|All Time High:|
|Market Cap: |
|The price of #WBTC today is $19,534 USD.|
The lowest WBTC price for this period was $0, the highest was $19,534, and the current live price for one WBTC coin is $19,534.27350.
The all-time high WBTC coin price was $69,231.
Use our custom price calculator to see the hypothetical price of WBTC with market cap of ETH or other crypto coins.
|The code for Wrapped Bitcoin is #WBTC. |
Wrapped Bitcoin is 3.7 years old.
|The current market capitalization for Wrapped Bitcoin is $2,310,552,938.|
Wrapped Bitcoin is ranked #29, by market cap (and other factors).
|There is a very large daily trading volume on #WBTC.|
Today's 24-hour trading volume across all exchanges for Wrapped Bitcoin is $240,809,594.
|The circulating supply of WBTC is 118,282 coins, which is 100% of the total coin supply.|
A highlight of Wrapped Bitcoin is it's unusually low supply of coins, as this supports higher prices due to supply and demand in the market.
More Wrapped Bitcoin (#WBTC) News
|Crypto Market Maker Wintermute Hackers Drain $160M, Profanity Bug Suspec...
UK-based crypto market maker Wintermute suffered a loss of approximately $160 million.
In a series of tweets, the company's founder and chief executive, Evgeny Gaevoy, revealed that the decentralized finance operations had been compromised. The centralized finance and over-the-counter verticals have not been affected.
Blockchain security expert Certik recorded that $162,509,665 had been stolen over 13 transactions and speculated that the exploit could have resulted from a brute force attack on the Profanity wallet.
The attacker took advantage of a leaked private key which they were able to utilize to set their malicious contract as the swap contract.
Notably, the private key compromise stemmed from a vulnerability in the Profanity wallet reported last week by 1inch in a security disclosure report.
After it was detected by the decentralized exchange aggregator, a hacker stole over $3 million worth of cryptocurrencies from several Ethereum addresses generated with the Profanity tool.
Despite the hack, Gaevoy has assured that Wintermute, whose backers include Lightspeed Venture Partners, Pantera Capital, as well as Fidelity's Avon, has 'twice over that amount in equity left.'
“If you have a MM agreement with Wintermute, your funds are safe. There will be a disruption in our services today and potentially for the next few days and will get back to normal after. Out of 90 assets that have been hacked only two have been for notional over $1 million (and none more than $2.5M...
|Ethereum Classic (ETC) Leads Weekly Gains Amidst Crypto Market Reversal
The overall crypto market shows signs of price reversal from the downtrend, boosting investors’ confidence. To start with, the week started well for BTC as the market saw its price above $22K.
Bitcoin had traded below the $20K price mark until the close of the market on September 9, when it hit $21,381.15. Bitcoin price has added by 3.32% at the time of writing and now stands at $22,342.67. Other cryptos with commendable increases in 24 hours include Golem GLM with 52.43%, NEAR with 10.10%, Solana with 8.84%, Ravencoin RVN with 6.42%, and AVAX with 5.52%.
Uniswap, Quant, eCash, AAVE, BTC, GRT, and others have gained between 3 to 5% in the past 24 hours. But what about the weekly price gains? How are the cryptos comparing in their seven days price growth?
ETC Leads Others in Weekly Gains
Currently, the ETC price stands at $38.68, indicating a 0.22% increase in 24 hours. While this daily price increase is seemingly lower than others ETC has taken the lead in weekly increases. Its seven days growth surpassed many cryptos in the market.
ETC recorded a 20.47% growth in the past seven days, while others still struggle to add value. For instance, Bitcoin added 3.36% in the last 24 hours, but its weekly price increase is still at 13.13%. Ethereum has gained nothing in 24 hours. Instead, it lost 0.18% today, September 12, even though the slated merge date is fast approaching. But there's still hope since ETH's price is $1,744.66, and its weekly gain...
|$33 Million Worth of Staked ETH Removed from Curve by Three Arrows Capit...
For the first time in roughly 10 days, one of the wallets associated with the troubled cryptocurrency hedge fund, Three Arrows Capital, has moved some funds.
On-chain data reveals that the address removed $33 million worth of stETH (staked ETH) from the Curve liquidity pool, alongside roughly $2 million worth of BTC.
Data from Etherscan reveals that an address associated with Three Arrows Capital has removed some $33 million (20,945 stETH) from the Curve Liquidity Farming Pool contract.
The transaction can be tracked here.
The address (ending in 58143) also removed 202 wrapped BTC (WBTC) worth about $4 million in liquidity.
There doesn't seem to be any reasoning behind the move.
It's worth noting, though, that the latest developments with Three Arrows Capital took place at the end of August.
Back then, Teneo - the liquidator of 3AC - received approval to probe the financial records of the company in Singapore.
The post $33 Million Worth of Staked ETH Removed from Curve by Three Arrows Capital Wallet appeared first on CryptoPotato.
|Flow Monitoring: Why This Price FLOW May Not Attract Short-Term Traders
FLOW, a blockchain-powered coin, is back in its element.
FLOW price plunged by 4.00%
Network releases MetaplierFlow gave rise to collaboration with CelerNetwork
Coin performance may not attract short-term traders
Even though the network may not currently be experiencing a strong bull run, it does appear to be focused on giving consumers who access its decentralized architecture more options.
