Three Arrows Capital filed for bankruptcy
According to Bloomberg, the hedge fund has filed for bankruptcy in a New York court. The reporters also added that Chapter 15 of the U.S. Bankruptcy Code could protect Three Arrows Capital from asset forfeiture in the U.S. during liquidation in the British Virgin Islands.
💬"This was a tremendously difficult decision, but we believe it is the right one given current market conditions," said Stephen Ehrlich, Chief Executive Officer of Voyager, in a statement. "This decision gives us additional time to continue exploring strategic alternatives with various interested parties while preserving the value of the Voyager platform we have built together. We will provide additional information at the appropriate time."
The rumors lasted a long time, and then it finally happened...😢
According to Bloomberg, the hedge fund has filed for bankruptcy in a New York court. The reporters also added that Chapter 15 of the U.S. Bankruptcy Code could protect Three Arrows Capital from asset forfeiture in the U.S. during liquidation in the British Virgin Islands.
💬"This was a tremendously difficult decision, but we believe it is the right one given current market conditions," said Stephen Ehrlich, Chief Executive Officer of Voyager, in a statement. "This decision gives us additional time to continue exploring strategic alternatives with various interested parties while preserving the value of the Voyager platform we have built together. We will provide additional information at the appropriate time."
The rumors lasted a long time, and then it finally happened...😢
EU Council and European Parliament provisionally agree on cryptocurrency regulation
MiCA regulation rapporteur at the European Parliament Stephan Berger said the region has become the first jurisdiction with a regulatory framework for digital assets.
What exactly is the gist of this document?
Reserves of "stablecoins" will be segregated - issuers will be obliged to comply with strict operational and prudential rules with transaction limits of €200 million per day.
Crypto-asset service providers (CASPs) will be obliged to comply with strict requirements. There are also conditions for them to protect investors' funds - in case of violation of conditions and loss of funds companies can be held liable.
It also provides for the introduction of disclaimers on exchanges, white papers by trading venues and sanctions for the use of misleading information.
All the changes seem positive🤔
Except that there is no regulation on NFTs yet.
MiCA regulation rapporteur at the European Parliament Stephan Berger said the region has become the first jurisdiction with a regulatory framework for digital assets.
What exactly is the gist of this document?
Reserves of "stablecoins" will be segregated - issuers will be obliged to comply with strict operational and prudential rules with transaction limits of €200 million per day.
Crypto-asset service providers (CASPs) will be obliged to comply with strict requirements. There are also conditions for them to protect investors' funds - in case of violation of conditions and loss of funds companies can be held liable.
It also provides for the introduction of disclaimers on exchanges, white papers by trading venues and sanctions for the use of misleading information.
All the changes seem positive🤔
Except that there is no regulation on NFTs yet.
JPMorgan says the worst of the bear market may be over
Such conclusions are based on the fact that the strong players in the crypto industry "save" the weak to contain the "contagion" - the process of deleveraging is almost complete.
This was announced by JPMorgan strategist Nikolaos Panigirtzoglou.
Here we're talking about supporting projects from FTX, Binance and other less high-profile market players.
Yeah, the defaults will continue for some time, but the process is coming to its logical conclusion. Again, this is the statement of Nikolaos.
The expert mentioned the high rate of venture capital financing in May and June as an additional factor for optimism.
But we shouldn’t forget about macroeconomic factors - the crypto market doesn’t live in a "spherical vacuum"👐🏻
Such conclusions are based on the fact that the strong players in the crypto industry "save" the weak to contain the "contagion" - the process of deleveraging is almost complete.
This was announced by JPMorgan strategist Nikolaos Panigirtzoglou.
Here we're talking about supporting projects from FTX, Binance and other less high-profile market players.
Yeah, the defaults will continue for some time, but the process is coming to its logical conclusion. Again, this is the statement of Nikolaos.
The expert mentioned the high rate of venture capital financing in May and June as an additional factor for optimism.
But we shouldn’t forget about macroeconomic factors - the crypto market doesn’t live in a "spherical vacuum"👐🏻
Binance plans to rescue cryptocurrency companies with liquidity problems
The cryptocurrency exchange is in talks with more than 50 companies that are experiencing liquidity shortages amid a falling market. According to Binance CEO Changpeng Zhao, the dark ages call for industry consolidation.
