The embattled Harbour Trade credit pool minted $1.5 million of DAI stablecoin secured with loans to a consumer electronics firm, which defaulted on $2.1 million of debt.
DAI stablecoin issuer MakerDAO’s community has decided to halt lending to a tokenized credit pool on the Centrifuge protocol after accruing $2.1 million of loan defaults.
In a governance vote that concluded Thursday at 12 p.m. (ET), voters unanimously favored stopping additional lending to the embattled credit pool, managed by fintech firm Harbor Trade. Maker is led by a decentralized autonomous organization (DAO), where those who hold MKR tokens can participate in governance decisions.
“While Harbor Trade has verbally committed to cease additional draws and voluntarily wind down the vault, community members have expressed concern about the existing 7 million Debt Ceiling and the risk of potentially increasing exposure to this vault,” a MakerDAO governance post said.
Maker’s $4.5 billion stablecoin DAI is backed by debt positions overcollateralized by cryptocurrencies, and increasingly, tokenized versions of loans and bonds, to earn a yield.
The Harbor Trade credit pool minted some $1.5 million of DAI stablecoins from MakerDAO and secured them with loans made to a consumer electronics firm. The borrower firm failed to pay down $2.1 million of debt matured in April.
Harbor Trade is “actively engaged in the workout process” and forecasts “a meaningful or full recovery,” according to MakerDAO, but the procedure could take six months or more.
Bitcoin investors have been unmoved by recent macroeconomic data. Muted reactions suggest that they’ve already priced in much of what has occurred
Initial jobless claims in the United States for the week ending July 15, declined to 228,000, 9,000 lower than the prior week, and below expectations for 242,000. The second, consecutive weekly decline reflects a persistently strong labor market and
It also marks the mild reaction to significant macroeconomic events over the past 10 days.
BTC prices moved less than 2% after last week’s Consumer Price Index, Non-Farm Payrolls and Quarterly GDP growth.
The knee-jerk narrative for cryptocurrencies for today’s release is that tight labor markets prolong any chance that the Federal Open Market Committee (FOMC) will halt interest rate increases. This would likely limit crypto prices.
The real-time crypto market reaction suggests that crypto investors have already included this into their investment calculus. So while a lid appears to be on bitcoin prices, its appears to be a light one, applying minimal downward pressure
BTC prices fell 0.22% during the 8 AM ET hour, following the data release. Ether by comparison sank 0.25%. Both declines occurred on lower than average volume, illustrating the muted impact of what has become a recurring theme for U.S. labor markets.
The 4-week average of jobless claims declined for the third consecutive week. If the FOMC is looking for weaker job growth before pivoting to a lower interest rate environment, this news would not support such a move.
Further exacerbating tight labor markets is higher median earnings for wage and salaried workers. According to the Bureau of Labor Statistics, second quarter median earnings for full- time wage and salary workers was 5.7% higher than a year prior, compared to a current 4% increase in Consumer Prices.
While inflation has been steadily declining, labor markets and overall earnings’ strength would likely cause prices to rise, were the FOMC to forego a rate hike. Market expectations for a 25 basis point (bps) increase on July 26 are now 99.8%, up from 98% a day prior.
Crypto investors seem unfazed with bitcoin levels almost identical to where they stood 30 days ago. The same holds true for Ether, as both assets have been trading near their respective 20-day moving averages.
Momentum for both is neutral as well. Their respective Relative Strength Index (RSI) figures sit near 50, signaling neither bullish nor bearish sentiment.
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.
The exchange is requiring Coinbase Borrow customers with outstanding loan balances to pay them back by November 20.
Coinbase Borrow, a program that allowed customers to receive fiat loans of up to $1 million against as much as 30% of their bitcoin (BTC) holdings, will be shutting down over the coming months as the company focuses its resources on products that “customers care about most,” a spokesperson told CoinDesk Thursday.
Customers who hold loans through the program will have until November 20, 2023 to pay back any outstanding loan balances.
“We have notified impacted loan holders and are taking extra measures to ensure a smooth transition for them, including providing a four-month loan repayment period and access to prioritized customer support through Coinbase One,” according to a statement sent to CoinDesk. Coinbase One is a monthly subscription product with multiple benefits for traders.
Coinbase announced in May that it was no longer allowing Coinbase Borrow customers to take out new loans as part of a regular process of re-evaluating its products.
The California-based exchange has been under increased scrutiny by U.S. regulators, specifically the Securities and Exchange Commission (SEC), for its operations in the U.S., and has been doubling down on its businesses elsewhere.
A spokesperson told CoinDesk back in May that the shutdown of Coinbase Borrow was simply due to reduced demand.
