Bullets

2022-06-16 17:11:17 Amid market correction, the active Bitcoin supply has dipped sharply in the past few weeks. According to the latest data published by Glassnode, an on-chain analytics platform, Bitcoin supply that was last active approximately a decade ago has reached a record high of over 2.45 million.The latest data indicates that the long-term holders of the world’s largest crypto asset have decided to hold on to their digital assets. While active BTC supply is shrinking, BTC’s hash rate is rising. On 12 June 2022, the Bitcoin mining rate touched an all-time high of 231 Exahash.The “amount of Bitcoin supply last active 10 years ago just reached an ATH of 2,453,337.787 BTC. Previous ATH of 2,453,337.657 BTC was observed on 15 June 2022,” Glassnode highlighted in a Tweet.Due to the recent crash in Bitcoin, a large percentage of the active supply fell into heavy losses. According to Glassnode, the BTC supply in loss reached almost 8.67 million on Thursday, which is the highest level in approximately 24 months.Fed and BitcoinYesterday, the Federal Reserve (Fed) in the US announced its biggest interest rate rise in almost three decades.Commenting on the impact of the Fed’s decision on BTC and other crypto assets, Chris Terry, BPSAA’s Board Member and the VP of Enterprise Solutions at SmartFi, said: “We can clearly see, at least at this moment of time, that Bitcoin is intertwined with the traditional financial markets. Thus, even us in Crypto have to watch the Fed, which I would never have dreamed of a year ago.”“For BTC, in particular, this $20,000 price point is pretty important. We see some support all the way down to the $18,000 range. If we break that, all bets are off. The best thing you can do now is to have cash on hand. As bad as it seems, it could be a huge buying opportunity,” Terry added.This article was written by Bilal Jafar at www.financemagnates.com.

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2022-06-16 15:11:25 New research suggests one of the active wallets (dubbed 'Wallet A') may be linked to Terra Labs or the Luna Guard Foundation (LFG). Prior blockchain analytics study highlighted the 7 main wallets that contributed to the collapse of Terra Luna.Jump Crypto released a postmortem analysis, detailing what occurred that led to UST de-pegging from the US Dollar. Other blockchain analytics platform analysis, suggest that Celsius may have been involved, is also available.The most interesting part of the postmortem of Terra Luna is surrounding the mysterious 'Wallet A'.Wallet A Actions"At 21:44 GMT, Terraform Labs (TFL) withdrew $150 million in UST liquidity. This made the Curve pool relatively balanced, but much smaller."At 21:57, a relatively-inactive account ('Wallet A') swapped $85 million UST for USDC in this pool. (This was the largest swap transaction in that particular Curve pool ever.) Such an action pushed the Curve pool out of balance again."Moreover, Wallet A had transferred $108 million in UST to Binance earlier in the day, and these transfers coincided with elevated trading volumes at Binance and the worsening liquidity at Curve."Jump Crypto noted that they are unable to determine who is behind 'Wallet A'. Although, new research made some discoveries on 'Wallet A'.Wallet AA study by Uppsala Security attempts to unravel who may be behind the wallet that caused severe damage to Terra Luna ecosystem.Wallet A address on etherscanThe $85 million UST that was swapped for USDC was transferred to Coinbase. As the security team is unable to determine who is behind the wallet at Coinbase, the source of capital was investigated.Wallet A received all of its capital from Terra Mainnet using the Wormhole:terra1yl8l5dzz4jhnzzh6jxq6pdezd2z4qgmgrdt82kThe wallet was identified and labeled as 'Wallet A (T)'.source: stake idThe team continued investigating and may have found a possible link between the wallets to Terra Labs and LFG. It is stressed that "these accounts may be directly or indirectly controlled by the same or related entities, such as TFL or LFG."source: sentinel protocolLuncDAO that is mentioned in the investigation threatened a lawsuit for commercial defamation:"Today Cybersecurity Firm UPPSentinel published an article defaming us. If we are not sent a $250K $USD settlement for commercial defamation within 28 days, our lawyers will undertake immediate legal action. We will use this money to buy + burn $LUNC."LuncDAO full responseBen Samocha, the Co-Founder of CryptoJungle and CryptoTalks shares his views on Terra Luna and Luna 2.0.What are your thoughts on the collapse of Terra Luna?"The Terra Luna collapse was, in my belief, an obvious thing that was about to happen sooner or later. While educating my community in Israel, I shared with them why the TerraUSD & LUNA model is ponzi-like, whether if intended to be so or not, and why I believe it will fail."Never have I expected it to happen so soon and so fast, but it narrows down to the bottom line: if the federal reserve’s fed funds rate was 0% (or close to it), how can one offer a 20% yield on an alleged pegged USD? It can only be done via a. someone paying for it, whether the company (i.e. Terraform Labs / Luna Foundation Guard) or new investors piling it (ponzi-like), or by taking enormous risks to try to obtain these yields via the open markets, which we know wasn’t the case."What are your thoughts on the research that possibly ties LFG or Terra Luna Labs to the chain of events?"It wouldn’t surprise me to learn that [it] is indeed correct. The on-chain analysis of the research seems legitimate. This whole situation is very confusing, to be honest, and is lacking transparency which is why it is hard to comment."What are your expectations from Luna 2.0, how do you see it trading in 3 years from now?"I believe LUNA 2.0 is a joke and an insult to the investors who were hurt by this incident. The entire value proposition of LUNA itself was built around the UST ponzi, which obviously doesn’t exist in the 'new' protocol."I also… Open / Comment

