Kryptowaluty & blockchain, news from June 14, 2022
Crypto Market Drops Again – $1 Billion in Liquidations
On Tuesday after 3 a.m., bitcoin fell below $21,000 and Ethereum broke through the $1,100 level. The massive sell-off in the cryptocurrency market led to the liquidation of leveraged contracts. Investor losses exceeded $1 billion.
The global economic situation remains uncertain. Markets expect US interest rate hikes and investors expect safer assets like bonds. In this situation, it is difficult to predict if we are already dealing with a bottom or if we are descending to lower levels. -> learn more
Bank of America: 90% of respondents will invest in cryptocurrencies in 2022
The second largest US bank conducted a study on cryptocurrencies. According to a survey of a group of 1000 people, up to 90% of them intend to invest in digital assets in the next 6 months. Respondents who already own cryptocurrencies said they have no plans to sell them this year. -> learn more
Coinbase will lay off about 1,100 employees
According to a report submitted to the SEC, the largest US cryptocurrency exchange intends to cut employment by 18%, or lay off about 1,100 employees. Coinbase is another mid-winter cryptocurrency cost-cutting venture that has likely made its way into the market. -> source: CoinDesk
NYC Mayor Opposes Ban on BTC Mining in the State
New York City Mayor Eric Adams said yesterday that he intends to ask the state’s governor to veto a bill banning cryptocurrency mining with proof of work. -> learn more
MicroStrategy’s “paper” losses exceed $1 billion
According to data from Bitcoin Treasuries, MicroStrategy currently has an unrealized loss of $1.1 billion caused by the difference between the company’s bitcoin buying rate and the current price. CEO Michael Saylor says he will not sell any of the 129,000. BTC in his reserves. However, he may have no other choice, as the company has an open loan of over $200 million with bitcoin security. -> source: Finbold
The percentage of illegal transactions using cryptocurrencies is falling
In 2020, illegal activity in the cryptocurrency market was 0.62% to 0.65% of total transactions. In 2021, that figure fell to between 0.10% and 0.15%, says a new report from analytics firm CipherTrace.
The number of cryptocurrency holders in Canada doubled in 2021.
According to data provided by Canada’s central bank, in 2021 bitcoin was owned by no less than 13% of the country’s adult population. A year earlier, it was “only” 5%, so we can speak of a more than twofold increase in the number of cryptocurrency investors. Canadians reporting having BTC have an average of $500 in them.
Upbit warns of risks associated with USDN and USDD algorithmic stablecoins
The South Korean cryptocurrency exchange noticed a weak peg seen in algorithmic stablecoins USDN and USDD. Both assets have recently had problems holding the rate against the dollar. For USDD, the difference is currently 2 cents. It’s still not big enough to raise alarm bells, but given the downfall of the UST of the Terra ecosystem, one should be cautious and watch the situation and cryptocurrencies Tron and Waves, on which the two stablecoins were built.
The notice will be updated