypto advertising

The Monetary Authority of Singapore (MAS) has issued a fresh set of guidelines for digital payment token (DPT) providers in the country – banning them from crypto-related marketing in all public areas.

The guidelines warned the general public about the high risks of crypto investments. They stopped DPT companies from advertising their products and services in public areas – including public transport, public transport venues, public websites, social media platforms, and print and broadcast media.

The new guidelines are effective immediately and apply to all registered crypto services providers and those companies in the transitional period. The MAS statement read, “MAS stresses that DPT service providers should conduct themselves with the understanding that trading of DPTs is not suitable for the general public. These Guidelines set out MAS’ expectation that DPT service providers should not promote their DPT services to the general public in Singapore.”

In addition, the updated guidelines prohibit crypto services providers in the country from opening automated teller machines (ATMs) in public areas. All is not lost, however, as DPT companies can still advertise or promote their services on their own websites or mobile apps.

This decision comes after a surge of crypto advertising at public places in the country amidst growing popularity amongst crypto enthusiasts. Regulators believe that advertising crypto hides the inherent risks associated with such investments while promoting attractive profits to entice investors.

Wisly will keep you in the loop with the latest developments on this.

Walmart plans to create its own cryptocurrency

Walmart plans to create its own cryptocurrency

US retail giant, Walmart, has announced exciting plans to create its very own cryptocurrency together with a collection of non-fungible tokens (NFTs). In a move that started in December, Walmart filed several new trademarks that showed its intention to move into the metaverse and offer virtual goods – such as sporting goods, toys, home décor, electronics, and personal care products.

In a separate filing, Walmart stated that it would offer its users a digital currency alongside its collection of NFTs. While details of their cryptocurrency have been scarce, the retail giant mentioned that they were “continuously exploring how emerging technologies would shape future shopping experiences.” They added that “we are testing new ideas all the time.”

While no release date has been mentioned, there has been talk that a lot of behind-the-scenes planning is taking place about how they are going to structure their cryptocurrency. These are truly exciting times, and Wisly will keep you updated on the latest with this story.

Kim Kardashian and Floyd Mayweather sued by investors over crypto scam

Reality TV star – Kim Kardashian – and boxing champion – Floyd Mayweather Jr. – are some of the high profile celebrities being sued by investors over promoting an alleged “pump and dump” crypto scheme that cost investors millions of dollars.

In a class-action lawsuit that was filed in a California court, it was heard that EthereumMax executives colluded with Kardashian and Mayweather to enrich themselves through a series of false and misleading claims in public with the intention of duping investors.

The claims state that both Kardashian and Mayweather used their fame to promote tokens sold by EthereumMax – EMAX – which in turn boosted its price by as much as 1,370%. This was done with the intention of collecting profits at the expense of followers and investors.

Kardashian promoted EMAX to her 250 million Instagram followers in what was described as “the single biggest audience reach in history for a financial product” by the UK’s Financial Conduct Authority. For his part, Mayweather wore EMAX branding on his boxing shorts during his fight with Logan Paul – an event drawing an audience of tens of millions.

Soon after these public endorsements of EMAX, the token lost 98% of its value – leaving investors around the globe fuming at such deception. EthereumMax vehemently denied any wrongdoing and released a statement that said, The deceptive narrative associated with the recent allegations is riddled with misinformation about the EthereumMax project. We dispute the allegations and look forward to the truth coming out.”

Kardashian and Mayweather are yet to respond to allegations amidst what could prove to be an extremely costly experience for the flamboyant pair. As always, Wisly will keep you informed of the latest developments on this story.

2022-03-09T08:22:25+00:00January 19, 2022|Cryptocurrency Tracker|Comments Off on Wisly Wednesday Industry News – 19 January 2022

Cryptocurrency in review 2021

2021 certainly proved to be an incredible year in the world of crypto, with the markets enjoying exponential growth while several high-profile businesses and organisations across the globe warmed up to digital assets with investments at a far greater scale than ever before.

The world’s most popular cryptocurrency – Bitcoin – hit historic highs of $68,000 in early November, while the second biggest cryptocurrency – Ethereum – posted its most impressive gains in the last 12 months to also post all-time highs.

Sophisticated global firms like Fidelity, Goldman Sachs and JPMorgan entered the crypto arena while payment giants like PayPal, Mastercard, Venmo, and even Twitter started allowing customers to transact in Bitcoin.

Elsewhere, El Salvador became the first country in the world to adopt Bitcoin as an official tender in the country, and Tesla acquired US$1.5 billion worth of Bitcoin which they held as reserves. So let’s touch on some of the crypto highlights of 2021.

Coinbase IPO

Coinbase IPO

1 April 2021 was a key moment for Coinbase – one of the world’s largest crypto exchanges – as they announced they would begin to offer publicly-traded shares listed on the Nasdaq under the name $COIN. Such was the impact of this that the valuation of Coinbase soared over $80 billion on its first day of public trading.

