Monthly Archives: June 2022

Bitcoin has support at $23K, but analysts warn of a dire drop to $8K as global debt unwinds

BTC’s sell-off is easing slightly, but traders are afraid that negative newsflow and future U.S. interest rate hikes could push the price lower. Bitcoin’s month-long (BTC) choppy price action came to an end on June 13 after a deep market sell-off pressed the top cryptocurrency under the $29,000 support. The move took place as equities markets also sold-off sharply, hitting their lowest levels of the year.  Data from Cointelegraph Markets Pro and TradingView shows that the Bitcoin sell-off began late in the day on June 12 and escalated into […]

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Celsius Halts Bitcoin Withdrawals: What Went Wrong?

A deep look into Celsius network’s design and the events of recent weeks with its yield-generating strategies that culminated in a halt of bitcoin withdrawals. The below is a free, full excerpt from a recent edition of Bitcoin Magazine Pro, Bitcoin Magazine’s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now. The purpose of this issue will be twofold: The first will be an in-depth look at the Celsius platform, and breakdown […]

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Crypto users take to Twitter to lament the ongoing market downturn

What goes up must come down. And then go up again. Then come down again. And on and on and on… Crypto traders and investors started out the week with a major shock to the markets. As assets across the blockchain industry went into a collective dive on Monday, users took to Twitter to voice their dismay (or in some cases jubilation) with the current state of crypto. Inflation, potential interest rate hikes, a looming recession, and yet another DeFi fiasco have all contributed to the current […]

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Scientists claim to have designed a fully decentralized stablecoin pegged to electricity

The E-Stablecoin would require several scientific advancements that are already in the works, and would allegedly make it possible to transmit electricity almost for free. Researchers at the federally-funded Lawrence Livermore National Laboratory in California have combined statistical mechanics and information theory to design a stablecoin they call Electricity Stablecoin (E-Stablecoin) that would transmit energy as a form of information. Livermore’s Maxwell Murialdo and Jonathan L. Belof say their innovation would make it possible to transmit electricity without physical wires or a grid and create a fully […]

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US trademark filing hints at Arizona State University planning classes in the metaverse

The seven filings also suggested ASU could be exploring the use of nonfungible tokens to authenticate many documents from diplomas to tickets for university events. One of the largest public universities in the United States by enrollment may be planning to launch virtual classes in the metaverse in the future.  According to records submitted to the United States Patent and Trademark Office, or USPTO, on June 7 and June 8, the Arizona Board of Regents on behalf of Arizona State University filed seven applications for variations of […]

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Bitcoin price falls below its ‘realized price’ but is it time to buy the dip?

Another wave of selling hit BTC and sent its price to lows not seen since December 2020. Does on-chain data suggest this dip is worth buying? On June 13, cryptocurrency prices plunged deeper into bear market territory after Bitcoin (BTC) sliced through its current trading range and briefly touched $22,600, its lowest level se since December 2020. According to BTC historical data, the market has now reached valuation metrics that show the price is severely oversold and perhaps near a bottom. Bitcoin has now fallen below its […]

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Crypto Lending Company Blockfi Cuts Staff by 20%

On Monday, the cryptocurrency lending company Blockfi announced that “market conditions” have had a “negative impact” on the firm’s business and it will be laying off “roughly 20%” of its staff. The message written by Blockfi co-founders Zac Prince and Flori Marquez follows a slew of well known crypto firms cutting back employees due to the bear market. Blockfi to Lay off ‘Roughly 20%’ of Its Workforce Digital currency values are not that hot these days, and the crypto economy slipped below the $1 trillion region on […]

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Law Decoded, June 7–13: Lummis-Gillibrand bill is finally here

Senators confirmed that Bitcoin and Ether will be classified as commodities and regulated by the CFTC. One can hardly name a document more long-hoped-for as the crypto bill, co-sponsored by United States Senators Cynthia Lummis of Wyoming and Kirsten Gillibrand of New York, was for the crypto community. And, it’s finally here. Last week, Lummis and Gillibrand introduced a 69-page bill in the U.S. Senate. What’s inside? The projects of study on the environmental impact of digital assets and advisory committee on innovation, a tax structure, a mandate […]

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Tron’s Stablecoin USDD Falls to $0.97, USDC Deployed to Defend the $1 Parity

After the Terra UST fallout and the current crypto market volatility, many eyes have been focused on the Tron-based algorithmic stablecoin USDD. On June 13, the crypto asset tron (TRX) dropped significantly in value and Tron’s founder Justin Sun spoke about traders shorting the digital currency. Sun explained that the Tron DAO Reserve would deploy $2 billion to “fight them” and said he didn’t think the shorters could last 24 hours. Furthermore, the stablecoin USDD took a small dive on Monday, dropping to $0.977 per unit during […]

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Bitcoin On The Moon

If there is a case for sending bitcoin to the moon, then it is this; to charge those who look to the night sky with the task of imagining a more just world. This article originally appeared in Bitcoin Magazine’s “Moon Issue.” To get a copy, visit our store. West of the Andes Mountains in Chile lies the Atacama Desert — the driest place on Earth. There, extreme aridity preserves Earth’s oldest mummies and ensures all but the most resilient flora and fauna quickly join them in […]

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