Digital Assets Report 75
- The staked DeFi variant of ETH, stETH loses its peg to ETH and causes an 11% sell off in the token and forces the Celsius lending platform to suspend withdrawals due to a liquidity crisis.
- Traditional Finance players further delve into Crypto as Citadel, Fidelity & Charles Schwab to launch crypto trading platform & JPMorgan announces its intention to bridge traditional assets with DeFi through tokenization.
- Bitcoin sells off significantly as Crypto Market-Cap drops below $1 trillion.
- New York State Senate passes bill banning Bitcoin mining that run on carbon-based power sources.
- CEO of Galaxy Investments Mike Novogratz claims that two-thirds of crypto hedge funds will go bankrupt.
Business
Staked Ethereum (stETH) Could Cause A Crypto Crash, Here’s How
Lido Staked Ethereum (stETH), a staked, DeFi variant of Ethereum, has diverged sharply from the latter in the past 48 hours.
Celsius Network Suspends All Withdrawals with Immediate Effect
Lending platform Celsius, which is rumored to be suffering from an acute liquidity crisis, suspended all customer withdrawals earlier today.
3 finance giants Citadel, Fidelity, Charles Schwab to launch crypto trading platform
As the crypto market continues to expand, major financial corporations are beginning to show interest in crypto themselves.
JPMorgan Wants to Bring Trillions of Dollars of Tokenized Assets to DeFi
The bank’s recent tokenization of money market funds with BlackRock dovetails with an institutional DeFi project led by the Monetary Authority of Singapore.
BlockFi Valuation Sinks to $1B in Latest Funding Round: Report
BlockFi raised $350 million at a larger valuation of $3 billion in March last year.
Bloomberg Expands its Crypto Coverage to the Top 50 Assets
Instead of covering updates about 10 cryptocurrencies, Bloomberg Terminal will now include the top 50 ones.
Resolved: Exploiter Returns 17 Million Stolen Optimism Tokens
The Optimism attacker has made good on his promise to return what he stole, but he still holds 1 million tokens.
Solana Commits $100M to Support South Korean Crypto Projects
The fund, created by Solana Ventures and the Solana Foundation, will focus on virtual gaming and will invest in NFT and DeFi projects.
Tether deploys new USDT token on the Tezos blockchain
“USDT on Tezos will power revolutionary applications across payments, DeFi, and more,” says Tether.
Two more spot crypto ETFs launch on Australian markets
Two cryptocurrency exchange-traded funds tracking the price of Bitcoin (BTC) and Ethereum (ETH) launched in Australia on the Cboe Exchange joining the existing funds by 21Shares and Cosmos Asset Management.
105 Countries Are Exploring Central Bank Digital Currencies, CBDC Tracker Shows – Regulation Bitcoin News
There are now 105 countries that are exploring central bank digital currencies (CBDCs). 50 countries are in an advanced phase.
Markets
Crypto Charts 70
BTC Expecting BTC to sell lower in 5 waves to the $20k level before buying back and selling on a rally to $28′297 with a confirmation of new uptrend with a move above $30′331 ETH Like BTC, a 5 wave sell off is expected before buying back and selling on
Bitcoin passes $23.8K May low as crypto market cap drops under $1 trillion
Bitcoin heads lows while BTC price challenges May’s lows, Ethereum flounders and the crypto market cap returns under $1 trillion.
Regulations
New York State Senate Passes Bitcoin Mining Moratorium
The state Assembly had already passed the bill, which would bar new mining operations powered by carbon-based energy sources for two years.
New York DFS Rolls Out New Regulations for Dollar-Pegged Stablecoins
Amid the collapse of Terra’s algorithmic stablecoin, the New York watchdog has targeted regulations on such crypto assets.
Japan Passes Stablecoin Bill Aimed at Protecting Crypto Investors - Decrypt
Japan’s Parliament passed a new law that would create a regulatory framework for stablecoins, essentially defining them as digital money.
SEC Investigating $60 Billion Terra Implosion
The Terra implosion has reportedly attracted scrutiny from the U.S. Securities and Exchange Commission
Opinions
U.S. Senator Lummis: America has ‘crossed the chasm,’ says Bitcoin will not be banned
Wyoming senator Cynthia Lummis has acknowledged that the United States has crossed the chasm concerning Bitcoin
Billionaire Mike Novogratz says two-thirds of crypto hedge funds will go bankrupt
The crypto market has been going through some hard times, leading to some bleak predictions about hedge funds that invest in these assets.
Readings / Podcasts
4th Annual Global Crypto Hedge Fund Report - PWC