The Nasdaq placed a pre-emptive reference price of $250 per share, although they traded at $381 per share when the market opened. While its share price dropped significantly in the months to follow, this successful listing proved to be a feather in the cap of the crypto industry as it indicated approval and support for digital assets from traditional financial institutions.

In essence, the Coinbase IPO was a win for the crypto market as it appears to have gotten the consent from financial regulators to work with crypto assets legally.

Binance ban in the UK and Europe

Binance ban UK, Europe

Binance – a global crypto exchange giant – took a heavy blow on 30 June 2021 when the UK’s financial regulator banned the platform from operating within its borders. The Financial Conduct Authority (FCA) made it abundantly clear that Binance was not permitted to undertake regulated activity in the UK – causing panic amongst investors in the region.

This announcement came as regulators worldwide began to crackdown on Binance, causing prices to nosedive and leaving investors short of breath. The ban on Binance extended to greater Europe on 30 July 2021 as the platform began to suspend services in the European region, starting with Germany, Italy, and Holland due to financial regulators clamping down.

The rest of the world mirrored similar restrictions, with Japan being one such country that warned its citizens that Binance was operating in the country without its permission.

The rise of NFTs

The rise of NFTs

January 2021 saw non-fungible tokens (NFTs) trending around the world. NFTs are digital tokens created on a blockchain and represent something unique or of a limited edition. They cannot be altered or replicated, and their authenticity can be proven relatively easily.

Appearing in the form of music, art, in-game items, and films – amongst others – 2021 saw the most expensive NFT ever sold – Everydays by Beeple that sold for close to 40,000 ETH or US$69 million. Gaming with NFTs also gained traction with Axie Infinity – an NFT-based game inspired by Pokemon – proving extremely popular in the NFT community.

Clothing giants like Adidas and Nike also jumped on the NFT bandwagon in 2021 with their digital versions of limited edition apparel – underscoring the thirst for investors to diversify their portfolios.

Bitcoin ETFs

Bitcoin made its debut on the New York Stock Exchange in October 2021 as financial firm – ProShares – launched the first exchange-traded fund that was linked to BTC. The ETF with a ticker –BITO – doesn’t invest directly with Bitcoin but is based on futures contracts tied to the world’s biggest cryptocurrency.

Essentially, Bitcoin ETFs sought to be a combination of the best parts of two popular investment choices – exposure to Bitcoin coupled with the ease of ETF investments. This investment was designed to operate like any other ETF. The difference is that Bitcoin ETFs will track the price of Bitcoin — or in ProShares ETF’s case – a related financial product as opposed to tracking a market exchange like the Dow Jones Industrial Average of S&P 500.

El Salvador Adopts Bitcoin

El Salvador

One of the most exciting developments in the history of crypto happened in September 2021 when El Salvador became the first country in the world to adopt Bitcoin as an official tender. The news sent shockwaves across the globe and was met with fierce criticism from governments and financial regulators – especially first world countries.

However, those in the developing world took inspiration from El Salvador’s bold move as it confirmed the value of cryptocurrencies as a means for developing economies to bypass a global financial system that is heavily reliant on unfavourable regulations that suit richer countries.

Citizens of the country were each given $30 worth of Bitcoin, while retailers in the country were legally obliged to accept it as payment. While the price of Bitcoin fluctuates unpredictably, making it a risk to buy groceries and necessities daily with BTC, it did enable people to transact easier – especially the unbanked population that don’t have access to traditional financial services.

Plans are in place to make parts of El Salvador crypto cities that they envisage will become global hubs the crypto enthusiasts.

Looking ahead to 2022

With such unprecedented interest in cryptocurrencies during 2021 from individuals and organisations alike, it’s clear that cryptocurrencies will play a more significant role in 2022. As more companies and countries warm up to cryptocurrencies, there is bound to be greater adoption of digital assets across all areas as this year rolls along.

With Crypto.com buying the naming rights to the Staples Centre in Los Angeles for $700 million in 2021 and renaming the sports stadium to the Crypto.com Arena, it’s certain crypto will be spoken about and explored even more in 2022. More crypto companies will go public this year, and their values are anticipated to explode into the billions in the process.

These are exciting times, indeed, and crypto enthusiasts should certainly be delighted with such a bright horizon to look forward to. As always, Wisly will keep you up to date with the latest developments in the crypto industry.

2022-03-08T14:05:53+00:00January 15, 2022|Cryptocurrency Tracker|Comments Off on Cryptocurrency in review 2021

Wisly Wednesday Industry News

With the festive season in full swing, it’s been another captivating week in the world of crypto with some stimulating news that’s sure to dominate talk amongst crypto lovers. Jackson, Tennessee becomes the first US city to add Bitcoin as payroll option; the Dubai World Trade Centre is set to become an exclusive crypto zone; a Spanish music video clip wholly financed with Bitcoin; and a Beverly Hills plastic surgeon has started accepting crypto for procedures.

