2022-06-14 12:13:27
Hawkish Monetary Policy Drives $100M Out Of US Crypto Funds
According to the latest edition of CoinShares' weekly Digital Asset Fund Flows report, institutional investors offloaded $101.5 million worth of digital asset products last week in anticipation of hawkish monetary policy from the U.S. Federal Reserve.
The CoinShares report read,
“What has pushed Bitcoin into a “crypto winter” over the last six months can by and large be explained as a direct result of an increasingly hawkish rhetoric from the US Federal Reserve.”
The data suggests that US investors accounted for outflows totalling $98 million between June 6 and June 10, while Europe accounted for only $2 million. Most of these outflows came from products offering exposure to BTC and ETH, with ETH in comparison showing notably more outflows to inflows YTD.
This suggests that Bitcoin still remains the preferred asset over other assets among institutional investors. However, it appears that institutional investors managed to sell off their BTC and ETH products before most of the recent price carnage happened to both assets.
https://cointelegraph.com/news/almost-100m-exits-us-crypto-funds-in-anticipation-of-hawkish-monetary-policy
NFT Floor Prices Tumble Alongside Broader Crypto Market Crash
While the cryptocurrency market faced a 14% drop in overall value over the past 24 hours, NFT collections seem to have joined the party as floor prices of many collections took a tumble, due in part to the falling ETH price in recent days.
Blue-chip NFT project Bored Ape Yacht Club (BAYC) has seen its floor price drop from 152 ETH (roughly worth $429,000 at the time) on April 29th to 74.5 ETH (currently worth around $100,000) today.
Surprisingly, NFT trading volume has increased dramatically in the last 24 hours, up 54% from the previous period, implying that collectors are taking advantage of decreased prices.
https://decrypt.co/102802/nft-floor-prices-sink-amid-crypto-crash-but-overall-sales-on-the-rise
BlockFi, Crypto.com Reduce Workforce as Market Meltdown Worries Deepen
As the broader crypto market heads toward pandemonium, the effects are felt quite deeply by many industry players. On Friday, both Crypto.com and BlockFi Inc. announced that they were reducing their current workforce by 5% and 20% respectively.
And earlier this month, crypto exchange Gemini Trust Co. said it plans to slash 10% of its staff while Coinbase Global Inc. took it a step further by announcing that it was rescinding job offers and freezing hiring.
BlockFi is also searching for new funding at a lower valuation of $1 billion, down from its earlier valuation of $3 billion. The decreased valuation is another indicator that venture capitalists' interest in the crypto business is waning.
https://www.bloomberg.com/news/articles/2022-06-13/blockfi-crypto-com-slash-jobs-as-market-meltdown-worries-swirl
ETH Flash Crash Sends Price Under $950 on Uniswap
Late last night, the price of ETH on Uniswap hit $950 after a whale dumped more than 65,000 ETH into the market for various stablecoins. It is reported that the ETH was dumped to pay off a $73 million debt on Oasis.app, a DeFi lending platform.
To repay another $32 million in debt, the Oasis borrower continued the selling rampage, dumping another stash of roughly 28,000 ETH five hours after the first selloff. As a result, the whale flushed 93,000 ETH in less than six hours. At the time of dumping, the sum was worth around $112 million.
https://cointelegraph.com/news/ethereum-price-flash-crashes-to-950-on-uniswap-as-whale-dumps-93k-eth
Binance US Faces Class Action Lawsuit On Charges Of Misleading Investors
In a class-action lawsuit filed Monday in The United States District Court for the Northern District of California, crypto-exchange Binance.US has been accused of misleading investors via false advertising that the Terra stablecoin was more stable than it really was.
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