Crypto investors bought four times more Bitcoin on DBS Bank’s DDEx in June than in April 2022 as BTC price dipped below $20,000.
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One-third of estimated 115M Indian crypto users concerned about regulations
A KuCoin survey estimates that some 115 million Indian citizens are invested in cryptocurrencies, while many are still concerned about the government's stance towards the sector.
Bitcoin addresses in loss hit 1-month high as BTC price retests $21K
There are now more than 17.5 million Bitcoin wallets underwater with little faith in a rebound coming from analysts in the face of a surging dollar.
Bitcoin addresses in loss hit 1-month high as BTC price retests $21K
Bitcoin (BTC) hodlers are feeling the squeeze this week as repeated tests of lower levels spark increasing losses.
Data from on-chain analytics firm Glassnode shows more wallets are in the red as of Aug. 23 than at any time in the past month.
Over 17.5 million wallets in the red
BTC/USD has seen five trips below $21,000 since the end of Aug. 19, data from Cointelegraph Markets Pro and TradingView shows, and the quest for support is already making plenty of traders nervous.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewMeanwhile, those who bought in recent weeks are underwater to varying degrees, as Bitcoin is at its lowest since the last week of July.
The extent to which investors added or created positions on the way to this month’s $25,200 highs is now becoming clearer — more BTC addresses are at an overall loss than at any time since July 23.
Iran Impart Association demands regulatory clarity to use crypto in foreign trade
Corporate lobbyists urge the government to create a proper infrastructure and avoid the emergence of business rent.
Bitcoin mining to cost less than 0.5% of global energy if BTC hits $2M: Arcane
Bitcoin may be a significant energy consumer in 2040, but only if its price reaches several million dollars, according to new estimates by Arcane Research.
Bitcoin mining to cost less than 0.5% of global energy if BTC hits $2M: Arcane
Bitcoin may be a significant energy consumer in 2040, but only if its price reaches several million dollars, according to new estimates by Arcane Research.
AMM protocol SudoRare disappears from the internet with 519 ETH
SudoRare suddenly shut down its services and social media accounts after reportedly making away with 519 Ether, worth roughly $815,000.
Ethereum community splits over solutions for transaction censorship
Social slashing and even a user-activated soft fork have been suggested as possible responses to the threat of transaction censorship on Ethereum.
Bitcoin won't hedge inflation until it hits 1B wallets: Scaramucci
The Skybridge Capital CEO said Bitcoin needs much more proliferation before it can act as an inflation hedge.
South Korean financial majors want to create virtual assets exchange in 2023: Report
Samsung Securities, Mirae Asset Securities and Shinhan Financial Investment are among the financial heavyweights in talks with the government to create the exchange.
Data shows Bitcoin and altcoins at risk of a 20% drop to new yearly lows
After the rising wedge formation was broken on Aug. 17, the total crypto market capitalization quickly dropped to $1 trillion and the bulls' dream of recouping the $1.2 trillion support, last seen on June 10, became even more distant.
Total crypto market cap, USD billion. Source: TradingViewThe worsening conditions are not exclusive to crypto markets. The price of WTI oil ceded 3.6% on Aug. 22, down 28% from the $122 peak seen on June 8. The United StatesTreasuries 5-year yield, which bottomed on Aug. 1 at 2.61%, reverted the trend and is now trading at 3.16%. These are all signs that investors are feeling less confident about the central bank's policies of requesting more money to hold those debt instruments.
Recently, Goldman Sachs chief U.S. equity strategist David Kostin stated that the risk-reward for the S&P 500 is skewed to the downside after a 17% rally since mid-June. According to a client note written by Kostin, inflation surprises to the upside would require the U.S. Federal Reserve to tighten the economy more aggressively, negatively impacting valuations.
Meanwhile, extended lockdowns supposedly aimed at containing the spread of COVID-19 in China and property debt problems caused the PBOC led the central bank to reduce its five-year loan prime rate to 4.30% from 4.45% on Aug. 21. Curiously, the movement happened a week after the Chinese central bank lowered the interest rates in a surprise move.
Crypto investor sentiment is at the edge of ‘neutral-to-bearish’
The risk-off attitude brought by surging inflation led investors to expect additional interest rate hikes, which will, in turn, diminish investors' appetite for growth stocks, commodities and cryptocurrencies. As a result, traders will likely seek shelter in the U.S. dollar and inflation-protected bonds during periods of uncertainty.
