The Crypto market cap went from an ATH of $3T to now a market cap of under $1T. All that happened in about 7.5 months. That's a long and deadly drop down. Many who are actually veterans did not see it coming like this and it's still not over. This bear market had or still…
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The pro-crypto SEC commissioner and “Crypto Mom” had sharp words for SEC behavior toward Bitcoin spot ETF sponsorship applicants, delivered at a libertarian forum.
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Does the world need Euro Coin? There are already stablecoins pegged to the Euro in the market. The difference here, however, is Circle. As the issuer of the well-regarded USDC, they have the reputation, the know-how, and the clientele to make this happen. Even with all of those advantages, it’s the market that will decide if the world needs Euro Coin. Related Reading | Crypto Investors Find Safety In Stablecoins, Bitcoin, Ditch Altcoins En Masse On the project’s page, they describe it as, “Euro Coin (EUROC) is issued by Circle under the same full-reserve model as USD Coin (USDC), a trusted dollar digital currency with more than $54 billion in circulation.” At first, Euro Coin will exist on the Ethereum blockchain, it’ll be a traditional ERC-20 already compatible with everything out there. 1/ CIRCLE LAUNCHES EURO COIN: Today, we announced our 2nd major fiat-backed stablecoin, Euro Coin, which went live on Ethereum mainnet, and will be available to mint and redeem on June 30th. https://t.co/vPZkItL0Fu — Jeremy Allaire (@jerallaire) June 16, 2022 The Euro Coin will be “100% backed by euros held in euro-denominated banking accounts so that it’s always redeemable 1:1 for euros”. The difference with regular euros is that EUROC will be “available 24/7 and moves at internet speed”. The new stablecoin debuts on June 30th. “Businesses can mint Euro Coin straight from the source by depositing euros into their Circle Account using Silvergate’s Euro SEN network.” What’s Euro Coin ’s Main Use? In a recent tweet, Circle CEO Jeremy Allaire summarized the product’s value proposition. “Like USDC, Euro Coin is being issued under a regulated framework for money transmission, under the same statutes that regulate USDC, with full-reserves in Euro, with the same security, liquidity and transparency that the market has come to expect from Circle”. Does it solve a problem, though? Two words: foreign exchange. 4/ Euro Coin expands opportunities for payments, on-chain FX, trade finance, commerce and broader digital asset markets use-cases. The launch is symbolic of a shift in crypto markets towards greater and greater utility value from blockchain infrastructure. — Jeremy Allaire (@jerallaire) June 16, 2022 Back to the project’s page, Circle promises “multi-currency digital banking and near-instant foreign exchange, where daily volume in traditional markets can top $6.6 trillion globally.” As we read a while ago in the Bitcoinist Book Club, “The Bitcoin Standard” explains how that huge market emerges just to solve “the age-old problem of lack of coincidence of wants.” As explained by Saifedean Ammous, the process goes like this: “The seller does not want the currency held by the buyer, and so the buyer must purchase another currency first, and incur conversion costs. As advances in transportation and telecommunications continue to increase global economic integration, the cost of these inefficiencies just keeps getting bigger. The market for foreign exchange, at $5 trillion of daily volume, exists purely as a result of this inefficiency of the absence of a single global homogeneous international currency.” As Circle’s numbers show, since the book’s publication the foreign exchange market kept growing. And since we’re far from living in a bitcoin standard, with a “single global homogeneous international currency,” the foreign exchange will keep growing. And that’s where Euro Coin comes in. ETH price chart for 06/16/2022 on Kraken | Source: ETH/USD on TradingView.com The New Stablecoin’s Characteristics Where will the money that backs the operation be? “Circle will hold euros in euro-denominated banking accounts at leading financial institutions, beginning with Silvergate Bank in the U.S.” Related Reading | Crypto Company Circle Seeks To Become Global Digital Currency Bank “Businesses can use a free Circle Account to mint and redeem Euro Coin at no additional cost”. Circle can afford to treat businesses like that because they’re that big and established. Circle will audit the Euro Coin. “Grant Thornton LLP will be issuing monthly attestations of Euro Coin reserves, starting with an attestation for the month of July 2022. Circle will publish the attestation reports on this webpage, with July’s report being available to view online by the end of August 2022.” It’s also worth noting that the main criticism the project received was because they choose Ethereum to start with. However, Circle promises the Euro Coin in other blockchains soon. And considering that USDC exists in every smart contract-enabled blockchain under the sun, there’s no reason not to believe them. Featured Image: Screenshot from Circle’s website | Charts by TradingView
According to “two people familiar with the matter,” the cryptocurrency lending company Celsius is working with the financial giant Citigroup in order to get advice on how to handle the firm’s financial hardship. The sources note that Citigroup was hired by Celsius to help the company find “potential financing.” Sources Say Celsius Is Looking for […]
Numerous governments have tried to ban Bitcoin mining, but data and insights from those in the mining industry suggest that this is easier said than done.
Crypto lender BlockFi was among several companies to liquidate at least some of 3AC’s positions, according to a new report.
On-chain data shows Bitcoin exchange reserves have sharply increased in value, a sign that the selloff may not be over yet. Bitcoin Exchange Reserve Observes Rapid Rise As pointed out by an analyst in a CryptoQuant post, a high number of coins have entered exchanges over the last day. The “exchange reserve” is an indicator that measures the total amount of Bitcoin currently present in wallets of all centralized exchanges. When the value of this metric goes up, it means the supply on exchanges is going up as investors are depositing a net number of coins. As holders usually transfer to exchanges for selling purposes, such a trend could be bearish for the price of the crypto. Related Reading | Panic Vs Pandemic: Crypto Market Is More Fearful Than On Black Thursday On the other hand, a declining value of the reserve suggests investors are withdrawing their coins at the moment. This kind of trend, when prolonged, can be a sign that holders are accumulating, which could prove to be bullish for the coin’s price. Now, here is a chart that shows the trend in the Bitcoin exchange reserve over the past few months: Looks like the value of the metric has jumped up recently | Source: CryptoQuant As you can see in the above graph, the Bitcoin exchange reserve has observed a sharp increase in its value recently. The chart also shows the curve for the “all exchanges netflow,” another metric which measures the net amount of coins entering or exiting exchanges. Related Reading | Bitcoin Faces a New Downtrend Of 28.82%, Why Someone Still Makes More Than 1000% ROI Basically, this metric tells us about how much the reserve is increasing or decreasing right now. As expected, its value also shot up over the last few days. The fact that the Bitcoin exchange reserve doesn’t seem to have changed trend and is still rapidly rising after the crash may mean that the crypto’s price could see further decrease in its value in the near future. BTC Price At the time of writing, Bitcoin’s price floats around $21.1k, down 30% in the last seven days. Over the past month, the crypto has lost 32% in value. The below chart shows the trend in the price of the coin over the last five days. The price of BTC seems to have ben moving sideways since the crash | Source: BTCUSD on TradingView Following the crash, Bitcoin touched as low as $20k, before rebounding back a little to the current levels. Currently, it’s unclear whether the carnage has ended, or if further decline is coming. But if the exchange reserve is anything to go by, then signs aren’t looking in the crypto’s favor. Featured image from Unsplash.com, charts from TradingView.com, CryptoQuant.com
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