- Shiba Inu’s SHIB Jumps Amid Speculative Frenzy, BONE Proposal
Shiba Inu’s native SHIB token rose by nearly half its value in the past week as crypto markets investors showed irrational exuberance amid a brief relief rally among majors.
SHIB rose to the $0.000011 mark on Wednesday morning from the $0.0000074 level last weekend, posting a maximum gain of nearly 48% for investors, as per CoinGecko data. A large part of the jump came Tuesday amid a relief rally in bitcoin and other major cryptocurrencies.
The tokens fell to the $0.0000094 level at the time of writing as traders took profits amid a slowdown among majors.
Price-charts suggest support at $0.0000082 and resistance at $0.000011 in case of a further bounce. However, SHIB is down 89% from its lifetime high, which was reached in October last year. The token has a market capitalization of over $5.5 billion at press time.
- Elon Musk Hints Twitter Will Integrate Crypto Payments if His Takeover Bid Is Successful
Tesla and Spacex CEO Elon Musk, who may become the new owner of Twitter Inc., had his first all-hands meeting with Twitter’s employees Thursday.
Musk answered many questions about how he plans to run the social media company if his bid to buy Twitter is successful. However, the $44 billion deal is currently on hold, and Musk has accused Twitter of a material breach of the merger agreement.
During the meeting, Musk mentioned crypto a few times, according to a leaked transcript of the meeting and a leaked video posted by Project Veritas.
Leslie Berland, Twitter’s chief marketing officer, asked Musk: “Can you talk a little bit about Twitter and payments?”
The Tesla boss began by stating that “money is essentially a form of information,” adding that it is “fundamentally digital.” He added:
I think it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth, and fiat currency as well as crypto — essentially, whatever somebody would find useful.
- How a Solend Whale With a $108M Loan Nearly Crashed the Solana Network
Solend, a decentralized lending protocol on the Solana network, has narrowly avoided having 95% of the SOL deposits in its lending pool liquidated.
At the center of the controversy is a large account holder, known as a whale, with an outsized presence on the lending protocol and responsible for the vast majority of the SOL coins within it. The account had an outstanding loan of $108 million worth of US Dollar Coin (USDC) and Tether (USDT), collateralized in SOL, the native cryptocurrency of the Solana network. The loan risked being liquidated as the price of SOL tanked to as low as $27 on Wednesday and Saturday last week.
Had the price of SOL continued to drop, and the $21 million in SOL collateralizing the loan gone into liquidation, Solend would have been left with almost no SOL. The project’s co-founder suggested that the rush to buy up that much SOL for cheap could have crashed the $2.6 billion Solana network.
https://decrypt.co/103489/solend-whale-108m-loan-nearly-crashed-solana
- Crypto Mining Giant Bitfarms Sells 3,000 BTC and Adjusts Its HODL Strategy
On June 21, Bitfarms, an Argentinean cryptocurrency mining company operating in Canada, announced an adjustment to its HODL strategy so as to improve the company’s liquidity.
According to a press release, the company sold a total of 3,000 Bitcoin (BTC) over the last week for approximately US$63 million to improve its corporate liquidity by nearly US$100 million.
In this way, the company’s Bitcoin reserves were reduced from around 6,349 BTC to a total of 3,349 BTC, counting the daily production of what they carried during June. Through this sale, the company was left with much lower BTC reserves than it had at the beginning of the year, which was 4,300 BTC.
It’s Hard To Deal With a Volatile Market
According to the company’s data, Bitfarms can produce an average of 14 BTC per day, obtaining nearly 1,260 BTC quarterly. Therefore, they can afford to sell at a loss, given that the company bought 1,000 BTC for $43.2 million at the beginning of January. This same amount of Bitcoin could be purchased right now at less than half the price or near $20.6 million.
https://www.binance.com/en/news/top/7135942
- USDC’s ‘real volume’ flips Tether on Ethereum as total supply hits 55.9B
USD Coin (USDC) is taking a run at the title of the top stablecoin in crypto after its daily ‘real volume’ on the Ethereum network doubled that of Tether’s (USDT) on Tuesday.
According to crypto market data tool Messari, Circle’s USDC posted $1.1 billion in daily real volume on the Ethereum network on Tuesday, which was double USDT’s real volume of $579 million.
Messari’s real volume metric is calculated by compiling data only from exchanges that it believes have “significant and legitimate crypto trading volumes” and thus differs from the more commonly seen “total volume” metric.
Exchanges included in Messari’s Real Volume metric include Binance, Bitfinex, Bitflyer, Bitstamp, Bittrex, Coinbase Pro, Gemini, itBit, Kraken, Poloniex and those tracked on OnChainFX.
- Bitcoin Slips to Nearly $20K; Citi Sees 50% Chance of Recession
Bitcoin (BTC) mining firm Iris Energy (IRIS) increased its hashrate expectation to 4.3 exahash/second (EH/s) for the year.
Previously, the Australia-based miner said its hashrate would increase to 3.7 EH/s by year end. The increase is because its site in Mackenzie, Canada, will be completed ahead of schedule, the firm said in an SEC filing on Tuesday.
