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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.
Price analysis 6/17: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, AVAX
Bitcoin price struggles to hold support at $20,000, and the outcome of this battle between bulls and bears will determine the next directional move.
Price analysis 6/17: BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, AVAX
Bitcoin price struggles to hold support at $20,000, and the outcome of this battle between bulls and bears will determine the next directional move.
Ethereum price risks a drop below $1K if these key price metrics turn bearish
Two key Ethereum price metrics have yet to turn bearish, but it won’t take much to trigger an ETH drop below $1,000.
Ethereum price risks a drop below $1K if these key price metrics turn bearish
Ether (ETH) price is down 37.5% in the last seven days and recent news reported that developers decided to postpone the network's migration to a proof-of-stake (PoS) consensus. This upgrade is expected to end the dependency on proof-of-work (PoW) mining and the Merge scalability solution that has been pursued for the past six years.
Competing smart contracts like BNB, Cardano (ADA) and Solana (SOL) outperformed Ether by 13% to 17% since June 8 even though there was a market-wide correction in the cryptocurrency sector. This suggests that the Ethereum network's issues also weighed on the ETH price.
The "difficulty bomb," feature was added to the code in 2016 as plans for the new consensus mechanism (formerly Eth2) were being formed. At the peak of the so-called "DeFi summer," Ethereum's average transaction costs surpassed $65, which was frustrating for even the most fervent users. This is precisely why the Merge plays such an important part in investors' eyes and, consequently, Ether price.
Options traders remain extremely risk-averse
Traders should look at Ether's derivatives markets data to understand how whales and market makers are positioned. The 25% delta skew is a telling sign whenever professional traders overcharge for upside or downside protection.
If traders expected an Ether price crash, the skew indicator would move above 10%. On the other hand, generalized excitement reflects a negative 10% skew. This is precisely why the metric is known as the pro traders' fear and greed metric.
XRP price technical breakdown boosts chances of a 40% drop by July
Ripple (XRP) price stares at potential losses in the coming weeks as it breaks out of a "descending triangle" pattern, with its bias skewed toward the downside.
Major XRP breakdown underway
To recap, XRP started forming the technical structure after reaching $1.98 in April 2021, its second-highest level to date. In doing so, the token trended lower inside a range defined by a falling resistance trendline and a horizontal support trendline.
On May 16, 2022, XRP broke below the triangle's support trendline, accompanying a decent increase in trading volumes.
The move confirmed the descending triangle as a bearish reversal indicator. Meanwhile, as a rule of technical analysis, XRP now risks extending its downside move by as much as the triangle's maximum height when measured from the breakdown point, as shown below.
XRP/USD weekly price chart featuring 'descending triangle' breakdown setup. Source: TradingViewThis could have XRP drop to $0.18 by July 2022, down nearly 40% from June 1's price.
Tether's USDT market cap dips below $70B for an 8-month low
Amid Tether losing market share over the past few weeks, the Circle-backed USDC stablecoin has been growing notably, with the market value surging to $55 billion.
BIS report warns about front-running threat in crypto mining
A fresh report from the Bank for International Settlements comes to a radical conclusion, claiming that the public identities of intermediaries are necessary to fight “miner extractable value.”
Bitfrost releases upgraded SALP 2.0 after protocol helped secure $450M via parachain auctions
The move comes after 18 Polkadot parachain auctions were secured on the original SALP protocol.
Employee quits after red flags at first crypto job, stays in blockchain for the tech
Roland Guirdonan came to believe that cryptocurrencies are the "future of money" despite an unpleasant experience at his first job in the industry.