The native coin of the Flow ecosystem is called FLOW. It is employed for all payments of protocol-level fees, rewards, and staking of tokens.
In order to attain its goal, the ecosystem recently released MetaplierFlow, a Decentralized Exchange (DEX), which now includes a few integrations. The said integration gave rise to a relationship with the cross-chain platform CelerNetwork.
Integrations Didn’t Impact FLOW Price
Another initiative aimed at improving the decentralization of the ecosystem is the recent cooperation. Keep in mind that developing such systems has been done before. In the past, FLOW collaborated on a similar goal with a Decentralized Autonomous Organization (DAO).
While there are certain differences, the most recent development will allow its users to quickly connect to other cryptocurrencies.
The specified assets are USDC, Wrapped Ethereum [WETH], Wrapped Bitcoin [WBTC], and Wrapped Ethereum. The additions didn't appear to worry FLOW, though.
According to CoinMarketCap, FLOW price has nosedived by 4% or trading at $1.82 as of this writing.
|Value Locked in Defi Loses $5.7 Billion in 5 Days, Smart Contract Tokens...
The total value locked (TVL) in decentralized finance (defi) has slid 8.53% over the last five days since August 14, 2022. At the time, the TVL was $67.87 billion but today, the value locked in defi is approximately $62.08 billion. Moreover, the top smart contract platform tokens by market valuation today are worth $372 billion, but overall the dozens of smart contract crypto assets have lost 7.8% in value during the last 24 hours.Smart Contract Token Economy Slides Lower, Total Value Locked in Defi Loses 8.53% Since August 14
On August 19, 2022, the top smart contract tokens like ethereum (ETH), binance coin (BNB), cardano (ADA), solana (SOL), polkadot (DOT), and avalanche (AVAX) are all down in value against the U.S. dollar. There are dozens of smart contract tokens and collectively they are all worth $347 billion, down 7.8% according to today's market data.
Ethereum leads the pack with the largest market capitalization as ETH now commands 19.2% of the crypto economy's $1.14 trillion in value. Out of the entire lot of smart contract coins worth $347 billion, ETH's $208 billion market cap represents 59.94% of the top smart contract tokens by valuation.
At the same time, the smart contract crypto economy equates to roughly 32.12% of the crypto economy's $1.08 trillion valuation. While the top smart contract tokens' market performances have been lackluster, the value locked in defi has been the same. Today there's $62.08 billion in value locked into the numerous defi protocol...
|Compound Labs Deploys Smart Contracts for USDC Market on Ethereum
Compound Labs has announced the first smart contract deployments for Compound III, which will create a USDC market on Ethereum.
The contracts await activation by Compound governance but are now open to review by the community.
According to the latest update from Compound’s protocol development log, the deployment brings Compound III “just a governance proposal away from being live.”
One of the smart contracts involved is a ‘configurator’, which will allow Compound to set and update the parameters of a Comet proxy contract. Comet is another name for Compound III – the DeFi lending protocol’s new multi-chain strategy for deploying on all EVM compatible networks.
“This pattern allows significant gas savings for users of the protocol by ‘constantizing’ the parameters of the protocol,” explained Kevin Cheng – Senior Software Engineer at Compound Labs – in the update.
Cheng provided the parameters of the upcoming protocol, which will allow users to supply WETH, WBTC, LINK, UNI, and COMP as collateral for borrowing USDC. Each comes with custom borrowing and liquidation rates, with WETH and WBTC featuring slightly lower liquidation fees.
The USDC market will target a reserve pool of 5 million USDC, and feature a minimum borrowing size of 100 USDC.
USDC’s role in DeFi has come into question ever since its issuer – Circle – froze the stablecoins inside Tornado Cash wallets...
|Battered Crypto Lender Hodlnaut Seeks Judicial Management
A week after suspending its services, the crypto lending platform Hodlnaut filed for an application to be placed under judicial management with the Singapore High Court. Under judicial management, the financially distressed crypto lender will be able to 'rehabilitate its business.'
As such, an independent officer of the Court will be appointed in place of Hodlnaut's directors to oversee the company. This process is also expected to offer some respite as it provides a moratorium (or temporary pause) against legal claims and proceedings against Hodlnaut.
Avoiding The Liquidation of Customer Assets
The main aim, as noted by the crypto lender in its recent update, is to avoid a forced liquidation of its assets. Calling it a 'suboptimal solution,' Hodlnaut explained that a forced liquidation will require the disposing of users' crypto-assets such as BTC, ETH, and WBTC at the current depressed prices. The platform, on the other hand, believes that undergoing judicial management would provide the best chance of recovery.
Hodlnaut has applied for one Tam Chee Chong of Kairos Corporate Advisory Pte Ltd to be appointed as the Interim Judicial Manager and, subsequently, the Judicial Manager. As per the announcement, these applications have been filed but not heard in Court.
'In order to ensure that Hodlnaut is able to prepare and execute its recovery plan, especially given the robust and volatile nature of the crypto industry, we have applied for our proposed Judicial Manager (Mr. Tam C...
|Bitpay Reveals Prepaid Cardholders Can Get up to 15% Cash Back Rewards v...
