© Reuters Crypto Flipsider News – Bitcoin Developer Hacked; Cardano Leads Devs; $62M Stolen in December; Lido Tops MakerDAO; Investors Sell Bankruptcy ClaimsRead in the Digest:
- Early developer Luke Dashjr loses 200 BTC worth $3.6M in key hack.
- (ADA) is the top crypto protocol by development activity in 2022.
- $62 million in crypto was stolen in December for lowest monthly figure in 2022 – Certik.
- Lido overtakes MakerDAO, becomes DeFi protocol with the highest TVL.
- FTX, Celsius, BlockFi, and Voyager Investors are Selling their Bankruptcy Claims at Huge Discounts
Early Bitcoin Developer Luke Dashjr Loses 200 BTC Worth $3.6M in Key Hack
The new year welcomed the crypto community with an unfortunate incident. One of the original core developers behind Bitcoin, Luke Dashjr, reportedly lost “basically” all his BTC stash to a recent hack on December 31st, 2022.
In a January 1st thread on Twitter, Dashjr said some hackers compromised his PGP (Pretty Good Privacy) keys and made away with 216.93 BTC, worth roughly $3.6 million, after performing four transactions using the Bitcoin mixer CoinJoin.
Crypto-security experts like Blockchain developer Peter Todd have raised several theories behind the compromise. He believes that backdoored software on Dashjr’s desktop led to the compromise. Dashjr reportedly compromised his server on Nov. 17, 2022, and repeated the incident on Christmas Day.
Flipsider:
- While Binance CEO Changpeng Zhao has promised that Binance will look into the situation, others believe that the news is false and is Dashjr’s way of avoiding tax.
Why You Should Care
The news has sparked a debate around self-custody. Some argue that users shouldn’t directly control their keys, even though it’s not necessarily harmful.
Cardano (ADA) is the Top Crypto Protocol by Development Activity in 2022
Cardano, which prides itself on being a cryptocurrency project with facilities to run its blockchain network and develop decentralized applications (DApps), led all other blockchains in developments this year.
Santiment, a crypto analytics platform, has reported that Cardano had the highest level of development activity in 2022. It surpasses (ETH) and other blockchain protocols in submissions on GitHub.
According to Santiment, Cardano recorded 2,434 commits. was in second place with 2,065 Github commits in 2022, while third-placed Cosmos Hub (ATOM) recorded 1,622 Github commits.
Development activity of top 10 blockchains by this indicator in 2022. Source: Santiment
The large amounts of commits mean that new features are about to be shipped or that developers are confident the protocol will succeed.
Flipsider:
- According to Santiment, despite falling to 97% of its all-time high, is still strong and one of the most actively developed chains.
Why You Should Care
Massive commits on Github often signal bullishness and could help Cardano navigate the crypto winter.
Certik – $62 Million in Crypto was Stolen in December for Lowest Monthly Figure in 2022
2022 was the worst year for cryptocurrencies in terms of network breaches, with hackers exploiting multiple protocols every week. However, a report from Certik suggests that hackers hit the gas during the holidays.
Certik reports that $62.2 million worth of cryptocurrencies were stolen in December – the “lowest monthly figure” of the year. This comes after hackers made off with over $3.7 billion worth of cryptocurrency from January to November.
A report breakdown shows that exit scams contributed the largest to December’s losses at $15.5 million. Defrost Finance was recorded as the biggest exit scam, with users losing over $12.9 million to the scheme.
Helio Protocol suffered the biggest losses for the month. On December 2nd, hackers drained around $15 million in liquidity from the BNB Chain-based staking platform. This led to the de-pegging of its HAY stablecoin.
Flipsider:
- Overall for 2022, the data shows that most crypto hacks were targeted at cross-blockchain bridges and DeFi protocols.
Why You Should Care
The December figure represents an 89.5% decrease in the amount lost to crypto hacks in November, when $595 million worth of crypto was stolen.
Lido Overtakes MakerDAO, Becomes DeFi Protocol with the Highest TVL
Liquid staking protocol Lido Finance is now ranked as the top decentralized finance (DeFi) protocol. It overtook MakerDAO in total value locked (TVL) as demand for Ethereum (ETH) staking rises.
Insights from DeFiLlama show that Lido’s TVL has risen to $5.98 billion, while MakerDAO has a TVL of $5.92 billion. AAVE is in third place, with a TVL of $3.7 billion.
Of the $5.98 billion locked on Lido, $5.94 billion was staked on the Ethereum chain. Meanwhile, $26 million is staked on Solana, $11.4 million on Moonbeam, and $2.23 million on Moonriver.
A report from the blockchain analytics firm Nansen can back up the data. It says staking solutions like Lido Finance have been in high demand since Ethereum’s shift to proof-of-stake (PoS).
Flipsider:
- In November, Lido Finance announced that the increased staking has seen the protocol generate $1 million in fees daily since October.
Why You Should Care
The rise in Lido’s TVL is because of its support for small stakers. This is unlike the minimum of 32 ETH required to stake directly on the Ethereum network.
FTX, Celsius, BlockFi, and Voyager Investors are Selling Their Bankruptcy Claims at Huge Discounts
The uncertainty surrounding the bankruptcy proceedings of FTX, Celsius Network, BlockFi, and Voyager has prompted some investors to sell their claims for a fraction of their face value.
According to data from cryptocurrency debt trading firm Xclaim, over a hundred institutional investors have listed their nearly 10,000 claims for sale even though they might incur losses.
9,076 claims were filed on Celsius Network, 97 on Voyager, 72 on FTX, and 24 on BlockFi. In an interview with the Wall Street Journal, the founder of Xclaim, Matt Sedigh, said that creditors from different parts of the world have been calling his company.
The CEO noted that creditors based in China, Hong Kong, and Taiwan hold 66.66% of the listed claims. Also, creditors holding $1 billion with FTX and $100 million at Celsius are reportedly negotiating deals with investment firm Cherokee Acquisition.
Flipsider:
- Several hedge funds and debt investors like Contrarian Capital, Invictus Global Management, and NovaWulf Digital Management have been snapping up these claims.
Why You Should Care
Celsuis’ move to file a motion for a claims deadline extension is one reason investors were prompted to start divesting from crypto debts.
© Reuters. Crypto Flipsider News – Fidelity Enter Metaverse; SBF Judge Withdraws; Vauld Acquisition Talks; Cuban Talks Bitcoin; Cardano NFT RoadmapRead in the Digest:
- Fidelity files metaverse application for NFT-marketplace and financial services
- Judge in SBF case recuses herself over husband’s firm’s past work for FTX
- Vauld’s acquisition talks fallout, Nexo push to save bankrupt crypto lender
- BTC remains a good investment, takes a dig at gold investors – Mark Cuban
- founder Charles Hoskinson outlines a possible roadmap for NFTs
Fidelity Files Metaverse Application for NFT-Marketplace & Financial Services
Fidelity Investments, one of the largest brokerages globally, has filed three trademark applications in the United States, marking the firm’s foray into the virtual world.
As announced by licensed trademark attorney Mike Kondoudis, the filings will see Fidelity provide crypto trading services in the metaverse, including a non-fungible token (NFT) marketplace and financial investment.
Fidelity’s filing outlined the plans to launch an “online marketplace for buyers and sellers of digital media, namely, non-fungible tokens.” Fidelity will also offer mutual funds, retirement funds, investment management, and financial planning in the metaverse.
