Author: Mayowa Adenle

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Mayowa Adenle

I am a crypto analyst. I am responsible for analyzing and predicting trends, pricing, demand, and trading volumes of any number of cryptocurrencies currently available.

Articles by Mayowa Adenle

Ether Surges After Shanghai: Bitcoin’s Dominance Falls From 21-Month Peak

1 year ago 1 min read

Ether (ETH) has been making waves in the cryptocurrency market recently. After the successful deployment of the long-awaited Shanghai upgrade, ETH’s price rallied above $2,000 late on Wednesday. This surge in price has caused a drop in Bitcoin’s (BTC) dominance rate, which had risen to an almost two-year record high. According to data from TradingView, BTC’s dominance rate rose to as high as 49.06% early on Wednesday, before retreating to 48.12% as ETH’s price continued to rise. This is the first time in over 21 months that BTC’s dominance rate has been around the 49% level. In contrast, ETH’s dominance

Whales Accumulate Over $820 Million Worth of Bitcoin in One Week

1 year ago 1 min read

Crypto analytics firm Santiment has reported that Bitcoin whales and sharks, or addresses holding 10 to 10,000 Bitcoin, have accumulated a staggering $821.50 million worth of BTC in the past week. This comes as the value of Bitcoin fell below $20,000, prompting some investors to buy the dip. Despite the heavy accumulation from the largest Bitcoin holders, Santiment suggests that investors should keep an eye on the traditional markets for clues on what comes next for BTC. The correlation between crypto and equities is a key factor to watch. Interestingly, the analytics firm also notes a shift in trader behavior,

Bank of England orders Silicon Valley Bank’s UK branch to close

1 year ago 1 min read

The Bank of England (BoE) has stopped the operations of Silicon Valley Bank’s U.K. branch (SVB UK), stating that it has a limited presence in the UK and no critical functions supporting the financial system. The bank regulator issued a statement on March 10, announcing that SVB UK will stop making payments or accepting deposits as it seeks to place the bank into a Bank Insolvency Procedure. The move comes on the same day that the California Department of Financial Protection and Innovation ordered the closure of Silicon Valley Bank (SVB) in the United States. BoE explained that a bank

US Government to Impose 30% Tax on Crypto Miners

1 year ago 1 min read

The Biden administration has proposed a 30% excise tax on cryptocurrency miners and plans to eliminate tax-deductible losses related to wash-trading of crypto tokens. The proposal, published in a U.S. Department of Treasury document, aims to address the negative environmental effects of the growing energy consumption associated with digital asset mining. The Treasury Department has stated that any company using computing resources to mine digital assets, whether owned or borrowed, will be subject to the tax. The tax is expected to be introduced over three years in 10% annual stages, beginning from December 31, 2023. According to the White House,

U.S. President Joe Biden’s Proposed Budget to Close Tax Loss Harvesting on Crypto Transactions

1 year ago 2 mins read

The U.S. President Joe Biden is set to unveil his proposed budget, and one of the provisions in it is aimed at closing the tax loss harvesting on crypto transactions. A White House official has confirmed that the budget will include a tax provision that aims to reduce wash sales trading by crypto investors. Currently, investors can sell any cryptocurrencies at a loss, claim the loss on their taxes, and then buy the same amount and type of cryptocurrencies again. According to the Wall Street Journal, this provision would raise up to $24 billion. The proposal is part of the

Nigerian Citizens Protest Against Central Bank Digital Currency (CBDC)

1 year ago 1 min read

Nigeria is no stranger to financial instability and cash shortages. The country has been pushing for a cashless economy to combat corruption and crime, but this has not gone over well with its citizens. In fact, Nigerians have taken to the streets to protest the government’s implementation of a central bank digital currency (CBDC) and the resulting cash shortage. Despite incentives offered by the government, including discounts for using the CBDC to pay for cabs, the adoption rate of the digital currency remains abysmal. Nicholas Anthony, a policy analyst in the Cato Institute’s Center for Monetary and Financial Alternatives, believes