"We don't want to bail out companies that are poorly managed. We want to help market participants with a little liquidity shortage so they can get through this cycle. We are now in talks with more than 50 of them," CZ told me.
The cryptocurrency exchange is in talks with more than 50 companies that are experiencing liquidity shortages amid a falling market. According to Binance CEO Changpeng Zhao, the dark ages call for industry consolidation.
"We don't want to bail out companies that are poorly managed. We want to help market participants with a little liquidity shortage so they can get through this cycle. We are now in talks with more than 50 of them," CZ told me.
Meta digital wallet didn't last a year
Everyone's well-known company has abandoned the full-scale launch of the Novi digital wallet - the project will be closed after the completion of pilot testing on September 1, 2022.
And now, attention, some important information for those who had something in this wallet.
Starting July 21, users will lose the ability to recharge their balances, and in September the Novi app, and its service on WhatsApp will cease to work.
Everyone's well-known company has abandoned the full-scale launch of the Novi digital wallet - the project will be closed after the completion of pilot testing on September 1, 2022.
And now, attention, some important information for those who had something in this wallet.
Starting July 21, users will lose the ability to recharge their balances, and in September the Novi app, and its service on WhatsApp will cease to work.
The whole market has "fallen" on the hand of the hodlers, struggling to keep up
That's about how we can characterize the next Glassnode report.
As it was already stated, last month was one of the worst for bitcoin - it is compared to the state of affairs in 2011.
And the market is still in bearish territory.
Everything is still hanging on the hodlers, as the record bitcoin price decline in June has practically eliminated the rest of the "market tourists. Mainly the sturdiest and ideological ones remained💪🏻
That's about how we can characterize the next Glassnode report.
As it was already stated, last month was one of the worst for bitcoin - it is compared to the state of affairs in 2011.
And the market is still in bearish territory.
Everything is still hanging on the hodlers, as the record bitcoin price decline in June has practically eliminated the rest of the "market tourists. Mainly the sturdiest and ideological ones remained💪🏻
How do mining companies save their capital
Except that the directors of the firms coordinate with each other about appointments to the therapist🙃
But seriously, let's take Core Scientific, an American blockchain hosting provider, as an example. This company sold 7,202 BTC in June for $167 million at an average price of $23,000 per bitcoin.
The proceeds were mainly used to pay for equipment supplies, capital investments, commissioning additional data center capacity, and debt service.
To realize the scale of the rescue operation: as of June 30, the company had 1,959 BTC and about $132 million in cash on its balance sheet.
Core Scientific has sold more than 75% of all its bitcoins at a far from favorable price.
That said, the company's "mining" is doing quite well - 1,106 BTC last month.
So, the big companies are surviving.
Except that the directors of the firms coordinate with each other about appointments to the therapist🙃
But seriously, let's take Core Scientific, an American blockchain hosting provider, as an example. This company sold 7,202 BTC in June for $167 million at an average price of $23,000 per bitcoin.
The proceeds were mainly used to pay for equipment supplies, capital investments, commissioning additional data center capacity, and debt service.
To realize the scale of the rescue operation: as of June 30, the company had 1,959 BTC and about $132 million in cash on its balance sheet.
Core Scientific has sold more than 75% of all its bitcoins at a far from favorable price.
That said, the company's "mining" is doing quite well - 1,106 BTC last month.
So, the big companies are surviving.
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BitMEX will ban the accounts of its Russian residents trading on the exchange from the EU
Naturally, the reason for such actions the company called the sanctions imposed by the European Union.
The restrictions are slightly confusing and atypical for such situations - they are as follows.
The restrictions will affect Russian residents, including persons "trading on behalf of any legal entity that receives access to the services of the exchange from the EU", as well as companies located or established in Russia whose traders use the exchange from the EU.
But the restrictions will not affect Russian clients of the exchange located in Russia. As well as Russian citizens residing in the EU / Switzerland or have citizenship of the EU / Switzerland.
Naturally, the reason for such actions the company called the sanctions imposed by the European Union.
The restrictions are slightly confusing and atypical for such situations - they are as follows.
The restrictions will affect Russian residents, including persons "trading on behalf of any legal entity that receives access to the services of the exchange from the EU", as well as companies located or established in Russia whose traders use the exchange from the EU.
But the restrictions will not affect Russian clients of the exchange located in Russia. As well as Russian citizens residing in the EU / Switzerland or have citizenship of the EU / Switzerland.
