Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights, a newsletter crafted to bring you some of the major developments over the last week. This past week, the DeFi ecosystem saw Axie Infinity’s Ronin bridge relaunch with a fully backed 1:1 Ether (ETH) nearly three months after the infamous $600 million hacks. MakerDAO plans to invest…
President of El Salvador Nayib Bukele must truly believe in Bitcoin—or love losing money. Undeterred by the massive losses incurred by his strategy of using public funds to invest in Bitcoin, Bukele announced last night that he spent another $1.5 million to buy 80 BTC at $19,000 per coin. “El Salvador bought today 80 BTC at $19,000 each,” the Central…
Last week the Russian ruble hit a seven-year high against the U.S. dollar and while analysts have downplayed the rise, one economist said people should not “ignore the exchange rate.” American economists have been perplexed about the ruble’s market performance and Russian officials have been quoted as saying that a strong ruble “makes Russian exports more expensive.” Furthermore, U.S. president…
Tether is reducing its commercial paper holdings on pace with plans, the stablecoin company reported Friday. It has reached the target sum of $8.4 billion in commercial paper, as per intentions first disclosed last month, and will continue to reduce its holdings in the immediate future. On July 31, $5 billion of Tether’s commercial paper holdings will expire, leaving the…
The market cap of Bitcoin (BTC) dropped another 33% in June, which is now beginning to numb the Twitter community. On the upside, many crypto traders who wanted out did so fairly aggressively from March to May. But, the less optimistic news is that the stagnancy in address activity may need to change for prices to get a running start…
The Supreme Court issued a ruling on Thursday that limits the Environmental Protection Agency’s (EPA) ability to regulate carbon emissions from power plants, which could have an impact on Bitcoin and other cryptocurrency mining operations that source their power from fossil fuels. Citing the “major questions doctrine,” the court said they “declined to uphold [the] EPA’s claim of ‘unheralded’ regulatory…
Bitcoin dropped 56.2% in the second quarter of 2022, according to crypto analytics platform Coinglass. That makes it Bitcoin’s worst quarter since the third quarter of 2011 when BTC price fell by 67%. A large part of the damage was done in the month of June when Bitcoin plunged 37%, the worst monthly drawdown since September 2011. It is not…
As the crypto winter bites deeper, on-chain metrics suggest that confidence among Bitcoin whales has far from waned. The leading cryptocurrency is currently trading under $20,000, down 35% year-to-date, and down as much as 71% from its all-time high of about $69,000 in November last year. During massive sell-offs like this, many investors liquidate their positions. This, however, does not…
Peng Zhong stepped down as CEO roughly a month after former company head Jae Kwon said he would be leading NewTendermint, part of Ignite’s split to two firms in May. Source: https://cointelegraph.com/news/ignite-ceo-announces-departure-after-seven-years
Cryptocurrency lending company BlockFi announced on Friday that it has reached an agreement with FTX US, the U.S. division of the crypto exchange led by billionaire Sam Bankman-Fried, for a revolving line of credit and potential acquisition. The deal represents a total value of $680 million, BlockFi CEO Zac Prince tweeted this afternoon. “An option to acquire BlockFi at a…
