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6 Questions for Daniel Yan of Matrixport

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep them on their toes!

 

This week, our 6 Questions go to Daniel Yan, founding partner and chief operating officer at Matrixport — a digital assets financial services platform where users can invest, trade and leverage crypto assets.

 

Hey guys, this is Dan — I am a founding partner at Matrixport. I have been COO of the company since 2019 overseeing the day-to-day operation of the company. Late last year, I started to spend most of my time building Matrixport Ventures — the venture investment arm of the company. It has been a great experience for me both personally and professionally. There has not been a boring day since I dipped my toes into crypto, let’s say! Prior to my stint in crypto, I was an options trader in the investment banking industry. 

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Can you earn passive income running a Lightning node?

Learn to manage and run a Lightning node at a profit. Also, discover various Lightning Network problems and how to address them.

Sam Bankman-Fried provides bailouts, ‘Bitcoin dead’ searches soar, and debate over hidden themes behind BAYC continues: Hodlers Digest, June 19–25

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

 

 

SBF and Alameda step in to prevent crypto collapse contagion

Sam Bankman-Fried stated on June 20 that his firms Alameda Research and FTX would be “stepping in” to help companies with liquidity troubles amid the current bear market. Over the course of the week, Alameda dished out a loan of roughly $500 million to Voyager Digital, which is suffering from exposure to the potentially insolvent Three Arrows Capital, while FTX supplied BlockFi with $250 million worth of credit.

 


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Bitcoin may still see ‘wild’ weekend as BTC price avoids key $22K zone

Bitcoin (BTC) focused on $21,000 into the weekend amid warnings that volatility could still consume the market before June 27.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

S&P 500 sees second best week of 2022

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD broadly higher in its recent trading range after United States stocks ended the week strong.

As noted by markets commentators Holger Zschaepitz, the S&P 500 sealed its second best week of 2022, indicative of modest relief across risk assets.

Bitcoin was on track to log slights gains at its weekly close, the first weekly green candle — albeit small — since May.

Before then, however, anything could happen, according to on-chain analytics resource Material Indicators (MI).

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Can Metaverse technology enhance human-AI efficiency?

How will AI be used in the metaverse? Can AI and blockchain work together? A dive into the future of AI aligned with blockchain.

What is StrongBlock (STRONG) and how does it work?

Strongblock creates platforms and protocols with the intention of revolutionizing how blockchain networks compensate the nodes that protect and sustain them.

Bitcoin network power demand falls to 10.65GW as hash rate sees 14% drop

The Bitcoin network recorded the year 2022’s lowest power demand of 10.65 gigawatts (GW). At its peak, the BTC network demanded 16.09 GW of power.

It seems NFT-themed Bored & Hungry restaurant no longer accepts crypto

The alleged removal is a bit strange considering Bored and Hungry only opened its doors back in April.

Here’s how pro traders could use Bitcoin options to buy the $20K BTC dip

Bitcoin hit a 2022 low at $17,580 on June 18 and many traders are hopeful that this was the bottom, but (BTC) has been unable to produce a daily close above $21,000 for the past six days. For this reason, traders are uncomfortable with the current price action and the threat of many CeFi and DeFi companies dealing with the loss of user funds and possible insolvency is weighing on sentiment.

The blowback from venture capital Three Arrows Capital (3AC) failing to meet its financial obligations on June 14 and Asia-based lending platform Babel Finance citing liquidity pressure as a reason for pausing withdrawals are just two of the most recent examples.

This news has caught the eyes of regulators, especially after Celsius, a crypto lending firm, suspended user withdrawals on June 12. On June 16, securities regulators from five states in the United States of America reportedly opened investigations into crypto lending platforms.

There is no way to know when the sentiment will change and trigger a Bitcoin bull run, but for traders who believe BTC will reach $28,000 by August, there is a low-risk options strategy that yields a decent return with limited risk.

The "Iron Condor" provides returns for a specific price range

Sometimes throwing a "hail Mary" pays off by leveraging ten times via futures contracts. However, most traders are looking for ways to maximize gains while limiting losses. For example, the skewed "Iron Condor" maximizes profits near $28,000 by the end of August, but limits losses if the expiry is below $22,000.

