Author: Donald Munn
Citizens in Argentina appear to be relying on stablecoins in anticipation of the collapse of the national fiat currency Argentine peso. The main cause of this event is political-economic uncertainty that is driving up inflation and devaluation of the local currency. Argentina relies on stablecoins because of the political-economic situation According to reports, it appears that Argentina is relying on stablecoins and foreign currencies because of a major devaluation of its national fiat currency, the Argentine peso, caused by political-economic uncertainty. In fact, it appears that the dollar-peso exchange rate has plummeted mainly due to the resignation of Economy Minister…
British company Graff Diamonds has paid a $7.5 million ransom in Bitcoin to a Russian hacker gang. Russian hackers demand ransom in Bitcoin Graff Diamonds company sent the ransom to a BTC address owned by Russian hackers This was revealed by Bloomberg citing an ongoing lawsuit in London. Graff Diamonds Corp. is a diamond company, and in particular the cutting and polishing of rough diamonds, as well as the design, manufacture and retail distribution of luxury jewelry and watches. According to Bloomberg, they allegedly had their high-profile customers’ data stolen, and were persuaded by hackers to pay a ransom in…
A report by Bank of America shows how the number of crypto users has dropped by 50% in recent months. Source pic.twitter.com/oM391i7FOK — Watcher.Guru (@WatcherGuru) July 5, 2022 The crypto bear market is followed by a consistent decline in active users The collapse of the crypto market in these first six months of 2022, in the range of 60/70% have also drastically decreased active users of the digital currencies, which have dropped by 50%. At least that is what a newly released Bank of America report claims, and it covers only the bank’s clients. The bank’s cryptocurrency users fell to…
Voyager Digital Holdings filed for bankruptcy yesterday. In fact, it officially filed for what is known as Chapter 11, which is the provision in US bankruptcy law that allows companies a debt restructuring following a major financial failure. Voyager’s bankruptcy: the bear market strikes again Voyager declares bankruptcy and initiates US bankruptcy proceedings Voyager’s story is linked to that of another bankruptcy, namely that of 3AC. In late June, in fact, Voyager Digital Holdings itself had placed the Three Arrows Capital (3AC) fund in default, causing a Virgin Islands court to declare the fund bankrupt. The company demanded that the…
Bitstamp has introduced an “inactivity fee”: the new monthly fee of 10 euros for users who have not been trading, depositing, withdrawing or staking on the platform for 12 months. Bitstamp and the “inactivity fee” as a new form of revenue for the crypto exchange According to Bitstamp‘s report, starting from 1 August 2022, all users who have not traded, deposited, withdrawn or staked crypto in the past 12 months and who have a balance of less than €200 will be charged the new “inactivity fee.” The new fee will be applied to inactive users and will be 10 euros…
A few days ago in a report by JPMorgan Chase & Co. it was written that the current Bitcoin and crypto bear market might be coming to an end. According to JPMorgan, the crypto market decline may be coming to an end The collapse of Bitcoin and altcoins could almost be over according to JPMorgan This was reported by Bloomberg, revealing the contents of a note by some strategists at the well-known investment bank, including Nikolaos Panigirtzoglou. This note argues that the current phase of cryptocurrency deleveraging is in such a decidedly advanced state already that it may not last…
Goldman Sachs is no stranger to taking an interest in crypto, it had done so before and probably alongside Barclays is the financial institution of global reach that has taken the most interest in digital currencies over the years. Goldman Sachs interested in Bitcoin Goldman Sachs is increasingly entering the Bitcoin world and crypto in general In March 2021, the investment bank had already shown the extent of its interest in Bitcoin by taking an interest in OTC transactions. Essentially, the institution had taken an interest through one of its ad hoc teams in studying an over-the-counter (OTC) crypto instrument.…
Yesterday, FinTech Acquisition Corp. V announced that it will no longer take over the exchange and social trading giant, eToro, thus putting the brakes on its stock market entry. Terminated negotiations with FinTech V to bring eToro platform to the stock exchange The strong bearish phase of the crypto market has interrupted eToro’s entry on the Stock Exchange Negotiations for the SPAC had begun a year ago and had seen the platform’s valuation at $10 billion. A SPAC, which stands for Special Purpose Acquisition Company, is an alternative to an IPO for a company to go public. It makes use…
USDC’s market capitalization is getting closer to that of USDT (Tether). USDC and Tether are getting ever closer Circle’s stablecoin is increasingly becoming a dangerous rival to USDT In fact, USDT has fallen again. Before the collapse of the crypto markets caused by the explosion of the Terra ecosystem it was about $83 billion, then dropped to $72 billion at the end of May. Since then, the decline has not stopped, and it had also fallen below 67 billion by the end of June. In recent days it has dropped again, also falling below 66 billion. In contrast, USDC went…
Within two days, cryptocurrency lending company Celsius Network paid off its loans totaling $154.8 million in Bitcoin as the liquidation price dropped yesterday to $2,722.06. Celsius Network and the payment of its loans in Bitcoin It appears that cryptocurrency lending company Celsius Network has been paying off its loans in Bitcoin, totaling $154.8 million, with the liquidation price dropping to $2,722.06 yesterday. JUST IN: Celsius Network has paid off another $40.8 million towards its #Bitcoin loan. Their liquidation price has dropped to $2,722.06 — Watcher.Guru (@WatcherGuru) July 5, 2022 “JUST IN: Celsius Network has paid off another $40.8 million towards…