The Atlanta-based crypto payment services company Bitpay has announced that Bitpay's prepaid cardholders are eligible for cash back rewards if they use their card with participating retailers. The rewards feature stems from Bitpay's partnership with Cardlytics and cardholders can get up to 15% in cash back rewards on purchases from the service from thousands of retailers.Bitpay Partners With Cardlytics to Offer Cash Back Rewards to Bitpay Card Users Shopping at Select Merchants
On Wednesday, Bitpay announced that the crypto payment firm has partnered with the publicly-listed company Cardlytics (Nasdaq: CDLX) in order to provide Bitpay cardholders with cash back rewards options from specific retailers. Cardlytics will manage the cash-back rewards platform and Bitpay cardholders can get up to 15% cash back on purchases every time they patronize participating merchants.
Cardlytics is partnered with thousands of unique merchants such as Adidas, Costco, Office Depot, Shake Shack, Sam's Club, Finish Line, and H&M. Farrell Hudzik, the EVP of financial institutions at Cardlytics, explains that getting rewards for using the Bitpay card at specific merchants is easy. 'Working with Bitpay, we offer their crypto cardholders a customized shopping experience where they can earn cash back making the Bitpay card easy to use anytime they shop,' Hudzik said in a statement on Wednesday.
The Cardlytics executive Hudzik added:
We have thousands of brands on our platform and are always looking at...
|Celsius Would Rather Lose $6 Billion Bailout Than Disclosing Its Financi...
Celsius has managed to pay off several million dollars in debts after nearly filing for bankruptcy due to lack of liquidity, raising all sorts of conjectures regarding the origin of its funds.
On June 12, Simon Dixon, CEO of the online investment community BnkToTheFuture, said during an interview with Anders Larsson on YouTube that Celsius lost a $6 Billion liquidity assistance from potential investors because of its refusal to disclose its financial records.
So in these challenging times, Celsius has valued more its confidentiality than its stability.
Privacy vs Stability
Dixon said he advised Celsius to do as Voyager Digital, a cryptocurrency trading and lending platform, which voluntarily filed for bankruptcy two days ago to restructure the company and minimize its customers' losses.
However, Larsson chose to ignore Dixon's advice, even though he invested tens of millions of dollars in the company. Instead, Celsius decided to act differently, which led Dixon to speculate that there was something more important going on behind the scenes for Celsius to turn down such an attractive deal.
'The only reason you wouldn't pursue [a lucrative round of investment] is there's something else going on,'
Even though Celsius might have hurt its customers according to specialized reports, the firm continues to carry out its plans to increase its liquidity and prevent a possible bankruptcy. Since last month, the platform has prevented users from withdrawing money until further ...
|Tether Liquidated an Overcollateralized Bitcoin Loan From Celsius Withou...
Tether, the company behind USDT, the largest stablecoin by market capitalization, revealed that it liquidated Celsius's position without risk to its reserves.
In a press release on Friday (July 8, 2022), Tether stated that beleaguered lending platform Celsius took an overcollateralized loan from the company, denominated in bitcoin (BTC).
The stablecoin issuer said it has since liquidated the loan based on the agreed-upon terms of the transaction. According to Tether:
'This process was carried out in a way to minimize as much as possible any impact on the markets and in fact, once the loan was covered, Tether returned the remaining part to Celsius as per its agreement. Celsius position has been liquidated with no losses to Tether.'
The statement also mentioned that the firm had some investment in Celsius, and though it did not state an exact amount, Tether assured that it represented a 'minimal part of its shareholder equity,' adding that it did not impact the company's reserves or stability.
Tether's latest update comes as Celsius is experiencing liquidity issues. As earlier reported by CryptoPotato, the crypto lending platform repaid its final debt of $41.2 million in DAI to Maker, causing a release of 21,862 WBTC (worth approximately $450 million).
Celsius's former asset manager also sued the firm on allegations of fraud and market manipulation.
|Value Locked in Defi Swells by $7 Billion, Tron's TVL Spikes 34.85...
After tapping a 2022 low of $70 billion on June 19, the total value locked (TVL) in decentralized finance (defi) has increased by more than $7 billion. During the last seven days, the TVL in defi held within the Ethereum blockchain has increased by 4.47% as Ethereum's TVL commands 62.92% dominance or $48.17 billion of today's $77.11 billion. Meanwhile, Tron's TVL skyrocketed this week, jumping 34.85% during the past seven days.This Past Week Tron's TVL Jumped by Double-Digits, Smart Contract Tokens Rise, Dex Applications Command Today's Top Defi TVL Positions
During the last week, six out of the ten top blockchains in defi saw their TVL stats increase by double digits. Ethereum jumped 4.47%, BSC increased 7.02%, Tron spiked 34.85%, Avalanche recorded a 2.81% increase, Solana rose by 9.10%, and Cronos increased by 2.33%.
On Thursday, July 7, 2022, there's approximately $77.11 billion locked in defi and that metric increased by 1.40% during the last 24 hours. The largest defi protocol TVL is Makerdao's $7.54 billion or a dominance rating of around 9.78%.
