Kategorie: Crypto Markets

Tether has remained upbeat in its bit quest to expand its market presence amid the crypto market turmoil. Days after launching the offshore Chinese Yuan pegged stablecoin, Tether is set to launch a new stablecoin pegged on the British Sterling Pound.

The new stablecoin duped GBPT is set to be launched early next month.

The GBPT will initially be available only on the Ethereum blockchain.

The growing list of Tether’s stablecoins

The GBPT will be the fifth stablecoin that Tether is launching.

The first was the US dollar-pegged USDT stablecoin, which has become the largest stablecoin by market cap. The next was the euro-pegged EURT stablecoin. Then there is the Mexican Peso-pegged MXNT stablecoin, and the latest launched Chinese Yuan-pegged CNHT stablecoin.

Making UK a crypto hub

In April this year, the UK finance minister Rishi Sunak unveiled a plan to make the country a crypto hub and with the recent moves, Tether believes it will play a great role in helping the country achieve its ambitions.

Additionally, the GBPT comes at a time when the UK government is seeking to have stablecoins recognized as a valid mode of payment an initiative that Tether believes will make the UK a key destination for crypto innovation.

Speaking of the new stablecoin, the CTO of Tether Paolo Ardoino said:

“We believe that the United Kingdom is the next frontier for blockchain innovation and the wider implementation of cryptocurrency for financial markets. We hope to help lead this innovation by providing cryptocurrency users worldwide with access to a GBP-denominated stablecoin issued by the largest stablecoin issuer.”

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The crypto market is bullish today, with all top 100 cryptos in the green at the time of writing.  

Top cryptos

Solana stood out, gaining more than 15%, followed by Cardano, Ethereum, and BNB, all gaining more than 7% over the past 24 hours. Bitcoin was trading above $21,000 at the time of writing, up more than 4% over the past 24 hours. 

Cryptos outside the top 10 also fared well. Polkadot jumped more than 7%, but the standout is Polygon with 14%.  

Top movers

Outside the top 20, the tendency was similar, with most coins adding 5-9% to their value. Notable standouts include Chainlink, up 12%, Aave with 14%, and Waves with 18%.

Elrond gained another 15% today. It has been rallying since announcing a major partnership with an institution of the Romanian government. 

Stacks is up 16% and 1inch Network gained 17%. Atomic swaps on 1inch and CurveFinance registered an average of 100 million in daily volume recently. 

Zilliqa is one of the biggest winners, up 22% in the last 24 h. This is likely due to its affiliation with XCAD, which launched the first single-asset staking farm with a static APR on Zilliqa in January this year. 

XCAD Network is an NFT and fan token platform for YouTubers. It allows Youtubers to issue their own fan tokens. Zilliqa’s rally is supported by XCAD’s participation in a very successful, recent live event in NYC. 

The big winner is Celsius with gains of 49%. Although Celsius Network is struggling, efforts to stabilize the system are apparently effective or are at least (evidently) having a bearing on the coin’s value.  

Compound rounds out the winners’ list at #100 with gains of 26%. The Compound III alpha version app is now available for the community to explore.  

Trending

The biggest winner today is PetSneakers, a virtual world where you can train pets and work out yourself. The platform records workout results and converts them to PSC tokens, which you can stake to get more profit. PSC is up 363% today. 

The post Highlights June 21: Celsius up almost 50%, rest of cryptos also in the green appeared first on CoinJournal.

Realized loss for Bitcoin investors hit a historic $7.3 billion over just three days last week, according to data from analytics firm Glassnode.

Per the firm’s data, investors reeling from sustained sell-off pressure exited positions they had taken at much higher prices, leading to the huge realized loss. In terms of definition, Glassnode looks at realized loss based on when a coin moves and what price it moves – basically it tells the difference in last price versus current price.

The last three consecutive days have been the largest USD denominated Realized Loss in #Bitcoin history.

Over $7.325B in $BTC losses have been locked in by investors spending coins that were accumulated at higher prices.

A thread exploring this in more detail 🧵
1/9 pic.twitter.com/O7DjSK2rEQ

— glassnode (@glassnode) June 19, 2022

Long-term holders selling

As Bitcoin price crashed, investors quickly sold off roughly 555,000 BTC in the $23,000-$18,000 price range.

Notably, this included 178,000 BTC held by Long Term Holders, with some of the coins sold acquired at $69,000 – the price that marked Bitcoin’s all-time high in November 2021. The group of sellers took a -75% hit to their investment.

On average, LTH sold 1.31% of their total holdings, with aggregate long term investor balances shrinking to levels last registered in September last year.