2022-06-16 12:18:20 What will NFT utility look like in the next 6 months?

In the past year, NFTs and DeFi have focused largely on price speculation, memes, technology infrastructure, and products that didn't entirely need to leverage web3 technology. Acc to this thread, the future of NFT utility will be IP licensing, community, and hyperspeed growth for real products. People paying for NFTs will receive value through access to exclusive networks and premium product utilities.

https://threadreaderapp.com/thread/1536149094216761344.html

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2022-06-16 09:32:51 • Apple plans to kill CAPTCHAs with its new Private Access Tokens technology.

• Private Access Tokens can prove that an HTTP request is coming from a human by recognizing if a client device is following typical user patterns.

• Signed tokens are sent to servers in a multi-step process that doesn't involve the server knowing anything about the device or user.

More: AppleInsider
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2022-06-16 03:11:50 Dibbs, a blockchain-enabled marketplace backed by Amazon, announced on Wednesday the official integration with Circle, the issuer of USD Coin (USDC), to start accepting the stablecoin for buying and selling collectibles.According to the press release, it will support popular blockchains like Avalanche, Flow, and Solana by leveraging Circle’s payment solutions to enable payments in USDC when buying and selling collectibles as NFTs. Dibbs allows collectors to buy and sell fractions of physical collectibles in real time, ranging from sports and gaming trading cards to comic books.On Dibbs, collectors can quickly access and own highly sought-after physical collectibles that have been authenticated, insured, vaulted, tokenized, and minted into the digital ecosystem by Dibbs. Additionally, collectors benefit from a truly flexible marketplace: instant buying, selling, and liquidity, as well as stable pricing and transparent fees.“Since day one, we’ve aimed to make the most sought-after and valuable collectibles in the world more accessible for everyone. We are excited to build upon that by incorporating USDC. By accepting cryptocurrency as payment for the first time, we’re able to offer our collectors even more flexibility and convenience. With Circle, Dibbs collectors benefit from technology that seamlessly connects the traditional financial system with many of the world’s leading blockchains. This is another step forward in creating a platform that delivers more options than ever for collectors across the world to fund, grow, and monetize their collections,” Evan Vandenberg, Dibbs Founder and CEO, commented.Businesses of all sizes can use Circle’s payments and financial infrastructure. As of June 2022, USDC is one of the world’s fastest-growing digital assets and has supported more than $1.9 trillion in on-chain transactions.Funding RoundCircle became the latest firm in the financial ecosystem to raise significant funds for its expansion in April. The company raised $400 million in a funding round.This article was written by Felipe Erazo at www.financemagnates.com.

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2022-06-15 18:00:43 • Celsius is a centralized DeFi company that manages crypto on behalf of its investors.