Makerdao's TVL dominance is followed by protocols such as Aave, WBTC, Curve, Uniswap, Lido, Convex Finance, Pancakeswap, Justlend, and Compound respectively. Makerdao saw a 1.56% increase this past week but the largest gainer in the top ten was Tron's Justlend with a 90.15% spike last week.
Tron's Justlend has $2.79 billion locked and at the time of writing, USDD supply deposits get 12.83% annual percentage yield (APY) and the...
|Multichain Bridge Integrates With RSK to Enhance DeFi Access on Bitcoin
Multichain, previously known as Anyswap, has announced integration with RSK blockchain, a Bitcoin merge-mined smart contracts platform.
According to the press release shared with CryptoPotato, the integration aims to facilitate the transfer of ETH, USDC, BUSD, and other assets between RSK, Ethereum, and BNB Chain.
The broader focus of the decentralized cross-chain router protocol will be on enabling greater access to DeFi on Bitcoin.
The team revealed that users will be able to bridge their ETH, USDC, BUSD, BNB, WBTC, and DAI between RSK, Ethereum, and BNB Chain.
Following the development, Diego Gutiérrez Zaldívar, co-founder of RSK, said,
'I'm excited to see Multichain choose to integrate RSK as its first Bitcoin layer 2. RSK is home to the fastest-growing DeFi for Bitcoin ecosystem with protocols that are built to last and provide real solutions to the issues users face in centralized finance. This is a huge step forward in interoperability for RSK that means thousands of new users can access these DeFi services.'
Multichain secured $60 million in December in a seed funding round led by Binance Labs.
A month later, the cross-chain protocol suffered a major hack after attackers managed to exploit a vulnerability.
As a result, $3 million in cryptocurrency was drained during the process.
However, one white hacker reportedly returned approximately $813,000 worth of ETH.
|'Aave of Klaytn' KLAP Protocol TVL Soars $102 Million in Fir...
KLAP - a DeFi lending protocol on Klaytn Network has seen its total value locked soar above one hundred million in a week after its launch. The dApp, spun up by DeFi accelerator Krew, is now the second most popular application on the Klaytn network.
Crypto lending has proven to be one of the most robust use cases for decentralized finance, particularly during market downturns when demand for stablecoins increases. With its EVM compatibility, Klaytn has established itself as an L1 that can hold its own against Ethereum within a low-fee environment that supports on-chain trades that are intrinsic to DeFi.
KLAP TVL Exceeds $100 Million
While a lesser-known in the West, the Klaytn blockchain is quite popular in Asia, particularly in South Korea, where many of its users and developers originate. It’s used for many of the same purposes as other layer ones: for DEX trading, liquid staking, lending, yield farming, and derivatives. At present, $375M of assets are locked on the EVM-friendly blockchain, according to Defi Llama.
$68M of that total comes courtesy of KLAP, which only went live on June 24. Users of Klaytn network can deposit assets such as WETH and WBTC onto the KLAP platform and borrow stable assets such as USDC and DAI. In this respect, the KLAP protocol functions similarly to defi lenders such as Aave and Compound.
The speed with which KLAP has grown to become the second largest Klaytn dApp by TVL seems to have taken the entire community by surprise; on June 24, KL...
|Report: Goldman Sachs Looks to Buy Distressed Assets From Celsius, Crypt...
After the crypto lending platform Celsius halted operations on June 12, at 10:10 p.m. (ET), two days later the Wall Street Journal (WSJ) quoted 'people familiar with the matter' who said Celsius was hiring restructuring lawyers. At the time, the WSJ said Celsius was looking to hire the bankruptcy and restructuring law firm Akin Gump Strauss Hauer & Feld LLP. However, a new report from the WSJ claims sources say that Celsius is now working with the restructuring advisory firm Alvarez & Marsal.Sources Say Celsius May Be Collaborating With a Restructuring Advisory Firm
The current financial situation of the crypto lending company Celsius is still unknown and since June 12, people still suspect that the firm is insolvent. Bitcoin.com News reported on the rumors and speculation that surrounds the company to this day and on June 13, the crypto lending firm Nexo offered to buy Celsius-based assets.
The reason why people suspect that Celsius is having financial hardships is because of the company's tweet on June 12. 'Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swaps, and transfers between accounts,' Celsius revealed. There's also been speculation about Celsius having 17,919 WBTC leveraged in Maker protocol that faced liquidation.
On June 14, a WSJ report said that Celsius was looking to hire the restructuring law firm Akin Gump Strauss Hauer & Feld LLP. 'People familiar with the matter' explained that Celsius was attempting to ge...
|ADI Whitelist: A Universal Identity Layer by Accumulate
[PRESS RELEASE - Miami, USA / FL, 20th June 2022]
Accumulate is announcing a whitelist for 10,000 Web3 enthusiasts to join in order to gain early access to claim a unique Accumulate Digital Identifier or ADI, which users will be able to use once the Accumulate Mainnet launches.
What are ADIs
ADIs refer to a system for assigning unique digital identities to assets, individuals, or entities on the blockchain. Traditional blockchains are organized based on randomly generated public and private key pairs which are used to store funds and record transactions on a distributed ledger.
