The Terra Labs co-founder will be held for up to six months while the Montenegrin court considers South Korea’s extradition request.
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Curve’s (CRV) price hits a 1-year low amid looming liquidation threat
Curve DAO’s governance token CRV dropped 12% on June15 after reports surfaced of risky loans taken by its founder, Michael Egorov, on Aave. The token recorded its lowest trading level against ether (ETH) at 0.00035010 ETH on June 15.
According to on-chain analytics outlet LookOnChain, Egorov deposited 431 million CRV (worth around $246 million) across multiple decentralized lending protocols and borrowed $101.5M of stablecoins on multiple platforms. The deposits by Egorov account for 50.5% of CRV’s circulating supply.
DeFiLlama data shows that CRV faces a liquidation threat of $107 million on Aave if its value falls below $0.37. After a liquidation is triggered, the CRV tokens will be locked in Aave’s smart contracts until an interested buyer settles and liquidates the collateral. A proposal has been made to freeze Egorov’s loans on Aave and prevent further CRV loans to avoid a catastrophic situation.
While the size of Egorov’s loans puts the token under tremendous pressure, the negative bets on CRV have risen considerably, providing fuel for a possible quick upside move.
Is a CRV short squeeze in the making?
The open interest volume for CRV perpetual swap contracts has increased from $35.5 million to $46.3 million following the revelation of Egorov’s loans.
Curve’s (CRV) price hits a 1-year low amid looming liquidation threat
The Curve decentralized autonomous organization’s (DAO’s) governance token CRV dropped 12% on June 15 after reports surfaced of risky loans taken by its founder, Michael Egorov, on Aave. The token recorded its lowest trading level against Ether (ETH) at 0.00035010 ETH on June 15.
According to on-chain analytics outlet LookOnChain, Egorov deposited 431 million CRV (worth around $246 million) across multiple decentralized lending protocols and borrowed $101.5 million of stablecoins on multiple platforms. The deposits by Egorov account for 50.5% of CRV’s circulating supply.
DefiLlama data shows that CRV faces a liquidation threat of $107 million on Aave (AAVE) if its value falls below $0.37. After a liquidation is triggered, the CRV tokens will be locked in Aave’s smart contracts until an interested buyer settles and liquidates the collateral. A proposal has been made to freeze Egorov’s loans on Aave and prevent further CRV loans to avoid a catastrophic situation.
While the size of Egorov’s loans puts the token under tremendous pressure, the negative bets on CRV have risen considerably, providing fuel for a possible quick upside move.
Is a CRV short squeeze in the making?
The open interest volume for CRV perpetual swap contracts has increased from $35.5 million to $46.3 million following the revelation of Egorov’s loans.
Hinman documents in Ripple case raise questions about SEC's motives
According to crypto lawyer Fred Rispoli, the Hinman documents depict an agency prioritizing expanding its jurisdiction over fulfilling its core responsibility of safeguarding U.S. investors.
Ripple partners with Colombia’s central bank to explore blockchain technology
The pilot program will run through 2023 with the intent of demonstrating blockchain utility to the general public.
Ripple partners with Colombia’s central bank to explore blockchain technology
The pilot program will run through 2023 with the intent of demonstrating blockchain utility to the general public.
Buying Bitcoin is preferable to BTC mining in most circumstances — Analysis
Data suggests that investors are better off buying spot Bitcoin then attempting to mine it, unless the market is in a mega bull run.
Buying Bitcoin is preferable to BTC mining in most circumstances — Analysis
While, intuitively, mining Bitcoin may appear like a highly profitable endeavor, research suggests otherwise.
After discovering Bitcoin (BTC), most users go down the rabbit hole and consider whether it is better to mine or buy Bitcoin directly. They usually give up on mining due to the cost and rigor of running ASIC miners, regulatory uncertainty and the lack of technical expertise.
Hypothetically, if people overcome the above challenges, they could enjoy advantages such as full autonomy over their operations and diversification of their crypto investment via physical hardware instead of directly purchasing Bitcoin, but the entire venture can be risky and labor intensive.
