L2 scaling solution Synthetix collaborated with Curve Finance to create Curve pools for sETH/ETH, sBTC/BTC and sUSD/3CRV, allowing investors to convert synths into tokens.
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Synthetix racks up over $1M in daily fees as SNX token value surges 100%
Layer-2 scaling solution Synthetix recently collaborated with liquidity provider Curve Finance to create Curve pools for Synthetic Ether (sETH)/Ether (ETH), Synthetic Bitcoin (sBTC)/Bitcoin (BTC) and Synthetic U.S. dollar (sUSD)/3CRV, allowing investors to cheaply convert synths such as sETH to ETH.
Given the investors’ willingness to hold tokens instead of synths, the protocol racked up over $1.02 million in trading fees — overshadowing Bitcoin’s (BTC) daily performance by five times.
Synthetix, Ethereum-based decentralized finance (DeFi) protocol, created a buzz across the crypto ecosystem after witnessing a sudden increase in trading activities and an unprecedented comeback of its in-house token, SNX, during an unforgiving bear market.
Crypto fees of popular projects. Source: cryptofees.infoAs a direct result of the massive trading volumes, the SNX token, too, witnessed a momentary surge of 105%, bringing up its value to over $3.00, according to data from CoinMarketCap.
Synthetix (SNX) price index. Source: CoinMarketCapSharing his thoughts on the development, Synthetix founder Kain Warwick, otherwise known as kain.eth, released a blog post that highlighted the difficulty of DeFi protocols to absorb Bitcoin’s volatility if the price drops even further:
Top 5 cryptocurrencies to watch this week: BTC, SOL, LTC, LINK, BSV
Bitcoin (BTC) plummeted to $17,622 on June 18. This marked the first time in Bitcoin’s history that it has fallen below its previous cycle high. The United States Federal Reserve’s aggressive monetary tightening, a crisis at crypto lending platform Celsius and liquidity issues at investment fund Three Arrows Capital are creating a sense of panic among traders.
Markets commentator Holger Zschaepitz said that Bitcoin has crashed more than 80% four times in history. That puts the current fall of about 74% within historical standards. Previous bear markets have bottomed out just below the 200-week moving average, according to market analyst Rekt Capital. If history repeats itself, Bitcoin is unlikely to stay at the current depressed levels for a long time.
Crypto market data daily view. Source: Coin360Coinglass data suggests that Bitcoin’s 39% loss in June of this year is the worst ever since 2013. While several investors expect Bitcoin to bottom out soon, crypto critic Peter Schiff warned that the selling could continue and the largest cryptocurrency may drop to $3,000.
Could bulls arrest the decline in Bitcoin in the short term? If that happens, let’s study the charts of the top-5 cryptocurrencies that may outperform the other coins.
BTC/USDT
Bitcoin plummeted below the crucial support of $20,111 on June 18, indicating the resumption of the downtrend. A minor positive is that the bulls purchased the dip as seen from the long tail on the day’s candlestick.
6 Questions for Annabelle Huang of Amber Group
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 Annabelle Huang, the managing partner at Amber Group, a global leading digital asset platform.
Prior to Amber Group, I served as the Asia lead at AirSwap, a decentralized trading platform that enables peer-to-peer trading on the Ethereum blockchain. Before transitioning into digital assets, I advised private equity funds, U.S. corporates and hedge funds on structured solutions and risk management as an FX structurer at Deutsche Bank and Nomura in New York. My background in traditional financial markets, coupled with my experience in institutions and macro markets, has given me a unique vantage point in developing the product strategy and solutions delivered through Amber Group.
6 Questions for Annabelle Huang of Amber Group
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 Annabelle Huang, the managing partner at Amber Group, a global leading digital asset platform.
Prior to Amber Group, I served as the Asia lead at AirSwap, a decentralized trading platform that enables peer-to-peer trading on the Ethereum blockchain. Before transitioning into digital assets, I advised private equity funds, U.S. corporates and hedge funds on structured solutions and risk management as an FX structurer at Deutsche Bank and Nomura in New York. My background in traditional financial markets, coupled with my experience in institutions and macro markets, has given me a unique vantage point in developing the product strategy and solutions delivered through Amber Group.
El Salvador president addresses bear market concerns with Bitcoin hopium
As tensions rise amid falling BTC prices, President Nayib Bukele decided to share advice for fellow Bitcoin investors that may be concerned about the prolonged bear market.
Elon Musk’s support for Dogecoin grows stronger following $258B lawsuit
Musk was seemingly unshaken about the allegation as he doubled down on his love for the Dogecoin ecosystem with a tweet saying, “I will keep supporting Dogecoin.”
Crypto prices continue to tank, lawsuit takes aim at Binance.US, and Celsius moves $320M worth of digital assets: Hodler’s Digest, June 12-18
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
Binance ends support for anonymous Litecoin transactions
Binance has decided to ban Litecoin (LTC) transactions sent through the most recent MimbleWimble (MWEB) upgrade from its exchange, noting that such transactions would now result in the loss of the related LTC. Binance isn’t delisting LTC entirely, unlike other exchanges that have decided to remove the cryptocurrency. Among its changes, the latest Litecoin MWEB update ushered in privacy features. Binance’s decision to end support for these transactions comes as global crypto regulation remains an ever-present focal point in the industry.
Crypto prices continue to tank, lawsuit takes aim at Binance.US, and Celsius moves $320M worth of digital assets: Hodler’s Digest, June 12-18
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
Binance ends support for anonymous Litecoin transactions
Binance has decided to ban Litecoin (LTC) transactions sent through the most recent MimbleWimble (MWEB) upgrade from its exchange, noting that such transactions would now result in the loss of the related LTC. Binance isn’t delisting LTC entirely, unlike other exchanges that have decided to remove the cryptocurrency. Among its changes, the latest Litecoin MWEB update ushered in privacy features. Binance’s decision to end support for these transactions comes as global crypto regulation remains an ever-present focal point in the industry.
Ethereum risks another 60% drop after breaking below $1K to 18-month lows
A 2018-like bearish cycle could have Ether drop toward $420 in the coming weeks.
Third non-EU country, Ukraine, joins the European Blockchain Partnership
With the ultimate goal of integrating its digital economic space with the EU, Ukraine plans to expand its interstate blockchain network partnership with other countries.
Magic Internet Money token depegs as LUNA domino effect persists
Citing an insider scoop, Autism Capital claimed that Abracadabra accrued $12 million in bad debt as a direct result of Terra’s sudden downfall, which has been refuted by founder Daniele Sestagalli.
Coinbase is facing class-action suits over unstable stablecoins GYEN, USTC
The cryptocurrency exchange is accused of failing to do due diligence, among other things, after users lost large sums as a result of the depegging of stablecoins.
Stablecoins highlight ‘structural fragilities’ of crypto — Federal Reserve
“Stablecoins that are not backed by safe and sufficiently liquid assets and are not subject to appropriate regulatory standards create risks to investors,” said the Fed report.
Market selling might ease, but traders are on the sidelines until BTC confirms $20K as support
BTC and altcoins could continue to see selling, but a positive is that traders took shelter in stablecoins instead of completely exiting the crypto market.
Sweeping layoffs, hiring and firing as crypto prices take a massive downturn
Brutal economic conditions coupled with dramatically falling crypto prices have led to massive layoffs within the blockchain industry.