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

Arriving every Saturday, Hodler’s summary will help you keep up with all the important news that happened this week. The best (and worst) quotes, outstanding adoption and regulation, leading currencies, predictions and more: a week on Cointelegraph at a link.

Featured stories from this week

Binance terminates support for Litecoin anonymous transactions

Binance has decided to ban Litecoin (LTC) transactions sent through the latest MimbleWimble (MWEB) update of your exchange, noting that such transactions would now result in the loss of the related LTC. Binance is not eliminating LTC altogether, unlike other exchanges that have decided to eliminate cryptocurrency. Among its changes, the latest update of Litecoin MWEB has introduced privacy features. Binance’s decision to end support for these transactions comes as global cryptocurrency regulation remains an ever-present focal point in the industry.

Ethereum’s difficulty bomb has been delayed but network adoption continues to grow

The difficulty bomb, a key piece of the puzzle in the Ethereum Pass-Participation Test (PoS), has been delayed. Simply put, the difficulty bomb makes mining in the current Ethereum work chain (PoW) test chain undesirable to push everyone to the PoS chain. Expected to take place in August, the move to PoS has been dubbed The Merge by Ethereum. Ethereum developers recently completed a successful merger of testnet, which simulated how the true Ethereum PoS chain would develop.

72 of the top 100 currencies fell 90% or more: here are the withholdings

This week has been tough for the crypto industry as prices have dropped dramatically. Falling below the $ 1 trillion mark, the total market capitalization of the crypto industry fell 24%. Of its all-time high prices, 72 of the 100 largest cryptocurrencies by market capitalization fell more than 90%. During this bear market, even Bitcoin and Ether market leaders recorded losses of 70.3% and 78%, respectively, of their all-time highs.

Three Arrows Capital did not respond to margin calls: report

Falling cryptocurrency prices and high exposure to the Earth ecosystem debacle have put significant pressure on Three Arrows Capital (3AC). The hedge fund and Singapore-based venture capital firm reportedly did not respond to margin calls from their creditors. 3AC reportedly faced more than $ 400 million in settlements during the latest market turbulence episode and is now considering a ransomamong other options.

Celsius exodus: $ 320 million in cryptography sent to FTX, user withdrawals paused

Celsius’ recent moves have fueled speculation in the crypto community about whether the digital asset lending and sharing platform is facing its rumored liquidity crisis. In addition to temporarily shutting down user withdrawals, Celsius has moved hundreds of millions of dollars in digital assets across different platforms, such as FTX, without giving any explanation. A subsequent report stated that Celsius is hiring legal counsel.

Winners and losers

At the end of the week, Bitcoin (BTC) is in $ 20,535ether (ETH) wings $ 1,079 e XRP wings $ 0.31. The total market capitalization is $ 892 millions second at CoinMarketCap.

Among the top 100 cryptocurrencies, the top three altcoin winners of the week are OKB (OK) at 2.43%, Neutrino USD (USDN) at 0.94% and Helium (HNT) in 0.65%.

The top three altcoin losers of the week are Nexo (NEXUS) a -44.59%, Caudal (FLOW) by -38.22% and Monero (XMR) and -36.20%.

For more information on cryptocurrency prices, be sure to read Cointelegraph’s market analysis.

The most memorable appointments

“The current situation is good for Bitcoin in the long run, clearing the market of leverage, scams and dishonest institutions.”

Josef TětekBitcoin analyst and brand ambassador at Trezor

“Managers often disagree on a lot, but our research shows that they agree on one thing overwhelmingly: 95 percent of them believe the metaverse will have a positive impact on their industry.”

Lareina Yeesenior partner of McKinsey & Company

“We recognize that hurt feelings are inevitable in a global organization that is optimizing team results above individual feeling.”


“Having spent eight years in this industry professionally, I’m tired of talking about regulations, especially in the United States.”

Meltem DemirorsCoinShares strategy director

“What is happening to Celsius will have serious repercussions for the industry. He is a not inconsiderable player, and his apparent failure will have wave effects.”

Mahin Guptafounder of Liminal

“Too often, people hear that you work in crypto, and they have a preconceived notion of what that is like.”

Alex Wilsonco-founder of The Giving Block

Prediction of the week

Bitcoin traders expect a “long consolidation” phase now that BTC is trading below $ 21,000

The price of Bitcoin plunged sharply this week, falling from $ 28,000 to less than $ 21,000, according to Cointelegraph BTC Price Index. The cryptocurrency continued its free fall over the weekend, falling below $ 19,000.

Among the people who analyzed the price action of Bitcoin was the personality of Twitter Direct Capital. “If #BTC continues to have the 200-week orange MA as support and the 200-week black EMA figures as resistance … $ BTC could form an accumulation interval here, just like in 2018,” the analyst tweeted on 15 June. “This would allow the consolidation of several months until December 2022.”

FUD of the week

Binance.US is facing class action lawsuits over the sale of LUNA and UST

A lawsuit in California against Binance’s US branch, Binance.US, arose as a result of the collapse of the Earth ecosystem. Among its claims, the lawsuit alleges that LUNC (formerly LUNA) and its UST stablecoin are unregistered securities and that Binance.US does not have adequate regulatory registration.

The Iowa regulator orders BlockFi to pay $ 943,000 for allegedly offering unregistered securities

Related to the action of the United States Securities and Exchange Commission (SEC) against BlockFi reported in February, the company received a fine of approximately $ 943,000 from the Iowa Insurance Division. The state regulator claims that BlockFi did not have proper registration, in addition to offering and selling unregistered securities. The fine also accompanied a cessation and withdrawal order relating to “making any false statement of material facts relating to securities.”

Elon Musk is hit with a ‘ridiculous’ $ 258 million Dogecoin lawsuit

A class action lawsuit seeks to squeeze $ 258 billion from Elon Musk and two companies he runs, Tesla and SpaceX. The suit points the finger at Musk for allegedly taking advantage of his status to profit from Dogecoin, which the suit considers a pyramid scheme. Several figures in the digital asset industry have criticized the suit.

Best features of Cointelegraph

What can other algorithmically stable coins from the Earth crash learn?

The main problem that led to the fall of Earth was that its reserves appeared to be overcollateralized, but in reality they were not.

How to survive in a bear market? Tips for beginners

Bearish markets represent the most dreaded period in any investment cycle, but there are some ways to stay ahead and weather the storm.

Central authorities have demonized privacy: cryptographic projects must fight

Despite being a major tenant for many cryptographic projects, privacy has been demonized by those in power, including lawmakers, regulators, banks, and academics.

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