In addition to the metaverse-based payment services, the filing suggests that the brokerage giant could launch a crypto wallet, trading, and management of crypto services in the metaverse.
Flipsider:
- Unlike most companies, Fidelity has increased its crypto unit by hiring 100 new staff members to offer crypto services to its clients.
Why You Should Care
The latest filing shows that Fidelity believes in the prospects of crypto and Web3 regardless of the year-long winter.
Judge in SBF Case Recuses Herself Over Husband’s Firm’s Past Work for FTX
The federal judge slated to oversee FTX founder Sam Bankman Fried’s case, Ronnie Abrams, has withdrawn herself from the case, citing her husband’s previous work with the now-defunct crypto exchange.
Abrams, a district judge for the Southern District of New York, said via a court order that the law firm of Davis Polk and Wardwell LLP — where her husband is a partner — advised FTX in 2021. Her husband has advised the firm since June 2019.
Although she writes that her husband had no involvement in any of FTX’s court presentations, she rescues herself from the case “to avoid any possible conflict or the appearance of one.”
The FTX boss awaits trial – after his $250 million bond bail – on eight criminal charges, including wire fraud, conspiracy to commit money laundering, and violations of federal campaign finance laws.
Flipsider:
- There is no timeline for a new judge from the Southern District of New York to be selected to oversee Bankman-Fried’s trial.
Why You Should Care
Bankman-Fried’s next court hearing, set for January 3rd, may be moved further if no judge is assigned to the case.
Vauld’s Acquisition Talks Fallout, Nexo Push to Save Bankrupt Crypto Lender
Cryptocurrency lending platform Vauld, which filed for bankruptcy in July this year, has announced that its acquisition talks with Nexo have not yielded any results as its January 20th deadline to present a restructuring plan to creditors approaches.
Vauld, which signed an initial agreement with Nexo in July after filing for customer protection in July, announced on December 26th that the five-month-long “discussions with Nexo have unfortunately not come to fruition.”
In a letter sent to its clients, Vauld explained that despite Nexo’s “genuine intention to help as promptly as possible,” there have been conflicting assessments of the acquisition process, including incomprehensive financial and legal due diligence information.
However, Nexo’s co-founder and managing partner Kalin Metodiev told news outlets via an email that the company “has not given up on its attempt to save Vauld and help its creditors recover the maximum possible platform funds.”
Flipsider:
- For the initial agreement to be called off, the terms of the exclusive talks require mutual agreement, which doesn’t appear to be the case.
Why You Should Care
Despite the claims, Nexo – which has navigated the crypto winter of 2022 unscathed – remains in talks for the acquisition of Vauld.
BTC Remains a Good Investment, Takes a Dig at Gold Investors – Mark Cuban
In an episode of the “Club Random” podcast hosted by comedian Bill Maher, billionaire advocate Mark Cuban has doubled down on his bullish claims, restating that BTC is a good investment while referring to some gold investors as dumb.
While Maher, who said he is “very anti-bitcoin” argues that gold “never goes away” and is “like a hedge against everything else,” Cuban explained that “when you own gold, all you own is a digital transaction. You don’t own the gold bar.”
Cuban stressed that because gold is a digital transaction and a store of value, “people perceive that there is a value associated with gold” and the same value is associated with Bitcoin.
In comparing both assets, Cuban said that “Gold is a store of value, and so is Bitcoin.” However, he preferred to invest in Bitcoin. Cuban adds that he wants “bitcoin to go down a lot further so I can buy some more.”
Flipsider:
- While stating that Bitcoin “is a good investment,” Cuban noted that he is “not telling people to buy” the cryptocurrency.
Why You Should Care
Cuban remains a firm believer in the potential of crypto despite the ongoing winter and the collapse of FTX, which he says is not a failure on the part of the industry.
Cardano Founder Charles Hoskinson Outlines a Possible Roadmap for NFTs
In a Twitter Space hosted by Charles Hoskinson on December 26th, the co-founder and CEO at Input Output Global (IOG) explained potential possible use cases for non-fungible tokens (NFTs) developed on the Cardano network.
The Cardano founder explained that developing NFT collections that are connected to something beyond standardization could help Cardano’s NFT ecosystem – which is one of the newest – develop.
Hoskinson believes that the future of the Cardano NFT ecosystem could see collections connected to real-world assets like “deed of land, mineral rights, water rights, and any notion of property rights.” The same concept could also be applied to the NFTs in GameFi.
He adds that he wants to get involved with high-level metaverse, GameFi, and collectibles developments and watch how they evolve. However, he notes that he is surprised at the amount of growth NFTs have experienced within a short time.
Flipsider:
- Hoskinson puts the development of the NFT space before governance, interoperability, and commercial people figuring out different ways to make money from the sector.
Why You Should Care
As the Cardano NFT evolves, Hoskinson sees them playing a big part in how brands and social media influencers connect with their audience.
© Reuters. Crypto Flipsider News – Post-Merge Crash; Gensler Attacks PoS; Voyager Auction; Celsius To Sell Stablecoins; Dogecoin Tops ETCRead in the Digest:
- Post-merge crash: (BTC) drops below $20K – below $1.5k.
- The SEC’s Gary Gensler says Proof of Stake assets could be securities.
- FTX emerges as the top bidder in Voyager Digital’s bankruptcy auction.
- Crypto lender Celsius files for permission to sell its stablecoin holdings.
- (DOGE) is the second-largest PoW crypto, ahead of (ETH).
Post-Merge Crash: Bitcoin (BTC) Drops Below $20K – Ethereum Below $1.5k
Excitement about Ethereum’s transition to Proof of Stake (PoS) seems to be waning already, as the crypto market experiences a post-merge drop. Over the last 24 hours, Ethereum’s (ETH) price has plunged by 9% to fall below the $1,500 mark.
The 24 hour price chart for Ethereum (ETH). Source: CoinMarketCap
ETH is trading at around $1,460, at the time of writing, for the first time since August 30th. The price crash can be linked to traders shorting ETH, leading to Ether’s futures funding rates dropping below zero—their worst-ever recorded levels.
Bitcoin (BTC), like Ethereum, was not spared from the post-merge crash, dropping as low as $19,600 after two days of threatening the $20,000 support line. Bitcoin now trades at $19,700 at the time of writing, having lost 2.3% over the last 24 hours.
The 24 hour price chart for Bitcoin (BTC). Source: CoinMarketCap
Bitcoin’s downward spiral began on September 13th, after surprise United States inflation data was announced. Since then, the world’s largest crypto has lost more than 13% of its value.
Flipsider:
- Sport and entertainment-focused project Chiliz has shown somewhat of an immunity to the post-merge crash, gaining in value by more than 7% in the last 24 hours.
The 24 hour price chart for Chiliz (CHZ). Source: CoinMarketCap
The SEC’s Gary Gensler Says Proof of Stake Assets Could Be Securities
Speaking after the Ethereum Merge, albeit without making direct reference to ETH, Chairperson of the Securities and Exchange Commission Gary Gensler has said that Proof of Stake (PoS) cryptocurrencies could qualify as securities.
Gensler highlighted that staking, which allows users to passively earn returns from their holdings, could see PoS projects qualify as securities under the ‘Howey test‘. Gensler’s comments came on the same day as the Ethereum Merge.
The SEC chair added that platforms offering staking services to customers “look very similar with some changes of labelling to lending.”
The Howey test considers an asset to be an investment contract if investors financially fund an enterprise with the intention of earning profits. If PoS cryptos pass this test, they would be subjected to federal security laws.
