Schlagwort: crypto market news

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.

The post Alameda Research to help ‘stem contagion’ in crypto, FTX CEO says appeared first on CoinJournal.

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.

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.

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.

I will keep supporting Dogecoin

— Elon Musk (@elonmusk) June 19, 2022

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.

BREAKING: Elon Musk, Tesla, and SpaceX have been sued for $258 billion over an alleged #Dogecoin ‚pyramid scheme.‘

— Watcher.Guru (@WatcherGuru) June 16, 2022

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.

Bitcoin price fell below $20,000 on Saturday to see the USD value of El Salvador’ BTC holdings shrink from over $105 million to around $44 million.

El Salvador became the first country to adopt Bitcoin as legal tender in June 2021 and went on to buy its first BTC as a nation on 6 September.

That first purchase was for 200 bitcoins for $10,353, 812 at an average price of $51,769.06 per BTC. At the time of writing, that first purchase is down 63.03%, according to a portfolio tracker.

El Salvador bought more Bitcoin, utilizing dips to add to its holdings as BTC climbed to its peak in November. President Nayib Bukele also announced two more purchases in 2022, even as prices declined further off the peak.

El Salvador’s BTC holdings down 58% overall

The last purchase was on 9 May 2022, when El Salvador acquired 500 BTC for $15.3 million at an average cost of $30 744. In total, the country currently holds 2,301 bitcoins acquired at over $105 million for a dollar cost average of $45,908.42.

The value of the total holdings has fallen dramatically over this week, even as BTC/USD plummeted from $30k to $20k.

When we first made this chart on Tuesday, El Salvador’s bitcoin investment was worth $67m. Before going to press on Thursday morning, we updated the chart to $52m. It’s currently $44mhttps://t.co/lVzsnYRI5L pic.twitter.com/fkY98aFQuw

— Alex Selby-Boothroyd (@AlexSelbyB) June 18, 2022

With Bitcoin price below $20,000, El Salvador’s BTC holdings are now worth about $44 million – down more than 58% overall and currently losing over $61.5 million.

Despite the huge loss, the country’s Finance Minister recently said the fiscal risk was “extremely minimal.”  

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