Current blockchain key management systems lack simplicity for the average user. The common approach of using the first and last characters of an address can leave users exposed to what is called the ‘man-in-the-middle attack’, which is a form of cyber attack where a bad actor could intercept or manipulate a transaction by injecting wrong information or changing the recipient’s address to their own. This is made easier due to the complex nature of randomly generated addresses.
Additionally, due to these addresses being randomly generated, public & private key management systems make it difficult to store ordered data sets or assign different levels of permissions to specific keys.
Accumulate Digital Identifiers (ADIs) are human-readable addresses similar to website URLs chosen by individuals or organizations to represent their presence on the blockchain.
ADIs enable more flexibility an...
|Bitcoin May Be Cheaper Than it Looks, says Fidelity
Jurrien Timmer – the Director of Global Macro at Fidelity – recently claimed that Bitcoin may be “cheaper than it looks.” An analysis of certain on-chain data metrics suggests that the coin’s true valuation may be significantly higher than its current price.
Valuation VS Price
In a tweet on late Tuesday, Timmer shared a chart of Bitcoin’s price/network ratio, plotted against its USD price. The price/network ratio is calculated by dividing Bitcoin’s price by the total volume transmitted on-chain. This is also sometimes called the NVT ratio.
A high NVT ratio can indicate that an asset is overvalued, whereas a low NVT ratio can mean its undervalued. As the director explained, Bitcoin’s NVT ratio has now returned to levels from the 2013 and 2017 bull markets, whereas the price has only returned to late 2020 levels.
Bitcoin NVT vs Price. Source: Fidelity
“Valuation is often more important than price,” he added.
The director also included a chart of prices plotted against non-zero Bitcoin addresses. The price has now deviated below the average network address growth curve.
Finally, a measure of Bitcoin’s dormancy flow indicated that the asset is technically oversold. Dormancy flow looks at the average number of “coin-days” destroyed with each transaction – in other words, how long coins are staying dormant before moving again.
The metric has now drifted to its lowest point since 2011, meaning ...
|Celsius Network Hires Restructuring Lawyers After Account Freeze: Report
Celsius Network has hired restructuring lawyers for consultation regarding their current financial challenges.
Note that four days ago, the crypto lending colossus announced that it had paused all withdrawals due to the prevailing market crisis. The freeze continues indefinitely while Celsius makes aggressive measures to help its case.
Celsius Takes Frantic Measures
Sources familiar with the matter told The Wall Street Journal that the new attorneys are from the law firm Akin Gump Strauss Hauer & Feld LLP.
Additionally, they noted that the company is seeking help from its investors other than financial restructuring. The firm was one of the crypto lending firms offering attractive yields of up to 18.63% annual percentage yield (APY). There were concerns about the sustainability of this framework, but those were never addressed at the time.
However, now that the crypto market is in free fall, it may have to reorganize its rewards system to a more sustainable one. Its latest Twitter communication reads:
“.@CelsiusNetwork is working around the clock for our community. It’s all hands on deck, so there will be no Twitter Spaces this week.”
The firm has also cautioned that the so-called CEL2.0 token is not its creation, rather it is likely a scammer seeking to profit from its current crisis.
As for its position in the market, Celsius has added 6,000 Wrapped Bitcoin (WBTC) to the DeFi platform MakerDAO to lower the price at which it could be liquidated.
|CEL Token Pumps Over 300%, Then Instantly Dumps
The native token for crypto lending platform Celsius has abruptly skyrocketed following bullish news regarding its efforts to address liquidity issues. On-chain data shows that the company has received substantial DAI stablecoin contributions, which its already used to pay back its loans.
According to Etherscan, Celsius received multiple DAI transactions worth over $28 million in total at about 10:50 am EST.
These funds were immediately transferred to an Ethereum contract address representing its loan with Oasis, helping to pay back some of the debt it owes.
These funds pushed down the liquidation point on Celsius’s loan to $15,152.
The company has hastily been retrieving liquidity to shield its $534 million worth of collateral on the loan from being liquidated.
Alongside DAI, Celsius has deposited thousands of wrapped Bitcoin (WBTC) as additional collateral as crypto prices continue falling.
Following the news, CEL – a token that helps Celsius users earn additional payouts on Celsius – pumped drastically. Sitting at just $0.33 at 10:54 am EST, it shot to $1.42 by 12:04 pm EST according to CoinGecko.
The coin fell sharply immediately afterward, however. At the time of writing, CEL now rests at just $0.56.
Celsius recently came under hot water after freezing withdrawals from its platform due to liquidity issues. The company uses lending in the defi space to generate yield on behalf of its customers, who deposit their funds with the platform.
|What's Going on With Celsius Network and Why Is It a Huge Risk for...
Celsius Network has been at the tip of everyone's tongue over the past week, and not without a reason. The platform is at the forefront of the ongoing cryptocurrency storm and market downturn.
A couple of days ago, the company did what many were afraid of - Celsius Network paused all withdrawals, swaps, and transfers between accounts. Users are essentially locked out of their funds as the company promises that 'acting in the interest of our community is our top priority.'
“Celsius invented yield and before that no one paid yield. I’m talking about a year and a half before DeFi. Celsius is the first one to come and say “yield Bitcoin on Bitcoin, or if you want to earn more, here’s a token - you can earn with the token.” told us CEO Alex Mashinsky in an exclusive interview in April.