Celsius repaid a $143 million loan
Cryptolending platform Celsius Network paid off $142.8 million in stablcoin DAI to repay a loan in DeFi-protocol Maker DAO.
By closing this loan, Celsius spared its position from potential liquidation.
The new liquidation price is $4966.
The company still owes more than $250 million to DeFi Protocols.
It's worth noting that Celsius has 324,576 ETH worth $376 million locked up in the Ethereum 2.0 deposit contract for staking, and the company cannot access it.
Cryptolending platform Celsius Network paid off $142.8 million in stablcoin DAI to repay a loan in DeFi-protocol Maker DAO.
By closing this loan, Celsius spared its position from potential liquidation.
The new liquidation price is $4966.
The company still owes more than $250 million to DeFi Protocols.
It's worth noting that Celsius has 324,576 ETH worth $376 million locked up in the Ethereum 2.0 deposit contract for staking, and the company cannot access it.
Binance is giving everyone a nice gift on its anniversary
The exchange will remove fees for a wide range of spot trading pairs of the first cryptocurrency, honoring the 5-year anniversary of the platform.
Among the most exciting pairs: BTC/USDT, BTC/BUSD, BTC/USDC, BTC/EUR, BTC/TRY.
The holiday of generosity will be over in two weeks, starting from July 8.
Actually, not a bad gift, you can use👌🏻
The exchange will remove fees for a wide range of spot trading pairs of the first cryptocurrency, honoring the 5-year anniversary of the platform.
Among the most exciting pairs: BTC/USDT, BTC/BUSD, BTC/USDC, BTC/EUR, BTC/TRY.
The holiday of generosity will be over in two weeks, starting from July 8.
Actually, not a bad gift, you can use👌🏻
The Real Wolf of Wall Street made a statement.
Former U.S. broker Jordan Belfort, known as "The Wolf of Wall Street," called for buying bitcoins long-term for 1-2 years as a hedge against inflation.
Here's the thought he expressed:
"Bitcoin has a limited supply, and as inflation keeps rising there will come a time when bitcoin will start to trade more like a store of value and less like a growth stock," Belfort explained.
Former U.S. broker Jordan Belfort, known as "The Wolf of Wall Street," called for buying bitcoins long-term for 1-2 years as a hedge against inflation.
Here's the thought he expressed:
"Bitcoin has a limited supply, and as inflation keeps rising there will come a time when bitcoin will start to trade more like a store of value and less like a growth stock," Belfort explained.
And here's another huge borrower for Voyager Digital
Sam Bankman-Fried-linked Alameda Research has emerged as Voyager Digital's second-largest borrower in terms of funds raised ($376.8 million) after Three Arrows Capital.
That's an amount that will definitely help the company resolve some of its debt issues.
But as we all well remember, total debt is in the $1-10 billion range🙌🏻
That's why Voyager Digital now came in handy with a dozen more such borrowers.
As they say, keep dreaming🙃
Sam Bankman-Fried-linked Alameda Research has emerged as Voyager Digital's second-largest borrower in terms of funds raised ($376.8 million) after Three Arrows Capital.
That's an amount that will definitely help the company resolve some of its debt issues.
But as we all well remember, total debt is in the $1-10 billion range🙌🏻
That's why Voyager Digital now came in handy with a dozen more such borrowers.
As they say, keep dreaming🙃
Binance will remove commissions for 13 trading pairs with bitcoin, in particular BTC/USDT, BTC/BUSD, BTC/USDC, for at least 2 weeks
Well, maybe this info will be useful for someone - Binance is turning 5 years old (🥳), and in honor of the event, they make such a gift to users.
Binance, thx. What can I add.
Well, maybe this info will be useful for someone - Binance is turning 5 years old (🥳), and in honor of the event, they make such a gift to users.
Binance, thx. What can I add.
The developers of Shiba Inu plan to make their algorithmic stablecoin SHI.
Algorithmic Stablecoin, released in the period of crypto-winter in 2022, when stables are cracking at the seams, and the very idea of an algorithmic stable crypto is criticized, is released by the creators of the Shiba Inu meme coin.
Algorithmic Stablecoin, released in the period of crypto-winter in 2022, when stables are cracking at the seams, and the very idea of an algorithmic stable crypto is criticized, is released by the creators of the Shiba Inu meme coin.