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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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Coinbase to track off-exchange transactions from Dutch customers

Dutch users need to provide the recipient's full name, the purpose of transfer and full residential address to move digital assets off the platform.

Voyager Digital cuts withdrawal amount as 3AC contagion ripples through DeFi and CeFi

The Singapore-based crypto venture firm Three Arrows Capital (3AC) failed to meet its financial obligations on June 15 and this caused severe impairments among centralized lending providers like Babel Finance and staking providers like Celsius.

On June 22, Voyager Digital, a New York-based digital assets lending and yield company listed on the Toronto Stock exchange, saw its shares drop nearly 60% after revealing a $655 million exposure to Three Arrows Capital.

Voyager offers crypto trading and staking and had about $5.8 billion of assets on its platform in March, according to Bloomberg. Voyager's website mentions that the firm offers a Mastercard debit card with cashback and allegedly pays up to 12% annualized rewards on crypto deposits with no lockups.

More recently, on June 23, Voyager Digital lowered its daily withdrawal limit to $10,000, as reported by Reuters.

The contagion risk spread to derivatives contracts

It remains unknown how Voyager shouldered so much liability to a single counterparty, but the firm is willing to pursue legal action to recover its funds from 3AC. To remain solvent, Voyager borrowed 15,000 Bitcoin (BTC) from Alameda Research, the crypto trading firm spearheaded by Sam Bankman-Fried.

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'Foolish' to deny Bitcoin price can go under $10K — Analysis

Bitcoin (BTC) preserved $20,000 for another day on June 23 with calls for another 20% drop still surfacing.

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

Bitcoin under $10,000 not impossible

Data from Cointelegraph Markets Pro and TradingView showed BTC/USD ranging just above the $20,000 mark over the 24 hours to the time of writing.

As ever, the behavior reflected moves in United States equities markets, which stayed flat on the day.

Remarks by Federal Reserve chair Jerome Powell had provided only brief volatility. Cointelegraph noted that Powell's Congress testimony provided no new information regarding macro policy.

As such, crypto commentators stuck to previous assertions — the outlook was uncertain, they said, but a potential fresh drawdown may only involve a trip to $16,000.

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Ethereum risks 'bull trap' after 25% ETH price rebound

Ethereum's token Ether (ETH) could be entering a "bull trap" zone after rebounding back above the $1,000 mark from 18-month lows of $885. 

Ether price paints a "rising wedge"

The first among these indicators is a "rising wedge," a classic bearish reversal setup that forms after the price trends upward inside a range defined by two ascending but converging trendlines. The wedge setup gains further confirmation if the trading volume drops alongside the rising prices.

Theoretically, a rising wedge resolves after the price breaks below its lower trendline and eyes a run-down toward the level at length equal to the maximum height between the wedge's upper and lower trendline

Ether has been forming a rising wedge since mid-June, as shown in the chart below.

ETH/USD four-hour price chart featuring 'rising wedge' setup. Source: TradingView

Hence, its interim bias appears to the downside, with a decisive breakdown below the lower trendline risking a decline toward the $870–$950, depending on where the breakdown begins. 

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How blockchain can open up energy markets: EU DLT expert explains

The main barrier to the wide adoption of DLT solutions by the energy system stakeholders is how energy markets are structured.

Old-school photographers grapple with NFTs: New world, new rules

Photography often has to weather disruptive changes — from film to digital, for example — and photographers find themselves needing to master new technologies or face losing out to more tech-savvy competitors. NFTs are just another transformation in how we consume images. Can photographers adapt and benefit from them?

 

 

Coming to grips with the NFT market can give a whole new lease of life to a photographer’s work.

 

Back in the dark ages

I go back a long time in photography. To the dark ages — or at least the darkroom ages, to be more precise — when images were analog and negatives or color transparencies had to be developed through some arcane magical process I didn’t quite understand. If you had told me you had to wave a Harry Potter wand and shout “Developus!” I would have believed you.

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Bitcoin hodler data hints BTC price 'really close' to bottom — nalysts

Bitcoin (BTC) could have already seen a price bottom or be “really close” to one, analysts believe after eyeing new data this week.

In a Twitter thread on June 22, well-known indicator creator David Puell revealed what he argues “looks interesting” about current Bitcoin buying and selling.

"High likelihood" bottom is in

With many sources calling for BTC/USD to dip to $14,000 or lower, bullish takes on current price action are few and far between.

For Puell, however, the dynamics between long-term (LTHs) and short-term holders (STHs) hint that the situation is not necessarily as bearish as many fear.

Highlighting the cost basis for each group, Puell showed that those who have been in the market longer paid less as a whole for their BTC than recent investors.

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University of Cincinnati turning crypto craze into educational curriculum

The programs, which are funded by a longtime supporter of the university, will teach students about Bitcoin and other digital assets.

Transparent financial systems won't get real traction, blockchain exec argues

Anoma founder Adrian Brink pointed out that using a transparent system means that "your neighbor can see how much money you hold, what your daily preferences are.”

Polygon price jumps 60% in four days amid 'pretty big' MATIC accumulation

Polygon (MATIC) took a break from its prevailing bearish course, posting one of the sharpest rebounds in the crypto market this week.

Notably, MATIC's price has risen to $0.50 this June 23, four days after hitting $0.317, its lowest level since April 2021. This amounts to roughly a 60% gain, surpassing the performances of even Bitcoin (BTC) and Ether (ETH) in the same timeframe. 

MATIC/USD daily price chart. Source: TradingView

Nevertheless, MATIC is still down significantly from its December 2021 high of $2.92, coinciding with the overall crypto bear market and a hawkish Fed putting pressure on risk-on assets. 

MATIC "in a pretty big accumulation"

Meanwhile, some of its richest investors have been accumulating MATIC tokens despite the general downtrend, on-chain data suggests.

Notably, the so-called MATIC sharks and whales have been in accumulation, according to data provided by Santiment. That includes the tiers of Polygon token holders ranging from 10,000 to 10 million coins, which have "collectively added 8.7% more to their bags" since May 9.

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Wire Network's new protocol aims to end Web3 interoperability woes

The protocol promises to eliminate complexities seen with existing interoperability solutions and requires no bridges or oracles to integrate.

On the brink of recession: Can Bitcoin survive its first global economic crisis?

Bitcoin has not seen a full-blown recession since it was launched as a response to the 2008 global financial crisis.

Nexo hires Citibank to advise on acquisitions during market turmoil

“We’re in this together” — Crypto lending platform Nexo has appointed Citibank to advise on acquisitions from struggling crypto firms.

Voyager’s 60% share price plunge leads sea of red for crypto stocks

VYGVF dropped as much as 60% during regular trading hours on June 22 before closing at $0.5998 to mark a drop of 50.84% for the day.

DeFi Summer 3.0? Uniswap overtakes Ethereum on fees, DeFi outperforms

Fees spiked to a high of $8.36 million for Uniswap on June 15, beating out Ethereum on the same day at $7.99 million, and coincided with an 8.7% pump for UNI.

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