The bill aims to set out clear rules for the digital assets ecosystem.
U.S. House Republicans introduced a new digital assets oversight bill on Thursday that aims to establish a regulatory framework to protect investors in the crypto sector.
“Today’s introduction of the Financial Innovation and Technology for the 21st Century Act marks a significant milestone in the House Committees on Agriculture and Financial Services efforts to establish a much-needed regulatory framework that protects consumers and investors and fosters American leadership in the digital asset space,” said Chairman of the House Committee on Agriculture Rep. Glenn “GT” Thompson (R-Pa.) in a statement.
The bill, first drafted in early June, aims to lay down a regulatory path for crypto exchanges to register with the U.S. Securities and Exchange Commission (SEC), and would enable them to trade digital securities, commodities and stablecoins all in one place.
“The crypto industry wants clarity and our collaborative bill gives both the CFTC and SEC a seat at the table. Our bill establishes clear principles to ensure financial security and certainty as digital asset developers continue to innovate,” said Dusty Johnson (R-S.D.) in the statement.
The U.S. DOJ also wants to ban the disgraced FTX founder and all parties involved in the case from making any out of court statements in the future.
ABD Adalet Bakanlığı (DOJ), eski FTX CEO’su Sam Bankman-Fried’i Caroline Ellison’ın özel günlüğünü New York Times’a sızdırmakla suçladı.
Suçlama, NYT’nin Ellison’ın özel düşüncelerini içeren bir makale yayınlamasının ardından DOJ’un davadaki tanıklar ve diğer taraflar tarafından yapılan tüm mahkeme dışı ifadelerin yasaklanmasını istemesine yol açtı.
ABD Avukatları, “Sanığın eylemleri -Caroline Ellison’ın kişisel yazılarını bir New York Times muhabiriyle paylaşması-” müstakbel tanıkların ifadesi veya güvenilirliği” ile ilgili materyali yaymanın, varsayımsal olarak adil bir yargılama ve adaletin usulüne uygun idaresi için önemli bir olasılık veya önyargı içerdiğine dair Kural 23.1’in temel endişesini ima ediyor” diye yazdı.
Rule 23.1(a) forbids lawyers and their agents from releasing non-public information about a case if it is likely to interfere with a fair trial.
The attorneys argue that an order restricting extrajudicial statements is necessary due to the intense media attention this case has received and the defendant’s attempt to manipulate media coverage to his advantage.
They also say that the defendant’s actions may taint the jury pool and constitute harassment of Ellison. They are also concerned that this would deter other potential trial witnesses from testifying due to fear of public humiliation and personal discrediting.
This request comes as FTX’s interim leadership has filed a separate civil case against Bankman-Fried, Ellison, and other executives seeking to recover cash and reverse transactions that are collectively worth over $1 billion.
Davadaki iddialar arasında Bankman-Fried’in 10 milyon dolarlık FTX.US fonunu kişisel hesabına yönlendirdiği, kardeşi Gabriel’in ada ülkesi Nauru’yu vakıf fonlarıyla satın almayı planladığı ve karma şirket-müşteri fonları kullanılarak siyasi olarak 100 milyon doların üzerinde bağış yapıldığı yer alıyor.
Davaya göre Ellison, büyük bir FTX nakit krizi sırasında kendisine 22,5 milyon dolarlık bir ikramiye verdi.
A bunch of actual hamsters are racing on a new platform, and returns-starved traders are placing BUSD-based bets on who wins.
Bitcoin (BTC) yatay seyrederken ve merkezi olmayan finans (DeFi) sektörü, ayı piyasası durgunluğundan tamamen kurtulamadığı için, kripto tüccarları getiri elde etmenin yeni bir yolunu buldu.
Blockchain tabanlı platform Hamsters.gg, kullanıcıların gerçek hamster yarışlarına bahis oynamasına izin verir. “Hamsterler gerçek ve bahisler gerçek. Hamsterler bir parkurda koşuyor ve bitiş çizgisini geçen ilk hamster kazanıyor,” diye açıklıyor site.
“Rocky” ve “Buster” gibi yıldız hamster yarışçıları şimdiden yarış başına 500$’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.
The Wormhole Gateway is designed to make it easier for developers and users to on-ramp liquidity into the Cosmos ecosystem.
Wormhole Vakfı, Cuma sabahı Cosmos ekosisteminde yeni bir köprü başlatıldı ve bu köprü, likidite ile 20’den fazla farklı blok zincirindeki kullanıcılar herhangi bir Cosmos uygulama zincirine bağlanan ilk köprü oldu.