Flipsider:
- Gary Gensler was grilled by the Senate Banking Committee on Thursday 16th, with Republican Senator Pat Toomey disagreeing with his stance that almost all cryptos are securities.
Why You Should Care
Gary Gensler’s comments, and the ongoing SEC case with , suggest that PoS cryptos could be set to face even greater scrutiny.
FTX Emerges As The Top Bidder In Voyager Digital’s Bankruptcy Auction
Bankrupt crypto lender, Voyager Digital has begun actioning its assets in New York, as per a September 13th court filing. The auction is being conducted by Moelis (NYSE:) & Company, Voyager’s investment bank.
Details of the auction were reported in a court document as part of Voyager’s bankruptcy case. According to Voyager’s spokesperson, around 88 parties are involved in the auction, with 22 being an active part of the discussions.
FTX, Binance, and Wave Financial, a digital asset investment firm, are reported to be part of the auction. Sam Bankman-Fried’s crypto exchange FTX was revealed to be the top bidder for the purchase of Voyager Digital’s assets.
The amount placed by FTX in the auction remains undisclosed. According to the spokesperson, the results of the auction could be disclosed ahead of the September 29th court hearing.
Flipsider:
- In July, FTX CEO Sam Bankman-Fried made an offer to take over Voyager’s assets, but the company rejected the proposal, claiming it was a “low-ball” bid.
Why You Should Care
The sale of assets by Voyager is aimed at generating liquidity to pay its customers, whose funds have been frozen since July 1st.
Crypto Lender Celsius Files for permission to Sell Its Stablecoin Holdings
Embattled crypto lender Celsius Network, which filed Chapter 11 bankruptcy in July, has filed a request to the United States Bankruptcy Court for the Southern District of New York to sell its stablecoin holdings.
According to the court filing by Celsius’ legal team from Kirkland & Ellis law firm, the crypto lender owns 11 different stablecoins, which are valued at approximately $23 million.
If the bankruptcy judge, Martin Glenn, approves the request at the October 6th hearing, the proceeds from the sales of the stablecoins would primarily be used to support Celsius’ current operations, according to section 363 of the ‘Bankruptcy Code‘.
The move follows Celsius’ recent court filing, pledging its readiness to partially return funds to Custody and Withold Accounts, and for custody assets lower or equal to $7,575 in value.
Flipsider:
- Some industry professionals have criticised Celsius for releasing $50 million of its $210 million locked-in assets, dubbing it as an unimpressive move.
Why You Should Care
The sale of stablecoins is intended to generate liquidity to fund the operations of Celsius as it explores means to repay its creditors.
Dogecoin (DOGE) Is the Second-Largest PoW, Crypto Ahead of Ethereum Classic (ETH)
Following the successful upgrade of the Ethereum Network to Proof of Stake (PoS), popular meme coin Dogecoin (DOGE) moved up the ladder, becoming the second largest Proof of Work (PoW) cryptocurrency in terms of market cap.
Although Bitcoin (BTC) decisively holds pole position, the meme coin is currently astride notable assets like Ethereum Classic (LTC), (LTC), and Monero (XMR), which occupy third, fourth, and fifth in the rankings respectively.
Dogecoin (DOGE) is ranked as the 10th largest cryptocurrency overall, with a market cap of $7.92 billion. This puts it comfortably above Ethereum Classic, which has assimilated many of the miners migrating from the Ethereum network.
Launched in 2013 by Billy Markus and Jackson Palmer, Dogecoin has gained wide acceptance, especially since billionaire and Tesla (NASDAQ:) CEO Elon Musk adopted it as the only coin for the sale of premium collectible ‘Cyberwhistle’.
Flipsider:
- Crypto analytics company, Santiment speculates that Luna Classic (LUNC) also called “meme king crown” may overtake Dogecoin (DOGE) and (SHIB) as the most well-known memecoin.
Why You Should Care
Ethereum’s transition to PoS, which has reduced its power consumption by 99.9%, will likely increase the pressure on PoW-powered cryptocurrency networks such as Bitcoin to also make the transition to a PoS model.
© Ink Drop Crypto Flipsider News – Bitcoin Tops $22k; ETH Above $1,700; Algorand’s Hodlnaut Exposure; Cardano Energy Efficiency; Metaverse Offender PunishedRead in the Digest:
- (BTC) gains $47 billion market cap as it rallies above $22k, dominance drops
- (ETH) rallies above $1,700, Google (NASDAQ:) launches countdown clock ahead of this week’s merge
- Algorand Foundation discloses $35M exposure to crypto lender Hodlnaut
- The White House turns the spotlight on as the biggest pos project
- South Korean man faces 4-year prison term for sexual abuse in metaverse
Bitcoin (BTC) Gains $47 Billion Market Cap as it Rallies Above $22k, Dominance Drops
Bitcoin (BTC) the world’s biggest cryptocurrency, has been rallying since dropping as low as $18,644 on September 7. BTC has now gained more than 20% since its new 60-day low to spike above $22k.
The 7 days price chart for Bitcoin (BTC). Source: CoinMarketCap
Over the last 24 hours, Bitcoin has now gained 3.35% to reach an inter-day trading high of $22,355. Bitcoin’s recent rally has seen its market cap rise by more than $47 billion since September 7.
The 24 hours price chart for Bitcoin (BTC). Source: CoinMarketCap
The Bitcoin rally, which is the most since July, is fueled by the weakening of the U.S. Dollar. The sudden rise has also seen over 40,000 investors lose $177 million (85 million in the last 24 hours) for betting against BTC’s price rise.
Flipsider:
- Despite Bitcoin’s spike in price, its dominance of the global crypto market cap continues to take a hit as other altcoins rise.
- The price of Bitcoin is also at risk of a fall as the Fed prepares to release its consumer price index (CPI) inflation index.
Ethereum (ETH) Rallies Above $1,700, Google Launches Countdown Clock Ahead of this Week’s Merge
The long-awaited Ethereum merge is now less than three days away. The price of Ethereum (ETH) has now rallied above $1,750 as the network prepares to migrate from proof-of-stake (PoS) into proof-of-stake (PoS).
The 7 days price chart for Ethereum (ETH). Source: CoinMarketCap
Ethereum now trades at its highest point in more than three weeks. Also recognizing the launch of the merge, Google has launched a countdown clock for the merge.
Typing “Ethereum merge” or “the merge” into Google’s search engine brings out the “Google Ethereum Merge countdown clock.” The animation of two pandas running toward each other with outstretched hands gets closer as the merge approaches.
Russian-born Vitalik Buterin, the co-founder of Ethereum made a surprise attendance at the Kyiv Tech Summit over the weekend. Buterin’s attendance was to show support for war-torn Ukraine.
Flipsider:
- As Ethereum prepares for the merge, groups are also preparing to fork its codebase, meaning Ethereum users may come out of the merge with multiple tokens.
Why You Should Care
Ethereum (ETH) is expected to rally even more as the eyes of every person in the crypto industry and beyond are now on the merge event.
Algorand Foundation Discloses $35M Exposure to Crypto Lender Hodlnaut
Algorand Foundation, the nonprofit community organization focused on developing the Algorand ecosystem on September 9, announced a $35 million USDC hole in its balance sheet as a result of exposure to troubled Singapore-based crypto lender Hodlnaut.
According to the announcement made on the Algorand Foundation website, the funds represented less than 3% of its total assets and it doesn’t expect the exposure to cause any operational or liquidity issues.