• The company promises a fixed interest rate and then puts funds on-chain to earn a yield.

• The Luna/UST crash and stETH depegging is causing Celsius to face a liquidity crisis.

• Celsius has about $10 billion in customer assets with about $1.5 billion accounted for in its wallets. Its actions will likely invite regulation, oversight, and legal action from governments, institutions, and critics.

The Celsius blowup, explained: https://threadreaderapp.com/thread/1536401979466981377.html Open / Comment

2022-06-15 17:24:40 Binance, the world’s largest cryptocurrency exchange, says it is undergoing talent recruitment for 2,000 open job positions in its exchange. Changpeng Zhao, the exchange’s Co-Founder and Chief Executive Officer (CEO), disclosed this on Wednesday in a Twitter post. “It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did. Today, we are hiring for 2000 open positions for #Binance,” the CEO wrote on Twitter.It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did.Today, we are hiring for 2000 open positions for #Binance. pic.twitter.com/n24nrUik8O— CZ Binance (@cz_binance) June 15, 2022 Massive Job Cuts Binance’s announcement comes amidst massive job cuts from rival cryptocurrency exchanges. Yesterday, Coinbase, an American cryptocurrency exchange, disclosed that it pruning its workforce by 18%. CEO Brian Armstrong  said the action was part of the exchange’s preparation for a recession it said could lead to another crypto winter.He added that trading revenue, the exchange’s largest revenue source, slumped significantly during previous crypto winters.A crypto winter is a period of a downward spiral in cryptocurrency prices. “While it’s hard to predict the economy or the markets, we always plan for the worst, so we can operate the business through any environment,” he said.Two weeks earlier, Gemini, a rival cryptocurrency exchange, also said it was shedding its staff capacity by 10%, citing.Gemini’s CEO, Tyler Winklevoss, and the President, Cameron Winklevoss, cited  “current macroeconomic and geopolitical turmoil” for the measure.The executives explained that the step will position the exchange to “be the catalyst of innovation coming out of these leaner times that will help fuel the next cycle of crypto growth and adoption.”BlockFi, a crypto lending service, and Crypto.com, a Singapore-based cryptocurrency exchange, have also previously announced similar job cuts.Crypto Crash On Monday, Bitcoin slumped 14%, dropping below $24,000, the lowest since December 2020. According to estimates, more than $200 billion was lost in the cryptocurrency market during the crash. TIME reports that the fall follows the release of the May 2022 Consumer Price Index by the US Bureau of Labor Statistics During the period, other top cryptocurrencies also slumped between 15-25%. These include Ethereum (ETH), Cardano (ADA), Solana (SOL) and Dogecoin (DOGGE).This article was written by Solomon Oladipupo at www.financemagnates.com.

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2022-06-15 13:11:39 Michael Saylor, CEO of MicroStrategy, one of the largest institutional holders of Bitcoin, recently confirmed that the company has not received a ‘margin call’ against its Bitcoin-backed loan. In an emailed statement to Reuters, Saylor said that the company can withstand further volatility."We can always contribute additional bitcoins to maintain the required loan-to-value ratio," MicroStrategy told Reuters. In November last year, MicroStrategy expanded its holdings with the addition of 7002 BTC.MicroStrategy is a public-listed business intelligence firm. The company gained popularity among the crypto community in the past few years due to its Bitcoin accumulation strategy. According to the latest data published by CoinGecko, MicroStrategy holds more than 129,000 BTC.In a recent Tweet, Saylor mentioned that the company anticipated market volatility. “When MicroStrategy adopted a Bitcoin Strategy, it anticipated volatility and structured its balance sheet so that it could continue to HODL through adversity,” Saylor Tweeted.Bitcoin CrashSince hitting an all-time high of more than $68,000 in November 2021, Bitcoin has lost almost 70% of its value. Amid the market sell-off, institutional investors pulled money out of BTC investment products.“The Bitcoin market has entered a phase coincident with the deepest and darkest bear cycles of the past. Prices barely hold above the aggregate cost basis as captured by the Realized price, and on-chain volume fundamentals have deteriorated further. Historically, this phase has taken on the order of 8 to 24 months to pass by as the market hammers out a final bottom,” Glassnode mentioned in its report.“Although the current rate of balance growth is waning, it was preceded by the most aggressive and consistent accumulation period post-Bitcoin’s initial rise in the last 18-months. These smallholders have seen a net balance growth of +20,863 BTC since the May 9th Luna crash,” the report added.This article was written by Bilal Jafar at www.financemagnates.com.