To mine, or not to mine BTC?
An analysis by Bitcoin mining data firm Hashrate Index suggests that “buying bitcoin is preferable to mining it in most circumstances.”
Jaran Mellerud, a Bitcoin mining analyst at Hashrate Index, calculated the projected earnings of miners in the next five years under various bullish and bearish scenarios. Mellerud found that miners will likely incur a loss even in optimistic Bitcoin price projections.
Dubai's VARA approves OKX 'preparatory' license as part of exchange's expansion plans
The middle eastern arm of the exchange said it had opened an office in the Dubai World Trade Center and planned to increase its staff to 30 people.
Ripple verdict could spark a new bull market — Or more malaise
SEC v. Ripple is a landmark legal battle that is going to shape how courts treat cryptocurrencies — and a ruling is due soon.
3 Bitcoin price metrics showing 'insane' similarities to 2020 breakout
Bitcoin remains bullish — and arguably more so than ever — depending on which BTC price metrics are used to assess it.
3 Bitcoin price metrics showing ‘insane’ similarities to 2020 breakout
Bitcoin (BTC) is copying the prelude to its 2020 breakout to an “insane” extent, the co-founders of Glassnode have said.
In a tweet on June 15, Yann Allemann and Jan Happel highlighted three BTC price metrics that are anything but bearish.
Metrics echo Bitcoin’s “major reversals and rallies”
BTC/USD reached local highs of $31,000 in April but, since then, has dipped around 20%. Sentiment has taken a beating in the process, with downward price predictions becoming the norm in the intervening weeks.
While recent events have placed additional pressure on the market, Allemann and Happel see at least three good reasons for optimism.
Several on-chain indicators, they revealed, now look uncannily like they did in Q3 2020, just before BTC/USD beat its old 2017 all-time high of $20,000.
New York bans CoinEx exchange, seizes $1.7M in crypto assets
CoinEx was shut down for failing to register as a broker-dealer and for "falsely representing itself as a crypto exchange," the NYAG said.
Is blockchain technology ready for high-storage applications?
What does the blockchain space need to enable the development of high-storage apps?
Sweat Economy DAO votes to repurpose $10M of idle tokens
Move-to-earn platform Sweat Economy is set to repurpose over 2 billion native $SWEAT tokens that were locked up in inactive user wallets.
The tokens, valued at around $10 billion, were locked up in dormant user accounts following a token airdrop event in Sep. 2022. According to the platform, Sweatcoin users that opted into the Web3 move-to-earn’s crypto offering received $SWEAT tokens that were locked up in a 24-month lock-up contract.
Users that failed to install the Sweat Wallet over the past year and claim locked tokens essentially left a sizable portion of the ecosystem’s token supply frozen in inactive accounts.
Sweat Economy’s foundation controls the keys to the lockup contract responsible for the token generation event, allowing for the platform to repurpose the tokens that otherwise would have been ‘abandoned’ and unrecoverable.
Sweat Economy users were invited to take part in a decentralized autonomous organization (DAO) voting process to decide the fate of the locked $SWEAT tokens. Users could opt to have the 2 billion tokens recovered, transferred and potentially repurposed in the future or leave them unrecovered in respective inactive accounts.
Sweat Economy DAO votes to repurpose $10M of idle tokens
The move-to-earn platform had 2 billion $SWEAT tokens locked up in inactive user accounts which the community has voted to be returned to a governance contract.
Opinion: GOP crypto maxis almost as bad as Dems’ ‘anti-crypto army’
Fighting between GOP crypto maxis and anti-crypto Dems fails to appreciate blockchain’s importance to the U.S.’ long-term economic interests.
Opinion: GOP crypto maxis almost as bad as Dems’ ‘anti-crypto army’
After nearly a decade of gridlock, the United States may finally be on the cusp of crafting a cohesive policy framework for digital assets. In Congress, lawmakers are mulling a variety of proposed bills governing everything from stablecoins and securities rules to sanctions. The 2024 presidential race, meanwhile, may be the first to see crypto as a focal point.