Iris Energy was also planning to finish the construction of data centers in Childress county, Texas, that would house 3 EH/s of computing power by the end of 2023, and energize them in the first quarter of 2023, according to a May 11 investor presentation.
In the latest filing, Iris Energy hinted that its Texas site may be delayed. The firm removed its estimates for the completion of the Texas site, instead saying it would “continue preparatory construction activities” so that it can “scale up” once market conditions improve. “We expect to continue work at Childress to preserve optionality going into 2023 for our 600MW project in Texas,” the firm’s president Lindsay Ward said in the filing.
A company spokesperson repeated the language of the filing when CoinDesk asked to clarify if the Childress facility is on hold. “Iris Energy’s contracting and procurement strategy in relation to construction activities at Childress allows us to take a prudent pause on major capital expenditure activities without incurring significant additional financial costs,” the spokesperson said.
- Ukraine Raises Over $100,000 From Cryptopunk NFT Sale
Ukrainian authorities have raised over $100,000 from the sale of a Cryptopunk non-fungible token (NFT), Minister of Digital Transformation Mykhailo Fedorov and his deputy, Alexander Bornyakov, announced on social media. The unique collectible was acquired by an unknown investor for 90 ethers (ETH).
The NFT, Cryptopunk #5364, was donated to the Aid for Ukraine crypto fundraising campaign in early March. At the time, Bornyakov tweeted it was worth 56 ETH but the price of ethereum and other cryptocurrencies was significantly higher before the latest crypto market slump.
The East European nation, a former Soviet republic, was invaded by its much larger neighbor, Russia, in the early hours of Feb. 24. The government in Kyiv and a number of volunteer organizations have since increasingly relied on crypto donations, including NFTs. The country has already collected millions of dollars to fund its defense and humanitarian efforts.
https://news.bitcoin.com/ukraine-raises-over-100000-from-cryptopunk-nft-sale/
- Wyoming’s Black Hills Energy Inks First Deal Under New Blockchain Tariff
Looking to entice Bitcoin miners to the region, Black Hills Energy announced today that it has completed its first agreement to provide power to a crypto mining facility under Wyoming’s Blockchain Interruptible Service Tariff.
The company says the unidentified facility will be one of the largest bitcoin mining operations in the region, and is expected to be operational and purchasing energy by the end of the year.
“We are excited to serve this new type of customer and to explore the benefits we can provide to other flexible load customers over the longer term,” Black Hills Corp. CEO Linn Evans said in a statement.
The company says that attracting blockchain companies with high energy needs will provide Wyomingites with several financial benefits, including property and sales taxes, and long-term employment.
https://decrypt.co/103504/wyoming-utility-inks-first-deal-under-new-blockchain-tariff
- Tether to Issue Sterling-Pegged Stablecoin, GBPT
Tether, the issuer of the largest U.S. dollar-pegged stablecoin, plans to expand its offerings with the introduction of GBPT, a stablecoin pegged to the British pound, according to a press release.
The token will issued in July and will become the company’s fifth stablecoin. It will join U.S. dollar-pegged USDT, Euro-pegged EURT, offshore Chinese yuan-pegged CNHT and the Mexican peso-pegged MXNT that was launched last month.
The collapse of algorithmic stablecoin terraUSD (UST) in May raised concerns about how stable stablecoins really are. While UST was designed to maintain its peg to the dollar programmatically, in contrast to Tether’s stated approach of keeping near-cash investments that can be rapidly liquidated should the need arise, there have been calls for greater transparency about the quality and liquidity of those investments.
In April the U.K. government said it hoped to become a global hub for crypto technology and investments.
“We believe that the United Kingdom is the next frontier for blockchain innovation,” Tether CTO Paolo Ardoino said in the statement. “Tether is ready and willing to work with U.K. regulators to make this goal a reality and looks forward to the continued adoption of Tether stablecoins”.
A committee in the House of Lords said that there is “no convincing case” for a central bank digital currency (CBDC) in January.
https://www.binance.com/en/news/top/7136137
- Crypto resonates better with BIS’ vision of ideal monetary system
In its continued efforts to identify the ideal future monetary system, The Bank of International Settlements (BIS) revealed the edge of the crypto ecosystem over the present-day fiat economy when it comes to fulfilling the policy goals.
While sharing its vision for the future monetary system, the BIS outlined eight high-level goals it hopes to achieve — safety and stability, accountability, efficiency, inclusion, user control over data, integrity, adaptability and openness. In its study, BIS found the crypto ecosystem outweighs the traditional finance when it came to broadly fulfilling the policy goals.
The above table shared by the BIS shows that the current-day fiat economy is far from meeting the requirements of an ideal monetary system. The report awarded points to the fiat ecosystem for the safety and stability policy while highlighting that “public oversight has helped achieve safe and robust payment systems.”
The cryptocurrency ecosystem, however, broadly fulfilled two of the eight policies laid down by the BIS — adaptability and openness. In addition, the report suggested improvements in the inclusion and user control over data policies, which would result in the crypto ecosystem fulfilling half of BIS’ recommendation for an ideal monetary system.
https://cointelegraph.com/news/crypto-resonates-better-with-bis-vision-of-ideal-monetary-system
