Crypto
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Coinbase is facing class action suits over unstable stablecoins GYEN, TerraUSD
A class-action suit was filed against Coinbase on Thursday claiming the trading platform was negligent in its listing of the TerraUSD stablecoin and alleging that it failed to disclose its financial relationship with Terraform Labs. This is the second class-action suit outstanding against Coinbase. A suit was filed last month in connection with the depegging of GYEN in November. Thursday’s suit alleges Coinbase was negligent for failing to conduct due diligence of Terraform Labs before it listed TerraUSD and misrepresenting TerraUSD’s risk as an algorithmic stablecoin. The suit compares the information on stablecoins provided by trading platforms Robinhood, Gemini and Kraken to that of Coinbase and concluded that “Rather than disclose the nature of TerraUSD as uncollateralized, contr...
Finance Redefined: Three Arrow Capital and Celsius fall brings a tsunami of sell-off in DeFi
This past week, the decentralized finance (DeFi) ecosystem faced the brunt of the bears fueled by liquidation rumors of Three Arrow Capital (3AC) and Celsius liquidations. MakerDAO decided to cut off Aave (AAVE) from its direct deposit module as a safeguard in light of the possibility that Celsius folds and crashes the price of staked Ether (stETH). Trading firm 8 Blocks Capital called out to platforms holding funds owned by 3AC to freeze the assets as rumors of 3AC’s insolvency stay afloat. Micheal Saylor believes Bitcoin (BTC) and the Lightning Network can solve many of the DeFi ecosystem problems. The top 100 DeFi tokens were hit hard by bears, with the majority of tokens registering multi-month low along with double-digit losses over the past week. Crypto crash wreaking havoc on DeFi p...
Crypto Biz: Crypto carnage pushes Celsius, Three Arrows Capital closer to insolvency, June 9-16
The 2022 version of crypto winter has been unlike anything we’ve seen before. As I warned last month, the meltdown of the Terra ecosystem didn’t end with Luna Classic (LUNC) hitting zero. The biggest threat was contagion. As the dust began to settle, we finally got a glimpse of who was left holding the bag. Crypto lender Celsius and Singapore-based venture firm Three Arrows Capital suffered heavy losses during the debacle. These firms, once a staple of the budding crypto industry, now risk demise following weeks of massive selloffs in the market. Celsius reportedly seeks advice from lawyers on restructuring Alex Mashinsky’s Celsius dominated headlines this week after the popular crypto lender paused withdrawals due to “extreme market conditions.” During the freeze, the firm unstaked ...
5 indicators traders can use to know when a crypto bear market is ending
The bull market is gone and the reality of a long crypto winter is surely giving traders a bad case of the shivers. Bitcoin’s (BTC) price has fallen to lows not even the bears expected, and some investors are likely scratching their heads and wondering how BTC will come back from this epic decline. Prices are dropping daily, and the current question on everyone’s mind is: “when will the market bottom and how long will the bear market last?” While it’s impossible to predict when the bear market will end, studying previous downtrends provides some insight into when the phase is coming to a close. Here’s a look at five indicators that traders use to help know when a crypto winter is coming to a close. The crypto industry begins to recover One of the classic signs that a crypto winter ha...
Stablecoins highlight ‘structural fragilities’ of crypto — Federal Reserve
The Federal Reserve’s board of governors pointed to stablecoins as a potential risk to financial stability amid a volatile crypto market. In its Monetary Policy Report released on Friday, the board of governors of the Federal Reserve System said “the collapse in the value of certain stablecoins” — likely referring to TerraUSD (UST) becoming unpegged from the United States dollar in May — in addition to “recent strains” in the digital asset market suggested “structural fragilities.” The government department pointed to the President’s Working Group on Financial Markets report from November 2021, in which officials said legislation was “urgently needed” to address financial risks. “Stablecoins that are not backed by safe and sufficiently liquid assets and are not subject to appro...
Crypto casinos: What are they, and should you try them?
Cryptocurrencies are flourishing like never before, and every day, more and more governments and other authorities are starting to take them seriously. The currencies are slowly, but surely spreading to all corners of society – and recently, they’ve caused a shift in the gambling industry as well. With the rise of the so-called crypto casinos, gamblers can now make bets and game the night away using only crypto as payment. While this presents a host of new opportunities, it also raises many questions about safety, regulations and rules. Below, we’ll go through some of these and explain the new casino concept to you. What are crypto casinos? First and foremost, let’s start by defining what exactly it is that sets crypto casinos apart from the ones you might be familiar with. It’s...
