Tech stocks such as Tesla and Netflix, which crypto prices tend to correlate with, sold off during the day as investors shied away from risk assets.
Cryptocurrencies slid lower Thursday with bitcoin (BTC) revisiting the bottom threshold of its month-long trading range, while Chainlink’s LINK rallied solo among the largest crypto assets.
BTC’s price dipped to as low as $29,593 during the afternoon hours, near its lowest point in a month. The largest cryptocurrency by market value has been see-sawing in a tight channel since June 21, bouncing from the $29,500 level multiple times to trade as high as $31,809.
Ether (ETH) buckled below $1,900 to change hands 1% lower than 24 hours ago.
Ripple’s XRP pared some of its impressive gains from previous days, dropping some 6% in the last 24 hours. The token’s price almost doubled to 93 cents a week ago, following a partial court victory against the U.S. Securities and Exchange Commission (SEC). After the decline, it was still trading at around 79 cents.
LINK, the native token of the Chainlink ecosystem, defied the market slump and was the only crypto asset with sizable gains among the 40 largest tokens by market capitalization.
The token surged 15% through the day above $8 for the first time in nearly three months as some large investors – whales in crypto jargon – acquired $6 million of tokens. The price action came after Chainlink released this week an interoperability protocol that facilitates communication between blockchains and banks, tested by interbank communication system Swift.
The CoinDesk Market Index, which tracks the performance of a basket of digital assets, gained early in the day then retreated and was down 1.26% over the last 24 hours.
Crypto investors might have been concerned by a sell-off in tech stocks. The NASDAQ 100 index (NDQ) declined 2% during the day, as investors dumped shares of tech giants Tesla (TSLA) and Netflix (NFLX) after their underwhelming quarterly earnings reports, dropping some 9%.
Cryptocurrency prices have a history of correlating with risk assets such as the tech-heavy NDQ, although the relationship has wobbled this year.
“Seems like we are just having a risk-off day in general after a massive run for weeks, with investors taking profits and rebalancing,” Brett Sifling, director at investment firm Gerber Kawasaki Wealth & Investment Management, told CoinDesk in a call.
A bunch of actual hamsters are racing on a new platform, and returns-starved traders are placing BUSD-based bets on who wins.
Bitcoin (BTC) yatay seyrederken ve merkezi olmayan finans (DeFi) sektörü, ayı piyasası durgunluğundan tamamen kurtulamadığı için, kripto tüccarları getiri elde etmenin yeni bir yolunu buldu.
Blockchain tabanlı platform Hamsters.gg, kullanıcıların gerçek hamster yarışlarına bahis oynamasına izin verir. “Hamsterler gerçek ve bahisler gerçek. Hamsterler bir parkurda koşuyor ve bitiş çizgisini geçen ilk hamster kazanıyor,” diye açıklıyor site.
“Rocky” ve “Buster” gibi yıldız hamster yarışçıları şimdiden yarış başına 500$’a varan bahisler çekiyor. “CK” gibi diğerleri o kadar şanslı değil – 326 yarış kaybediyor; sadece 8 kazanıyor. Görünüşe göre bu yarışlar birkaç saatte bir gerçekleşiyor, bu sırada bir sohbet kutusu aydınlanıyor, en az 1.000 izleyici çekiyor ve sanal bira ve sosisli sandviç emojileriyle tamamlanıyor.
“Sipping wine, betting on hamster racing…does it get any better than this?,” a recent message on the Hamsters chatbox reads. Some others are trying to mathematically win: “Whos got some stats on these hamsters? do we have weight classes?”
Crypto traders has a knack for jumping on gambling platforms and memecoins, mainly after the rise of tokens such as dogecoin (DOGE) and shiba inu (SHIB) – which jumped to tens of billions in market capitalization in the previous bull market.
Anyone can call a smart contract and issue tokens on Ethereum (or other blockchains) for a few cents, and the presence of decentralized exchanges means tokens can instantly be issued, supplied with liquidity and traded soon after.
Most of these do not last beyond a few weeks. Last year saw hopefuls bet on articles from the English language to McDonald’s branded Grimacecoins, both of which fell to nearly zero after a few weeks of trading. But some, like Pepecoin (PEPE), jump to billions in market capitalization and seem to become big-name projects.
Data shows HamstersGG went live earlier in July and live-streamed a series of races through Twitch on Thursday. Bets could be placed via U.S. dollar-pegged binance USD (BUSD) by depositing tokens from either Ethereum or BNB Chain.
Racer “Teddy” won a race in Asian morning hours – raking in thousands of dollars for those who bet on its victory. (Hamsters.gg)
And – to little surprise – there’s a HAMS token as well. A whitepaper on the Hamsters.gg site explains the platform takes a 5% cut of all bets, of which 4% is distributed to HAMS token holders.
The Ethereum-based HAMS has zooted to over $6 million capitalization nearly overnight. On-chain data shows each HAMS exchanges hands for 60 cents at writing time in Asian morning hours, a nearly 1,000% increase compared to Thursday. A Uniswap pool holds $450,000 in liquidity and has garnered $9 million in trading volumes over the past 24 hours.