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2022-06-15 00:11:28 Zonda, a regulated cryptocurrency platform, announced on Tuesday that it plans to enter the Italian market on June 15. According to the press release, the move will be led by Barnabas God, Chief Marketing Officer.In November, the crypto platform appointed a new CEO and received the green light from Canadian and Estonian regulators to expand its operations across North America and the European Union. As a result, Italians will be able to invest in over 60 different cryptocurrencies with a single account starting June 15.“Our mission at Zonda is to create a safe, simple yet sophisticated investment experience for traders and investors around the world. This ambition has made us one of Europe’s largest digital asset exchanges and also the most regulated crypto platform on earth, as we continually forge a better trading environment for our million-plus clients,” Goh commented.He added: “Our existing regulatory oversight grants us licenses to operate securely in all EU countries and Canada. With Swiss and UK licenses currently in our sights, we plan to bring our services to the rest of Europe by the end of this year. Ultimately, I believe great marketing is not focused on selling a product, but founded on creating and communicating value for clients, with trust through security being the very cornerstone of value that the Zonda solution is built upon.”In his role as Global Head of Marketing for the TigerWit Group, Goh launched the world’s first blockchain-based trading platform internationally. In his tenure, he successfully grew the already leading UK trading brokerage to become a global multi-award-winning fintech company, opening multiple offices across the globe. In total, he increased the company’s annual client acquisition, marketing ROI, and retail profit margin by over 900%.Binance in ItalyBinance recently announced that it got the green light from Italy’s watchdogas a Cryptocurrency Service Provider with the ‘Organismo Agenti e Mediatori’ (OAM).This article was written by Felipe Erazo at www.financemagnates.com.

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2022-06-14 21:12:34 Bitcoin Suisse, a crypto-finance company in Switzerland, said on Monday that its services continue to operate normally amid the crypto bloodbath and the turbulence generated. The announcement comes in the wake of crypto platforms like Celsius pausing all withdrawals, swaps, and transfers, triggering selloffs in the market.“Thanks to the strong business model of Bitcoin Suisse built on proprietary infrastructure and best execution trading across all relevant global crypto exchanges, Bitcoin Suisse operates as usual. Bitcoin Suisse is able to meet all withdrawal requests from its clients as it trades on self-owned liquidity,” the company noted.Moreover, Dr. Dirk Klee, CEO of Bitcoin Suisse, added: “In challenging market situations like these, it is our top priority that our clients’ assets are safe and that clients can access our full service offering without interruptions. We are not bound to one exchange – we are operating across several of the most relevant exchanges globally. This set up is part of our USP and proved to be extremely resilient, especially during phases with intensified market volatility, since 2013.”New Long-Term InvestorBitcoin Suisse also announced that A&T Capital, a crypto venture firm, has doubled down on its earlier investment in the company. Founded in 2014, A&T Capital is an early to growth stage venture capital firm focused on emerging disruptive technologies with a proven investment track record in crypto. “We believe and invest in resilient business models of strong market leaders that thrive in their respective market. Bitcoin Suisse is one of the most-proven innovators in the crypto space and dedicated to adding value for its clients. The company shares our ambitions in supporting long-term and sustainable businesses and is closely engaged in the crypto ecosystem since its founding in 2013. Our investment into Bitcoin Suisse over the last months is a great addition to our portfolio,” Jasmine Zhang, General Partner of A&T Capital, commented.Last year, Bitcoin Suisse announced that, together with Worldline, one of the leading payment companies worldwide, it launched an omnichannel crypto payment solution for over 85,000 Swiss merchants in the Worldline network.This article was written by Felipe Erazo at www.financemagnates.com.

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