Category: Cryptocurrency News

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Now a trillion-dollar market, the crypto ecosystem has withered some of the toughest conditions within its period of existence. However, like any other technological innovation, it is not short of native challenges. This ‘lucrative’ market faces a myriad of shortcomings, including criticisms from regulators and long-standing financial institutions. But the most significant hurdles are currently attributed to the underlying infrastructures. In a recent interview during the Paris Blockchain Week, Binance CEO Changpeng Zhao identified crypto custody as one of the hardest challenges that remains unsolved. According to CZ, the inaccessible and complex nature of crypto wallets is undoubtedly hindering mass adoption in the digital asset space. He was also keen to highlight that this one of problems he would prioritize given an opportunity, “If I had no financial pressure, I would want to solve the most difficult problem that is blocking adoption. That would be the problem I would try to solve.” The Loophole in Crypto Custody Anyone who has interacted with crypto long enough understands there is a thin line when it comes to storing the newly found wealth. Stakeholders have in the past lost huge sums of money as result of wallet breaches or forgetting one’s seed phrase. As it stands, 20% of the BTC in supply cannot be accessed due to lost private keys. Is this efficient for an ecosystem touted as the future of finance? While Rome wasn’t built in a day, the issue of crypto wallets needs to be addressed sooner than later. Some crypto diehards would argue that non-custodial wallets are a long term solution. However, the complexities involved in securing one’s seed phrase paint a different picture. “But today, most people cannot store their private keys securely. The wallets require them to be technical. Your computer cannot get a virus. If your computer gets a virus, there’s all kinds of problems that will happen. You will lose your money.” added CZ Binance. Even worse, the current infrastructure of most non-custodial wallets does not feature a solution for passing heritage to future generations. It is quite unfair to invest in an industry where there is no guarantee that one’s offspring will benefit in the event of their death. After all, this is standard practice in the traditional finance scope. Unfortunately, custodial wallets offered by crypto exchanges are not any better; while they might feature a heritage structure, users are not in control of their private keys. In the event of a breach such as the infamous Mt Gox hack, chances are high that any investor holding funds with the affected exchange will have to incur significant losses. So, what is the ultimate solution to a secure crypto storage ecosystem? The perfect answer would be it’s neither white nor black, but the emergence of Non-fungible tokens (NFTs) seems to be paving way for tamper-proof and heritage-designed Web 3.0 wallets. NFTs; The Future of Crypto Wallet Infrastructures The NFT hype has taken the crypto industry by a storm, with digital creatives such as Beeple cashing big on their work. Though a relatively new area of innovation, the indistinguishable (unique) nature of NFTs could be a game-changer in the development of non-custodial crypto wallets. Emerging DApps such as Serenity Shield are implementing NFT technology to introduce a strongbox solution that addresses seed recovery and heritage issues. Launched in 2021, this Web 3.0 project features a fully encrypted solution for storing digital assets. Ideally, Serenity shield allows crypto natives to create an account where they can securely store their seed recovery phrases. Serenity’s strongbox then partitions the sensitive information into three unique NFT keys. The first NFT is allocated to the account owner, the second to a prospective heir while the final key is stored in the Serenity Shield smart contract. To unlock the information in the strongbox, one requires at least two of the NFT keys, making it possible for a user to recover sensitive information or transfer ownership to an heir. Going by the trends in NFT integrations, the value stretches beyond play-to-earn and the metaverse economies. There is a wide range of crypto applications that could benefit from scaling through NFT infrastructure. Most notably, this upcoming crypto niche provides a building base for secure DApps, ultimately solving pertinent issues such as seed recovery and digital asset heritage. Conclusion Cryptocurrencies might have come of age but there is a lot to be done to ensure that investors sleep comfortably knowing their assets are safe. As highlighted in the introduction, it is still a murky world for crypto wallets, whether custodial or non-custodial. This is not to say that existing issues cannot be solved; newer technologies like NFTs present an opportunity to tackle a majority of the underlying problems.  

XRP investors are hopeful that a potential court victory against the SEC could send the altcoin price at least 50% higher.

According to Fumio Kishida, the government of Japan’s investment in digital transformation included issuing NFTs to local authorities using digital solutions.

Uniswap was back in the green on Monday, as the token rebounded from two days of consecutive declines. The move saw prices climb towards a resistance level of $6.70, which has been in place since late August. Maker was also in the green, climbing by nearly 5% in today’s session. Uniswap (UNI) Uniswap (UNI) was […]

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The Bitcoin price has been able to hold its ground over the weekend, and it’s hinting at a potential bullish week for the nascent asset class. The cryptocurrency has been stuck in a tight range for the past month, unable to reclaim and flip the area north of $20,000 back to support. Related Reading: Bella Protocol Shows Strength, Can Bulls Break A Key Resistance? At the time of writing, Bitcoin (BTC) trades at $19,400 with a 2% profit in the last 24 hours and a 3% profit over the past week. In the crypto top 10, most cryptocurrencies are trading sideways or with small profits in the last hour, as this trading session prompted low timeframe bullish momentum across the board. Bitcoin Gearing Up For The Upside, $20,500 Holds The Key Today’s bullish trading session has been supported by a rebound in traditional finance markets. Major U.S. indexes were able to rebound from last week’s downside move and have been recovering allowing Bitcoin and other cryptocurrencies to display some strength on lower timeframes. The upside move might come as a surprise to many market participants expecting more losses over the rumors of insolvency surrounding financial institution Credit Suisse. Top representatives from the bank have denied the rumors, and the markets seem to be pricing them to the upside, so far. Analyst and trader Adam Mancini celebrated the recent bullish price action for the stock market and hinted at the potential continuation of the bullish momentum. As Bitcoin and crypto continued to move in tandem with equities, the rally might be translated into further gains for the nascent asset class. Mancini wrote the following about the current price action for the S&P 500, and the longer implication: Excellent follow through in #ES_F: 3635, 3670 were my targets today & 3670 just hit. Key to note-by reclaiming 3635, this makes Fridays drop a big, failed breakdown & bottoming signal. Bulls must follow through though. 3705 next up, 3635-45 now must hold support. Stars Align For A Bitcoin And Crypto Rally? In support of the bullish thesis for Bitcoin, data from Material Indicators show a spike in buying pressure from all investors, retail, and whales. If these investors continue to bid on the price action, BTC’s price might extend its bullish momentum. However, as the chart below shows, there is considerable ask (sell) liquidity for Bitcoin above its current levels. This selling order might cap any short time rally, and prevent the cryptocurrency from reclaiming higher levels. Additional data provided by analyst Justin Bennett indicates that the U.S. Dollar continues to see weakness over today’s trading session. As NewsBTC has been reporting, the DXY Index (U.S. Dollar) bullish price action has taken its toll on risk-on assets, such as Bitcoin and equities. Related Reading: Ethereum Sees Surge In Number Of New Addresses – Will ETH Shine This October? As the currency prepares for further losses, the nascent asset class might be able to bounce further and reach the top of a channel presented by Bennett. The analyst claims that as long as Bitcoin stays above $18,700, the cryptocurrency has a chance of climbing all the way up to $26,000 in the coming weeks. No change to this. 👇 https://t.co/ICHbqXGbQr — Justin Bennett (@JustinBennettFX) October 3, 2022 

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