It was a good week for investors as nearly all of the top 100 cryptocurrencies by market capitalization gained in value, despite a sluggish crypto winter from bankruptcy issues at crypto lenders Wald and Voyager.
According to CoinMarketCap, bitcoin is trading at $21,565, jumping over 12% over the past seven days. Meanwhile, Ethereum enjoyed an even bigger rally, adding more than 15% to $1,216.
Various major projects are up over 20% during the week: Uniswap is up 30% to $6.33, Polygon is up 26% to $.59, and Avalanche is up more than 22% to $19.94. And Solana rose nearly 16% to $38.14.
Only one of the top 50 cryptocurrencies has actually depreciated this week: UNUS SED LEO is down less than 1% to $5.73.
‘Won’t be fully disclosed’
As prices corrected, industry news was rife with stories about the financial difficulties of Wold and Voyager, a week after Singapore-based crypto hedge fund 3AC. filed for chapter 15 bankruptcy After failing to meet margin calls from lenders, and after barely a fortnight from the lender celsius deposit withdrawal Due to financial constraints.
On Monday, Singapore-based Wald announced that it was suspend all withdrawalsDue for deposits and trades”volatile market conditions“and” the financial difficulties of our major business partners. Since June 12, the company has faced withdrawals totaling $197.7 million. Revenue fell recently, forcing the company to Layoff 30% of your employees last month.
Responding to the news on Tuesday, crypto lender Nexo announced that it has signed an indicative term sheet. take over waldo, provides an exploratory period of 60 days to Nexo to do due diligence. Until satisfactory results, Nexo will buy up to 100% of the firm and reorganize operations to deepen its presence in Asia.
Crypto Broker Voyager on Wednesday filed for chapter 11 bankruptcy In the US Bankruptcy Court for the Southern District of New York. Voyager stock fell about 12% on the news. company revealed It had an exposure of $661 million in 3AC last month.
It also emerged Wednesday that Alameda Research, the firm founded by FTX CEO Sam Bankman-Fried, which last month extended a $500 million loan to Voyager, Broker owes $377 millionAccording to Voyager’s bankruptcy filing.
This prompted regulators in Texas and Alabama to announce that they are Voyager fall investigation, Joe Rotunda, Director of Enforcement on the Texas State Securities Board, Told Bloomberg: “What we are seeing now is that these crypto-lending firms have not fully disclosed what they were doing behind the investors’ money.”
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LDO Token A Stunning Rose For Ethereum Staking Solution Lido 51% this week As was Lido’s Stacked Ether (STETH) token slowly repping, Lido’s Stacked A Mass Of Ether Celsius’s ongoing liquidity crisisBecause the lender staked customer funds on Lido and currently holds at least $487 million worth of stETH in a public walletAccording to Nansen.
Stacked Ethereum is issued by Lido to represent the Ethereum that has been locked into Ethereum’s Beacon Chain – a network that will be merged with Ethereum’s mainnet in the coming months to merge the entire network into one. to be upgraded. proof-of-stake Consensus mechanism and, reportedly, render network 99.95% more energy efficient. After the merge, stETH can be redeemed 1:1 for Ether, so many expect a full repag.
On Wednesday, Ethereum Testnet Sepulia Converted to Proof-of-Stake, Ethereum developers have now tested the merge on two public testnets, including ropsten, Just one more testnet (Goerly) remains before the entire network completes “The Merge”.
Registrations on the Ethereum Name Service (ENS) rose 216% last week, with 64,000 Addresses created on Sunday and Monday alone. ENS is a decentralized domain name protocol on Ethereum that allows people to swap out their traditionally cumbersome wallet addresses for a more memorable “.eth” domain.
Finally, ProShares’ Bitcoin Short ETF (BITI) 306% increase last week To become the second largest Bitcoin ETF in the United States after ProShares’ own Bitcoin Strategy Futures ETF (BITO). BITI now has the equivalent of 3,811 BTC in net short exposure, up from just 937 BTC on June 27. mysterious researchWhile BITO has around 32,000.
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