Bu arada, Hamsters.gg geliştiricileri bunun yeni hamster bahis platformunun sadece başlangıcı olduğunu söylüyor. Geçen hafta bir tweet’te “Vizyonumuz uzun vadeli geliştirme ve ölçeklenebilirlik. Bu proje üzerinde üç aydan fazla bir süredir çalışıyoruz ve kendimizi sürdürülebilir ve gelişen bir ekosistem oluşturmaya adadık” dediler.
Gülünç ya da değil. Eğlenceli. Tıpkı kriptonun vahşi batısının olması gerektiği gibi.
Unlocks are staggered releases of cryptocurrencies that had been frozen to prevent early investors or project team members from selling in large numbers.
Bir süredir kripto piyasasını takip ediyorsanız, muhtemelen token kilidinin açıldığını duymuşsunuzdur. Süreç, erken yatırımcıların veya proje ekibi üyelerinin çok sayıda satış yapmasını önlemek için dondurulmuş olan belirli miktarlarda kripto para birimlerinin kademeli olarak serbest bırakılmasını ifade eder.
Serbest likiditenin kilidini açar ve bazı gözlemciler yalnızca mevcut piyasa eğilimini vurguladıklarını söylese de, yaygın olarak düşüş eğilimi gösterirler.
Analitik firması The Tie tarafından yapılan yeni araştırma, madeni paraların ortalama olarak etkinlik öncesinde düştüğünü gösteriyor. Bununla birlikte, serbest kalan likidite ortalama günlük hacmin %100’ünden fazlasını temsil ettiğinde, fiyatlar hızlı bir şekilde toparlandı ve kilidi açtıktan sonraki iki hafta içinde daha da derine indi. Firma, 100’den fazla belirteci içeren 350.000’den fazla benzersiz kilit açma olayıyla ilgili bir çalışma yürüttü.
“In cases where the unlock represented more than 100% of the average daily volume, prices tended to rebound faster, albeit for a brief period. This could be attributed to traders feeling relieved that the unlock did not flood the market with new tokens immediately,” Lawrence Lewitinn, the director of content at The Tie, wrote in Wednesday’s newsletter.
“Nonetheless, within two weeks, prices of tokens facing such significant unlocks fell below their initial levels at the time of the unlock,” he wrote. “This may suggest that holders preferred to wait a few days before selling into the market.”
The Tie’s research also showed an exponential increase in trading volumes in coins that saw large unlocks.
Grafik, ortalama işlem hacmine göre büyük kilit açma işlemlerine maruz kalan tokenlerin, olayı takip eden iki hafta içinde daha derin kayıplar yaşadığını gösteriyor. (Kravat) (Kravat)
A project leader called for adding lawyers, jurisdictions and trustees for Abracadabra DAO, the entity overseeing Magic Internet Money (MIM) and SPELL tokens.
Centralized business structures are continuing their creep into decentralized finance (DeFi), with the builders of tokens Magic Internet Money (MIM) and SPELL on Wednesday pitching a traditional legal structure to supplant the DAO overseeing the stablecoin with a nearly $700 million market cap.
In a forum post, a project leader called on Abracadabra DAO to support a “transition of power” to a centralized entity complete with lawyers, jurisdictions and trustees. Those trappings of a traditional corporation are seemingly antithetical to the notion of a DAO, the form of crypto-based business governance in which token holders directly call the shots.
“Despite our commitment to decentralization, we’ve recognized the importance of introducing a certain degree of centralized legal structure,” the AbracadabraTeam account wrote. “The purpose here is not to disrupt the decentralized nature of Abracadabra; in fact, it’s to protect it.”
Abracadabra DAO is the latest crypto project swapping the lofty idealism of decentralized governance for some degree of centralization, alongside SushiSwap and other projects. The reasons for these transitions range from heightened regulatory scrutiny to more mundane business concerns.
For Abracadabra DAO, the publicly-shared reasons seem to tilt toward vanilla. AbracadabraTeam said the centralized entity would manage the DAO’s intellectual property as well as server expenses “while still keeping control in the hands of SPELL token holders.”
Holders of SPELL (Abracadabra DAO’s governance token) will vote the project through three phases of transition, starting with picking a jurisdiction for the new entity. Four countries are on the table: Switzerland, Singapore, Malta and Bermuda.
Phases two and three will define what the new entity’s roles are and how it will operate, according to the post.
At press time, the SPELL token was trading 2.8% lower over the past 24 hours.
The anetaBTC project aims to attract bitcoin liquidity to the Cardano ecosystem.
Wrapped bitcoin token cBTC has gone live on the Cardano testnet, with the project’s developers aiming to attract bitcoin (BTC) users to the nascent Cardano decentralized finance (DeFi) ecosystem.
Users can now mint cBTC tokens from the anetaBTC protocol, and use the tokens to fund, trade, or provide liquidity to Cardano testnet protocols. These wrapped tokens are a 1:1 representation of bitcoin, but on the Cardano blockchain.
Wrapped tokens make it easy to transfer value across blockchains, which otherwise lack interoperability, allowing users to access different DeFi protocols without requiring the native tokens of that protocol.
Various DeFi enhancements have aided the rise of such protocols on Cardano since the start of 2023, with total value locked (TVL) rising from under $50 million to over $150 million in this period.
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DeFi exchanges such as Minswap, Indigo and Wingriders hold most of the TVL on Cardano, with stablecoin project Djed attracting over $15 million since its early March launch.