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Axie Infinity to compensate Ronin exploit victims and relaunch bridge

Once the bridge reopens on June 28, users will be able to withdraw one ETH for each one they possessed before the attack.

Bitcoin gives ‘encouraging signs’ — Watch these BTC price levels next

Bitcoin (BTC) headed toward the upper end of its trading range on June 24 as optimism crept back into traders’ forecasts.

BTC/USD 1-hour candle chart (Bitstamp). Source: TradingView

Bitcoin price "ready for $23,000"

Data from Cointelegraph Markets Pro and TradingView tracked a broadly stable BTC/USD as it hit local highs of $21,425 on Bitstamp.

The pair had shifted higher since wicking below the $20,000 on June 22, with United States equities similarly cool going into the weekend.

“Bitcoin ready for $23,000,” Cointelegraph contributor Michaël van de Poppe announced to Twitter followers on the day.

At just above the crucial 200-week moving average (WMA), $23,000 formed a popular upside target for commentators — and sellers.

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Bitcoin miner ‘capitulation event’ may have already happened — Research

Bitcoin (BTC) miners may have already sparked a “capitulation event,” fresh analysis has concluded.

In an update on June 24, Julio Moreno, senior analyst at on-chain data firm CryptoQuant, hinted that the BTC price bottom could now be due.

BTC price bottom “typically” follows miner capitulation

Miners have seen a dramatic change in circumstances since March 2020, going from unprecedented profitability to seeing their margins squeezed.

The dip to $17,600 — 70% below November’s all-time highs for BTC/USD — has hit some players hard, data now shows, with miner wallets sending large amounts of coins to exchanges.

This, CryptoQuant suggests, precedes the final stages of the Bitcoin sell-off more broadly in line with historical precedent.

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Solana smartphone Saga triggers mixed reactions from crypto community

From comparing the project to Apple and Ethereum to bringing up network outages, the community reacted to the new Web3 phone by Solana.

THORChain token price up 16% following mainnet launch

After four years of waiting, THORChain’s new mainnet “marks the achievement of a fully functional, feature-rich protocol with a large ecosystem and strong community.”

‘Bad’ crypto projects should not be bailed out says Binance founder CZ

Binance CEO CZ has argued that crypto firms that have been poorly managed, poorly operated, or have released poorly designed products should be left to crumble.

Breaking: Harmony's Horizon Bridge hacked for $100M

The layer-1 blockchain’s main bridge between Ethereum, Binance Chain, and Bitcoin has been exploited for nine figures, but says its BTC bridge has not been affected.

US Congressional hearing on digital asset regulation focuses on disclosure

An agriculture subcommittee heard a CFTC official, a law professor, a Chainalysis cofounder and Charles Hoskinson air their views on regulation and adjacent topics.

Buy Bitcoin or start mining? HashWorks CEO points to ‘attractive investment yield’ in BTC mining

Bear markets are for building, which is exactly why HashWorks CEO Todd Esse says BTC’s current pricing presents an opportunity for retail investors and industrial mining companies.

Buy Bitcoin or start mining? HashWorks CEO points to ‘attractive investment yield’ in BTC mining

Recently, bad news has abounded, and the resulting fear is real. DeFi is looking dead, altcoins completed their lifecycle by returning back to $0 (I guess that’s a joke), and Bitcoin’s (BTC) price fell lower than even the smartest brains in the room expected. 

A unifying theme of the most recent bull market appears to have been greed. Everyone got too confident and too greedy, and it shows by the amount of debt and leverage that is being unwound as 3AC, Celsius, BlockFi and Voyager contend with the real threat of going belly up.

It seems Bitcoin miners and BTC mining companies also were not immune to the sentiment of over-exuberance and the belief that “up only” was a fact until Bitcoin’s price hit the long-awaited $100,000 target most analysts stuck to.

Historically, Bitcoin miners are an elusive species that are quiet and unwilling to spill the sauce to the public, but Cointelegraph had some success in securing a moment with HashWorks CEO and founder Todd Esse to discuss the current state of the mining industry and his predictions on where the market might head over the next year.

Cointelegraph: Bitcoin is trading below the realized price, and it is also below the miners’ cost of production. The price is also below the previous all-time high and the hash rate is dropping. Typically on-chain analysts pinpoint these metrics hitting extreme lows as a generational purchasing opportunity, thoughts?

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