A meme stock is a stock that has seen an increase in volume not because of the company’s performance, but rather because of hype on social media and online forums like Reddit, and more recently, Telegram.

👇Get to know all about meme coins here:
https://twitter.com/CoinsbitIndia/status/1394250196981207047

Major Bitcoin mining pools are now signaling for Taproot activation.

👉 Binance was the latest to announce that Binance Pool had started signaling for Taproot.
👉 Two of the largest $BTC mining pools AntPool and F2Pool were the earliest to support the protocol upgrade.
👉 BTC.TOP, the only top-10 pool that hasn't started signaling for Taproot is also expected to begin signaling for Taproot soon.
👉 Taproot activation must be locked in before Aug. 11 for the network upgrade to happen in November.
👉 The upgrade needs to be backed by miners by including special data in the blocks they mine called a signal bit.
👉 Taproot is being dubbed as the most ambitious upgrade to date. It brings more efficient, flexible, and private ways of transferring BTC.

https://twitter.com/CoinsbitIndia/status/1394305001380409349

A lot of people remain clueless when it comes to explaining 'decentralized finance'. To understand this, we first must understand what is 'centralized finance' and how do the two differ.

👇Read the key differences below:
https://twitter.com/CoinsbitIndia/status/1394598463531229194

Following the FUD regarding misleading reports claiming China has banned Cryptocurrencies, the price of $BTC dropped as low as $37,000.

Companies like Tesla and MicroStrategy have also taken a hit. While Elon Musk is now the world's third-richest man.


This is not the first time our market has seen a crash of this sort and it definitely won't be the last.

However, we must be careful with our investments during these volatile times.

#HODL (not financial advice)

https://twitter.com/CoinsbitIndia/status/1394993681925431300?s=19

A full node is a computer in Bitcoin’s Peer-To-Peer network which hosts and synchronises a copy of the entire Bitcoin blockchain. Nodes are what keep bitcoin alive and key part in the decentralization of the cryptocurrency.

👇🏽Learn how to run a Bitcoin Node:
https://twitter.com/CoinsbitIndia/status/1395328907444776961

The crash over the past two days wiped off approximately $350 billion from the market.

Analysts have blamed it on China's 18th May announcement. This added up with Elon Musk's tweet that Tesla would not be accepting Bitcoin as payment.

“Whatever caused the initial market-wide crash – probably a lot of Elon with some China and other vague regulatory news thrown in, or maybe it’s a “natural correction” – it happened, and liquidations did a lot of work to make the downturn more intense,” said Sam Trabucco.

Analysts have come forward to state that volatility is embedded in the cryptocurrency market and this collapse was rather a healthy correction that would allow new investors to add crypto to their portfolio.

While some investors will back out, several is expected to buy this dip.
https://twitter.com/CoinsbitIndia/status/1395324303818719233

The DeFi space is still a nascent stage and the massive attention this emerging market has received has made it attractive for criminals.

Binance Smart Chain DeFi protocol Pancake Bunny recently fell victim to a $200 million flash loan attack.

So what happened?

👉🏽The attacker used PanCakeSwap to borrow BNB.
👉🏽The attacker manipulated the price of USDT/BNB and BUNNY/BNB using the flash loan.
👉🏽The attacker dumped all the BUNNY tokens resulting in a crash.
👉🏽The attacker then paid off the BNB flash loan.

Flash loan attacks are quite common in the DeFi space and project teams are working every day to fix the loopholes that help devise these attacks.

The attacks do not mean DeFi is a lost cause, in fact, these point out the flaws in the system so it can be patched.

https://twitter.com/CoinsbitIndia/status/1395357812587253772

Hundreds and thousands of cryptocurrency speculators lost all their money during the past few days.

As the retail sector was in disarray, opportunities have been sniffed out by the banks and other large institutional investors alike.

On May 19th alone, an outflow of 16,895 BTC was reported over a span of ten minutes.

According to analysts, the market's big decline has made it more appealing for institutional investors who hold cryptocurrencies for significantly long periods of time.

Last day's fiasco is the perfect example to show how holders can significantly outperform retail investors in the long run.

https://twitter.com/CoinsbitIndia/status/1395694326080933893

Per data from Glassnode, Bitcoin "dip buying" is still ongoing. Large amounts of $BTC were withdrawn from Coinbase by whales and institutions.

Previously it was noted that the indicator for Long-Term Holder Net Position Change began to turn green.

Meanwhile, Cathie Wood, a prominent hedge fund manager, claimed that the world's largest cryptocurrency is giving an outstanding buying opportunity.

At the time of writing, Bitcoin is Priced $36,977. Down 8.7% over the past 24hrs.

https://twitter.com/CoinsbitIndia/status/1396033597480439811?s=19

Following China's decision to clamp down on cryptocurrency, numerous large crypto-based businesses are trying to relocate their operations.

All custodial business has been suspended at Huobi Mall, the subsidiary of crypto exchange Huobi, following plans to move overseas.

“In the long term, nearly all of Chinese crypto mining rigs will be sold overseas, as Chinese regulators crackdown on mining at home. China will lose crypto computing power to foreign markets as well,” said the founder of BTC.TOP, the largest BTC mining pool.


These actions demonstrate that innovation cannot be stopped within the crypto space. Corporations would only move to crypto-friendly jurisdictions.