Mashinsky probably didn't expect the huge mess his company would be facing just two months after.
In any case, Celsius Network is one of the largest cryptocurrency lenders and a huge player in the crypto space. As of the time of this writing, it's also in obvious distress - a situation which, if further escalated, could have serious consequences for the entire industry. Let's unwind.
What is Celsius, and How Does it Work?
Celsius Network is a centralized platform that offers yields on various cryptocurrencies, including ETH, BTC, and many stablecoins. The way it has positioned itself reminds that of a bank, but in fact, it seems to operate more like a hedge fund.
|Celsius Insolvency Rumors Swirl After Company Pauses Withdrawals, Nexo O...
On Monday, June 13, 2022, the crypto economy dropped below the $1 trillion region, as a great majority of crypto assets have lost between 10% to 25% during the last 24 hours. Meanwhile, the crypto community has been discussing the cryptocurrency lending application Celsius as rumors of insolvency have been swirling. On June 12, around 10:10 p.m. (ET) Celsius announced that it paused 'all withdrawals, swaps, and transfers between accounts.'Celsius Pauses Lending Application's Operations, Crypto Community Talks About a Possible Insolvency and Liquidations
On Sunday evening, the lending firm Celsius published a tweet that detailed specific operations on the platform that were paused. 'Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, swaps, and transfers between accounts,' Celsius revealed.
'We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations,' Celsius added. The firm also published a blog post that explained Celsius was making moves to fix the situation.
'We are taking this necessary action for the benefit of our entire community in order to stabilize liquidity and operations while we take steps to preserve and protect assets,' the Celsius blog post notes. 'Furthermore, customers will continue to accrue rewards during the pause in line with our commitment to our customers.'
There are rumors that Celsius may be insolvent and speculation concerning the company's money ...
|Polygon-built prediction market protocol SX Network integrates Celer cBr...
SX Network, a prediction market protocol built on Polygon, today announced the implementation of the Celer cBridge on SX Network. Users can now bridge tokens into SX Network through cBridge.
Celer enables the seamless bridging of assets between EVM-compatible blockchains and ERC-20 tokens. Users will be able to bridge USDC, WETH, DAI, USDT, WBTC, and more via the cBridge between Ethereum and SX Network quickly, securely, and with low transaction costs.
Users can also now bridge MATIC and WMATIC between Polygon and SX Network.
The first stage of this integration will incorporate the mint and burn bridge model. The Celer liquidity pool model, which includes full Polygon token bridging, will be rolled out in a future release once a proposal is passed through the Celer Network governance process.
This integration is the first step in the shared aligned vision of the two teams 'as SX Network, the first Polygon Edge Network, is poised to scale its ecosystem in becoming a key platform for prediction markets, DeFi and NFT applications, and we're delighted to seamlessly connect SX Network and its burgeoning ecosystem to the greater blockchain community,' said Dr. Mo Dong, Celer's Co-Founder.
The post Polygon-built prediction market protocol SX Network integrates Celer cBridge appeared first on CryptoNinjas.
|Crypto transaction monitoring platform Merkle Science adds support for 1...
Merkle Science, a predictive crypto risk and intelligence platform, announced it has now extended support to over 1,2000 ERC-20 tokens. This additional coverage allows users to have better visibility over a substantial portion of the DeFi space, allowing them to monitor flows of funds across some of the most popular DeFi tokens and stablecoins.
Some of the tokens added included 1inch (1INCH), BitBase (BTBS), Bean Protocol (BEAN), Compound USD Coin (CUSDC), DeFIRE (CWAP), DeFinity (DEFX), Huobi BTC (HBTC), NFTrade (NFTD), Unify (NIF), Orion Protocol (ORN), Wrapped BTC (WBTC), Compound Dai (CDAI), Solidity (SOLIDITYLABS), Baby Shiba (BABYSHIB), Badger DAO (BADGER), DAO Maker (DAO), Cream (CREAM), MoonSwap (MOON), Wrapped Ether (WETH), DeFi Chain (DFI), with the full list to be found here.
'Parallel to the growth in the DeFi sector, fraudulent activities also continue to increase — both in volume and complexity. In 2021, the amount of crypto stolen through DeFi platforms totaled $2.2 billion, a 1,300% increase from 2020’s amount. To this end, Merkle Science is accelerating product development and the addition of host DeFi tokens and stablecoins to our predictive crypto risk and intelligence platform. This will empower users to observe transactional activity and addresses that are likely linked to previously-undetected criminal activity. Our rapid...
|Terra Collapse Continues to Plague Defi — Value Locked in Cross-Ch...
Following the aftermath of the Terra blockchain fiasco, decentralized finance (defi) continues to feel the impact of the project's fallout. During the last four days the total value locked (TVL) in defi has dropped 2.61% in value, and cross-chain bridges have lost roughly 20.3% during the last 30 days.Value Locked in Cross Chain Bridge Tech Slips 20% Lower Than Last Month
Over $100 billion in USD value was recently removed from the total value locked (TVL) in defi and TVL statistics continue to slide. Four days ago, the TVL in defi was approximately $112.29 billion and today, the TVL is down 2.61% to $109.35 billion. In addition to the TVL in defi across a dozen blockchains, cross-chain bridge TVLs have slipped a great deal during the past month.
