Celsius Warns Stabilizing Liquidity 39 Will Take Time
Celsius Warns Stabilizing Liquidity 'Will Take Time' As Lead Investor Proposes Recovery Plan

Embattled crypto lender Celsius delivered an update on its situation, stating that its "objective continues to be stabilizing our liquidity and operations."Celsius stated that it is maintaining “an open dialogue with regulators and officials” and is seeking to “find a resolution.”

The company added that it is also pausing its Twitter Spaces and Reddit Ask Me Anything (AMA) sessions “to focus on navigating these unprecedented challenges and seeking to fulfill our responsibilities to our community.” Celsius abruptly canceled its scheduled Reddit AMA session last Friday, with CEO Alex Mashinsky appearing in a short video on the company’s YouTube channel with a similar message. The decision played a significant part in the decline of the broader market, with the price of Bitcoin tanking below $18,000 over the weekend.

Source

https://t.me/Blockchain_Explained
Crypto billionaire says Fed is driving current downturn
Crypto billionaire says Fed is driving current downturn

Cryptocurrencies
are going through a spectacular crash and the head of one of the largest crypto exchanges says the Federal Reserve is responsible for this downturn. "The core driver of this has been the Fed," said Sam Bankman-Fried, the CEO of FTX, whose app and sites are used by investors to buy and sell digital currencies.

The billionaire said he appreciates the difficulty of what the central bank is trying to do, noting it is "caught between a rock and a hard place." But Bankman-Fried said a lot of his own outlook for his business is now dependent on decisions the Fed will make in the months ahead.This week, the Fed announced the largest interest rate increase since 1994. With the era of cheap money fast becoming history, financial markets have already been extremely jittery and cryptocurrencies have been in meltdown mode.

Source

https://t.me/Blockchain_Explained
Companies list hundreds of new crypto jobs despite
Companies list hundreds of new crypto jobs despite recent layoffs

Large
and small companies have posted over 500 crypto-related jobs in the last seven days, according to a new analysis from cryptojobslist.com. The website looked at the job listings posted on jobs board Indeed to identify open positions in the crypto industry.

Deloitte, the multinational professional services provider based in London, advertised the most positions with 144 new listings in the past seven days. The UK company is followed by Block Inc., a financial tech company founded by former Twitter CEO Jack Dorsey, which posted 59 positions. Most of the jobs advertised are remote positions.

Source

https://t.me/Blockchain_Explained
Maker cuts off Aave s Dai supply as
Maker cuts off Aave’s Dai supply as fallout from Celsius continues

"The reason we believe this is risky is because out of 200M DAI borrowed on Aave Ethereum v2, 100M DAI is being borrowed by Celsius and collateralized mostly by stETH.".

If Celsius does collapse, it might sell off its stETH to honor retail responsibilities and get liquidated on Aave, which would likely force stETH to depeg even further. This would put the Maker protocol at the risk of not being able to retrieve all the Dai Celsius borrowed.

Source

https://t.me/Blockchain_Explained
SleeFi All You Need To Know About The
SleeFi – All You Need To Know About The Innovative and Ingenious Sleep-to-Earn Game

With
every passing day, the crypto world receives new, innovative, and ingenious ideas that attract more users. Especially in play-to-earn games, which have quickly gained ground as a significant component of almost every metaverse you can know.

SleeFi is a Web3 lifestyle app built around an essential daily activity for most people – sleep. It is being developed as an innovative project which aims for the concept of sleep & earn. In SleeFi, users will equip themselves with non-fungible tokens in the form of a bed and then earn tokens that can be used in the game or traded or exchanged for profits. What differentiates SleeFi from other play-to-earn games is that aside from the tokens you’d earn from sleeping, the game also helps improve your lifestyle.

Source

https://t.me/Blockchain_Explained
NEXO price drops 40 in three days on
NEXO price drops 40% in three days on rumors of ties to 'insolvent' crypto fund

The
price of Nexo (NEXO) continued to fall on June 15, as Nexo denied rumors of exposure to Three Arrows Capital (3AC), a Dubai-based crypto fund facing insolvency risks. NEXO, which serves as a security token at a cryptocurrency lending platform of the same name, fell nearly 25% to $0.61 a unit, its lowest price reading since January 2021.

Traders fear that most DeFi/CeFi firms, which offer high yields to clients on their cryptocurrency deposits, will default on their debts due to the wipeout of nearly $1.5 trillion from the crypto market in 2022. A month later, Celsius Network, which offers clients up to 18% yields, paused withdrawals due to “extreme market conditions.” Its clients have pulled almost half of their assets out of the platform since October 2021, thus leaving it about $12 billion as of May 17 to meet debt obligations.

Source

https://t.me/Blockchain_Explained
SEC Investigates Insider Trading on Crypto Exchanges Fox
SEC Investigates Insider Trading on Crypto Exchanges, Fox Reporter Shares Scoop

According
to Fox Business journalist Eleanor Terrett, the U.S. Securities and Exchange Commission (SEC) has sent letters to several crypto exchanges asking for details on the lack of insider trading safeguards. Terrett said that the information was made available to her by "industry sources that have knowledge of the matter."

The SEC says it wants to protect investors by enacting regulations after various insider trading allegations arose in the crypto sector. The SEC had previously requested that crypto exchanges register and report financial data. Gary Gensler of the Securities and Exchange Commission (SEC) has also criticized crypto exchanges for trading against customers.

Source

https://t.me/Blockchain_Explained
Ethereum s Dip to 1150 May Cause Catastrophe
Ethereum’s Dip to $1150 May Cause Catastrophe On Lending Market

According to blockchain insider Colin Wu and Parsec Finance on-chain tracker, the Ethereum lending and borrowing market is in danger as ETH's price reaches dangerous values and may cause a real catastrophe. The issue is in the number of liquidations that will appear on the market if ETH falls below or to $1,150. Reportedly, more than $500 million in on-chain collateral and $300 million of on-chain collateral near $21,600 will evaporate.

The massive liquidation will fuel the further drop of the market and a massive outflow of funds from decentralized applications. The strong drop in the usage of decentralized applications will decrease the network's revenue. Previously, various market and on-chain tracking services reported more than $700 million in liquidations, which ended up being a mistake on the centralized exchange's API side.

Source

https://t.me/Blockchain_Explained

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