Month: June 2022

Tether’s USDT market cap dips below $70B for an 8-month low

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Tether (USDT), the biggest stablecoin and the third-largest digital currency by market capitalization continues losing its market value amid the current market downturn. On Thursday, USDT’s market cap dropped below $70 billion for the first time since October 2021. The drop followed a cascade of repeated declines shortly after the USDT market value reached its all-time high above $80 billion in May. At the time of writing, Tether USDT’s market capitalization stands at $69.3 billion, up around $300 million from the multi-month low, according to data from CoinGecko. USDT 90-day…

Which decentralized finance innovations are expected by the DeFi community?

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While the broader crypto market is on a downward spiral and social media is plagued with fears and complaints, some are choosing to focus on the decentralized finance (DeFi) space’s potential for the future.  In a DeFi subreddit, Redditor Popular_Rub9075 asked community members what they want to see more of in the DeFi space. According to the Redditor, while negative discussions are prevalent in social channels, it’s a “great time” to look into projects that have potential, while the market is down. In response to the thread, Reddit user Crumbedsausage…

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ETH, BTC Lower as Bearish Momentum Returns on Friday – Market Updates Bitcoin News

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Following a slight surge in price, bitcoin was trading lower on Friday, as bearish momentum returned to crypto markets. BTC was once again nearing the $20,000 level in today’s session, while ETH fell below $1,100 earlier in the day. Bitcoin BTC moved lower in Friday’s session, as bearish momentum once again reigned supreme in crypto markets. Following a slight increase in price on Thursday, BTC/USD fell to an intraday low of $20,265.23 heading into the weekend. As a result of Friday’s move, BTC moved towards what seems to be its…

Crypto lender Babel Finance halts withdrawals due to liquidity pressures

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Hong Kong-based asset manager Babel Finance is the latest cryptocurrency lending firm experiencing some serious issues amid the ongoing market downturn. Babel Finance officially announced June 17 a temporary suspension of redemptions and withdrawals from its products, citing “unusual liquidity pressures.” “Recently, the crypto market has seen major fluctuations, and some institutions in the industry have experienced conductive risk events,” the statement on Babel Finance’s website reads. The firm said that it’s in close communication with “all related parties” on the matter and is doing its best in order to…

Huobi Registers in New Zealand to Expand its Cryptocurrency Trading Business in the Country

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BIS report warns about front-running threat in crypto mining

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Since 2020, miners on the Ethereum blockchain have extracted around $600 million from other investors by miners, according to a new report by the Bank for International Settlements (BIS) focusing on common malpractice in the crypto mining industry.  The June 16 bulletin, “Miners as intermediaries: extractable value and market manipulation in crypto and DeFi,”  suggests three key takeaways from the BIS’ research on the functioning of the Ethereum protocol. The first is hardly surprising, which observed that Ether (ETH) and the decentralized finance (DeFi) protocols built on it “rely on…