Jackson, Tennessee becomes first US city to add Bitcoin as payroll option

Jackson, Tennessee becomes first US city to add Bitcoin as payroll option

The city of Jackson, Tennessee in the US is set to become the first city to add Bitcoin as a payroll conversion option for city employees. Mayor of Jackson, Scott Conger, has been a major proponent of Bitcoin and has pushed for the cryptocurrency to be added as an option to pay city employees through a motion to actualise it.

Conger is convinced that the conversion option will diversify the ways in which the city pays its employees. In addition, this move will enable the city to pay companies and contractors in Bitcoin – in turn, attracting a wider range of bidders.

A big step towards commencing the process of adding Bitcoin as a payment conversion option is the request for proposal (RFP) which must be opened. This step will allow third-party platforms to submit applications to become Jackson’s official cryptocurrency converter.

Once a crypto contractor is approved, the city of Jackson will pay that provider in US$ for the number of employees that want to be paid in Bitcoin. That provider will then convert the payment to Bitcoin and send that BTC to those employees.

If all goes according to plan, employees can start getting paid in Bitcoin in early 2022. Conger is firm in his belief that this move will bring more opportunities to the city as well as helping employees to diversify their investments.

Wisly will keep you posted on the very latest with this.

Dubai World Trade Centre to become an exclusive crypto zone

Dubai World Trade Centre to become an exclusive crypto zone

The Dubai World Trade Centre (DWTC) has announced plans to become a comprehensive zone and regulator for cryptocurrencies and virtual assets. The financial authority has moved to design a wide-ranging ecosystem for the region due to the adoption of crypto investments gathering momentum rapidly in Dubai.

These exciting plans are in alignment with the government’s efforts to create fresh economic sectors and encourage financial inclusion. In addition, it will help banks and other financial institutions to adopt new-age technologies within the sector and help them to manage any associated risks.

The DWTC will coordinate with the private sector and plans to enforce rigorous standards for investor protection. Moreover, they have protocols in the pipeline that will address money laundering, terrorism financing, and track cross-border transactions in the cryptocurrency and digital asset sphere.

DTWC authorities were delighted with the announcement and said, “The step continues to accelerate Dubai’s standing as a leading global centre for business, trade and technology. The World Trade Centre will deliver and oversee a new world-class regulatory framework of virtual asset legislative and enforcement policies. It will be critical to facilitating and broadening cross-border operations and ecosystem innovation to enable safe market adoption and growth for this sector in Dubai.”

Wisly will keep you up to date with the latest on this story.

Spanish music video clip wholly financed with Bitcoin

The Coinmotion cryptocurrency platform has released a world-first crypto video music clip entitled “Bajo tu piel” by visionary Spanish artist, Huecco. Incredibly, the entire video clip and the new single was financed exclusively with Bitcoin – making it the first in the world to do so.

The idea was initially pitched by Huecco to Coinmotion where he explained that no video clip was entirely financed by cryptocurrencies. Coinmotion was so impressed with this idea that they took on the project as their own. Huecco was over the moon as he chimed, “We went from being a customer to collaborators in this historic and comforting joint venture of a crypto broker and music.”

This collaboration between Coinmotion and Huecco is intended to bring about innovation in the creative activities that they are involved in. Coinmotion’s CEO – Heidi Hurskainen – was in an equally buoyant mood saying, “We like to innovate with “premium on-demand” services, being the first to launch the Private Crypto Banking service in Spain. When Huecco asked us to collaborate on such a pioneering project that apart from being the first video clip in the world financed entirely with Bitcoin, it allows us to contribute to raising awareness and promoting the development of the sector in Spain, we did not hesitate to participate in it.”

Terrific news indeed, for Huecco and Coinmotion. Wisly will keep you in the loop with the very latest on this.

Beverly Hills plastic surgeon accepts crypto for procedures

Beverly Hills plastic surgeon accepts crypto for procedures

World-renowned facial plastic surgeon, Dr Babak Azizzadeh, has announced that his Beverly Hills clinic, The Center for Advanced Facial Plastic Surgery, will begin to accept cryptocurrency as full or partial payment for cosmetic or reconstructive procedures.

The announcement comes after months of observation from Dr Azizzadeh who noticed that the rise of cryptocurrencies created a new method of payment in the beauty world – most especially with cosmetic procedures and luxury beauty products.

An ecstatic Dr Azizzadeh said, “Now is the time for my industry to accommodate patients who desire to use cryptocurrency for more and more of their day-to-day financial transactions and this is a direction that most businesses will need to move towards. Cryptocurrency is not just an investment tool for enthusiasts but a passion and cause. They want to be able to use it for goods and services as demonstrated by the story of Laszlo Hancyecz who in 2010 paid 10,000 bitcoins to be able to purchase two pizzas!”

The Center for Advanced Facial Plastic Surgery opened in 2003 and offers a range of services that include surgical procedures for the face, nose, and facial paralysis while also offering non-surgical options as well. Wisly will keep you updated on the very latest with this.

2022-03-08T13:48:54+00:00December 22, 2021|Cryptocurrency Tracker|Comments Off on Wisly Wednesday Industry News
Go to Top