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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.
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.
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 Monday.
BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewS&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 U.S. 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 happens, according to on-chain analytics resource Material Indicators (MI).
Bitcoin may still see 'wild' weekend as BTC price avoids key $22K zone
Bitcoin bulls still have a battle on their hands in low-volume weekend trading, analysis warns, while altcoins preserve multi-week record gains.
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: TradingViewS&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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Bitpanda announces layoffs citing no compromise on product quality
Austrian crypto and stock trading platform Bitpanda joins the growing list of companies to announce a mass layoff as it aims to “get out of it financially healthy” amid an unforgiving bear market.
Over the past several weeks, the bear market resulted in numerous catastrophic outcomes for many ecosystems such as Terra’s (LUNA) and Abracadabra’s Magic Internet Money (MIM) de-pegging fiasco. Witnessing the crashes from a front-row seat, Bitpanda made the “tough decision” of cutting down its employee headcount to roughly 730 people.
While the exact number of employees intimated to stop working for Bitpanda remains undisclosed, data from LinkedIn indicates that the company is in the process of laying off approximately 277 full-time and part-time employees.
In the announcement, named ‘The Way Forward,’ Bitpanda supported the move to cut down employees by highlighting the need to be “robustly well-capitalized” amid uncertain market conditions, stating:
“It is a tough, but necessary decision and we are confident that the new organizational design will help us be more focused, effective and stronger as a company.”
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.
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.
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.
Crypto Stories: YouTuber Paco de la India explains his travels using Bitcoin
The Bitcoiner had visited eight different countries out of his goal of forty and was in Africa at the time of Cointelegraph’s interview.
Gensler appeals for ‘one rule book’ in negotiations with CFTC over crypto regulation
In an interview with The Financial Times, SEC chair Gary Gensler said he is working on a memorandum of understanding with the agency’s digital asset market co-regulator.
Here’s how pro traders could use Bitcoin options to buy the $20K BTC dip
Predicting a market bottom is pretty much impossible, but clever traders use options strategies like the Iron Condor setup to target a particular trading price range.
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.
Price analysis 6/24: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, SHIB, LEO
The United States equity markets and the cryptocurrency space are witnessing a relief rally this week. Supporting the rise in risky assets is the U.S. dollar index (DXY), which retreated from its multi-year high. Generally, cryptocurrencies move inverse to the price of the U.S. dollar, but this week's bounce does not necessarily mean that bulls' grip over the market has come to an end.
Citing on-chain data, CryptoQuant senior analyst Julio Moreno, said that Bitcoin (BTC) miners may have already capitulated. Historical data suggests that miner capitulation usually precedes market bottoms.
Daily cryptocurrency market performance. Source: Coin360Another on-chain metric that indicates that Bitcoin’s price may have reached an attractive level is the Mayer Multiple. The metric is calculated by dividing the price of Bitcoin by the 200-day moving average value. It points to whether Bitcoin is overbought, undervalued or fairly priced. On June 22, the indicator's reading was 0.5 and according to crypto entrepreneur Kyle Chasse, Bitcoin’s price has dipped below this reading only on 3% of all trading days.
Several on-chain indicators are suggesting that Bitcoin may be close to a bottom. Let’s study the charts of the top-10 cryptocurrencies to find out what the technicals suggest!
BTC/USDT
Bitcoin is attempting a recovery in a downtrend but the bulls are struggling to push the price to the 38.2% Fibonacci retracement level of $23,024. This suggests that demand dries up at higher levels.