Monat: Juni 2022

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BNT is up by 2% today despite Bancor pausing IL protection

The cryptocurrency market performed excellently over the past 24 hours as major coins and tokens recovered from their recent losses. 

The cryptocurrency market recorded huge losses last week, with billions of dollars wiped out from the major coins and tokens. The total market cap dropped below the $1 trillion mark for the first time this year a week ago.

Despite the recent bearish performance, the crypto market performed well over the weekend. The cryptocurrency market is up by more than 8% in the last 24 hours, with the total market cap now around $900 billion.

Bitcoin, the world’s leading cryptocurrency, is trading above $20k again after dropping towards the $17k support level a few days ago. Meanwhile, Ether maintains its price above $1,100 after adding more than 9% to its value in the last 24 hours.

BNT, the native token of the Bancor ecosystem, is underperforming the broader market at the moment. BNT is up by 2% in the last 24 hours, which is below the total market average at the moment. 

The poor performance can be attributed to the Bancor team announcing earlier on Monday that it has temporarily paused Impermanent Loss (IL) Protection due to the current market conditions. As a result, withdrawals performed during this unstable period will not be eligible for IL protection, the team added. 

Key levels to watch 

The BNT/USD 4-hour chart is still bearish despite BNT currently trading in the green zone. 

The MACD line is below the neutral zone, indicating a bearish trend. The 14-day RSI of 41 shows that BNT is no longer in the oversold region. 

At press time, BNT is trading at $0.530. If the positive performance continues, BNT could surge past the $0.61 resistance level over the coming hours. However, it would need the support of the broader market to rally past the $0.82 resistance level. 

The post BNT is up by 2% today despite Bancor pausing IL protection appeared first on CoinJournal.

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Highlights June 20: Bitcoin drops below $20k, Solana up 14%

The crypto market was in the green this morning, with the majority of top 10 cryptos registering gains. 

Top cryptos

The flagship cryptocurrency slumped to below $20,000 this weekend, reaching its lowest level since December 2020. Still, it was up around 9% at time of writing, trading above $20,000.

Ethereum jumped by around 13%, Cardano was up around 8%, and Solana was approx. 14% higher at the time of writing. 

Crypto lender Solend’s new governance vote reversed a controversial DAO decision to take control of a dormant whale account in the ecosystem.

Among cryptos outside the top 10, Avalanche was the strongest with an increase of almost 18%. 

FTX Token (FTT) is now in the top 20. FTT gained 11% in the last 24 hours. It has been gaining for several days, ever since reports that FTX concluded an agreement to acquire trading platform Bitvo, with which the firm will access the Canadian market. 

Polygon rounds out the top 20 with gains of 14%. 

Top movers

Outside the top 20, the tendency was similar, with most coins adding 6-12% to their value. Notable standouts include Maker with 16%, Quant 17%, BAT 21%, Stepn 23%, and Elrond with 22%. 

Elrond has been gaining on news that ICI Bucharest is developing an institutional NFT marketplace and a decentralized DNS on top of its blockchain. Elrond is also gaining exposure via Kraken and Okcoin listings. 

Synthetix is the big winner in the top 100 today, up a full 69%. It reached 200 million in daily volume partly due to atomic swaps on 1inch and CurveFinance, which register an average of 100 million in daily volume. 

Curve-associated Convex Finance is up 24%. The only loser in the top 100 is Tron, down just below 2%. 

Trending

The biggest winner today is Marble Heroes, a gaming ecosystem and a pioneer in combining classic strategy games and blockchain technology. It aims to create a truly immersive world. 

Players will enjoy the exciting gameplay and unique characters and earn money at the same time. Its token MBH added 366% to its value today.

The post Highlights June 20: Bitcoin drops below $20k, Solana up 14% appeared first on CoinJournal.

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Crypto lender Solend community votes to reverse ‘whale account’ takeover decision

Solend, a Solana-based borrowing and lending protocol, has overturned the controversial DAO decision that was reached yesterday allowing Solana to take control of the platform’s largest user account.

It all started yesterday, June 19, when the Solend team staged a governance vote on whether to take over the account of a whale account belonging to one of its users to prevent the occurrence of an on-chain liquidation event since the unknown user held a $108 million stablacoins loan that was collateralized by 5.7 million Solana tokens ($170 million).

Solend risk mitigation proposal

According to the proposal that was voted on, there was a need to mitigate the risks from the whale that held 95% of the SOL in the Solend main pool. With the ongoing market meltdown, this could be a great threat to Solend since the whale account will have to be liquidated if the price of SOL drops to $22.30.

The team claimed that the liquidation of this size can pose a great threat to their lending protocol due to thin liquidity. In addition, the team noted that in case an on-chain liquidation happens, then Solend will be on the verge of acquiring bad debts as the SOL value continues to cascade.

However, the team suggested that the loan should be winded up through an over-the-counter (OTC) contract rather than protocol liquidation. With this kind of suggestion, the team got full support and power from the Solend governance system that quickly passed a vote for them to confiscate the user’s position, 88% of voting power coming from a single address.

Social media criticism

Following the governance system decision, there was a lot of criticism on social media claiming that the team has undermined the decentralization ethos. However, the team responded today, June 20, saying that they have taken note of their criticism and they are putting up a second proposal to invalidate the previous decision.

Today, the DAO voted in the favor of invalidating the previous proposal with 99% votes. The team wrote:

“We’ve been listening to your criticisms about SLND1 and the way in which it was conducted. The price of SOL has been steadily increasing, buying us some time to gather more feedback and consider alternatives.” 

The post Crypto lender Solend community votes to reverse ‘whale account’ takeover decision appeared first on CoinJournal.

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Dogecoin price shoots up following Elon Musk’s tweet

Dogecoin (DOGE) has surged to a high of $0.06247 today following a tweet by Elon Musk. At the time of writing, the meme coin had slightly pulled back to trade at $0.058 and it was still green.

Dogecoin had found itself at the mercies of the unforgiving plummeting crypto market over the past weeks and Elon Musk’s tweet seems to have come at the hour of need. Musk tweeted yesterday that he will keep supporting Dogecoin.

Elon’s tweet came a day after a Dogecoin investor sued Elon Musk and his companies SpaceX and Tesla Inc for an astonishing $258 billion in damages for being “engaged in a crypto pyramid scheme” involving Dogecoin.

While the announcement of the legal battle did not have an immediate impact on Dogecoin price, investors were scared that the staunch DOGE supporter (Elon Musk) would pull back from supporting the meme coin following the suit.

However, yesterday’s tweet affirms to many that the billionaire is still a believer in the meme coin.

Elon Musk’s love for Dogecoin

Last year, Elon Musk revealed that he personally owns Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE). And in 2020 and 2021, the price of Dogecoin shoot through the roof whenever Musk tweeted about the coin.

While the prices of ETH and BTC jumped to new all-time highs in 2021, Musk kept on encouraging Dogecoin developers to upgrade the meme-coin so that it could beat the likes of Bitcoin.

In 2019, after being voted “Dogecoin CEO’ in a mock tweet survey, Elon went ahead and claimed he was “The Dogefather.”

Recently, Elon Musk’s Tesla Company started accepting Dogecoin as a mode of payment for its merchandise while SpaceX has also announced that it will start accepting the meme coin as payment for its merchandise. There are also speculations that Dogecoin shall be used for rewards on Twitter following Elon Musk’s bid to purchase Twitter.

The post Dogecoin price shoots up following Elon Musk’s tweet appeared first on CoinJournal.