30-day metrics from Dune Analytics indicates that the TVL across cross-chain bridges is down 20.3%. Today, there's $16.49 billion total value locked across 16 different cross-chain bridges. In addition to the cross-chain bridge TVL the number of ethereum bridge unique daily depositors has also dropped.
As of Thursday, May 19, 2022, Polygon has the largest TVL among the 16 cross-chain bridges monitored on Dune Analytics. Polygon has $5.15 billion today. The $5.15 billion on Polygon bridges represents 31.23% of the entire $16.49 billion cross-chain bridge TVL.
Polygon is followed by Avalanche ($3.55B), Arbitrum ($3.2B), Fantom's Anyswap ($1.87B), Near Rainbow ($1.86B), Optimism ($585M), Harmony ($229M), Moonriver ($154M), and Xdai ($12...
|Gucci to Accept Bitcoin, Dogecoin, Shiba Inu Payments at Select US Store...
Italian high-end luxury fashion house Gucci is all set to accept cryptocurrency in five stores in the US later this month. The move comes as the company continues to explore Web 3.
Gucci Taps Crypto
According to a report by Vogue, Gucci also plans to amplify the pilot to all of its North American stores this summer that the leading luxury brand directly operates. In the beginning, Gucci will accept 12 cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Wrapped Bitcoin, Litecoin, Dogecoin Shiba Inu, as well as five stablecoins pegged to the US Dollar.
The first stores that will incorporate the new payment mode are - Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas.
The report also mentioned that in-store crypto payments will be carried out with a link sent via email to the customer. It will contain a QR code enabling them to execute the payment from their crypto wallet. The company will convert the digital asset into fiat currency, the report said.
With the latest move, Gucci joins the list of other high-end fashion labels, including Off-White, which has started accepting six cryptocurrencies in its flagship stores in Paris, Milan, and London. Earlier this week, the American luxury fitness company Equinox Group announced accepting crypto payments for its New York City-based clubs
NFTs, Metaverse, and More
Gucci's tryst with Web 3 started with a 4-minute film titled Aria that ...
|Philipp Plein Expects Company Customers to Make More Crypto Payments
Renowned fashion designer – Philipp Plein – predicted that more clients will employ cryptocurrencies when purchasing the company's products this year. He envisioned digital assets to account for between $15.8 million to $21 million of the firm's 2022 revenue.
Crypto to Become a Key Player at Philipp Plein
One of the leading fashion companies in Europe – Philipp Plein International AG – jumped into the world of crypto last year by enabling its customers to pay for clothes, shoes, and other products in 15 digital assets. The two leading ones – Bitcoin (BTC) and Ether (ETH) - were among the supported ones.
In a recent interview, the founder of the firm – Philipp Plein – revealed that such settlements accounted for around 3% of the organization's $105 million online revenue in 2021. He believes that the figures will surge this year, envisioning up to $21 million worth of crypto payments by the end of the ongoing year.
'We saw there was a big audience within the crypto community itself, so we gained a lot of new clients,' Plein stated.
The German designer is an outspoken supporter of the asset class and a HODLer. The CEO owns 170 BTC, worth approximately $6.6 million (at current prices). Last summer, he said he believes in the future of crypto, raising hopes that it could generate further profits for his company and create more opportunities for clients.
Philipp Plein, Source: Gala
PacSun Embraced Crypto, too
Another major brand in the fas...
|Whale Watching: A Deep Dive Into the Portfolios of the World's Lar...
While there's a number of bitcoin whales that often get caught by blockchain parsers and written about in media reports, ethereum whales get a lot less attention. According to statistics in 2022, there are a lot more ethereum whales than holders with large sums of bitcoin. In fact, while the top 100 richest bitcoin addresses control 14.08% of the circulating supply, the top 100 richest ethereum addresses hold 39.81% of all the ether today.Data Shows Ethereum Still Has a Large Concentration of Whales in 2022
Ethereum, the second-largest crypto asset in terms of market capitalization, has an overall USD valuation of around $348 billion. Ethereum's market cap represents 18.3% of the $1.89 trillion crypto economy's net value. While the leading crypto asset has been around for close to seven years, 100 addresses command 39.81% of the current ether in circulation. However, after subtracting the Ethereum 2.0 Contract address, which holds 10.06% of the current ether in circulation, 99 wealthy addresses own 29.75%.
From the top five richest ethereum addresses alone, 5.17% of the ETH supply is controlled by the Wrapped Ether contract, 1.78% of the ETH supply is held by the trading platform Kraken, and 1.68% is held by Binance. Many of the 100 richest ethereum addresses are centralized exchange platforms and decentralized finance (defi) protocol reserves. This includes exchanges and protocols such as Bitfinex, Okex, FTX, Polkadot Multi-Sig, Arbitrum's bridge, and Lido. After the 57th l...
|Bitcoin?com Exchange Market Insights Report for April 2022
This is the inaugural monthly market insights report by Bitcoin.com Exchange. In this and subsequent reports, expect to find a summary of crypto market performance, a macro recap, market structure analysis, and more.