Algorand said part of its mission is to generate yield for developing the Algorand ecosystem. The foundation said that the investments were short-term locked deposits that became inaccessible from August 8, when Hodlnaut suspended withdrawals.
Flipsider:
- Earlier last week, Algorand (ALGO) upgraded its network, increasing its transaction capacity to 6,000 transactions per second (tps), the upgrade also added State Proofs to the network.
Why You Should Care
The foundation however stated that it is pursuing all legal remedies to maximize asset recovery. Part of those efforts led to the appointment of an Interim Judicial Management to resolve Hodlnaut’s liquidity issues
The White House Turns the Spotlight on Cardano as the Biggest PoS Project
The subject of crypto mining has remained an irascible one, with the energy consumption of Proof-of-Work chains becoming an issue. The United States White House, in its latest report, placed Cardano as the leading Proof-of-Stake blockchain.
The report highlights Bitcoin as the biggest cryptocurrency by market cap. However, Bitcoin’s energy consumption is between 38.2 TWh/y and 179.3 TWh/y. Ethereum, at second, is still referred to as a PoW project, with an energy consumption of 99.3 TWh/y.
Cardano is ranked third but is the biggest PoS chain. the difference between Bitcoin’s (PoW) energy consumption and Cardano’s energy consumption is massive. Cardano’s best energy use is rated at 6.0 E-04 or 0.006 TWh/y.
The White House has now proposed limiting the use of PoW projects as they use a “significant amount” of electricity and contribute to air, water, and noise pollution in some areas.
Flipsider:
- When Ethereum migrates, it would become the biggest PoS crypto project, as it holds more than 12 times Cardano’s market cap.
Why You Should Care
Energy efficiency is one of the several advantages Proof-of-Stake has been shown to have over Proo-of-Work consensus.
South Korean Man Faces 4-Year Prison Term for Sexual Abuse in Metaverse
Korean local media reported on September 11 that a South Korean man in his 30s was recently given a four-year prison term for luring underage children, to share sexual content on the Metaverse, in exchange for gifts.
According to the report, the man whose identity is undisclosed falsified his age with an avatar on the metaverse and induced minor victims to record and share nude images and videos of their bodies between December 2021 and March 2022.
In addition to serving time in prison, the offender is obligated to attend 80 hours of treatment programs for sex criminals. He has also got a seven years ban from working in any organization that supports children or the disabled.
The defendant is sentenced for targeting defenceless children, although the exploitative material was not distributed, and neither was it used for profit making.
Flipsider:
- Regardless of some illicit use cases, the metaverse is growing at a blisteringly fast pace, with projects receiving $748 million worth of investments in August.
Why You Should Care
The move re-echos the August announcement of South Korea’s science ministry of the new ethical principles for the metaverse for protecting minors.
Crypto Flipsider News – Shrimps Buy BTC; SHIB Overtakes Polygon; Ripple Lawsuit Update; Cardano Pay Expansion; StepN Token BurnRead in the Digest:
- Shrimps join whales in buying – BTC predicted to hit new ATH in 24 months.
- Sustained growth sees surpass Polygon’s (MATIC) market cap.
- Lawsuit swings in Ripple’s favor as judge denies SEC’s attorney-client privilege claim.
- payments now available for 7 million businesses via new plug-in.
- StepN renews token burn – Animoca Brands raises $75 million in new round.
Shrimps Join Whales in Buying Bitcoin – BTC Predicted to Hit New ATH in 24 Months
Despite the recent wave of downtrends that sent Bitcoin back to $19k, on-chain data shows that shrimps (investors with 1,000 BTC) in buying the leading crypto asset.
On-chain data tracker Glassnode reports that Bitcoin shrimps added over 60,400 BTC to their wallets in June, while whales accumulated more than 140,000 BTC over the same period.
The number of shrimps holding over 0.1 BTC has also hit a new all-time high of 3,706,019.
The accumulation of Bitcoin by shrimps and whales is a bullish indicator, a trait further amplified by Meltem Demirors, CoinShares’ chief strategy officer.
In an interview, Demirors predicted that Bitcoin would reach a new all-time high within the next 24 months. Demirors cites Bitcoin’s cyclical nature of dumping up to 80 to 90% of its historical peaks as the reason for the ongoing crypto winter.
Flipsider:
- Despite his long-term bullish outlook, Demirors believe that “there is still room for some downward correction” for Bitcoin, which is 70% down from its November 2021 highs at press time.
Why You Should Care
The re-entrancy of shrimp BTC holders is a sign of renewed belief in the long-term potential of Bitcoin.
Sustained Growth Sees Shiba Inu Surpass Polygon’s (MATIC) Market Cap
In a bid to transition from the label of “meme coin”, Shiba Inu has become of of the most actively developed projects, with plans being unveiled to add two tokens to its ecosystem. SHIB has also seen an all-time high level of adoption, with Uber (NYSE:) Eats now accepting the coin as payment.
The developments have seen Shiba Inu (SHIB) hold firm throughout the crypto winter. In the last 30 days, the price of Shiba Inu (SHIB) has increased by more than 29%, while Polygon (MATIC) is down 8%, and the value of Bitcoin, the leading crypto asset, is down more than 19%.
The 30 day price chart for Shiba Inu (SHIB). Source: CoinMarketCap
The 30 day price chart for Polygon (MATIC). Source: CoinMarketCap
Shiba Inu now has a market cap of $5.6 billion and making it the 14th largest crypto according to CoinMarketCap, and 13th largest by CoinGecko‘s reckoning. Dropping by more than 8% on Wednesday, July 13th, the market cap of Polygon (MATIC) was briefly surpassed by Shiba Inu (SHIB).
Flipsider:
- In the last 24 hours, the majority of Altcoins have been experiencing significant drops, and SHIB is down 5% as a result.
The 24 hour price chart for Shiba Inu (SHIB). Source: CoinMarketCap
Why You Should Care
Over the last two months, SHIB has witnessed a significant increase in price thanks to increased activity and adoption around the Shiba Inu ecosystem.
Lawsuit Swings in Ripple’s Favor as Judge Denies SEC’s Attorney-Client Privilege Claim
appears to have gained the edge in its legal battle with the Securities and Exchange Commission (SEC) after the judge in charge of the case denied the SEC’s attorney-client privilege plea to protect internal documents relating to the Hinman speech.
On Tuesday, July 12th, crypto attorney James K. Filan announced that Magistrate Judge Sarah Netburn had denied the SEC’s claim for attorney-client privilege. Judge Netburn also accused the SEC of “hypocrisy” in trying to protect the documents.
In 2018, former SEC exec William (Bill) Hinman suggested that Ether (ETH) was not a security. To prevent Hinman’s claims from being used in the ongoing Ripple battle, the SEC filed an omnibus motion to exclude experts from scrutinizing Hinman’s testimony.
The court ruled that “the evidence establishes that the predominant purpose of the communications was not to provide legal advice.” The ruling means that the document can now be used in the ongoing case, in which the SEC alleges that Ripple sold unregistered securities, in the form of XRP.
Flipsider:
- According to reports, Ripple co-founder Jed McCaleb will be selling 4.215 million units of XRP per day this week to exhaust his stake in the company.
Why You Should Care
The Hinman document, which the SEC attempted to keep under wraps, is considered to be pivotal evidence that could swing the lawsuit in Ripple’s favor.
