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Prices of the first cryptocurrency returned to levels above $20,000, broker Voyager Digital filed a bankruptcy petition in New York court, Celsius repaid the loan in the MakerDAO
Prices of the first cryptocurrency returned to levels above $20,000, broker Voyager Digital filed a bankruptcy petition in New York court, Celsius repaid the loan in the MakerDAO protocol and other events of the week leading up to it.
On Tuesday, July 5th, the first cryptocurrency consolidated above the $20,000 level and hit $22,500 on Friday. At the end of the week, the quotes were corrected – at the time of writing, Bitcoin is trading around $20,800.
Glassnode analysts noted that the record plunge in bitcoin price in June has practically knocked the rest of the “market tourists” out of the game, leaving only hodlers “ahead.” Cumberland believes the market recovery will determine the pace of asset liquidation by troubled firms in favor of more successful players in the industry.
Bloomberg Intelligence commodity strategist Mike McGlone has predicted a surge in bitcoin over the next six months. According to his observations, bitcoin is showing the same behavior at the end of the bear market in 2018.
Almost all digital assets in the top 10 by capitalization closed the week in the green zone. The exception is Dogecoin. Solana (+9.8%) and Ethereum (+8.6%) showed the best dynamics.
The total capitalization of the cryptocurrency market reached $966 billion. The Bitcoin dominance index rose to 41.2%.
On Tuesday, July 5, cryptocurrency broker Voyager Digital filed for bankruptcy in a New York court. The company’s estimated liabilities range from $1 billion to $10 billion with nearly 100,000 customers.
Alameda Research, affiliated with Sam Bankman-Freed, is the second-largest borrower from Voyager Digital ($376.8 million), after Three Arrows Capital, according to a bankruptcy filing by a crypto broker affiliated with Sam Bankman-Freed.
Previously, the company loaned 200 million USDC to a broker and opened a revolving line of credit for 15,000 BTC. Binance chairman Changpeng Zhao criticized the deal and said he would “never accept such a deal”.
The US Federal Deposit Insurance Corporation became interested in Voyager Digital’s activities. According to the agency, the broker deceived users by stating that their assets were protected by the department’s program.
This week, landing platform Celsius actively repaid the loan in the MakerDAO protocol. On July 7, Celsius paid the full amount and withdrew 23,962 WBTC collateral (~$500 million). A few hours later, 24,463 WBTC was transferred to the address of the FTX crypto exchange. Despite the fears of experts about a possible sell-off “in the market”, on the contrary, bitcoin grew during this period.
Former Celsius contractor KeyFi Inc. – sued the landing platform, accusing it of refusing to fulfill its contractual obligations. The company’s founder, Jason Stone, stressed that the defendant owed “significant amounts of money” to his organization.
According to an Arkham analyst report, Celsius has placed approximately $534 million in client funds as part of “high-risk, leveraged crypto trading strategies” through KeyFi. In these investments, the platform lost $390 million.
The media also reported the outages in Celsius. Similar plans were announced by Ignite and Bullish. Mining company Compass Mining will cut staff by 15% and lower management salaries.
Crypto derivatives exchange BitMEX has introduced a number of restrictions from the EU for Russian residents using the platform’s services. Changes in policy were made in connection with the sanctions of the European Union.
The restrictions will affect Russian residents, including individuals “trading on behalf of any legal entity accessing exchange services from the EU”, as well as companies whose traders are based or incorporated in the Russian Federation using the exchange from the EU.
Following Voyager and Celsius, trading, withdrawals and deposits of client funds have been suspended by the Vauld crypto lending platform from Singapore. Management is considering a restructuring option. He explained his decision with financial difficulties arising from adverse market conditions, the impact of counterparty problems and liquidity outflow.
The media reported that rival Nexo would buy Vauld, and the parties allegedly signed a preliminary agreement on the deal.
On July 3, Cardano, the experts behind Input Output Global (IOG) development, hard forked Vasil on the testnet. App developers, betting pool operators (SPOs), exchanges and other ecosystem participants have four weeks to “finally test and integrate” the update before launching it on the mainnet.
Circle’s co-founder and CEO, Jeremy Allaire, provided details of the functioning of the stablecoin USD Coin (USDC) during the collapse of the Terra UST ecosystem.
USDC reserves are held at leading US financial institutions such as BlackRock and Bank of New York. Of the $50.6 billion collateral (as of May 13), $39 billion (71.1%) was treasury bills no later than three months, and $11.6 billion was cash.
Aave developers proposed to the community to launch a multilateral US dollar-pegged stablecoin GHO, native to the DeFi protocol ecosystem.
As collateral for the GHO, a “diversified set of crypto assets” supported by the protocol will be used. Users will continue to receive interest on pledged tokens.
Mt.Gox trustee Nobuyaki Kobayashi announced that payments to the platform’s creditors are in preparation. The latter are asked to indicate exactly how they want to receive the funds – in a single early payment or several payments, and they can also choose to use some of the assets in bitcoin or bitcoin cash.
California investor Mark Young has accused key players in the Solana ecosystem of illegally profiting from the native SOL token (Solana Labs, Solana Foundation, Anatoly Yakovenko, venture capital firm Multicoin Capital, partner Kyle Samani, and FalconX OTC division). According to the lawsuit, the coin is an unregistered security.
Bitmain has announced that it has started the sale of the Antminer E9 ASIC miner, which was created to mine the second largest cryptocurrency with a capital letter. Features of the new device:
American blockchain hosting provider Core Scientific sold 7,202 BTC in June for $167 million at an average price of $23,000 per bitcoin. The company’s balance sheet includes 1959 BTC and approximately $132 million in cash.
Tron founder Justin Sun has announced that he is ready to allocate up to $5 billion to bail out crypto companies amid a crisis in the digital asset market. He noted that some players have already approached him with related applications.
Sun said Tron has hired an investment bank to advise on potential deals. He refused to reveal the name of the financial institution due to a confidentiality agreement.
$5 billion will include both Sun’s personal funds and Tron’s assets. He also drew attention to the interest in platforms with large audiences.
Also on ForkLog:
Bitcoin has dropped below the peak of the previous cycle for the first time, public miners’ shares have taken a steep peak, but on-chain indicators are already showing positive signals. We analyzed the main events of June in the monthly report.
Sponsor of “Bitcoin industry by numbers” column – global blockchain ecosystem Binance.
ForkLog evaluated the possibility of a new wave of selling pressure from major miners.
We understood the advantages and disadvantages of DAO and also learned whether decentralized management models are an effective alternative to traditional companies.
The tutorials explained what Arbitrum and arbitrage are, and also explained where to watch cryptocurrency rates, how the Fed rate affects bitcoin price, and how to buy digital gold.
Traditional recaps gathered the week’s main events in the areas of cybersecurity and artificial intelligence.
Blockchain technology remains one of the hottest trends among financial, government and commercial organizations worldwide. ForkLog provides an overview of the most exciting new ventures.
On July 4, live ForkLog LIVE discussed the prospects for the NFT segment. Alexey Chusov, founder of First NFT Agency, was a guest.
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.
