President Bukele tweeted July 1 that El Salvador had bought another 80 Bitcoin (BTC) at $19,000 per token. Signing off, he said, “thank you for selling cheap.” The market downturn has renewed condemnation over using public funds to pay for the “Bitcoin experiment.” With BTC losing 63% of its value since the Bitcoin legal tender …
Monthly archives: July 2022
TSX-Listed Voyager Digital ‘Temporarily’ Suspends Trading, Deposits, and Withdrawals
After the TSX-listed Voyager Digital revealed that it was owed $655 million from Three Arrows Capital (3AC), the company secured a $500 million credit line from Alameda Ventures in order to “safeguard customer assets.” Five days later on July 1, Voyager announced the crypto company was “temporarily suspending trading, deposits, withdrawals and loyalty rewards.” Another …
Vladimir Putin Says West’s Attempt to ‘Crush the Russian Economy’ Did Not Succeed
Last week the Russian ruble hit a seven-year high against the U.S. dollar and while analysts have downplayed the rise, one economist said people should not “ignore the exchange rate.” American economists have been perplexed about the ruble’s market performance and Russian officials have been quoted as saying that a strong ruble “makes Russian exports …
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Troubled Crypto Hedge Fund 3AC Reprimanded by Singapore’s Monetary Authority, Liquidators Eye Su Zhu’s Properties
On Wednesday, it was reported that the crypto hedge fund Three Arrows Capital (3AC) was liquidated by a British Virgin Islands court and following the alleged liquidation, the Monetary Authority of Singapore (MAS) has reprimanded 3AC for misleading regulators. Furthermore, reports claim that liquidators in Singapore are attempting to seize the properties owned by 3AC …
Core Everscale Developers Broxus to Host Elysium Hackathon in Belgrade and Online
press release PRESS RELEASE. Broxus, the core development team behind many of the platforms that make up the Everscale network ecosystem, will be hosting its first-ever hackathon in Belgrade, Serbia from July 14-17. The hackathon is the latest development in what has been a remarkable 2022 for the Everscale network. Everscale started off the year …
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DeFi Lending Platform “Wing Finance” Rolls Out Its New NFT Pool
Wing Finance, a decentralized lending platform, has successfully launched a non-fungible token (NFT) pool, offering highly competitive APR rates. The new functionality will support the first six blue-chip NFTs. Notably, non-fungible tokens (NFTs) continue gaining mainstream adoption, despite the current crypto bear market. Brands and notable household names such as Loius Vuitton, Gucci, Tommy Hilfiger, …
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FTX US Closing In on $240,000,000 Deal To Buy Crypto Lending Platform BlockFi
FTX US is close to acquiring US-based lending platform BlockFi in a deal worth hundreds of millions of dollars. According to BlockFi CEO Zac Prince, pending shareholder approval, the lending platform has reached an agreement with FTX US for a $400 million revolving credit facility plus an option to acquire BlockFi at a variable price …
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Here’s When the Bear Market Bottom Will Fully Form, According to Top Crypto Analyst
A widely followed crypto analyst says he’s identified when the Bitcoin (BTC) bear market bottom will fully form. In a new interview with Real Vision, pseudonymous trader Rekt Capital says we need to see a generational bottom form before BTC finds a bottom. A generational bottom occurs when asset prices drop so drastically that they …
Coinbase Crypto Exchange Selling Transaction Tracing Data to U.S. Immigration and Customs Enforcement: Report
Top US crypto exchange Coinbase is licensing software that aggregates information about blockchain transactions to a federal law enforcement agency. According to a new report by The Intercept, the Homeland Security Investigations wing of Immigration and Customs Enforcement (ICE) has purchased a software tool called Coinbase Tracer, available for both government and private sector clients. …
Coinbase Abruptly Adds Support for 70 New Altcoins to Global Custody Service
Coinbase continues to expand its crypto footprint by extending custodial services support to dozens of altcoins for international customers. In a new announcement, the US-based cryptocurrency exchange says it’s adding 70 cryptocurrencies to its roster of 150+ assets that are part of the Coinbase Custody International cold storage trust in Dublin, Ireland. “These new assets …
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Bitcoin trader says expect more chop, downside, then sideways price action for BTC this summer
Discussion of the state of the crypto market has been a dominant headline over the past few weeks as non-crypto native media excoriate Bitcoin (BTC) and DeFi investors for investing in assets with no fundamental value. At the same time, crypto-savvy analysts and traders have been pouring over charts, looking for clues that signal when the …
Battle-hardened Ronin bridge reopens following $600M hack: Finance Redefined
Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights, a newsletter crafted to bring you some of the major developments over the last week. This past week, the DeFi ecosystem saw Axie Infinity’s Ronin bridge relaunch with a fully backed 1:1 Ether (ETH) nearly three months after the infamous $600 million …
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BlockFi announces deal with FTX US, including ‘option to acquire’ for $240M
FTX US has inked a deal with BlockFi that will give the crypto derivatives exchange the option to purchase the lending firm. In a Friday Twitter thread, BlockFi CEO Zac Prince said the crypto lending firm had signed agreements with FTX US for a $400-million revolving credit facility as well as the option to acquire …
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Price analysis 7/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB
Bitcoin dropped 56.2% in the second quarter of 2022, according to crypto analytics platform Coinglass. That makes it Bitcoin’s worst quarter since the third quarter of 2011 when BTC price fell by 67%. A large part of the damage was done in the month of June when Bitcoin plunged 37%, the worst monthly drawdown since …
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Rumors of Circle’s USDC Collapsing Should Not be Believed – Crypto Analyst
Summary: There has been a rumor circulating on crypto-twitter that Circle’s USDC stablecoin is on the brink of collapse. According to the rumor, Circle is losing money to pump USDC’s market cap. Additionally, Circle had exposure to crypto firms experiencing financial woes, including Genesis Trading, BlockFi, Celsius, Galaxy Digital, and Three Arrows Capital. However, Colin …
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