Crypto market performance
In late March, BTC tested $48,000, a key resistance level which had not been reached since September last year. After failing to push through, the marquee crypto saw a reversal to the $40-42,000 level. This had been acting as new support, notably higher than the previous support of $36-38,000 seen in the first quarter of 2022. However, at the time of writing, BTC had dropped below the $40,000 level.
Layer-one protocols led the outperformance over the last 30 days, with NEAR as the best performing large-cap coin. At the time of writing, it was up 64% on the back of a capital raise of $350M led by Tiger Global. Other top performers in the large-cap category included SOL and ADA, up 37.5% and 31.16% respectively over the last 30 days.
Despite a strong 30-day performance, the beginning of April has shown weakness, with the largest sectors experiencing losses across the board. Gaming saw the largest drawback, at -13.3%, followed by Web3 and Defi at -10% and -9% respectively.
Macro Recap: Hawkish Fed And Yield Curve Inversion Point To Gloom Ahead
April has seen some easing from the headwinds seemingly caused by the conflict in Ukraine, although U.S. monetary policy continues to be the main driver of financial markets. The month started with ...
|Here Are The Crypto Leading The Market Recovery With 50% Gains
The crypto market has managed to sustain its bullish momentum and reclaimed the $2 trillion market cap. The upcoming “Merge” and Bitcoin has pristine collateral seem to have provided additional support for the current momentum.
Both ETH and BTC recorded around 17% profits in the last week, as the crypto market moves upwards. However, Delphi Digital recorded layer-1 cryptocurrencies with gains surpassing 50% in a 30-day period.
Near (NEAR) stood among the latter and led the current market recovery, followed by Polkadot (DOT), and Terra (LUNA). As seen below, Binance Coin (BNB), Solana (SOL), Avalanche (AVAX), Cosmos Hub (ATOM), and others were in the best performer group.
Source: Delphi Digital via Twitter
Delphi Digital noted the following on NEAR’s current bullish momentum:
NEAR led the L1 recovery by growing by ~50% over the past month, a significant lead against the rest. The outperformance over the past week was catalyzed by the Bastion Lockdrop, which attracted $293M in capital. NEAR, WBTC, ETH, USDT, USDC were available to be locked for 1-12 months.
Avalanche (AVAX) records a 10% profit in the last week with a 37% profit in two weeks. In addition, Avalanche records an explosion in daily active users in a 6-month period.
This metric has been hovering around 100,000 since Q4, 2021. This suggests a growing interest for Avalanche as the price push to the upside. Delphi Digital noted:
When looking at the delta in this data, the strong relationship between ...
|How XRP Was Added To Multichain To Connect With EVM Blockchains
The cryptocurrency powering the XRP Ledger (XRPL), XRP, will be accessible via other blockchains. According to an official post, Multichain has added support for the XRPL to connect it with Ethereum Virtual Machine (EVM) and non-EVM compliant blockchains.
Formerly known as Anyswap, and later rebranded as Multichain, this cross-chain bridge allows different blockchains to connect and send transactions with each other. Users can leverage this solution to send an asset on a blockchain, such as XRP, to a second network.
Currently, Multichain supports around 40 networks and records $200 million in daily transaction volume, with a total, valued locked (TVL) standing at $6 billion. This makes Multichain one of the most used cross-chain solutions in the crypto space.
The addition of XRP to its solution aims at making the crypto ecosystem more interconnected. The team behind the project claims “blockchain should not be isolated from each other”.
By making the crypto ecosystem more connected, the team behind Multichain claims, it’ll become “healthier”. Zhaojun, Co-Founder of Multichain, said the following about the XRP integration and its potential to attract new users to the DeFi sector:
DeFi users will be able to access the XRPL ecosystem and leverage the power of XRP Ledger, which is known to be extremely fast, cheap and scalable for movement of value. Additionally, it will be a boost for XRP Ledger’s interoperability with the growing blockc...
|Noyack Logistics Income (NLI) Became the First REIT to Accept Crypto Pay...
The US real estate investment trust – Noyack Logistics Income (NLI) – partnered with BitPay to embrace cryptocurrencies as a payment method. Moreover, the company became the first in its field to accept settlements of this type.
NLI Jumps on the Bandwagon
The latest organization to enable cryptocurrency settlements is the American alternative investment platform - Noyack Logistics Income. After a collaboration with BitPay, it allowed investors to fund their commitment with the following assets: Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), Bitcoin Cash (BCH), Shiba Inu (SHIB), Wrapped Bitcoin (WBTC) and five USD-pegged stablecoins (USDC, BUSD, DAI, GUSD, and USDP).
By doing so, NLI became the first REIT firm to embrace digital currencies as a means of payment. CJ Follini – CEO of the company – described the initiative as an “essential way to connect with today’s investors.”
The entity further explained that clients can divide their investments between crypto and fiat currency. To do that, they should select their preferred wallet or exchange, choose a digital asset, and scan a QR code.
Stephen Pair – CEO of BitPay – said the endeavor is another “example of moving crypto mainstream.” The exec predicted that investors will spend billions of dollars in digital assets in the next year:
“We see more investors asking to move cryptocurrency allocations into physical assets like real estate. Thi...