DomanCrypto platform Freeway halts services citing 'unprecedented volatility'
Crypto platform Freeway has halted some of its services, citing "unprecedented volatility" in the foreign exchange and cryptocurrency markets in “recent times.” In an Oct. 23 post, the platform announced they are halting buys, deposits and will "not be buying Supercharger simulations until our new strategies are implemented." According to the Freeway website, their "Superchargers" product can offer up to 43% annual yield rewards. Users can deposit fiat currencies and crypto, which are placed ...
DomanAfter Mango Markets exploit, Compound pauses 4 tokens to protect against price manipulation
Decentralized lending protocol Compound has paused the supply of four tokens as lending collateral on its platform, aiming to protect users against potential attacks involving price manipulation, similar to the recent $117 million exploit of Mango Markets, according to a proposal on Compound’s governance forum that was recently passed. With the pause, users will not be able to deposit Yearn.finance’s YFI ( YFI $8,126 ), 0x’s ZRX, Basic Attention Token (BAT) and Maker’s MKR ( MKR $968 ) as col...
DomanWhat is decentralized identity in blockchain?
1.What is a decentralized identity? A decentralized identity is a self-owned, independent identity that enables trusted data exchange.Decentralized identity is an emerging Web3 concept based on a trust framework for identity management. Such decentralized identity management includes an approach to identity and access administration that allows people to generate, manage and control their personally identifiable information (PII) without a centralized third party like a registry, identity pro...
cryptocurrency enthusiast
DomanCrypto platform Freeway halts services citing 'unprecedented volatility'
Crypto platform Freeway has halted some of its services, citing "unprecedented volatility" in the foreign exchange and cryptocurrency markets in “recent times.” In an Oct. 23 post, the platform announced they are halting buys, deposits and will "not be buying Supercharger simulations until our new strategies are implemented." According to the Freeway website, their "Superchargers" product can offer up to 43% annual yield rewards. Users can deposit fiat currencies and crypto, which are placed ...
DomanAfter Mango Markets exploit, Compound pauses 4 tokens to protect against price manipulation
Decentralized lending protocol Compound has paused the supply of four tokens as lending collateral on its platform, aiming to protect users against potential attacks involving price manipulation, similar to the recent $117 million exploit of Mango Markets, according to a proposal on Compound’s governance forum that was recently passed. With the pause, users will not be able to deposit Yearn.finance’s YFI ( YFI $8,126 ), 0x’s ZRX, Basic Attention Token (BAT) and Maker’s MKR ( MKR $968 ) as col...
DomanWhat is decentralized identity in blockchain?
1.What is a decentralized identity? A decentralized identity is a self-owned, independent identity that enables trusted data exchange.Decentralized identity is an emerging Web3 concept based on a trust framework for identity management. Such decentralized identity management includes an approach to identity and access administration that allows people to generate, manage and control their personally identifiable information (PII) without a centralized third party like a registry, identity pro...
cryptocurrency enthusiast
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BTC was roughly flat over the past 24 hours and down by 6% over the past week. Traders remain cautious.
Bitcoin (BTC) stabilized around $36,000 and was roughly flat on Friday. The cryptocurrency traded with lower volatility over the past 24 hours, compared with yesterday's sharp sell-off in price.
Alternative cryptos (altcoins) were also relatively stable on Friday, although GALA rose by as much as 9%, outperforming other tokens on the CoinDesk 20 list. Also, Algorand's ALGO token was up by 12% over the past 24 hours.
Choppy price action over the past week continued to reflect uncertainty among traders, especially as macroeconomic risks linger.
Just launched! Please sign up for our daily Market Wrap newsletter explaining what happens in crypto markets – and wh
On Thursday, the Bank of England (BOE) hiked interest rates and warned the public about an economic downturn. That triggered fears of stagflation, or high inflation and slow economic growth, among investors. The BOE's grim outlook was the opposite of the U.S. Federal Reserve's upbeat tone on Wednesday, which temporarily assured investors that U.S. economic conditions could withstand higher rates.
Overall, the shift from accommodative monetary policy to more restrictive measures has led to an unwind of speculative activity among global investors. That could be headwind for stocks and cryptos this year.
Over the short term, price action remains neutral, and some altcoins have benefited from brief price spikes.
●Bitcoin (BTC): $35,928, −0.71%
●Ether (ETH): $2,683, −1.28%
●S&P 500 daily close: $4,123, −0.57%
●Gold: $1,883 per troy ounce, +0.47%
●Ten-year Treasury yield daily close: 3.12%
Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information about CoinDesk Indices can be found at coindesk.com/indices.
The chart below shows the ratio of buy volume versus sell volume in the bitcoin perpetual futures market. Readings below one indicate bearish sentiment among traders, similar to what occurred during previous downturns in price.
BTC's latest price range between $35,000 and $46,000 occurred alongside a persistent downtrend in the buy/sell volume ratio. That suggests some buyers have remained on the sideline despite short-term stabilization in price.
Bitcoin buy/sell volume (CoinDesk, CryptoQuant)
Ether (ETH) is down by 4% over the past week, compared with a 6% decline in BTC.
