Welcome to Finance Redefined, your weekly dose of essential decentralized finance (DeFi) insights — a newsletter crafted to bring you significant developments over the last week. This past week, Celsius’s financial troubles mounted further as a new coin report showed the company had a balance gap of $2.85 billion, more than double what it had shown in the bankruptcy filing.…
Five crypto companies, including FTX US, the U.S.-based arm of CEO Sam Bankman-Fried’s cryptocurrency exchange FTX, were today issued cease-and-desist letters from the Federal Deposit Insurance Corporation. Cryptonews.com, Cryptosec.info, SmartAsset.com, and FDICCrypto.com also received cease and desist letters on Friday, which the agency says were in response to them making “false representations” that their products were FDIC-insured. In all cases,…
A stablecoin’s price is climbing? Sounds like an oxymoron, but in the case of crypto exchange Huobi’s stablecoin HUSD, it’s back up to its $1 peg today after destabilizing Thursday, according to data from CoinMarketCap. But if the Terra UST debacle was any indication, it’s clear that just about anything can happen in crypto, even to assets widely thought of…
Bitcoin (BTC) and most major altcoins witnessed a sharp sell-off on Aug. 19, but there does not seem to be a specific trigger for the sudden drop. The sharp fall resulted in liquidations of more than $551 million in the past 24 hours, according to data from Coinglass. Barring a V-shaped bottom, other formations generally take time to complete as…
In brief Several gaming and metaverse tokens have posted double-digit declines today. ApeCoin (APE) and STEPN (GMT) have seen sizable losses today, each falling at least 15% It’s a bright red day across much of the crypto market as Bitcoin and Ethereum losses have sent shockwaves throughout the ecosystem. And it’s gaming and metaverse tokens that are among the biggest…
After the Crypto Fear and Greed Index (CFGI) dropped to significant lows and pointed to “extreme fear” in crypto markets at the end of May, and throughout most of June, today the CFGI rating is still in the “fear” zone, but it has seen an improvement. On June 19, the CFGI rating tapped a low score of 6 which means…
You’ve no doubt heard the expression, follow the money. Well, if you do that in the venture capital world, you’ll be led directly to crypto, blockchain and digital assets. After a modest summertime lull in venture financing, this week saw the announcement of two massive raises worth a combined $500 million. That’s $500 million VCs are allocating to crypto-focused startups…
As virtually every cryptocurrency bleeds on Friday, of the top 10 biggest digital assets, Dogecoin has been hit the hardest: the meme coin is down 14.6% in 24 hours at the time of writing, trading for $0.069327, as per CoinGecko. Dogecoin, which has a market cap of $9.2 billion, had been doing well. Only at the weekend it was one…
An announcement from USDT issuer Tether Holdings Limited revealed information from an independent attestation about the company’s previous quarter’s performance. The reviewer, top accounting firm BDO Italia, assessed Tether’s assets as of June 30, 2022. Tether had previously announced a commitment to decreasing its commercial paper holdings by the end of August 2022. Data from the report revealed a 58% decrease…
In brief A new Galaxy Digital research report claims that NFT project creators are falling short in how they assign IP rights to holders. It calls out the Bored Ape Yacht Club and Moonbirds as projects that have potentially “misled” buyers with IP rights claims. One of the most compelling selling points for some NFT projects is the ability for…