Cardano Payments Now Available for 7 Million Businesses via New Plug-In
On Tuesday, July 12th, the COTI Network team announced that it had integrated the ADA Pay API, making Cardano’s ADA payment platform available to over seven million e-commerce platforms.
According to the official blog post, the ADA Pay plug-in was developed as part of COTI’s ‘Project Catalyst’ challenge. The project was launched for Odoo’s (On-Demand Open Object) midsize businesses.
The ADA payment API was designed by Rodolfo Miranda, one of the winners of Catalyst fund 7, to enable merchants and enterprises to accept ADA as a payment option with instant settlement.
Flipsider:
- Cardano’s (ADA) price has been in a free-fall despite proving to have immense potential, and one of the most anticipated mainnet events.
Why You Should Care
ADA Pay was created as a gateway solution to bring Cardano’s ADA token to the masses.
StepN Renews Token Burn – Animoca Brands Raises $75 Million in New Round
StepN, the popular “move-to-earn” game, has announced the renewal of its token burn, stating that it would be spending over $6 million from its Q2 profits to buy back and burn its native GMT tokens.
Despite a tumultuous Q2 for the crypto market, StepN diclosed on Tuesday, July 12th, that it had generated $122.5 million in second-quarter profits. To avoid causing any sudden volatility, StepN explained that the burn “may take a few weeks to complete.”
Another gaming powerhouse, Animoca Brands, has secured $75 million in its latest funding round. The completion of the round has seen the Hong Kong-based company attain valuation of $5.9 billion.
Animoca Brands, the company behind The Sandbox (SAND) metaverse project, remarked that the capital will be used to advance the “open metaverse” through strategic acquisitions, product development, and IP licenses.
Flipsider:
- A federal judge in New York has frozen the assets of Three Arrows Capital, as the crypto firm’s founders remain underground.
Why You Should Care
The expansion of services, despite the ongoing crypto winter, reaffirms the company’s long-term commitment to the industry.
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Crypto Flipsider News – Bitcoin Reclaims $20k; Altcoins Rally; Cardano’s Next Wave; Celsius Repays Debts; 3AC Makes MovesRead in the Digest:
- reclaims $20,000 as Fear and Greed Index jumps, signifying bullishness.
- and The Sandbox lead Altcoin rally – Bitcoin miner revenue surpasses ETH miners.
- Charles Hoskinson hints that Cardano’s next wave is coming this month.
- Crypto lender Celsius Network repays $142.8M to MakerDAO.
- Three Arrows Capital makes massive transfers after filing for liquidation and bankruptcy.
Bitcoin Reclaims $20,000 as Fear and Greed Index Jumps, Signifying Bullishness
Although Bitcoin (BTC) closed last week below $19k, extending its losing streak, the world’s largest cryptocurrency has quickly regained lost ground, benefiting from a slight rebound in investor sentiment.
The Bitcoin Fear and Greed Index—the most popular metric used to gauge Bitcoin price sentiment—jumped over the weekend, moving from 11/100 to 19/100 on Tuesday, July 5th.
The price of Bitcoin jumped in tandem with the metric, seeing it recover from a low of $19,037 on Saturday, July 2nd, to trade as high as $20,405 on Tuesday, July 5th.
The 3 day price chart for Bitcoin (BTC). Source: CoinMarketCap
After the significant recovery, the price of Bitcoin has once again retraced below $20k. The leading crypto is trading at $19,500 at the time of writing, while the Fear and Greed Index is currently gauged at 14/100.
The 24 hour price chart for Bitcoin (BTC). Source: CoinMarketCap
Flipsider:
- On a larger scale, the Fear and Greed Index has remained static in extreme fear territory, with investors unconvinced that macroeconomic and idiosyncratic jitters will wane anytime soon.
Ethereum and The Sandbox Lead Altcoin Rally – Bitcoin Miner Revenue Surpasses ETH Miners
Recovering from a week of choppy trading, Altcoins are beginning to show signs of bullishness. Although most Altcoins have made significant recovery in their own right, Ethereum (ETH) and The Sandbox (SAND) are leading the charge.
Ethereum’s (ETH) price shot up by as much as 7.5% to trade as high as $1,165. ETH now trades at $1,130 at the time of writing. The Sandbox (SAND) posted even larger gains, rallying 19% to set a new weekly high of $1.23.
The 48 hour price chart for Ethereum (ETH). Source: CoinMarketCap
The 48 hour price chart for The Sandbox (SAND). Source: CoinMarketCap
Flipsider:
- Despite the recovery of ETH outperforming that of BTC, data shows that the revenue of bitcoin miners has surpassed that of Ethereum miners.
- In May, Ethereum miners generated $100 million more than Bitcoin miners. However, in June, the total amount generated by bitcoin miners hit $656.47 million, while Ethereum miners generated $549.58 million.
Why You Should Care
The engagement of an Altcoin rally without the need of market-moving headlines could be an indication that the bulls are finally taking over.
Charles Hoskinson Hints That Cardano’s Next Wave Is Coming This Month
Just days after announcing the launch of the Vasil Hard Fork on the testnet, Charles Hoskinson, founder and CEO of Cardano, has teased that Cardano’s “next wave” will be coming this month.
Hoskinson’s comment came in response to a comment made by Sebastien Guillemot, CTO and co-founder of dcSpark. Guillemot tweeted that the launch of Vasil would allow the transfer of Ethereum tokens (stablecoins, non-custodial tokens, and stateful tokens) to the Cardano blockchain.
Hoskinson replied to the tweet, saying: “Coming this month, Cardano’s next wave!” The Vasil Hard Fork was carried out on the testnet on July 3rd, with developers promising the implementation of the upgrade on the mainnet four weeks after testing—signifying the last week of July.
The Vasil upgrade is a highly anticipated event, promising to bring full dApp functionality and improvements to the network’s usability and efficiency. Additionally, Vasil is expected to improve Cardano’s overall speed and throughput.
Flipsider:
- At Vasil’s testnet launch, Input-Output Global (IOG) noted that there would be no proposal to launch Vasil on the mainnet until the ecosystem’s partners indicated their readiness.
Why You Should Care
Charles Hoskinson’s comment serves as confirmation that the Vasil Hard Fork will be implemented on the Cardano mainnet in July.
Crypto Lender Celsius Network Repays $142.8M to MakerDAO
Three weeks after liquidity concerns forced Celsius Network to halt withdrawals, the retail crypto lending platform kicked off July by repaying a substantial amount of its outstanding debt to MakerDAO.
According to reports from DeFi Explorer, the crypto lender has repaid $142.8 million of its MakerDAO loans across four different transactions since July 1st. By paying down its Maker debt, Celsius has also succeeses in de-risking its loan position from potential liquidation.
The loan repayment has helped the Celsius Network to reduce the liquidation price on its WBTC collateral from over $10,800, to $4,967.09.
Not only did Celsius open July by repaying its MakerDAO debts, but crypto researcher Plan C reports that the crypto lender also paid off further debts to Aave and Compound on July 2nd, amounting to $67 million.
Flipsider:
- Although Celsius has made progress repaying its loans, the lender is still responsible for $82 million in outstanding debt to the Maker Protocol. The firm is currently staring down the barrel of a loss of $667.2 million on its $1.8 billion in lifetime investments.
Why You Should Care
The Celsius Community has celebrated the loan repayment, especially in light of the drastic reduction brought to its liquidation price.
Three Arrows Capital Makes Massive Transfers After for Filing Liquidation and Bankruptcy
Three Arrows Capital (3AC), may not be as insolvent as it previously claimed. Amidst the extreme downturn in the crypto market, 3AC was forced to file for Chapter 15 bankruptcy protection.