As such, Indian regulators must closely monitor these developments and be flexible in their approach towards regulating Crypto.

https://twitter.com/CoinsbitIndia/status/1396769190120284162

Following a community-wide debate over Bitcoin's energy use, Elon Musk now claims to have been in contact with a large number of miners in North America about utilizing renewable energy for Bitcoin mining.

The meeting was arranged by MicroStrategy CEO Michael Saylor.

Saylor, who recently chastised Musk for his Bitcoin statements, stated that miners had agreed to form the "Bitcoin Mining Council" to improve energy transparency and speed global sustainability projects.

Some say this smells of centralization, but others argue that this would resolve the current Bitcoin mining energy consumption argument, which is a highly debated matter.

Bitcoin has always been community-driven, do you think the council of miners could take that away?

https://twitter.com/CoinsbitIndia/status/1397103795100733443

After a bounce from $30,000, #Bitcoin soared upwards to the next important resistance region at $41,200.

Per analysts, Technical indicators have turned bullish.

The market is stronger today than it was three years ago, according to a senior strategist from JPMorgan Chase & Co.
https://twitter.com/CoinsbitIndia/status/1397495048569180160

Tech giant Apple could be looking to enter the Cryptocurrency market soon.

Per a new job listing, the company is hiring a business development manager with experience in the cryptocurrency industry to lead its alternative payments partnership program.

The company stated that it is seeking someone with at least five years of expertise working with alternative payment providers.

While this does not confirm Apple's intentions, it does indicate that Apple is devoting increased attention to Cryptocurrencies.
https://twitter.com/CoinsbitIndia/status/1397852007050842112

PayPal, the global payments company, aims to allow users to withdraw Bitcoin to third-party wallets, according to its blockchain lead.

PayPal currently does not allow users to transfer cryptocurrency holdings outside the platform.

“We want to make it as open as possible, and we want to give choice to our consumers, something that will let them pay in any way they want to pay,” da Ponte said.

It is evident that this move comes in response to the growing demand for cryptocurrencies among its customers.

With over 350 million active users, Paypal streamlining its crypto services is definitely a major boost for the industry when it comes to crypto adoption.

https://twitter.com/CoinsbitIndia/status/1397901236779683847

Governor of the Central Bank of Nigeria, Godwin Emefiele, said he will "allow" crypto trading.

In February, CBN Director Bello Hassan signed a letter to financial service providers, threatening severe regulatory sanction if found dealing with #crypto exchanges.

Now, Emefiele says: “We are committed in the CBN and I can assure everybody that digital currency will come to life even in Nigeria."

It is unclear why the central bank changed its tune regarding crypto, but it could be attributed to heavy demand for #crypto in the nation.

India and its underlying crypto-economy are remarkably similar.

Therefore, regulation of the Crypto industry makes sense, else crypto aficionados would be compelled to leverage other alternatives for accessing the market. Which could foster illicit activities.

https://twitter.com/CoinsbitIndia/status/1398221516597194754

The Bitcoin and cryptocurrency markets have seen many cycles of growth and decline. And as much as it may be more difficult to profit during the bear market, know what to do during a market dip.

👉🏽 Not a Financial advice

Read more:
https://twitter.com/CoinsbitIndia/status/1398247766858493953

One of the largest Bitcoin mining farms in North America claimed today that it has mined more than 1,000 BTCs using only hydroelectricity.

Bitfarms has mined up to 1,006 Bitcoins year to date, which is equivalent to nearly $ 36.5 million at current pricing.
"We expect to more than double our installed hydropower infrastructure in Québec," the firm announced.

This is another example of how miners are using renewable energy sources to mine Bitcoin.

An earlier Cambridge study reported 76% of hashers operate with renewable energy.
https://twitter.com/CoinsbitIndia/status/1398572597265125379

Polygon, formerly known as Matic Network, an Ethereum layer-2 solution, recently announced the integration of its blockchain datasets on Google Cloud.

The initiative aims to properly inform developers, data analysts, and cryptocurrency enthusiasts about the Polygon blockchain.

Google's BigQuery would provide simple and orderly querying and in-depth analysis of Polygon's on-chain data via the Google Cloud Platform.

This development opens up various new possibilities for Polygon, and is a major milestone for the project itself.
https://twitter.com/CoinsbitIndia/status/1398942823613829122

Chainalysis, a blockchain analytics platform, reports that large investors purchased tens of thousands of Bitcoin as prices fell below $40,000.

1.2 million $BTC were sold at a loss of 5% to 25%. Additional 120,000 Bitcoin were sold at a loss of 25% or more. According to the blockchain analysis business, the majority of the selling occurred among short-term holders.

Whales bought the dip.
https://twitter.com/CoinsbitIndia/status/1399289879603793924

Over the past few days, major Indian banks had been denying services to Cryptocurrency exchanges, citing a 3-year-old RBI circular that was quashed by the Supreme Court.

Today RBI issued a circular stating that banks can continue to service these platforms.

RBI has stated that the circular is "not in order as this circular was set aside by the Hon'ble Supreme Court on March 04, 2020."

This is great news for the Crypto community in India as these uncertainties were a major hurdle to crypto adoption.

https://twitter.com/CoinsbitIndia/status/1399371417683038215