Weekly Crypto Market Update Reports (Jun 18th- 24th,2022): Weak players get kicked out by the market
During the week, the market is still affected by Celsius Network and 3AC aftershocks. Voyager Digital, and credit company, Babel Finance, joined them. Meanwhile, miners are selling off their BTC holdings due to the decrease in mining profitability, Cardano developers have postponed the Vasil hard fork to late July and CR7 is a top soccer star partnering with Binance. Let’s take a look at the last week of the cryptocurrency market with CoinCu through outstanding news and figures.
Market figures for the week
The crypto market cap stayed at around $900 billion for the past nine-day: Over the weekend, there was a short-term drop below $800 billion, according to CoinMarketCap, but with the start of the new week, the market indicator returned to the level observed before.
Trading activity decreased again after the previous week’s sell-off: Between 18th and 24th June, trading volumes were about $514 billion, down 23% from the previous period. The average daily trading volume dropped to $73 billion from $98.14 billion a week earlier.
The Cryptocurrency Fear & Greed Index was recorded as low as 6 on the 18th and 19th. In the following days, the indicator gradually recovered to 11 points. The index has stayed in the “Extreme Fear” zone for 49 days.
Bitcoin’s volatility rose by 0.38% to 4.74% over the week. At the same time, ether’s volatility growth keeps pace. The indicator for ETH rose by 0.93% to 6.00%.
Interesting news of the week
Voyager Digital Stock Price Dumped 61%
Toronto-based digital asset brokerage Voyager Digital has become the latest crypto firm to face solvency issues due to the recent crypto crash. On June 22, the company requested repayment of a loan from its troubled monopoly business Three Arrows Capital (3AC), announcing that it “may issue a notice of default”.
On the evening of June 22, Voyager Digital announced that they are lending Three Arrows Capital $662 million including 15,250 BTC (worth about $312 million at the time of update) and 350 million USDC. The repayment period for the above two loans is June 24 and June 27. Voyager’s share price fell more than 53.38% following the news.
Babel Finance Reaches Debt Agreements With Partners
Babel Finance suspended the acquisition and recall of its products on June 17 due to unusual liquidity pressures in the current bear market. However, the company said it is taking quick action to protect its customers and communicating with all stakeholders to improve the situation.
Solend Votes To Temporarily Control The Whale Account
Lending platform Solend on the afternoon of June 19 posted a proposal to take control of a “whale” wallet to prevent the risk of massive liquidation.
Solana’s Solend lending platform is having a “headache” with a “huge” loan order of up to $108 million USDC/USDT and collateral with 5.7 million SOL. The problem is a whale wallet accounting for 25% of the project’s TVL, 95% of SOL deposited into the platform and 88% of USDC borrowed – showing the importance of this whale and the risk risks posed in the event of liquidation.
Cardano Devs Delay Vasil Hard Fork By A Month
CZ Corrects Rumors Of Binance Buying 100,000 BTC
On June 18, while Bitcoin was still fighting to regain the $20,000 price zone, some rumors arose that Binance had bought back over 100,000 BTC when Binance’s wallet address increased the amount of BTC to 101,226 BTC. CZ spoke up and explained immediately to avoid misunderstanding.
Korea Bans Terra Employees From Leaving The Country
According to the Korean news agency JTBC News, the financial task force “Death” newly re-established by the Seoul government to investigate LUNA-UST has issued a decision to ban the exit and movement of employees and former employees by Terraform Labs, the company behind the Terra cryptocurrency project and stablecoin UST.
WeChat Bans Crypto-Related Accounts
After the Chinese government’s crackdown on cryptocurrencies, a year of Weibo being “purged”, WeChat is the latest name to update new rules for users on the platform.
Bitfarms Sold 3,000 BTC To Reduce Debt
One of the well-known cryptocurrency miners in the market, Bitfarms, admitted it sold about $62 million worth of Bitcoin last week to reduce its debt. Coincidentally, the Bitcoin price recorded a bottom at $17,700 late last week.
Coinbase Pro To Stop Working At The End Of 2022
The Coinbase Pro professional trading platform will be shutting down later this year. Coinbase is gradually integrating cross-wallet balance and trading features into a single account.
Harmony’s Horizon Bridge Hacked
On June 24, Harmony’s Horizon cross-chain bridge was confirmed to have been hacked by hackers with initial damage estimated at up to $100 million according to the project’s confirmation.
Cristiano Ronaldo Releases NFT With Binance
On June 23, the world’s largest cryptocurrency exchange Binance said it was about to release NFTs for soccer star Cristiano Ronaldo. Predicting this will be the most explosive NFT release yet.
In general, this week the market is quite prosperous as BTC has regained its $20,000 mark but the bear market is still lurking. Follow CoinCu to follow market updates to catch the latest news.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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