Blockchain security company PeckShield has reported that Three Arrows Capital transferred (USDT) and (USDC) stablecoins worth tens of millions of dollars to cryptocurrency exchange KuCoin.
The recent transfers come a few days after 3AC filed for Chapter 15 bankruptcy protection in the US Bankruptcy Court in the Southern District of New York to stop creditors from seizing its assets in the country.
At the end of June, the British Virgin Islands ordered the hedge fund to liquidate. Soon after, as a result of discrepancies in the reported operations of 3AC, the Monetary Authority of Singapore (MAS) called out the hedge fund for providing false information in regards to the company’s assets.
Flipsider:
- The ongoing winter has driven 3AC, which held as much as $10 billion in assets under management at its peak, into liquidation.
Why You Should Care
3AC is among the high-profile hedge funds whose investments were swallowed whole by the implosion of the ecosystem and the ensuing market collapse.
Crypto Flipsider News – Cryptos Recover; Morgan Creek Counters FTX; Goldman Sachs to Buy Celsius; Cardano Update; SHIBA BurnRead in the Digest:
- and sustain gains – Classic (LUNC) spikes 50%.
- Morgan Creek is preparing to counter FTX’s $250 million BlockFi bailout.
- Goldman Sachs (NYSE:) plans to raise $2 billion to buy Celsius Network assets.
- IOG releases “Final Candidate” for the mainnet ‘Vasil’ hard fork.
- fails to meet weekly 1 billion burn average – burns 565M SHIB.
Bitcoin and Ethereum Sustain Gains, Terra Classic (LUNC) Spikes 50%
Recovering from the brutal crash endured by the crypto market last week, its two biggest players, Bitcoin (BTC) and Ethereum (ETH), are leading the market with sizable price recoveries.
Over the last week, the price of Bitcoin has shot up by more than 11%, hitting an interday high of $21,480 after dropping as low as $18k. Bitcoin now trades at $20,900 at the time of writing, losing 2% of its gains over the last 24 hours.
The 7 day price chart for Bitcoin (BTC). Source: CoinMarketCap
Ethereum has showed an even more impressive recovery than Bitcoin, gaining almost 20% over the same period. The price boost helped ETH hit a high of $1,272, up from a weekly low of $1,040. ETH now trades at $1,200 at the time of writing, though it shed 3% over the last 24 hours.
The 7 day price chart for Ethereum (ETH). Source: CoinMarketCap
Flipsider:
- The biggest surprise of the crypto market rally has been Terra Classic (LUNC) – the original Terra token which was abandoned in favor of Terra 2.0.
- LUNC has gained in value by 50% over the last 24 hours, and more than 61% in the last week, outperforming both Bitcoin and Ethereum.
The 24 hour price chart for Terra Classic (LUNC). Source: CoinMarketCap
Why You Should Care
The important takeaway for investors is that Bitcoin and Ethereum have managed to trade above their respective key support zones for six consecutive days.
Morgan Creek Is Preparing to Counter FTX’s $250 Million BlockFi Bailout
Morgan Creek is looking to provide embattled crypto lender BlockFi with an alternative bailout option. The news comes shortly after the lender received a $250 million credit facility offer from Sam Bankman-Fried’s FTX crypto exchange.
Cryptocurrency investment firm Morgan Creek Digital is working to raise $250 million from investors in order to purchase a majority stake in BlockFi. The move would put Morgan Creek at odds with the offer from FTX.
According to reports, Morgan Creek, a longtime BlockFi backer, is looking to generate equity for the beleaguered BlockFi. When asked about the offer, Managing Partner for Morgan Creek Digital Mark Yusko said he had been “making calls all day.”
Flipsider:
- The move comes amidst reports of FTX holding ongoing discussions with BlockFi to buy a stake in the company.
- Sources reveal that talks between FTX and BlockFi are still ongoing, and no decision has been made.
Why You Should Care
Yusko claims that FTX’s $250 million credit facility raises a point of concern for existing shareholders. He added that if FTX finalizes the deal, only some of the investors in BlockFi’s latest fundraiser would be likely to recover a portion of their investment, while older investors would be liquidated.
Goldman Sachs Plans to Raise $2 Billion to Buy Celsius Network Assets
In a turn of events for the Celsius Network, the embattled crypto lending company on the brink of bankruptcy, reports suggest that international investment bank Goldman Sachs is planning to raise $2 billion in commitments from investors to purchase its assets.
Celsius recently enlisted additional advisors to help with a potential bankruptcy situation. Insiders have revealed that, if the situation worsens and the crypto lender files for bankruptcy, Goldman Sachs will look to purchase the company’s assets at a considerable discount.
According to a source familiar with the situation, the banking powerhouse is already soliciting commitments from Web 3.0 crypto funds, funds specializing in distressed assets, and traditional financial institutions with ample cash on hand.
With Celsius yet to resume withdrawals on the platform more than a week after its services were frozen, tensions continue to mount over the company’s ability to stay afloat. The situation has been exacerbated by the rumors that Celsius CEO Alex Mashinsky is on the run.
Flipsider:
- Goldman Sachs will have competition, as Celsius received a similar offer for its assets from Nexo, and there are reports of CitiBank preparing to do the same.
Why You Should Care
Goldman Sachs continues to dig deeper into the Web 3.0 and the cryptocurrency space, with the latest news trailing talks with FTX over potential derivatives services.
IOG Releases “Final Candidate” for the Cardano Mainnet ‘Vasil’ Hard Fork
The Cardano community was undeniably disappointed when Input Output Global (IOG) announced that it needed more time to launch the much-anticipated ‘Vasil’ hard fork. As part of its efforts to meet the new schedule, IOG has launched a new node.
According to IOG, the new node, Cardano Node 1.35.0, is the final component to prepare the Cardano mainnet for the upcoming hard fork. IOG also confirmed that it has completed tests on the new #Plutus v2 code, which will be implemented with the launch.
The Vasil hard fork is now set to launch on the testnet, ahead of its final mainnet implementation, as IOG informed the SPO community supporting the testnet, that the new node is ready for them to deploy on the testnet.
Last week, Charles Hoskinson, the founder of Cardano, announced that the mainnet hard fork would take place in July. However, IOG hinted that more updates on the Vasil upgrade will be announced this week.
Flipsider:
- Despite the significant developments Cardano has enjoyed this year, Santiment reports that the number of ADA whale addresses has been on the decline in light of the network failing to generate enthusiasm.
Why You Should Care
Vasil is an important upgrade for Cardano, promising massive improvements to the network consensus layer, and overall faster block propagation.
Shiba Inu Fails to Meet Weekly 1 Billion Burn Average – Burns 565M SHIB
For the first time since the Shib Inu (SHIB) burn portal was launched, the Shiba Army fell short of its weekly target of burning 1 billion or more SHIB tokens this past week.
The Shiba Inu community burned only 565 million SHIB tokens over the past week, marking the first time that less than 1 billion SHIB has been burned across a nine week period. Over the last 24 hours, 117 million SHIB tokens were destroyed on the portal.
The Shib Burn portal was built to reward SHIB burners with passive income in the form of $RYOSHI Rewards. 0.49% of all RYOSHI transactions will be distributed to individuals who take part in the burn process.
The Shiba Inu team is now set to begin RYOSHI reward distribution, as 410.3 trillion SHIB tokens have been removed from circulation in the 65 days that the portal has been active.
