Crypto World Analysis

2022-06-23 10:39:02 Crypto Market Crash Pauses Commercial Deals With Sports Firms

Currently, some firms are beginning to feel the heat from a different angle. This involves sponsorship deals between these digital currency companies and sports teams. This is particular to the crypto firms that have already spent hundreds of millions on the matter.

As of 2021, the news reported that many digital currency firms invested billions of dollars in sponsoring sports. These companies had believed that the same would occur in 2022, only to wake up to the dawning of the downturn in the crypto market. This led them to make some hard decisions, such as trimming costs and staff headcounts. Moreover, companies that ventured into heavy sports deals are seeking ways to sustain their operations. As such, there is a need to cut down costs.

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2022-06-22 06:12:02 Major Crypto Exchanges Went Offline as Cloudflare Suffered Another Outage

Earlier today, web infrastructure platform Cloudflare suffered another major outage causing half of the Internet to collapse, crippling major communication platforms and crypto exchanges, including Discord and FTX.

During the Cloudflare outage, which lasted for 25 minutes, crypto users who tried to access the websites of service providers like FTX, Bitfinex, CoinMarketCap, and OKX, were met with a “500 Internal Server Error” message. Immediately after the affected exchanges noticed the issue, they informed users about it via Twitter, with OKX’s CEO, Jay Hao, asking if there is any web3 alternative to prevent such from happening in the future.

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2022-06-21 17:33:13 Crypto World Analysis pinned a photo Open / Comment

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2022-06-21 14:10:17 Insights and Breaking News on Bitcoin and the whole ecosystem.

t.me/Bitcoin_Insights Open / Comment

2022-06-21 06:52:02 MakerDAO Pauses AAVE Lending Activities

The decentralized organization has voted for disabling the Direct Deposit Module on Aave, which is a direct way of turning off borrowing operations against derivatives like stETH, which had some issues in recent days following the decoupling of the asset from the original ETH due to a lack of liquidity on the platform.

The member of MakerDAO explained the organization's position on lending and borrowing operations on AAVE, saying that they believe it is risky to leave the operation intact as most borrowed DAI stablecoins are backed by stETH, which remains under heavy pressure. The stETH token is a derivative used for providing liquidity to Ethereum 2.0 validators who are willing to trade their stacked tokens without the transition of the main Ethereum network to the proof-of-stake consensus algorithm.

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2022-06-20 11:23:02 Mad Money's Jim Cramer Expects Bitcoin to Fall to $12,000

The host of Mad Money, Jim Cramer, has predicted that bitcoin’s price will fall to $12,000. Nonetheless, he has recommended bitcoin and ether for people wanting to invest in crypto.He was asked whether he thinks bitcoin is going to bounce from the current level, or whether BTC will go down another 50% or more.

Jim Cramer, the host of Mad Money, talked about the future outlook for bitcoin on CNBC Friday. Cramer is a former hedge fund manager who co-founded Thestreet.com, a financial news and literacy website. Microstrategy recently debunked the rumor that it is facing a margin call for a bitcoin-backed loan from Silvergate Bank and will need to liquidate some BTC.

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2022-06-19 12:02:02 Adam Back Reiterates $100K BTC Price Prediction

Despite the recent pullback of the cryptocurrency market, the British cryptographer and an outspoken supporter of bitcoin – Adam Back – thinks the asset could tap $100,000 by the end of 2022. He also admitted that he kept buying amounts of BTC and HODL for the long term.

The cryptocurrency industry has collapsed significantly in the past week, causing panic among investors and doubts about whether the asset class could overcome its issues. An example of the minor mood is Bitcoin’s Fear and Greed Index, which dropped to 7 (a level unseen since early 2020 when COVID-19 shocked the world). Contrary to the negative trend, the CEO of the blockchain technology firm Blockstream – Adam Back – envisioned a bright future for the primary cryptocurrency, forecasting its USD valuation to tap $100,000 by the year’s end.

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2022-06-18 07:47:02 Tether Claims 'Coordinated' Conspiracy Is Trying to Take It Down

Tether goes on to claim that these rumors are part of a "Coordinated" attempt to generate profits from a failing Tether. "Tether condemns such attempts which oftentimes see simple users take the biggest hit, while few coordinated funds increase their profits."

Tether " held sufficient fiat reserves in its accounts to back USDT tether tokens in circulation for only 27.6% of the days in a 26-month sample time period from 2016 through 2018," the CFTC said, adding that Tether co-mingled reserve funds with corporate and user funds, and held non-fiat instruments as reserves.

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2022-06-17 07:22:02 Total Flows on Exchanges Shows 370% Rise as Market’s Volatility Topping

With the spike in volatility on the cryptocurrency market, exchanges have faced a massive spike in inflows as traders were actively shorting, withdrawing and hedging on the market, according to IntoTheBlock.

The massive spike in exchange outflows could have been one reason for a series of withdrawal limitations on the biggest centralized exchangers in the industry, including Binance. While the exchange's representatives stated that it was nothing but a technical issue, users started to move their funds away from exchanges in panic. During periods of high upward volatility, exchanges usually see higher inflows as users are looking for ways to gain exposure to rallying assets.

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