A Taipei-based trader at Quantrend Technology, a large market maker on Binance, told CoinDesk in a note that bitcoin has hit the highest level since the collapse of Luna last year, which is also a positive psychological indicator that market sentiment is optimistic. Original
Tag: 12B
Bitcoin has caused $12b in environmental damage. There might be a solution
Can environmentalists and regulators destroy bitcoin’s value? When Tesla stopped accepting bitcoin because of the blockchain’s “increasing use of fossil fuels”, were environmentalists drawing a line? If they team up with the regulators forcing big businesses to offset their carbon footprint, could this kill proof-of-work cryptocurrencies? Ethereum has already changed its system to proof-of-stake. Erth points could be offering a solution. It’s a commercialized, operational, and scalable system available on a free app. With their global partner Oracle Corp looking after data and security to help repair the planet, their system is…
Coinbase Could Earn $1.2B in Revenue Next Year From Higher Interest Rates, Says JPMorgan
The bank said that a key risk for Coinbase realizing its interest income is the possibility of reduced holding of USDC and fiat currency with the exchange. “We see the potential for institutional investors to hold less USDC given the opportunity cost of holding quasi-cash that doesn’t offer a yield. We also see retail holding less of its fiat at Coinbase since it doesn’t get a yield. As such, we see the potential for USDC balances and fiat balances to decline for Coinbase,” JPMorgan wrote. Source
Acala Stablecoins Near $1 Peg After Community Burns 1.2B aUSD Minted by Exploiters
Acala’s native stablecoin, aUSD, came close to regaining its peg to the U.S. dollar after the Polkadot-based decentralized finance (DeFi) platform burned over 1.2 billion aUSD tokens that were minted by exploiters over the weekend who took advantage a bug in one of the platform’s liquidity pools. Source
Crypto Custody Firm BitGo to Sue Galaxy Digital for Abandoning $1.2B Merger Agreement
“The attempt by Mike Novogratz and Galaxy Digital to blame the termination on BitGo is absurd,” said R. Brian Timmons, a partner with Quinn Emanuel, the law firm BitGo has retained. In the press release, he pointed to Galaxy’s recent losses, which he said range in the hundreds of millions of dollars. Source
Celsius is bankrupt with $1.2B balance sheet hole, Su Zhu returns to Twitter and OpenSea purges 20% of employees: Hodler’s Digest, July 10-16
Coming every Saturday, Hodler’s Digest will help you track every single important news story that happened this week. The best (and worst) quotes, adoption and regulation highlights, leading coins, predictions and much more — a week on Cointelegraph in one link. Top Stories This Week OpenSea lays off 20% of its staff, citing ‘crypto winter’ Leading NFT marketplace OpenSea plans to lay off around 20% of its staff, with co-founder and CEO Devin Finzer citing “an unprecedented combination of crypto winter and broad macroeconomic instability” as the reasons behind…
Celsius Acknowledges $1.2B Hole in Balance Sheet
The news comes after the ailing crypto lender filed for bankruptcy protection Wednesday. Source
4 Coinbase Execs. Have Dumped $1.2B Worth of COIN Since its Public Listing
Summary: Four top Coinbase officials have sold $1 billion worth of COIN shares since the company went public. The Coinbase executives include Co-founders Brian Armstrong and Fred Ehrsam, its President and Chief Operating Officer Emilie Choi, and Chief Product Officer Surojit Chatterjee. They sold their shares at prices ranging from $189 to $422. Such sales are sometimes expected, particularly for founders, after having ‘their stakes locked up for so long.’ COIN is trading at $73 and looks to be entering a consolidation zone. Four top Coinbase executives have netted close…
Ether Futures Lead $1.2B in Liquidations, Crypto Market Cap Drops 16% Overnight
Losses exceeded $1.2 billion in the past 24 hours, the highest so far this year. They came as major cryptocurrencies saw steep drops: Bitcoin fell 11%, BNB Chain’s BNB lost 26%, and Solana’s SOL lost 37%. Terra’s LUNA fell out of the top ten cryptos by market capitalization to the 81st rank – it fell 96% in the past 24 hours to under 40 cents. Source
VeChain Foundation reports $1.2B crypto treasury… but spent just $4M in Q1
The VeChain Foundation has released its financial report for Q1 2022 showing that the project amassed an impressive $1.2 billion war chest but only spent about $4.1 million in the quarter. VeChain (VET) is a blockchain project designed to enhance supply chain management.. The Foundation’s May 10 financial report for Q1 2022 outlines its balance sheet as of March 31 and how it spent funds through the quarter. Although the treasury opened the year with $1.37 billion in assets between stablecoins, Bitcoin (BTC), Ether (ETH), and VET, it ended with…