Amid a wider crypto market crash, crypto lending platform Celsius announced on June 12 that it was suspending all withdrawals on its lending platform, citing “extreme market conditions” and a need to “stabilize liquidity.” In the hours after the announcement, Celsius’ native token, CEL, plummeted by 70% in a single hour; by the following day it was trading at over…
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…
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…
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,…
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…
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…
In brief Prices for top NFT collections are dropping today as the cryptocurrency market tanks. However, overall NFT trading volume is on the rise as collectors pick up “blue chip” NFTs at a discount. The cryptocurrency market is down today—way down—with a 14% drop in overall value over the past 24 hours, including a 16% loss for Bitcoin and an…
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…
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, the lowest level seen since December 2020. According to BTC historical data, the market has now reached valuation metrics which show the price is severely oversold and perhaps near a bottom. Bitcoin has now fallen below…
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”…
