Day: June 15, 2023

Curve pool imbalance triggers USDT depeg concerns, Tether CTO calls it FUD

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Tether-issued USDT (USDT) stablecoin slightly deviated from its dollar peg value on June 15 due to an imbalance in the Curve 3pool. The price of USDT fell by 0.3% to around 0.997 as the USDT weightage in the curve 3pool increased to over 70% from the ideal 33.1%. Curve’s 3pool is a stablecoin pool for decentralized finance that holds a massive amount of liquidity of the three top stablecoins in DeFi- USDT, USDC and DAI. A significant rise in a particular stablecoin weightage in the curve pool indicates a heavy selling…

Crypto trading bot borrows $200M for a $3 gain

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A crypto trading bot programmed to perform arbitrage trades made various complex moves within the Ethereum blockchain — including taking a $200 million flash loan — to secure a mere $3.24 profit.  On June 14, blockchain analysis firm Arkham Intelligence shared a breakdown of the bot’s movements. According to the firm, the transaction was made by an arbitrage bot that uses flash loans. This morning, $200M worth of DAI was minted and burned by MakerDAO in the same block. It was part of an arbitrage transaction with a net profit…

Fed Pauses on Rate Hike but Warns of Two More Coming This Year

The US central bank chairman Jerome Powell has stated that there would be two more rate hikes in 2023. Bank of America expects these hikes to come in July and September. On Wednesday, June 14, the US Federal Reserve (Fed) decided to put a pause on its unprecedented rate hike cycle. If not, this would have been the 11th consecutive rate hike by the US central bank. But during this two-day meeting, the Federal Open Market Committee decided to hold off on a rate hike as the inflation numbers for…

Cava Ticks Up Its IPO Price at $22 per Share, Above Stated Range

With a total of 111 million outstanding shares, Cava’s valuations stand at $2.45 billion at a price of $22 per share. On Wednesday, June 14, Cava – the Mediterranean fast-casual restaurant chain – priced its initial public offering (IPO) at $22 per share, much above the previously stated range. Cava said that it sold a total of 14.4 million shares at a price of $22 per share raising a total of $318 million. Earlier this week on Monday, the company raised its pricing expectations in the range between $19 to…

Here’s what Nigeria’s naira float means for its crypto market

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On June 14, Nigeria, known for its growing adoption of cryptocurrencies like Bitcoin (BTC), floated its national currency, the naira, allowing banks and other forex market actors to trade it freely. The new policy could have several implications for crypto traders.  Foreign currency traders can now exchange at rates set by the market instead of those set by the Central Bank of Nigeria (CBN). This move follows the president’s decision to implement a 10% crypto tax on capital gains and could be a game-changer for Nigeria’s crypto industry, positively or negatively.…

Diablo IV Sets New Record for Activision Blizzard after Sales Cross $666M within Five Days

The hell-action role-playing game was launched by Activision Blizzard on June 6 amid the Microsoft acquisitions fiasco. Activision Blizzard Inc (NASDAQ: ATVI), an American video gaming developer and publisher, announced that Diablo IV, a multiplayer role-playing game available on several platforms, has become its best-selling opening in its history. According to the company, Diablo IV reached a record $666 in sales in the first five days of its launch. The latest Diablo series has had its public beta running since March this year and the computer felt confident in rolling…

Oracle Shares Rally to ATH after Posting Better than Expected Quarterly Results Fueled by AI Boom

Oracle stock market has rallied about 50 percent YTD to trade around $122.22 during Wednesday’s after-hours. Oracle Corporation (NYSE: ORCL) stock finally entered price discovery mode after trading below the ATH of the Dot-com bubble. Following the increased hype on generative artificial intelligence (AI), Oracle has found its cloud infrastructure in heightened demand for more use cases. As a result, ORCL shares have outperformed its peers apart from Nvidia Corporation (NASDAQ: NVDA) in the past year. According to the latest stock market update, ORCL shares have gained approximately 75 percent…

Bitcoin-Focused Project Brink to Get $5M Donation from Jack Dorsey’s Relief Fund

The nonprofit has also received donations from digital assets firm Nexo. Block CEO Jack Dorsey and his Start Small funding group have yet again lent support to a Bitcoin-focused project. This follows after a recent announcement by Brink revealed that the Start Small fund has committed to donating $5 million to its cause. Brink, which is a nonprofit organization, shared the announcement in a June 14 tweet. According to the tweet, however, the donation will come in bits. This is as Dorsey and Start Small promise to donate $1 million…

Stablecoins are shaky as USDT shows signs of depeg

Share Share on Twitter Share on LinkedIn Share on Telegram Copy Link Link copied As the crypto market’s volatility continues, the total stablecoin market capitalization declined by 0.25% over the past 24 hours, with an average price change of 0.71%.  The downward movement comes after the largest stablecoin by market cap, USDT, shows signs of depeg. USDT’s price fell by 0.23% over the past 24 hours and plunged to a local bottom of $0.997 after the asset lost roughly $270 million of its market capitalization. USDT price – June 15…