The combination of macro headwinds and over-leveraged yield strategies has resulted in the forced selling of cryptocurrencies in the last few days, wiping more than $200 billion in value from the digital asset market, FSInsight said in a report on Tuesday. Source
Kevin OโLeary spoke to CoinDesk ahead of the move to the Toronto Stock Exchange of WonderFi, the crypto marketplace in which heโs a strategic backer. Source
โOver the past couple of years, cryptocurrencies have become a global macro asset,โ said Mikkel Morch, executive director at crypto hedge fund ARK36, in an email. โSo it is to be expected that they will react negatively now when investors realize that central banks havenโt reacted nearly as aggressively as they will need to in order to get inflation under control.โ Original
The major stablecoin company Tether is looking to eventually get rid of commercial paper backing for its U.S. dollar-based stablecoin Tether (USDT). Tether issued an official statement on Wednesday to deny reports alleging that Tetherโs commercial paper portfolio is 85% backed by Chinese or Asian commercial papers and is being traded at a 30% discount. The stablecoin firm called such allegations โcompletely false,โ reiterating that more than 47% of total USDT reserves are now the โUnited States Treasuries.โ In its latest assurance opinion issued in May, Tether reported that commercial…
Bitcoin’s (BTC) price tanked to a 52-week low of $20,800 earlier on Wednesday, down by over 70% from its all-time high of $68,788. Although the price has since recovered above $21,000, key market indicators point toward bears having a significant hold on the current market. Bitcoin Miners to Exchange flow, a metric that indicates the volume of BTC sent by miners to crypto exchanges, rose to a seven-month high of 9,476. The rise in exchange flows indicates miners are currently selling their BTC in anticipation of the price going down.…
The executive power and the ruling party in South Korea have urged the cryptocurrency industry for what officials describe as voluntary regulatory measures, a Korean media report revealed. The call was issued during a consultative meeting devoted to crypto assets. Government Asks South Korean Crypto Sector for Regulatory Proposals Representatives of the South Korean government and the ruling People Power Party met on Monday to discuss issues related to the crypto space. The consultations were held in the aftermath of last monthโs collapse of the terrausd (UST) algorithmic stablecoin and…
The Office of the Inspector General (OIG) for the United States Department of Justice conducted an extensive audit of the cryptocurrencies seized by the U.S. Marshals Service (USMS) โ revealing the dire need for the federal agency to revamp its existing crypto management and policy systems. OIGโs audit on the seized cryptocurrencies found the USMS implementing adequate safeguards over its storage and access. However, the agency was found to be using spreadsheets to maintain track of the inventory owing to the inability of the existing system, Consolidated Asset Tracking System…
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Bank Of America conducted research in early June after the LUNA crash to determine the market sentiment towards Crypto. Surprisingly, the result showed that people are still planning to buy HODL and even use Crypto for online transactions. This result is surprising because the crypto community is still reeling from the market crash. But even with the ongoing downtrend, many people still believe crypto will rebound. The respondents in this survey were up to 1,000. 90% of these numbers told the researchers that they plan to invest in Crypto before…
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