Banks Hesitant to Serve Crypto Customers, Says Kraken’s Chief Legal Officer

1 year ago 1 min read

Marco Santori, the Chief Legal Officer for Kraken, recently spoke about the impact of regulatory actions in the U.S. on the ability of crypto companies to access banking services. According to Santori, banks have become increasingly hesitant to accept new crypto clients due to the uncertain regulatory environment. In a recent podcast episode, Santori highlighted how regulatory scrutiny has made banks wary of working with crypto companies. He also noted that this trend has given an advantage to incumbent crypto players, such as Coinbase and Kraken, who have established relationships with banks and are better positioned to navigate the current

Tether Fights Back Against WSJ’s Accusations of Forged Bank Documents

1 year ago 2 mins read

Tether, the company behind the stablecoin USDT, has hit back against a recent report from The Wall Street Journal (WSJ) alleging that it had ties to entities that falsified documents to maintain access to banking services. In the March 3 report, the WSJ claimed that leaked documents and emails showed that Tether and its sister exchange Bitfinex had hidden behind third parties and fabricated transactions to open bank accounts. Tether refuted the allegations in a statement, calling them “wholly inaccurate and misleading” and stating that the company adheres to Anti-Money Laundering, Know Your Customer, and Counter-Terrorist Financing regulations. The firm

Celsius Initiates Fund Withdrawals Following Bankruptcy Filing

1 year ago 1 min read

Celsius, a popular crypto lending firm, has recently announced that its customers can now withdraw assets from its platform after eight months of waiting. The announcement came in the form of an official tweet on March 2, revealing that withdrawals are now available for certain custody accounts only. This development follows a court order in January, which authorized Celsius to process withdrawals, but only for assets in a Celsius custody account. These include “Pure Custody” assets and “Transferred Custody” assets that were moved from an Earn or Borrow account to a custody account 90 days before Celsius filed for bankruptcy.

Binance’s AI NFT Generator Sells Out 10K Mints in 2.5 Hours

1 year ago 1 min read

Binance has launched an artificial intelligence-powered non-fungible token (NFT) generator that has already made waves in the digital art world. Known as “Bicasso,” the AI-powered image-generation tool reached its cap of 10,000 NFT mints in just 2.5 hours after launching in beta on March 1st. Bicasso allows users to upload an image or type in creative prompts to generate a bespoke image created with AI. Similar to other AI-art platforms like DALL-E, Bicasso offers a unique way for creators to turn their visions into NFTs with ease. Binance CEO Changpeng Zhao expressed his excitement about the launch, tweeting “The AI

Solana CEO refutes allegations of on-chain voting causing network outages

1 year ago 1 min read

Anatoly Yakovenko, the CEO of Solana Labs, has rejected claims that the Solana network’s recent outages were caused by a large volume of validator messages and on-chain voting clogging up its consensus layer. While the Solana Foundation has yet to identify the root cause of the 20-hour network outage, Yakovenko took to Twitter to dismiss the theory that the decision to include on-chain votes as transactions was a “massive design flaw.” He stated that the single giant quorum contributed to an exceptional level of security, high throughput, and low fees. While not disputing that the majority of Solana transactions comprise

Coinbase Suspends Binance USD Trading Amid Regulatory Investigation

1 year ago 1 min read

Coinbase, the second-largest cryptocurrency exchange in the world, has announced the suspension of trade in Binance USD (BUSD) as of March 13. The move comes after US regulators began investigating the stablecoin as a possible unregistered security. Coinbase stated that BUSD no longer met their listing standards, prompting the suspension. However, users can still access and withdraw their BUSD after the suspension, as stated by Coinbase on Twitter. BUSD is currently the third largest stablecoin, with a market capitalization of $10.6 billion, according to CoinMarketCap data. Paxos, the firm that owns and operates BUSD, was recently ordered to suspend the