Magic Internet Money token depegs as Terra (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. Magic Internet Money (MIM), a US dollar-pegged stablecoin of …
Finance Redefined: Three Arrow Capital and Celsius fall brings a tsunami of sell-off in DeFi
DeFi market saw a sharp decline in its TVL, falling over $25 billion from the last week due to sell-off pressure created by the bear market. This past week, the decentralized finance (DeFi) ecosystem faced the brunt of the bears …
Crypto Biz: Crypto carnage pushes Celsius, Three Arrows Capital closer to insolvency, June 9-16
It has been a chaotic week for digital assets. Two firms may be inching closer to insolvency while Coinbase, one of the largest crypto exchanges, laid off almost a fifth of its staff. The 2022 version of crypto winter has …
5 indicators traders can use to know when a crypto bear market is ending
Calling a market bottom is impossible, but traders can use these five indicators to get an early signal of when a bear market is close to ending. The bull market is gone and the reality of a long crypto winter …
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. The Federal Reserve’s board of governors pointed to stablecoins as a potential risk …
Coinbase is facing class action suits over unstable stablecoins GYEN, TerraUSD
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. A class-action suit was filed against Coinbase on Thursday claiming the trading platform …
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. Many in the crypto world have been glued to their screens with eyes dead set on financial conditions this week. That isn’t …
Senators join chorus of disapproval of ‘backdoor regulation’ in SEC staff accounting bulletin
Five Republican senators, including “Crypto Senator” Cynthia Lummis, have sent a letter to the SEC regarding its March bulletin, which established broad new requirements for trading platforms. United States Senator Bill Hagerty has sent a letter, cosigned by four other …
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. The total crypto market capitalization fell off a cliff between June 10 and June 13 …
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. Ether (ETH) price is down 37.5% in the last seven days and recent news reported that developers decided …