Crypto News Headlines (29-Jun-2022)

Bitcoin miner Marathon Digital (MARA) said its miners in Hardin, Mont., are currently without power due to a storm that passed through the region on June 11. The company has about 30,000 miners deployed in Montana, representing over 75% of the company’s active fleet.

The miners are likely to remain offline until the damaged power generating facility can be repaired, the company said in a statement on Tuesday.

However, some of the mining rigs might be able to come online and run at a reduced capacity as early as the first week of July, the company said.

“Bringing miners fully back online will take time, and we are committed to doing everything we can to rebuild our hashrate and to improve our bitcoin production,” said CEO Fred Thiel in a statement. “As part of that process, we have redirected our active miners, which represent approximately 0.6 exahash, to point towards a third-party mining pool, so that we can improve our probability of earning bitcoin while we work to bring the Hardin miners back online,” he added.

Mercado Pago, the payment processing service of Mercadolibre, one of the biggest e-tailers in Latam, has announced it will be expanding the array of crypto-related services for Brazilian customers launched back in November. The company reported that it will open its platform for customers to receive deposits in crypto coming from third-party services, including other exchanges and other digital wallets.

In a statement sent to Portal do Bitcoin, Mercado Pago stated:

From today, it will be possible to receive Bitcoin, Ethereum and Pax Dollar from other digital wallets through the Mercado Pago app. Last week, transfers within the app itself also started to be enabled.

This increases the functionality of Mercado Pago’s trading services, which before behaved as a closed ecosystem, with users only being able to purchase and sell crypto from within the app. Other companies like Nubank, which uses Paxos as a crypto services partner, also operate in the same way.

Bitcoin has once again slumped below the psychological mark of $20,000 on Wednesday morning, a level last seen on June 22.

At the time of writing, the leading cryptocurrency is trading at $19,998, down 5.27% over the past 24 hours, according to data provided by CoinMarketCap.

The rest of the market is firmly in the red too.

Ethereum, the industry’s second-largest cryptocurrency, fell 7.45% in the day and is currently priced at around $1,128.

Other top cryptocurrencies have also fallen. Solana (SOL) is down by 9.8%, trading at $35.16, Avalanche (AVAX) fell 6.82% to $18.21, Binance Coin (BNB) fell 8.39% to $219.62.

Concerns about a so-called ‘crypto winter’ have not frozen investor interest in the sector, Bank of America (BAC) said in a report Tuesday, following its Web3 & Digital Assets Day Conference, which took place last week.

Conversations with some of the 160 clients who attended the event made clear that “blockchain technology and the digital asset ecosystem are here to stay,” the report said, and the bank remains optimistic for mainstream digital asset adoption.

The bank said some speakers pointed out that the most innovative projects were built during previous downturns in the market, and that recent declines, whilst painful, are “likely healthy for the ecosystem’s development over the long term.”

“Client engagement continues to grow and focus remains on the rapid development and disruptive nature of blockchain technology, despite falling token prices and headlines suggesting the ecosystem’s demise has arrived,” the note said.

Roger Ver, an early Bitcoin investor and Bitcoin Cash (BCH) proponent, has pushed against claims from crypto investment platform CoinFLEX regarding an alleged $47-million debt.

In a Tuesday tweet, Ver — not mentioning CoinFLEX by name — said he had not “defaulted on a debt to a counter-party,” and alleged the crypto firm owed him “a substantial sum of money.” The denial followed rumors on social media that the BCH proponent was involved in the platform halting withdrawals due to “a high-networth client who has holdings in many large crypto firms” not covering their debts.

CoinFLEX CEO Mark Lamb took to Twitter shortly after the statement to claim the company had a written contract with Ver “obligating him to personally guarantee any negative equity on his CoinFLEX account and top up margin regularly.” According to Lamb, CoinFLEX served Ver with a notice of default and was “speaking to him on calls frequently about this situation with the aim of resolving,” claiming the firm did not owe him anything.

Bitcoin briefly slipped under the $20,000 mark in Asian afternoon hours amid a drop in the Asian and European equity markets.

Bitcoin fell to $19,880, revisiting levels from last week, before gaining some $300 at writing time. The asset fell to as low as $17,710 in mid-June as investors took money off risky assets amid a poor macroeconomic environment.Inflation rose to a nearly 37-year high of 10% in Spain, denting investor sentiment in Europe. The Stoxx Europe 600 index fell 0.84%, while Germany’s DAX dropped 1.84%. Stocks in Asia also declined, with Japan’s Nikkei falling 0.92% and the Shanghai Composite shedding 1.40% despite some Chinese cities reducing quarantine requirements on Tuesday.

Wells Fargo said in a Tuesday note that a fall in equity prices was likely to “take time to repair.” In the U.S., the S&P 500 has fallen more than 20% from its December 2021 peak – putting it in a technical “bear market” – as inflation hit a 28-year record in May.

The CNMV, the institution that oversees the securities markets in Spain, has revealed the results of its latest cryptocurrency report. The study, commissioned by the institution and carried out by a company called “Grupo Analisis e Investigacion,” surveyed 1,500 participants and an alternative sample of 300 cryptocurrency investors to take a snapshot of the penetration that crypto has had regarding Spanish investors.

One of the most relevant results of the study has to do with the popularity of crypto in the country. According to the numbers released, three out of every four Spaniards have heard about cryptocurrencies, meaning that these instruments have achieved some degree of penetration in the country. However, the knowledge that people have on the subject is still very limited. Only 1.4% of the surveyed had a deep knowledge of cryptocurrency.

Most of the surveyed lack knowledge about crypto, or have only heard or read about crypto on some occasion. Almost 70% of the surveyed were included in this dominant group.

The Singapore-based crypto fund Three Arrows Capital (3AC) has been ordered to liquidate by a court in the British Virgin Islands, according to Sky News.

Sky News reported that Teneo Restructuring will assist in the proceedings.

Decrypt has contacted Teneo for more details on the liquidation.

A darling of last year’s bull market, 3AC, led by Kyle Davies and Su Zhu, has been the focus of attention amid the recent crypto market downturn.

As the debate continues about whether we are in a new crypto winter, workers remain optimistic, as long as they don’t have to go to the office. That is one takeaway from the CoinDesk Crypto Work Survey.

This article is part of CoinDesk’s Future of Work Week.

The Crypto Work Survey arrived during a particularly volatile moment. When it started on June 9, the first signs of weakness in the crypto job market were just becoming public with the announcement that Coinbase would freeze hiring and rescind new offers. Later, the crypto exchange said it was laying off 1,100 workers, or 18% of its workforce.

Given the cascade of dreadful industry and market news during the following three weeks until the survey ended on Monday, the questions regarding job security, organizational growth and the job features provided some interesting insights into workers’ outlook. Overall, respondents reported their companies were holding steady or growing, and most felt secure in their jobs.

From the highs of feeling like a total genius to the lows of downward price movements, crypto investing has taken Dubai-based trader JC Enriquez on a roller coaster ride. 

In an interview with Cointelegraph, Enriquez shared his crypto trading journey, starting from his first encounter with digital assets. According to the trader, it all started when a friend asked him about his plans for the future. After sharing his dreams about the future, the friend told him that if he wanted to make those plans come true, he “better study cryptocurrency, buy some and hold it.”

Hyped by the bull market in 2021, Enriquez finally decided to jump in and start trading. However, his first crypto rodeo was less than fruitful. He told Cointelegraph that he invested thousands of dollars in one project and then it went to zero in just a short period of time. He explained that:

“After a few weeks, I was surprised. Their network got grumpy and then slowly, they stopped doing developments in their project. After that, it permanently closed.”