“If we assess the damage, we can see that almost all wallet cohorts, from Shrimp to Whales, now hold massive unrealized losses, worse than March 2020. The least profitable wallet cohort holds 1-100 $BTC, and have unrealized losses equal to 30% of the Market Cap,” Glassnode wrote.

Bitcoin was trading around $20,190 on Monday evening, with intraday lows of $19,700 and intraday highs of $20,900 making the $21,000-$23,000 level a potentially new resistance zone.

The post Investors lost over $7 billion as Bitcoin crashed: Glassnode appeared first on CoinJournal.

MicroStrategy CEO Michael Saylor says there’s a whole list of aspects and practices that are hurting Bitcoin. Referring to these as a “parade of horribles” 

Bitcoin has plummeted more than 70% since hitting an all-time high of $69k in November 2021. Over the past seven days, the cryptocurrency’s value has dropped more than 30%, with BTC currently near $20,000 per coin. It traded at lows of $17,600 over the weekend. 

Saylor says Bitcoin would experience less volatility were it not for a number of negative factors within the crypto market. He made his remarks during a discussion with Northman Trader’s Sven Henrich.

My discussion yesterday with @NorthmanTrader reviewing economic developments during the past two years, investment strategy during the macro storm, #bitcoin volatility drivers, milestones for mainstream adoption, and the current crypto regulatory outlook.https://t.co/bEx1iM9Dmz

— Michael Saylor⚡️ (@saylor) June 18, 2022

Saylor’s “parade of horribles”

Saylor, one of Bitcoin’s most high-profile bulls, things contributing to the high volatility in BTC price and thus unattractiveness to most institutional investors include widespread wash trading and too many unregistered exchanges with questionable practices.

 “The crypto exchanges, offshore and onshore, are unregistered, unregulated and offer 20x leverage,” he said, adding that these exchanges do not have “mature Chinese walls” and thus they launch tokens, leak listing information and enable all sorts of practices that affect the market.

Then there is that blot of 19,000 unregistered securities whose trading is “cross collateralized with Bitcoin.

“What you have is a $400 billion cloud of opaque, unregistered securities trading without full and fair disclosure, and they are all cross-collateralized with Bitcoin,”

What about “wildcard” crypto banks that are now collapsing? He says crypto funds are betting billions of customer deposits on suspect projects, with the resultant problems hitting the Bitcoin market. According to him, that’s what happened with some of the crypto projects currently facing liquidity problems and potential collapse.

To the public, Saylor offers a caution:

 “The general public shouldn’t be buying unregistered securities from wildcat bankers that may or may not be there next Thursday.” 

The post Michael Saylor says a ‘parade of horribles’ are hurting Bitcoin appeared first on CoinJournal.

The last few weeks have spelled nothing but bad news for cryptocurrencies. Amid the brutal price crash, made worse by macro headwinds, has been a spate of negative headlines about crypto. 

Simply, crypto winter has some projects facing collapse or on the verge of biting the dust.

Commenting on the developments, FTX CEO Sam Bankman-Fried said the crypto sector needs to step in to stop any further contagion.

2) also:

„I do feel like we have a responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion,“ he said. „Even if we weren’t the ones who caused it, or weren’t involved in it. I think that’s what’s healthy for the ecosystem…“

— SBF (@SBF_FTX) June 19, 2022

“I do feel like we have a responsibility to seriously consider stepping in – even if it is at a loss to ourselves – to stem contagion.”

He noted that this was the responsible thing to do, even if they have no involvement in it. “I think that’s what’s healthy for the ecosystem, and I want to do what can help it grow and thrive,” he added in the comments NPR first published on Sunday.

Rescue plans 

UST’s collapse in May heralded a string of liquidity issues for several crypto companies, top among them crypto lender Celsius Network, which froze customer withdrawals amid a liquidity problem.

Then Three Arrows Capital, a Singapore based crypto hedge fund missed margin calls, and late last week, crypto lender Babel Finance also froze withdrawals citing, again, liquidity issues.

Bankman-Fried did not provide specific details on what he or Alameda has in the pipeline. However, his comments come at a time there are various rescue plans underway for these projects, including one for  Celsius announced on Sunday.

Last week, crypto broker Voyager Digital secured a revolving line of credit – $200 million in cash/USDC and 15,000 BTC – from Alameda Research saying the funds will help safeguard its customers’ assets.

In 2021,  FTX came to the aid of Japanese crypto exchange Liquid after it was hacked for $100 million. At the time, Bankman-Fried’s platform extended a $120 million financing deal to Liquid before going on to acquire the exchange.

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