Typically, ETH underperforms BTC during down markets. This time, however, choppy trading conditions have capped the ETH/BTC ratio in a tight range over the past year. A decisive breakout or breakdown from the current range could confirm a risk-on or risk-off environment.
ETH/BTC price ratio shows support/resistance (Damanick Dantes/CoinDesk, TradingView)
Bitcoin's dominance ratio, or BTC's market cap relative to the total crypto market cap, ticked lower over the past few days. That suggests altcoins have experienced less selling pressure relative to bitcoin, which means traders are still comfortable with additional risk.
Altcoins decline less than bitcoin during rising markets because of their higher risk profile. Still, similar to the BTC/ETH price ratio, a breakout or breakdown in the dominance ratio would confirm the next phase for crypto markets.
Bitcoin dominance ratio (Damanick Dantes/CoinDesk, TradingView)
DeFi tokens underperform: April fared relatively well for memecoins, such as dogecoin (DOGE) and shiba inu (SHIB), but marked big losses for decentralized finance (DeFi) tokens, including aave (AAVE) and thorchain (RUNE), research by crypto exchange Kraken noted this week. Considering bitcoin’s (BTC) 17% loss as a benchmark, the broader DeFi sector lost 34% on average, closely followed by tokens of layer 1, or base blockchains, at 33%. Read more here.
$36 million in seized JUNO tokens moved to wrong wallet: Validators, developers and token holders are grappling with who is to blame for the copy-paste error that moved the tokens to an address no one can access. In a world where “code is law,” a simple community vote should have been enough to move tokens from one specific blockchain address to another, according to CoinDesk's Sam Kessler.
Listen 🎧: The CoinDesk Markets Daily podcast discusses the future of media subscriptions, and BTC's rough trading week.
US Jobs Report Shows Gain of 428,000, Adding to Price Pressures: Friday's Labor Department report showed that employment growth stayed robust last month, at a level that should continue to worry the Federal Reserve about a too-tight labor market.
Nvidia Failed to Disclose Cryptomining Revenue Impact in 2018, SEC Says: Without admitting or denying the charges, the chipmaker agreed to pay a $5.5 million dollar fine to settle the affair.
US Officials Add North Korea-Linked Bitcoin Mixer, More BTC and ETH Addresses to Sanctions List: The U.S. Treasury Department is ramping up efforts to ice the flow of stolen crypto from a historic $620 million hack.
The NY Mining Moratorium’s Odds Just Got a Lot Worse: The Senate Environmental Conservation Committee will not consider the controversial bill, according to a schedule released Thursday.
Most digital assets in the CoinDesk 20 ended the day higher.
AssetTickerReturnsDACS SectorAlgorandALGO+11.7%Smart Contract PlatformEOSEOS+1.1%Smart Contract PlatformXRPXRP+0.7%Currency
AssetTickerReturnsDACS SectorDogecoinDOGE−2.0%CurrencySolanaSOL−1.9%Smart Contract PlatformCardanoADA−1.3%Smart Contract Platform
Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
DISCLOSURE
*Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.*
Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.
Sign up for Crypto for Advisors, our weekly newsletter defining crypto, digital assets and the future of finance.
BTC was roughly flat over the past 24 hours and down by 6% over the past week. Traders remain cautious.
Bitcoin (BTC) stabilized around $36,000 and was roughly flat on Friday. The cryptocurrency traded with lower volatility over the past 24 hours, compared with yesterday's sharp sell-off in price.
Alternative cryptos (altcoins) were also relatively stable on Friday, although GALA rose by as much as 9%, outperforming other tokens on the CoinDesk 20 list. Also, Algorand's ALGO token was up by 12% over the past 24 hours.
Choppy price action over the past week continued to reflect uncertainty among traders, especially as macroeconomic risks linger.
Just launched! Please sign up for our daily Market Wrap newsletter explaining what happens in crypto markets – and wh
On Thursday, the Bank of England (BOE) hiked interest rates and warned the public about an economic downturn. That triggered fears of stagflation, or high inflation and slow economic growth, among investors. The BOE's grim outlook was the opposite of the U.S. Federal Reserve's upbeat tone on Wednesday, which temporarily assured investors that U.S. economic conditions could withstand higher rates.
Overall, the shift from accommodative monetary policy to more restrictive measures has led to an unwind of speculative activity among global investors. That could be headwind for stocks and cryptos this year.
Over the short term, price action remains neutral, and some altcoins have benefited from brief price spikes.
●Bitcoin (BTC): $35,928, −0.71%
●Ether (ETH): $2,683, −1.28%
●S&P 500 daily close: $4,123, −0.57%
●Gold: $1,883 per troy ounce, +0.47%
●Ten-year Treasury yield daily close: 3.12%
Bitcoin, ether and gold prices are taken at approximately 4pm New York time. Bitcoin is the CoinDesk Bitcoin Price Index (XBX); Ether is the CoinDesk Ether Price Index (ETX); Gold is the COMEX spot price. Information about CoinDesk Indices can be found at coindesk.com/indices.
