Search Results for: Ftx

“This week’s bearish sentiment among crypto traders forced Bitcoin under $26,000. Current market behavior indicates possible surge in volatility. Meanwhile, market is apprehensive about potential firming of rates to control inflation resurgence. Legal cases and settlements also impact the crypto world.”

“Wintermute Trading faces criticism as they negotiate a loan of 350 YFI tokens from Yearn Finance. Yearn’s supporters challenge the benefit to Yearn from this deal, questioning its alignment with Yearn’s philosophy of decentralized finance. The main issue lies in Wintermute’s intention to borrow Yearn’s governance token, potentially undermining Yearn’s foundation of decentralization.”

“Genesis, a crypto lending firm, filed for bankruptcy due to market conditions causing significant withdrawals. A recent agreement with its creditors, DCG, could see up to 90% recovery for Genesis creditors. The deal involves a settlement of over $1.7 billion in liabilities and introduces new debt facilities and a partial repayment agreement, offering some relief in a challenging market.”

“Digital Currency Group (DCG), parent company of Coindesk, has reportedly secured an agreement with the creditors of bankrupt company Genesis, promising a recovery between 70%- 90% for Genesis’ bankruptcy claims. Despite DCG’s own substantial debts, they propose a $275 million payment in four instalments, potentially initiating a turnaround amid the uncertain crypto market landscape.”

Bitcoin continues to dominate digital currencies despite a minute dip influenced by President Biden’s crypto tax propositions. However, concerns are growing that these proposals may stifle industry growth and innovation. Meanwhile, a new model for Bitcoin valuation based on on-chain metrics offers deeper cryptosphere insights, and Bitcoin’s trading faces significant resistance levels.

Despite substantial withdrawals from the DeFi sector and major crypto exchange meltdowns, Ethereum staking through platforms like Lido and Coinbase has surged. However, the value locked in DeFi protocols has dropped significantly from a peak of $178 billion in November 2021, to under $38 billion today. Staking services are becoming increasingly attractive to investors due to potential profitability and decreased protocol risks.

“Tether maintains a $3.3 billion liquidity cushion across 15 blockchain ecosystems, bolstering its stablecoin ecosystem. However, concerns about the currency’s liquidity and asset backing persist. Other Tether stablecoins lack the same liquidity cushion, failing to sustain the 1-1 peg in crisis times.”

‘Whale entities’ within the crypto realm swiftly acquired vast amounts of Ethereum (ETH) amidst a recent slump in crypto prices, accumulating approximately $94 million in ETH in a week. Such large investors can substantially influence market trends, with their buying or selling activities causing noticeable market ripples.

“Bitcoin sees a substantial boost, correlating with traditional stock market rallies. Despite this, the bankruptcy of crypto exchange FTX serves as a reminder of market volatility and risk. Meanwhile, the DeFi sector shows bullish trends, offering traders legitimate and potentially highly profitable alternatives.”

“Cryptocurrency Bitcoin (BTC) and Ether (ETH) have seen modest price increases, but still sit below so-called “maximum pain” levels for August options contracts buyers. Deribit will settle $1.9 billion BTC contracts and $893 million ETH contracts this Friday. Sellers of call and put options often attempt to drive the asset’s price towards the maximum pain degree for highest loss infliction on option buyers.”

“Amid Bitcoin’s drop to $26,000, there is no evidence of professional traders turning bearish, suggesting a less prolonged correction period. Meanwhile, post-crash Bitcoin futures show a healthy demand equilibrium. The article also introduces Iman Europe’s Web3-based project that envisions a supportive space for artists in the music industry, underlining crypto’s potential beyond mere profit-making.”

“CurveDAO faced a $61m theft, causing a 20% price nosedive. Despite indications of recovery, CRV prices remain low. Contrarily, Sonik Coin, offering a 209% APY, has raised $350,000 before presale, aiming for a $100 million market cap.”

Bitcoin’s recent slump mirrors an overall downturn in the crypto market, influenced by stricter monetary policies aimed at curbing inflation. Despite these challenging conditions and financial uncertainty, the potential introduction of US Bitcoin and Ether futures exchange-traded funds could provide a robust catalyst for the industry.

“Institutional crypto exchange, EDX Markets, announces its partnership with Anchorage Digital, a renowned regulated crypto platform. EDX will leverage Anchorage’s financial services and infrastructure solutions for its upcoming venture EDX Clearing, aiming to integrate traditional finance structures into the digital asset landscape.”

EDX Markets, a major institutional crypto exchange, is partnering with regulated platform Anchorage Digital. The goal of this collaboration is to bridge traditional finance and the digital asset landscape with the launch of EDX Clearinghouse. This initiative aims to enhance security, governance, risk, and compliance solutions in cryptocurrency.

Cryptocurrency exchange Coinbase acquired a minority stake in Circle Internet Financial, causing the dissolution of their Centre Consortium venture, responsible for issuing USD Coin (USDC). Despite this, Circle plans to continue in-house issuance and governance of USDC, which is expanding its support network to include six additional blockchains. Notably, no cash was involved in the transaction between Coinbase and Circle.

“Maple Finance, a blockchain-based credit marketplace, has revealed plans to expand into the Asian market, supported by a $5 million investment from firms including BlockTower Capital and Tioga Capital. This move forms part of a growth strategy to extend its technology and create global alliances, primarily within Singapore, Japan, Hong Kong, and Korea.”