Flipsider:
- Top Ethereum whales acquired more than 163.2 billion SHIB over the weekend amidst the burning of tokens.
Why You Should Care
The SHIB burn program is designed to help the SHIB token achieve a deflationary status, while also rewarding the community for its participation.
Crypto Flipsider News – Bitcoin Crash, USDD Depegged, BlockFi Lays Off Staff, Investors Sue Binance, Cardano Launches EVMRead in the Digest:
- Crashes to 18-Month Low, Liquidating $1.25 billion; Binance Pauses Withdrawals
- USDD Suffers De-Pegging Fears, Declines, Says Celsius Withdrawal Restriction Doesn’t Affect USDT
- BlockFi Lays Off 20% of Its Staff Amidst Cryptocurrency Market Downturn
- Investors File Lawsuit Against Binance for Advertising Terra UST as ‘Safe’
- Launches New Permissionless EVM Sidechain on Testnet
Bitcoin Crashes to 18-Month Low, Liquidating $1.25 Billion; Binance Pauses Withdrawals
Bitcoin was hit with its third hardest sell-off of the decade after the U.S. announced that the inflation rate had risen to a four-decade high of 8.6%. Since the announcement was made last Friday, the price of Bitcoin has fallen by more than 30%.
The 7D price chart of Bitcoin (BTC). Source: CoinMarkketCap
On Monday, June 13, the price of Bitcoin fell by as much as 15% to hit a low of $20,950, its lowest value since December 2020. Marginal gains over the last 24 hours have pushed the price of Bitcoin back up to $22,300.
The 1D price chart of Bitcoin (BTC). Source: CoinMarketCap
Over the last 24 hours, $1.24 billion in positions have been liquidated due to the sharp downswing. Bitcoin contributed over $600 million to the liquidation. An XBTUSD perpetual contract on BitMex of $4.4 million was the largest single liquidation in that period.
At the peak of the sell-off, Binance announced that it had temporarily suspended withdrawals on the Bitcoin (BTC) network on June 13 at 11:43:43 (UTC). The news caused the price of Bitcoin to fall even harder.
Flipsider:
- Binance has now resumed withdrawals of BTC on the Bitcoin network after processing all pending transactions.
USDD Suffers De-Pegging Fears, Terra Declines, Says Celsius Withdrawal Restriction Doesn’t Affect USDT
With the crypto industry still recovering from the infamous implosion of the algorithmic TerraUSD (UST) stablecoin, investors were hit with another major scare as Tron’s decentralized USD (USDD) stablecoin was briefly de-pegged.
On Monday, June 13, Tron’s USDD price dipped to $0.97, mirroring the days before UST’s collapse. Data tracker showed that the brief de-pegging of UDDD was the result of attacks from hedge funds.
The 24-hour price chart of Decentralized USD (USDD). Source: CoinMarketCap
Nansen reported that one of the funds that capitalized on the UST depeg started actively transferring large amounts of USDD (between $200,000 and $12,000,000) and other stablecoins. Tron DAO reacted quickly, injecting 700 million USDC to restore the USDD pegged to the dollar.
The world’s biggest stablecoin, Tether’s USDT, has again lost its dollar peg owing to the freeze of all withdrawals on Celsius’s lending platform. USDT now trades at $0.9989 after dropping as low as $0.9975.
The 7D price chart of (USDT). Source: CoinMarketCap
Flipsider:
- Amidst the panic, Tether has issued a statement, clarifying that Celsius has “always been overcollateralized” and the withdrawal pause “has no impact” on the reserves of USDT.
Why You Should Care
The ongoing inflation scare puts crypto in a fragile position, and the de-pegging of any major stablecoin could be catastrophic for the nascent industry.
BlockFi Lays Off 20% of Its Staff Amidst Cryptocurrency Market Downturn
The Zac Prince-led BlockFi has become the latest prominent name to cut down its staff size due to the continuous fall in the value of the cryptocurrency market.
BlockFi, a crypto lending platform, announced Monday that it would reduce its workforce by about 20%, while digital currency exchange, Crypto.com, reported a 5% reduction on Friday.
BlockFi explained that the “dramatic shift in macroeconomic conditions worldwide” has negatively affected the firm’s growth. As a result, Block will be laying off approximately 850 employees or 20% of its workforce.
Flipsider:
- Zac Prince, CEO of BlockFi, announced via a tweet on Monday that the company is dedicated to sticking around for the long haul.
Why You Should Care
The prolonged downturn in cryptocurrency prices has affected the profit of crypto firms, leading to the increasing layoffs of staff.
Investors File Lawsuit Against Binance for Advertising Terra UST as ‘Safe’
The ripple of the Terra ecosystem collapse continues to cause turbulence in the crypto industry, with investors in California now filing a class-action lawsuit against Binance US for false advertising of TerraUSD (USD).
The case was filed by the law firm Roche Freedman LLP and accused Binance US of misleading investors and selling unregistered securities to roughly 2,000 plaintiffs. The filing claims that Binance sold the “algorithmic stablecoin” TerraUSD (UST) as “safe.”
The lawsuit points to the adverts Binance ran on its platform, marketing the UST stablecoin as safe. The latest of these adverts was run in April, but the UST lost its dollar peg in May, ultimately leading to the collapse of the Terra ecosystem.
In addition, Binance US is being accused of not being committed to its customers by not complying with U.S. federal and state securities laws when it listed the now-defunct TerraUSD (UST).
Flipsider:
- Although the lawsuit names LUNA and UST, neither Binance nor the cryptos are registered with the U.S. SEC.
Why You Should Care
The lawsuit adds more pressure on Binance, which is already being probed by the SEC over the 2017 launch of its native token, .
Cardano Launches New Permissionless EVM Sidechain on Testnet
IOG, formerly called Input Output Hong Kong, the software company behind the Cardano ecosystem, has announced the launch of its permissionless Virtual Machine (EVM) sidechain alpha on the testnet.
The permissionless sidechain will enable developers to write solidity-based applications on the Cardano network and create EVM-compatible DApps and ERC20-compatible tokens while enjoying many of Cardano’s benefits.
The EVM sidechain will be fully compatible with Ethereum upgrades, tools, and wallets while inheriting security from Cardano’s mainnet. IOG did not specify if the EVM compatibility would be directly deployed to its mainnet one day.
The Senior Content Editor of Input-Output Global (IOG), Eric Czuleger, said the community believes in “an interoperable future” that will permit several blockchains to communicate.
Flipsider:
- The launch has set Cardano’s ADA on a rally opposing the bearish trend. Over the last 24 hours, ADA has gained 13%, spiking to $0.51.
The 24-hour price chart of Cardano (ADA). Source: CoinMarketCap
Why You Should Care
This means that dApps developed on Ethereum could be seamlessly transferred to Cardano.
Crypto Flipsider News – Bitcoin Jumps Above $32k; ADA Gains 30%, LUNA Jumps 90%, and Crypto Inflow Hits $87M; 5 Million NFTs Minted on Cardano, Ropsten Prepares for the Merge; Mirror Protocol Suffers $90M ExploitRead in the Digest:
- records biggest daily gain in two months as price touches $32k.
- The crypto market rebound: ADA gains 30%, and LUNA 2.0 surges 90% amidst $87 million weekly inflow.
- Over 5 million NFTs minted on – Ethereum’s Ropsten prepares for the Merge.
- Ryoshi, Shiba Inu’s (SHIB) founder ghosts, deleting all social media posts.