The chart below shows the ratio of buy volume versus sell volume in the bitcoin perpetual futures market. Readings below one indicate bearish sentiment among traders, similar to what occurred during previous downturns in price.
BTC's latest price range between $35,000 and $46,000 occurred alongside a persistent downtrend in the buy/sell volume ratio. That suggests some buyers have remained on the sideline despite short-term stabilization in price.
Bitcoin buy/sell volume (CoinDesk, CryptoQuant)
Ether (ETH) is down by 4% over the past week, compared with a 6% decline in BTC.
Typically, ETH underperforms BTC during down markets. This time, however, choppy trading conditions have capped the ETH/BTC ratio in a tight range over the past year. A decisive breakout or breakdown from the current range could confirm a risk-on or risk-off environment.
ETH/BTC price ratio shows support/resistance (Damanick Dantes/CoinDesk, TradingView)
Bitcoin's dominance ratio, or BTC's market cap relative to the total crypto market cap, ticked lower over the past few days. That suggests altcoins have experienced less selling pressure relative to bitcoin, which means traders are still comfortable with additional risk.
Altcoins decline less than bitcoin during rising markets because of their higher risk profile. Still, similar to the BTC/ETH price ratio, a breakout or breakdown in the dominance ratio would confirm the next phase for crypto markets.
Bitcoin dominance ratio (Damanick Dantes/CoinDesk, TradingView)
DeFi tokens underperform: April fared relatively well for memecoins, such as dogecoin (DOGE) and shiba inu (SHIB), but marked big losses for decentralized finance (DeFi) tokens, including aave (AAVE) and thorchain (RUNE), research by crypto exchange Kraken noted this week. Considering bitcoin’s (BTC) 17% loss as a benchmark, the broader DeFi sector lost 34% on average, closely followed by tokens of layer 1, or base blockchains, at 33%. Read more here.
$36 million in seized JUNO tokens moved to wrong wallet: Validators, developers and token holders are grappling with who is to blame for the copy-paste error that moved the tokens to an address no one can access. In a world where “code is law,” a simple community vote should have been enough to move tokens from one specific blockchain address to another, according to CoinDesk's Sam Kessler.
Listen 🎧: The CoinDesk Markets Daily podcast discusses the future of media subscriptions, and BTC's rough trading week.
US Jobs Report Shows Gain of 428,000, Adding to Price Pressures: Friday's Labor Department report showed that employment growth stayed robust last month, at a level that should continue to worry the Federal Reserve about a too-tight labor market.
Nvidia Failed to Disclose Cryptomining Revenue Impact in 2018, SEC Says: Without admitting or denying the charges, the chipmaker agreed to pay a $5.5 million dollar fine to settle the affair.
US Officials Add North Korea-Linked Bitcoin Mixer, More BTC and ETH Addresses to Sanctions List: The U.S. Treasury Department is ramping up efforts to ice the flow of stolen crypto from a historic $620 million hack.
The NY Mining Moratorium’s Odds Just Got a Lot Worse: The Senate Environmental Conservation Committee will not consider the controversial bill, according to a schedule released Thursday.
Most digital assets in the CoinDesk 20 ended the day higher.
AssetTickerReturnsDACS SectorAlgorandALGO+11.7%Smart Contract PlatformEOSEOS+1.1%Smart Contract PlatformXRPXRP+0.7%Currency
AssetTickerReturnsDACS SectorDogecoinDOGE−2.0%CurrencySolanaSOL−1.9%Smart Contract PlatformCardanoADA−1.3%Smart Contract Platform
Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
DISCLOSURE
*Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.*
Damanick is a crypto market analyst at CoinDesk where he writes the daily Market Wrap and provides technical analysis. He is a Chartered Market Technician designation holder and member of the CMT Association. Damanick is also an equity/fixed income portfolio manager and does not invest in digital assets.
Sign up for Crypto for Advisors, our weekly newsletter defining crypto, digital assets and the future of finance.
Curve Finance integrates with Near’s Aurora network: Aurora is an EVM built on the Near protocol, offering full Ethereum compatibility, low transaction costs and trustless bridging, according to its website. The integration allows users to connect to the Aurora network on their Ethereum wallets like MetaMask when using Curve and access the decentralized application's liquidity pools, according to the press release. Read more here.
Argentina's Central Bank Bans Lenders From Offering Crypto Services: The announcement on Thursday afternoon comes after the IMF last month approved a $45 billion loan facility for Argentina that stipulated the country would discourage the use of cryptocurrencies.
Curve Finance integrates with Near’s Aurora network: Aurora is an EVM built on the Near protocol, offering full Ethereum compatibility, low transaction costs and trustless bridging, according to its website. The integration allows users to connect to the Aurora network on their Ethereum wallets like MetaMask when using Curve and access the decentralized application's liquidity pools, according to the press release. Read more here.
Argentina's Central Bank Bans Lenders From Offering Crypto Services: The announcement on Thursday afternoon comes after the IMF last month approved a $45 billion loan facility for Argentina that stipulated the country would discourage the use of cryptocurrencies.
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