9621 Agnes Crossing, Lake Suzanneview, New Mexico Island 84604-9295.
Bitcoin price has risen above $21,000, Cristiano Ronaldo will release an NFT on Binance, Solana unveils a Web3 smartphone and other events of the week leading up to
Bitcoin price has risen above $21,000, Cristiano Ronaldo will release an NFT on Binance, Solana unveils a Web3 smartphone and other events of the week leading up to it.
Last weekend, bitcoin prices rallied above $20,000 and by the end of the week, the asset has managed to gain ground above this mark. At the time of writing, the initial cryptocurrency is trading around $21,390.
The flagship has traditionally taken the rest of the market with it. All digital assets in the top 10 by capitalization closed the week in the green zone. Solana (+28.3%), Ethereum (+23.8%) and BNB (+21.7%) showed the best dynamics.
Despite the positive market dynamics, Arcane Research analysts said that the bearish potential in bitcoin price remains at $10,350.
According to the CoinCodex service, the CEEK VR metaverse token has risen the most in price over the week among mid-cap digital assets. The price of CEEK rose 98%.
The native token of the Everscale blockchain platform has fallen in price more than any other. EVER quotes are down 11.5 percent.
The total capitalization of the cryptocurrency market has reached $1.01 trillion. Bitcoin Domination Index dropped to 40.6%.
Sam Bankman-Fried, head of Alameda Research and FTX exchange, said that he is making efforts to mitigate negative events in the cryptocurrency market due to Celsius and Three Arrows Capital (3AC) issues. The next day, it was learned that FTX had secured a $250 million revolving line of credit to BlockFi’s lending platform.
Morgan Creek Digital believes the deal will allow FTX to purchase the lending platform at “zero cost.” To avoid this, the venture firm is trying to raise $250 million from investors to buy a controlling stake in BlockFi.
Binance chairman Changpeng Zhao said his company has a “mission” to protect users and help the rest of the industry survive. At the same time, he noted that only “strong” projects are worth saving.
Simon Dixon, co-founder of online investment platform BnkToTheFuture, has proposed a plan to save lending service Celsius Network, similar to Bitfinex’s recovery after the attack in 2016.
DeFi project Chaine Finance has offered to buy some assets of Celsius Network. According to media reports, Goldman Sachs is also showing interest in the platform. The financial holding allegedly plans to raise $2 billion from investors to buy its portfolio in the event of bankruptcy.
Problems of 3AC funding have affected broker Voyager Digital. According to media reports, the company requested ~$650 million worth of crypto assets from the fund for a 15,250 BTC and 350 million USDC loan. Amid the announcement, Voyager shares were down 60%. The next day, the company reduced the daily withdrawal limit for users from $25,000 to $10,000.
Cryptocurrency derivatives platform CoinFLEX joined the list of companies affected by the market downturn this week, suspending user withdrawals due to “extreme market conditions” and “counterparty uncertainty”. The company’s president, Mark Lamb, said the counterparty was not the Three Arrows Capital hedge fund or “any lender”.
On May 24, a spokesperson for Dubai Financial Services Authority stated that 3AC is not licensed to operate in the Emirates. The fund had previously planned to relocate its headquarters there.
Speaking to the WSJ, Terraform Labs (TFL) president Do Kwon said he would not comment on any law enforcement investigations. He described the incoming lawsuits as “groundless” and noted that the company intends to defend itself.
According to Do Kwon, he lost almost all of his wealth due to Terra’s collapse. The TFL chairman added that he does not consider himself a scammer as he fully trusts the stability of TerraUSD (UST).
At the same time, a class action lawsuit was filed by Terra investors in the Northern District of California court against Terraform Labs and Do Kwon seeking a refund of the purchase price of the tokens.
The DeFi platform MakerDAO community voted to remove Aave from the direct deposit module. The initiative will effectively eliminate the ability for users to borrow DAI using “work shares” as collateral in Lido Finance.
CoinShares analysts explained why Lido Finance’s equity ether split is different from Terra USD’s loss of parity with the US dollar.
However, the decentralized organization behind the development of Lido has initiated a vote to limit the protocol’s share in the Ethereum 2.0 stake pool.
The authors of the proposal believe that the dominance of Lido will pose a threat to the security of the blockchain after the so-called “merger”. The dominance of the protocol has been cited by some analysts such as Danny Ryan as a potential centralizing point.
Ethereum co-founder Vitalik Buterin supported The Daily Gwei creator Anthony Sassano.
“Evil is rude, but I think financial models that give people a false sense of certainty and destiny about the growth of asset values are harmful and deserve ridicule,” Buterin wrote.
Decentralized exchange ZigZag has announced an airdrop for early adopters. Requirements for buyers of coins will be determined by the participants of the token sale. The sale of the crypto asset under the code ZZ will begin on June 24. 2 million tokens were allocated for the token sale out of a total supply of 100 million coins. USDC stablecoin will be accepted for payment.
Buyers of the new asset will become members of the ZigZag DAO. One of the first tasks of the decentralized autonomous organization will be to set the terms of the airdrop.
Decentralized derivatives exchange dYdX announced the creation of its own network using the Cosmos SDK. Its launch will take place as part of the dYdX V4 update, which includes going beyond the Ethereum ecosystem.
The new dYdX network will be controlled by a distributed set of validators, not just the founding team. The update will begin in the coming months.
The Harmony blockchain platform team reported that there was an attack on the Horizon cross-chain bridge, as a result of which an attacker stole around $100 million worth of assets. An unknown person withdrew the tokens in a few transactions, then sent them to another wallet and traded them in another wallet. Uniswap decentralized exchange.
In another case, an attacker compromised the DNS server of Convex Finance’s DeFi protocol to ask users to approve malicious smart contracts. The project team changed their domain names. It was later found out that Allbridge, Ribbon Finance and DeFi Saver protocols were similarly affected.
Allbridge co-founder Andrei Veliky said in a comment to ForkLog that the number of victims had reached 23. All of them used the services of Namecheap domain registrar. The head of the latter, Richard Kirkendall, wrote on Twitter that the company had identified a “compromised agent” and removed access.
On June 30, 2022, the European Parliament, European Commission and Council of the EU will hold a final meeting on the MiCA cryptocurrency regulation bill. Patrick Hansen, development manager for Unstoppable Finance, spoke about this.
He stressed that all “important” issues are already acknowledged, but there are a few open issues such as the audit of stablecoins and NFTs.
According to Hansen, work on amendments to the regulation on exchange of information between counterparties, which includes the collection of data on non-custodial wallet users, may not be completed before the end of the month. The European Parliament does not want to waive the requirements for mandatory identification of “non-host” counterparties by companies when transacting.
Also on ForkLog:
Andriy Martsinyak, attorney at law firm Juscutum, told ForkLog why crypto platforms are blocking user funds and what to do if this happens to you.
A series of educational cards explained how to issue an NFT, what a blockchain oracle is, a wrapped coin and dollar value average.
The traditional summary covered the week’s main events in the field of cybersecurity.
The decentralized financial sector continues to attract increasing attention from crypto investors. ForkLog has gathered the most important events and news of the last weeks into a summary.
On June 20, live ForkLog LIVE discussed the current market situation. The guests were traders Ton Weiss and Vadim Shovkun (CryptoShaman).
We published a new special report on the nuances of storing cryptocurrencies in wallets.
Read ForkLog bitcoin news in our Telegram – cryptocurrency news, courses and analysis.
Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