Bir Wormhole blog gönderisine göre ağ kaynakları köprüsü, geliştiricilerin ve kullanıcıların “Cosmos ekosistemini büyütmek için likiditeyi” artırmak amacıyla herhangi bir Cosmos zincirine token yüklemesini yorumlamak için tasarlanması.
Wormhole, Cosmos tabanlı bir blockchain olan Injective ile entegre olarak 2022’de Cosmos ekosistemine genişlerken, bu lansman tüm uygulama zincirleri ağını yansıtıyor.
Web sitelerine göre, Wormhole’un çeşitli köprülerinde kilitli toplam değer 378 milyon doların üzerinde.
The long-awaited Nasdaq-style national bourse for crypto has been operational since July 17, according to an official announcement from Thursday.
Ülkenin emtia düzenleyicisinden Perşembe günü yapılan bir duyuruya göre, Endonezya borsası ve dijital varlıklar için takas odası, birden fazla gecikmenin ardından nihayet faaliyete geçti.
Hükümet başlangıçta 2021’in sonuna kadar operasyonlara başlamayı planlamıştı, ancak en son Şubat ayında olmak üzere sonraki gecikmeler fırlatmanın ertelenmesine neden oldu. Duyuruya göre, kripto için uzun zamandır beklenen Nasdaq tarzı borsa 17 Temmuz’dan beri faaliyette.
“The establishment of exchanges, clearing houses and managers of crypto asset storage is proof that the government is present in an effort to create a fair and fair crypto asset trading ecosystem to guarantee legal certainty and prioritize protection for the public as customers,” Didid Noordiatmoko, head of the Indonesian Commodity Futures Trading Supervisory Agency (Bappebti), said in a statement to the press.
Bappebti will work with the country’s Financial Services Authority (OJK), the central bank and the Ministry of Finance in running the platform, CoinDesk Indonesia reported. According to Noordiatmoko, the crypto exchange is designed to help the local industry run smoothly and mitigate crypto-related risks.
Endonezya, hükümetin yerel ekonomiye ve ülkenin küresel riskine fayda sağlamak için sektörü büyütmeye ilgi göstermesiyle kripto varlıklarını hızlı bir şekilde benimseyen bir ülke olarak ortaya çıktı.
Banque de France said it ran multiple experiments to test central bank digital currencies for wholesale payments, issued “directly on” distributed ledger technology.
Fransız Merkez Bankası, Cuma günü yaptığı duyuruda, kriptoyu güçlendiren teknolojileri kullanarak çok sayıda test gerçekleştirdikten sonra, toptan merkez bankası dijital para biriminin (wCBDC) sınır ötesi ödemeleri, mutabakat kesinliğini ve çok çeşitli finansal varlıklar için güvenliği iyileştireceğini belirledi.
Merkez bankası, “Bu deneyler aracılığıyla, Banque de France, wCBDC’yi doğrudan DLT [dağıtılmış defter teknolojisi] üzerinde yayınlamak için kavramsallaştırdığı üç modelin operasyonel fizibilitesini ve pratik uygulamasını gösteriyor.”
Banque de France began experiments on a wCBDC in March 2020. It conducted a second stage of experiments by mid-2022 and has so far completed twelve experiments, including one to settle a bond worth 100 million euros ($104 million) with Luxembourg. Other experiments include projects with the Monetary Authority of Singapore, the Swiss National Bank and the Innovation Hub of the Bank For International Settlements (BIS).
The experiments have shown a wholesale CBDC would “be key for native digital assets and tokenized assets that fall under the category of unlisted financial assets and which cannot currently be settled,” according to the bank.
Dünyanın dört bir yanındaki merkez bankaları, parasal otoritenin BIS’i gruplandırarak birden fazla deneye öncülük etmesiyle, toptan ödemeleri iyileştirmek için aktif olarak CBDC’ler üzerinde deneyler yapıyor. Hindistan benzer testlere başlarken, Avrupa Merkez Bankası 2024’te başlayacak. Fransız merkez bankası, Avrupa’nın keşif çalışmalarını desteklemenin sonraki adımlardan biri olacağını söyledi.
Fransız merkez bankası, politika çıkarımları arasında, toptan bir CBDC yayınlamanın, dijital euro gibi bir perakende CBDC’leri tamamlayacağını buldu. Bankalar, kesintisiz veri alışverişi için birlikte çalışabilirlik, uluslararası işbirliği ve daha kapsayıcı bir küresel CBDC çerçevesi için kamu-özel sektör ortaklıklarının öncelik olmaya devam ettiğini söyledi.
Bankaya göre, “iklim endişeleri, toptan CBDC’lerin tasarımında enerji açısından verimli çözümler geliştirme ihtiyacını vurguluyor.”
