Market Value as of June 21, 2021:
Bitcoin closed June 20, 2021, at $35,787 per BTC. We’re down 9.4% within the final 7 days and down 5% within the final 30 days. That is additionally 44.78% under the all-time excessive of $64,804, which was hit on March 13, 2021.
Bitcoin’s market capitalization stands at the moment at $664,091,663,753 which is 43.46% of your entire cryptocurrency market. Your complete crypto market, by the best way, now has a market cap of $1,528,279,924,734 (+0.5%).
On the desk above, there’s the cryptocurrency SLP. For those who surprise what that’s, take a look at this text: Playing Axie Infinity vs Minimum Basic Salary in the Philippines.
Iron Finance Implodes After ‘Financial institution Run’
At its peak complete worth locked (TVL) of over $Three billion, Iron Finance was the brand new DeFi darling. Nevertheless it imploded, the TITAN token, which is the collateral token of the protocol rose to $64 after which again to just about zero on June 16. Traders together with Mark Cuban misplaced rather a lot their cash.
Iron Finance has two tokens. The $IRON stablecoin is pegged at $1. Its worth is backed by USDC and TITAN, the collateral token. At first every IRON is 100% backed really by USDC, however when demand elevated and new capital got here in, that 1 USDC was step by step decreased and changed by a portion of TITAN. As Defiant stated, this mechanism created a suggestions loop as extra TITAN is required to mint every new IRON token. Coupled with yield farming, the TITAN token elevated in worth and gave extra yields to farmers, resulting in extra demand — extra folks taking part, and so forth.
Some traders took revenue at $64, inflicting the worth to drop to $60. When it dropped additional, giant traders bought theirs as effectively, pushing the worth additional and additional. At one level, it went again up from $30 to $50, increasingly more TITAN tokens acquired minted. What was presupposed to be simply 1 billion tokens ballooned to 33 trillion.
In a flip of occasions, Mark Cuban is now calling on regulators to “outline what a stablecoin is and what collateralization is suitable.”
Chinese language Bitcoin Mining Swimming pools See Additional Hash Fee
Information from BTC.com reveals nearly all of the 15 Bitcoin mining swimming pools have seen notable hash price drops. These mining swimming pools are both China-based or serving China-based traders. The plunge was attributable to new ruling from the Sichuan authorities to order state owned energy grids to terminate provide to 26 mining farms. The ruling additionally required additional inspection of the mining farms and people utilizing hydroelectricity coming from the State Grid.
Whether or not this occasion is already priced in by the market or not stays to be seen, as a result of Bitcoin has been on a downtrend since June 15.
Why Ethereum Fuel Charges Have Plunged?
It’s now comparatively cheaper to transact once more on the Ethereum community. For $Four or much less you possibly can ship one thing. In contrast to final March and April the place many skilled paying $100 for, say, shopping for an NFT artwork.
- DeFi and NFT transactions have declined.
- Every day transactions on the Ethereum blockchain have fallen.
- There’s an elevated utilization of Layer 2 scaling options like Polygon (previously Matic).
Right here’s the day by day transaction chart on Polygon:
Nonetheless, gasoline charges are anticipated to stay low, significantly when scaling options like Optimism Rollups arrive.
Native Crypto Information
Filipino-Led Yield Guild Video games Raises $4M in Sequence A Led by BITKRAFT Ventures
Yield Guild Video games (YGG) has raised $Four million to speed up its mission of bringing the “play-to-earn” phenomenon to extra gamers all over the world, the decentralized autonomous group (DAO) introduced at the moment. The Sequence A funding is led by BITKRAFT Ventures, a worldwide funding agency for gaming, esports and interactive media. The spherical was additionally participated by A.Capital Ventures, IDEO CoLab, Mechanism Capital, and ParaFi Capital in addition to current traders Animoca Manufacturers, Ascensive Belongings, and SevenX Ventures. (Read More.)
Filipino-Led OP Video games Be a part of Forces With Gitcoin To Bridge Recreation Builders To Net 3.0
Outplay Video games (OP) Video games, a platform that lets builders and communities personal, run, and monetize video games as a collective be part of forces with Gitcoin, a group for builders to collaborate and monetize their abilities whereas working in open supply tasks via bounties & grants, to develop into the bridge for recreation builders to Net 3.0.
As one of many lead sponsors for Gitcoin Grants Spherical 10 Hackathon that can run from June 16th to July seventh, OP Video games had put Three bounties on its Gitcoin web page amounting to $7,500 as reward. (Read More.)
PDAX Declares New Tokens
In a webinar at the moment, PDAX unveils the cash that can quickly be tradeable on the platform: LINK, Enjin (ENJ), Fundamental Consideration Token (BAT), Graph (GRT), Compound (COMP), AAVE, and UNI. This marks the primary time a neighborhood order guide crypto trade is itemizing these cash. (Read More.)
SEC: Cease Investing in Reposco Buying and selling
One other week, one other SEC advisory. The Securities and Alternate Fee (SEC) issued an advisory towards Reposco Buying and selling.
Reposco Buying and selling claims that they’re utilizing blockchain know-how to supply decentralized and democratized funding plans that promise weekly dividends based mostly on their sports activities arbitrage, foreign exchange, and oil choices beneficial properties. The SEC additionally stated there have been information reviews alleging that Limjap has defrauded quite a few Filipino traders by soliciting cash from them with a promise of twenty % (20%) return of funding in a ninety (90) day interval maturity. (Read More.)
P2P Transactions on Paxful and LocalBitcoins have declined.
The quantity of Bitcoin transactions within the Philippines in Might 2021 has decreased by 7% in comparison with the earlier month in line with knowledge out there for peer-to-peer exchanges Paxful and LocalBitcoins. That is the second straight month when the mixed quantity on each marketplaces has exceeded $6 million, with Paxful getting the lion’s share of the amount. (Read More.)
PINASining II: Previous Winners Give Recommendation to New Members
The Sandbox along with the BlockchainSpace is bringing again PINASining II to advertise creators within the Philippines and across the globe. PINASining II is the second voxel contest for creators to construct Philippine-themed voxel property for the Metaverse.
This text is printed on BitPinas: Weekly Wrap-Up: Bank Run and Lower Fees (June 21, 2021)