- $90 million hack of Terra’s Mirror Protocol went unnoticed for seven months.
Bitcoin Records Biggest Daily Gain in Two Months as Price Touches $32k
Bitcoin investors were able to breathe a collective sigh of relief after the painful 9-week long downtrend, which saw the world’s largest crypto fall by almost 40%, seems to finally be coming to an end. The price of Bitcoin surged by 9% as cryptocurrency bulls took the reigns early on Monday.
The 24 hour price chart for Bitcoin (BTC). Source: CoinMaketCap
The rare rally saw the price of Bitcoin touch $32k for the first time since May 11th. Bitcoin recorded the upturn during the Asian and European equity markets, despite American markets being closed on Monday.
The 9% rally for Bitcoin marks the leading asset’s biggest daily price rise in two months. The price of the pioneer coin has now stabilized at $31.5k at the time of writing, after recording gains of 3.5% over the last 24 hours.
Glassnode explains that the massive rally could be linked to the weaker position of the dollar. On-chain reports now suggest that Bitcoin investors are “the only ones left”, and they appear to be “doubling down” on their positions as the price of Bitcoin corrects.
Flipsider:
- With Bitcoin breaking past the $30,000 level, it is vital that it holds the $29,300 level in the event of a retest to have the best chance of continuing its revival.
Why You Should Care
Analysts believe that Bitcoin is now forming a bottom, which could act as the precursor to the rally Bitcoin investors have been waiting all year for.
The Crypto Market Rebound: ADA Gains 30%, and LUNA 2.0 Surges 90% Amidst $87 Million Weekly Inflow
Breaking out of a 9-week long downtrend, the crypto market is now surging. With Bitcoin bouncing back to above $32k, more than 90% of Altcoins are trading in the green as of this writing, and Cardano (ADA) is leading the way.
Over the last 24 hours, the value of ADA has significantly risen by 30%, making it the biggest gainer among the top 50 cryptos by market cap. The rally has seen Cardano (ADA) hit a three-week high of $0.6823.
The 24 hour price chart for Cardano (ADA). Source: CoinMarketCap
Recently launched LUNA 2.0 is also, perhaps surprisingly so, one of today’s biggest gainers, rocketing in price by more than 90% despite a 70% crash on launch day. Over the last 24 hours, (LUNA) has recorded an upswing from $6.38 to a high of $11.97. LUNA’s price pump can be partially attributed to its Binance airdrop.
The 24 hour price chart for Terra 2.0 (LUNA). Source: CoinMarketCap
Despite the lingering signs of bearishness, crypto-asset investment products saw inflows of $87 million throughout the past week. According to a CoinShares report, crypto inflows have now exceeded $500 million since the start of 2022.
Flipsider:
- Market analysts project that the price of LUNA will balloon further once the Binance drop goes live.
Why You Should Care
The increased inflows are a sure indication of bullish sentiment from investors about the future of cryptocurrencies.
Over 5 Million NFTs Minted on Cardano – Ethereum’s Ropsten Prepares for the Merge
Since the big release of smart contracts, Cardano’s ecosystem has gained significant traction, and on-chain data shows that over five million native assets with 54,902 distinct policies have now been minted on the Cardano blockchain.
Charles Hoskinson, the co-founder and CEO of IOHK, also announced on May 29th that Cardano had recorded its highest ever 24-hour transaction volume at $9.57 billion, which is second only to Bitcoin. These activities have played a notable role in Cardano’s (ADA) 30% gain during the last 24 hours.
Hoping to have similar success, has gotten one step closer to the most important upgrade in blockchain history, as Ethereum core developer Tim Beiko has announced that a new Beacon Chain for Ropsten has been launched.
Beiko stated that the “first dress rehearsal” of the Merge will take place at around June 8th. Ropsten, Ethereum’s largest Testnet, will be the first to undergo the transition to the Proof of Stake (PoS) consensus mechanism.
Flipsider:
- Analysts have called the much-needed recovery of Ethereum a “relief rally”, warning that it is too early to expect a reversal.
Why You Should Care
The Merge is one of the most highly anticipated events in the cryptoverse, and could change the trajectory of Ethereum and other reliant chains.
Ryoshi, Shiba Inu’s (SHIB) Founder Ghosts, Deleting All Social Media Posts
Ryoshi, the pseudonymous founder of , one of the most popular dog-themed meme coins, has left the community in shock after deleting all of his tweets and blog posts on Monday.
Though he is the founder of one of the biggest crypto projects in the industry, Ryoshi’s identity has remained unknown since the project’s launch in August 2020. Now it seems that Ryoshi has decided to replicate the mysterious founder of Bitcoin, Satoshi Nakamoto in disappearing from the scene.
Ryoshi encouraged Lead Developer Shytoshi Kusama to not talk about “worthless nonsense” but instead focus on the ecosystem. In a recent tweet, Shytoshi confirmed that the project will carry on and continue to “fulfil Ryoshi’s vision and plan for this grand experiment.”
Flipsider:
- The price of the SHIB token appears to have been slightly affected by Ryoshi’s abrupt departure, being the only top 20 token to be down by 1% amid a rallying market.
Why You Should Care
With Ryoshi’s absence, Shiba may have taken a hit in its path to building a decentralized meme coin ecosystem.
$90 Million Hack of Terra’s Mirror Protocol Went Unnoticed for Seven Months
Mirror Protocol, a Terra chain dApp that allows users to create digital synthetics that track real-world asset prices, is the latest DeFi protocol to be exploited, although, that’s not strictly the case. The Mirror Protocol hack is unique because it went unnoticed for seven months.
On May 17th, community members discovered a bug in the Mirror Protocol’s code dating back to October 8th, 2021. According to a user going by the name ‘FatMan’, the bug allowed the hacker to unlock other users’ collateral on the Mirror Protocol and gradually siphon almost $90 million.
According to on-chain data, the hacker unlocked UST funds from the Mirror Protocol multiple times within the same transaction, paying only about $17.54. Since October, they have used this exploit “hundreds of times” to steal $89,706,164.03.
With the Mirror Protocol still reeling from the revelation, the protocol suffered another attack on May 30th. This time, the attacker took advantage of the mismatched price between the old LUNC token and the new LUNA token to steal over $2 million.
Flipsider:
- Community members are outraged at the developers of Mirror Protocol, who seemingly noticed the bug and silently fixed it with an update without any official communication or acknowledgement.
Why You Should Care
The Mirror Protocol’s $92 million hack coming to light places even more pressure on the DeFi ecosystem over its security, and indeed on the Terra team, which is already under investigation for price manipulation.
Leading global cryptocurrency exchange FTX, which is on a mission of global expansion, announced a strategic partnership with ‘Dave (DAVE)’, and the strategic investment of $100 million into the publicly-traded banking app.
As part of the partnership, FTX U.S. and Dave will explore how to introduce digital asset payments to Dave’s platform. FTX U.S. will also serve as Dave’s exclusive cryptocurrency partner.
Leading U.S. based crypto exchange Gemini has received an electronic money (e-money) license from Ireland’s Central Bank. Gemini, which applied for the license in 2020, can now operate services using electronic money in Ireland, joining the likes of Stripe, Meta, and Google.
Huobi Global, another of the world’s leading crypto exchanges, has announced the launch of an integrated live streaming platform, ‘Huobi Live‘. The service, which will be inaugurated on Monday, March 28th, will feature official shows hosted by Huobi experts.