While both sides of the aisle are playing valuable roles, Republicans — especially influential congresspeople like Tom Emmer and Patrick McHenry — have emerged as the industry’s most important allies. However, the GOP’s pro-crypto bias may also be its downfall. From uncritical crypto “maximalism” to Orwellian surveillance paranoia, Web3’s industry bromides have crept into the party’s campaign rhetoric and, worse, its policy proposals. In seminal upcoming legislative opportunities, such as the House’s draft crypto regulatory bill, Republican policymakers must focus on putting “America first.”
Memeified campaign rhetoric
During his presidential campaign announcement in May, Florida Governor Ron DeSantis insisted that “the current regime, clearly, has it out for Bitcoin.” The candidate’s populist red meat has been the Republican “party line” on crypto in this election cycle. So far, it has been difficult to differentiate the rhetoric of GOP presidential hopefuls from that of “freedom-maximalist” influencers on Crypto Twitter.
For candidates like DeSantis, protecting Americans from “a federally controlled central bank digital currency surveillance state” ranks high among blockchain’s potential use cases. Even GOP longshot Vivek Ramaswamy, a biotech entrepreneur who claims to “understand this stuff in a much more deep and rich way” than DeSantis, says he views Bitcoin as a “decentralized alternative” to the U.S. dollar and wants to “make the 2024 election a referendum on fiat currency.”
Meanwhile, at the other extreme, progressive Senator Elizabeth Warren and her “anti-crypto army” depict crypto as an omnipresent threat, simultaneously eroding investor protections, abetting money launderers and worsening America’s “tax gap.” What is lacking in this partisan hothouse is any informed appreciation of blockchain’s potential or its importance to America’s long-term economic interests.
Opinion: GOP crypto maxis almost as bad as Dems’ ‘anti-crypto army’
After nearly a decade of gridlock, the United States may finally be on the cusp of crafting a cohesive policy framework for digital assets. In Congress, lawmakers are mulling a variety of proposed bills governing everything from stablecoins and securities rules to sanctions. The 2024 presidential race, meanwhile, may be the first to see crypto as a focal point.
While both sides of the aisle are playing valuable roles, Republicans — especially influential congresspeople like Tom Emmer and Patrick McHenry — have emerged as the industry’s most important allies. However, the GOP’s pro-crypto bias may also be its downfall. From uncritical crypto “maximalism” to Orwellian surveillance paranoia, Web3’s industry bromides have crept into the party’s campaign rhetoric and, worse, its policy proposals. In seminal upcoming legislative opportunities, such as the House’s draft crypto regulatory bill, Republican policymakers must focus on putting “America first.”
Memeified campaign rhetoric
During his presidential campaign announcement in May, Florida Governor Ron DeSantis insisted that “the current regime, clearly, has it out for Bitcoin.” The candidate’s populist red meat has been the Republican “party line” on crypto in this election cycle. So far, it has been difficult to differentiate the rhetoric of GOP presidential hopefuls from that of “freedom-maximalist” influencers on Crypto Twitter.
For candidates like DeSantis, protecting Americans from “a federally controlled central bank digital currency surveillance state” ranks high among blockchain’s potential use cases. Even GOP longshot Vivek Ramaswamy, a biotech entrepreneur who claims to “understand this stuff in a much more deep and rich way” than DeSantis, says he views Bitcoin as a “decentralized alternative” to the U.S. dollar and wants to “make the 2024 election a referendum on fiat currency.”
Meanwhile, at the other extreme, progressive Senator Elizabeth Warren and her “anti-crypto army” depict crypto as an omnipresent threat, simultaneously eroding investor protections, abetting money launderers and worsening America’s “tax gap.” What is lacking in this partisan hothouse is any informed appreciation of blockchain’s potential or its importance to America’s long-term economic interests.
Opinion: GOP crypto maxis almost as bad as Dems’ ‘anti-crypto army’
Fighting between GOP crypto maxis and anti-crypto Dems fails to appreciate blockchain’s importance to the U.S.’ long-term economic interests.