Which decentralized finance innovations are expected by the DeFi community?
While the broader crypto market is on a downward spiral and social media is plagued with fears and complaints, some are choosing to focus on the decentralized finance (DeFi) space’s potential for the future. In a DeFi subreddit, Redditor Popular_Rub9075 asked community members what they want to see more of in the DeFi space. According to the Redditor, while negative discussions are prevalent in social channels, it’s a “great time” to look into projects that have potential, while the market is down. In response to the thread, Reddit user Crumbedsausage said that he wishes to see more Liquid Ether (ETH) staking projects that are non-custodial. In addition, the Redditor said that being able to run an Ethereum node with “1 ETH or less” may be good for ...
Tether’s USDT market cap dips below $70B for an 8-month low
Tether (USDT), the biggest stablecoin and the third largest digital currency by market capitalization, continues losing its market value amid the current market downturn. On June 16, USDT’s market cap dropped below $70 billion for the first time since October 2021. The drop followed a cascade of repeated declines shortly after the USDT market value reached its all-time high above $80 billion in May. At the time of writing, Tether USDT’s market capitalization stands at $69.3 billion, up around $300 million from the multi-month low, according to data from CoinGecko. USDT 90-day market capitalization chart. Source: CoinGecko Tether’s biggest rival, USDC, is the second-largest U.S. dollar-pegged stablecoin backed by the peer-to-peer payments technology company Circle. The stablecoin reached $5...
Elusive Bitcoin ETF: Hester Perice criticizes lack of legal clarity for crypto
The crypto sector may be maturing, but regulatory clarity around the treatment of digital assets continues to remain cumbersome. This was recently highlighted by Commissioner Hester Peirce — also known as the United States Securities and Exchange Commission’s (SEC) “crypto mom” — in remarks she made at “The Regulatory Transparency Project Conference on Regulating the New Crypto Ecosystem: Necessary Regulation or Crippling Future Innovation?” Peirce began her speech by emphasizing the importance of “regulating the new crypto ecosystem.” While this may be, Peirce also noted that the crypto industry is still in search of an actual regulator. She said: “A bipartisan bill announced last week attempts to answer that question. Some people in the crypto industry are celebrating the all...
UAE launches the world’s most expensive modern postage stamp
The United Arab Emirates has launched the world’s most expensive modern postage stamp to celebrate the 50th anniversary of the country’s foundation day. Emirates Post Group, a government-owned post office launched the first edition of the modern postage stamp with four editions. Each physical stamp in the collection comes with a digital version. [embedded content] The most expensive edition is the “Golden Jubille 2021,” which has a total of 2021 pieces and costs a 2021 AED ($550 USD). Each stamp contains one gram of gold The second stamp is called the “Spirit of the Union – 1971” which symbolizes the establishment of the UAE by the founding fathers. Guess what, the third stamp is “Year of the 50th – 2021” while the fourth one is the “Projects of the 50th 2071” — representing the futuristic...
Getting into metaverse tokens with these top selections
Decentraland (MANA), Theta Network (THERA), and The Sandbox (SAND) are all solid token options to get. Each of these tokens is a part of some of the largest metaverse projects within the crypto sphere. THETA increased by 5% in the last 24h hours, while MANA and SAND are maintaining their value well. Decentraland (MANA), Theta Network (THERA), and The Sandbox (SAND) are some of the best Metaverse tokens you can get as of June 17, 2022. On June 17, 2022, Richard Lai invited everyone to join the Yahoo Metaverse on Decentraland. Theta Network announced that Replay had launched a new Theta Validator Node, which is the 25th overall node. The Sandbox also announced that Lionsgate would become the first film and TV studio to enter The Sandbox. Should you buy Decentraland (MANA)? On June 17, 2...
Getting into metaverse tokens with these top selections
Decentraland (MANA), Theta Network (THERA), and The Sandbox (SAND) are all solid token options to get. Each of these tokens is a part of some of the largest metaverse projects within the crypto sphere. THETA increased by 5% in the last 24h hours, while MANA and SAND are maintaining their value well. Decentraland (MANA), Theta Network (THERA), and The Sandbox (SAND) are some of the best Metaverse tokens you can get as of June 17, 2022. On June 17, 2022, Richard Lai invited everyone to join the Yahoo Metaverse on Decentraland. Theta Network announced that Replay had launched a new Theta Validator Node, which is the 25th overall node. The Sandbox also announced that Lionsgate would become the first film and TV studio to enter The Sandbox. Should you buy Decentraland (MANA)? On June 17, 2...