Data shows Bitcoin and altcoins at risk of a 20% drop to new yearly lows
The total crypto market capitalization dropped to the $1 trillion support, and weak stablecoin demand and a largely absent funding rate reflect traders’ negative sentiment.
Data shows Bitcoin and altcoins at risk of a 20% drop to new yearly lows
After the rising wedge formation was broken on Aug. 17, the total crypto market capitalization quickly dropped to $1 trillion and the bulls' dream of recouping the $1.2 trillion support, last seen on June 10, became even more distant.
Total crypto market cap, USD billion. Source: TradingViewThe worsening conditions are not exclusive to crypto markets. The price of WTI oil ceded 3.6% on Aug. 22, down 28% from the $122 peak seen on June 8. The United StatesTreasuries 5-year yield, which bottomed on Aug. 1 at 2.61%, reverted the trend and is now trading at 3.16%. These are all signs that investors are feeling less confident about the central bank's policies of requesting more money to hold those debt instruments.
Recently, Goldman Sachs chief U.S. equity strategist David Kostin stated that the risk-reward for the S&P 500 is skewed to the downside after a 17% rally since mid-June. According to a client note written by Kostin, inflation surprises to the upside would require the U.S. Federal Reserve to tighten the economy more aggressively, negatively impacting valuations.
Meanwhile, extended lockdowns supposedly aimed at containing the spread of COVID-19 in China and property debt problems caused the PBOC led the central bank to reduce its five-year loan prime rate to 4.30% from 4.45% on Aug. 21. Curiously, the movement happened a week after the Chinese central bank lowered the interest rates in a surprise move.
Crypto investor sentiment is at the edge of ‘neutral-to-bearish’
The risk-off attitude brought by surging inflation led investors to expect additional interest rate hikes, which will, in turn, diminish investors' appetite for growth stocks, commodities and cryptocurrencies. As a result, traders will likely seek shelter in the U.S. dollar and inflation-protected bonds during periods of uncertainty.
NFT lending protocol Bend DAO proposes emergency changes amid credit crisis
"We are sorry that we underestimated how illiquid NFTs could be in a bear market when setting the initial parameters," says the Bend DAO dev team.
NFT lending protocol Bend DAO proposes emergency changes amid credit crisis
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On Monday, developers of decentralized nonfungible tokens (NFTs) borrowing and lending protocol Bend DAO proposed new emergency measures in an attempt to stabilize the ecosystem. The same day, it was revealed that the project had just as little as 15 wrapped Ether (wETH) worth $23,715 to pay back lenders. Approximately 15,000 ETH was lent using the mechanism. To save the protocol from a credit crisis, the Bend Dao dev team suggested that the liquidation threshold for collateral would be constrained to 70% of the loan value, down from 85%.
Next, the auction period for NFTs on its platform would be reduced from 48 to four hours. Then, the requirement for the minimum bid price of NFTs on Bend DAO to be pegged to 95% of the floor price on popular digital collectibles trading platform OpenSea would be removed. Interest rates on loans are to be reset from the current 100% to 20%. Finally, the BendDAO treasury would be empowered to cover the bad debts and use revenue.
The collapsing floor prices of NFTs in the bear market, even among reputable collections, have placed many NFTs in danger of liquidation as interest rates are driven to abnormal levels. As interest rates on "debt-secured" NFTs have skyrocketed to nearly 100%, some users may be finding it more economical to simply let go of their digital collectibles (which are also decreasing in value) instead of paying back the debt, resulting in bad loans. Thirdly, NFT markets are not as liquid as coins or token markets, meaning there actually may not be bids during an NFT's liquidation process, further adding to the death spiral.
Fed teases master accounts for crypto banks: Law Decoded, Aug. 15-22
The new guidelines from the Federal Reserve hold a prospect of “the most stringent review” for non-federally insured institutions.
Canaan exec says opportunity outweighs crisis as Bitcoin miners struggle with shrinking profits
This bear market is proving to be especially tough for Bitcoin miners, but Canaan senior vice president Edward Lu says the industry is “evolving toward a positive long term.”
Prosecutors want to claim NFTs as securities, alleges legal team of former OpenSea employee
“The government has brought the instant prosecution using ill-founded applications of criminal law to set precedent in the digital asset space,” said Nathaniel Chastain’s lawyers.
Facebook and Twitter will soon be obsolete thanks to blockchain technology
On Web2 — Twitter and Facebook — users do not own their own content or followers. That isn't the case on Web3, where our corporate overseers will become powerless.