Crypto firm Celsius pauses all transfers, withdrawals as markets tumble
Crypto lending firm Celsius has announced that it would pause withdrawals on its platform. Led by Alex Mashinsky, the firm reportedly had about $12 billion in customer assets as of May across 1.7 million users, as reported by the Financial Times.
The price of Celsius’s native token Celsius token fell sharply on the news, falling 64% to the intraday low of 0.13 USD.
Over $521,000,000 in crypto liquidated in just 24 hours as Ethereum (ETH) plummets to 14-month low
Data from Coinglass shows that more than $521 million worth of crypto positions have been obliterated in the last 24 hours. Over $443 million worth of long positions were wiped out over the past day. $86 million worth of short positions were decimated in the same timeframe.
As bears take control of the crypto markets, Coinglass reveals that Ethereum traders witnessed heavy losses between June 11th and June 12th to the tune of 168,000 ETH worth nearly $245 million.
Majority of crypto hedge funds extremely bullish on Bitcoin despite weak price action
According to data from a survey conducted by digital assets manager CoinShares in Q1 2022, focusing on crypto hedge funds and excluding crypto index funds and crypto venture capital funds.
All respondents predicted that BTC would end the year above the prevailing price upon survey closure, $40,000, with the median prediction of BTC price being $75,000. 42% of predictions were within the $75,000 to $100,000 range, with another 35% predicting the BTC price to be between $50,000 and $75,000 by the end of 2022.
Dubai-based FIVE hotels to accept Bitcoin and Ethereum payments
Crypto adoption as a payment method is rising as a Dubai-based hospitality group, FIVE Hotels and Resorts, has revealed that it will now accept payment for its services in Bitcoin and Ethereum.
The firm’s decision is tied to its latest attempt to expand into Switzerland, whose pro-crypto legislation would allow the company to accept crypto payments.
Top 10 Daily Losers
Bitcoin’s price continues to correct on June 13th, reaching the price of $25,137. The world’s largest cryptocurrency has lost 2,136 USD in value in the last 24 hours, equivalent to a drop of 8.5%.
CEL is currently suffering the biggest correction. CEL has dropped 58.65% after just 24h, trading volume reached $12,341,848. Following behind are PSTAKE (down 30.82%), STORE (down 29.91%), VR (down 28.95%),…
Nigeria Stock Exchange to launch blockchain-based platform next year
In a bid to boost investment in its local economy, the Nigeria Stock Exchange (NGX) Ltd. has revealed its plans to launch a blockchain-enabled exchange platform next year, according to a Bloomberg report.
Speaking on the development, the Chief Executive Officer of the exchange, Temi Popoola, explained that the move is primarily designed to increase interest and boost investment in Nigeria’s local market, especially among young people.
SHIBA INU active whale addresses jump 44% as SHIB usage increases
SHIBA INU whales have been more active in the last 24 hours. WhaleStats’ analysis of the top 100 SHIBA INU holders reflects a 44.44% spike in active addresses as crypto whales interacted with billions of SHIBA INU.
The top 5,000 ETH whales now own $603,009,840 worth of SHIB. Also, SHIBA INU gained more holders in June. According to WhaleStats, the total number of SHIB holders is currently 1,177,885.
Tron DAO buys $50M worth of Bitcoin and TRX to add to USDD reserves
Tron DAO Reserve has announced that it has purchased Bitcoin and TRX worth $50 million to add to USDD’s reserves.
The stablecoin of USDD is now backed by 14,040.6 Bitcoin, 140 million USDT, and 1.906 billion in TRX.
Traditional hedge funds not deterred by crypto market downturn and volatility
According to the 4th Annual Global Crypto Hedge Fund report by PricewaterhouseCooper (PwC), 89 hedge funds were involved in a survey conducted in Q1 2022.
The research revealed that 38% of traditional hedge funds were already investing in cryptocurrency, a jump from 21% recorded a year ago. Also, two-thirds of the entities surveyed currently investing in digital assets are looking to increase their allocation by the end of 2022.
EU countries close to reaching deal on crypto regulation
European Union countries are close to reaching a deal in the Markets in Crypto-Assets (MiCA) regulatory framework, Bloomberg reports.
Regulators are mulling over limiting the size of transactions made with dollar-backed cryptocurrencies. Member states are also considering creating a slew of anti-money laundering rules that have to be included in the regulatory framework.