![]() ![]() ![]() The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of Zipmex.īefore you pay Zipmex any money or DPT, you must be aware of the following. ![]() ZCloak Network, zk-rollup scaling solution startup, raises $5.RISK WARNING ON DIGITAL PAYMENT TOKEN SERVICES NFT and social token advisory firm ScienceMagic.Studios raises $10M Molecule, decentralized science research incorporating NFTs, raises $13M $IMX launches $500M developer and venture fund for NFT and gamefi builders Wildcard Alliance raises $46M for Polygon based gaming ventureĪtmos Labs raises $11M to develop & build metaverse sports gamefi products NFTPort, NFT infrastructure developer, raises $26M Stay safe friends.įoresight Ventures launches $200M fund for private-round liquidityĬoinhouse, crypto service provider, raises $42.5M to expand offeringsĮxchange Huobi Global launches Ivy Blocks fund with $1B+ to deploy Finding marginal buyers for BTC/ETH will be a cumbersome task over the coming months and you can imagine what that means for NFTs, DeFi, and altcoins. Last Friday’s CPI print and the FED’s 75bps hike led to a broad asset selloff as risk asset valuations are continually repriced. ![]() The down stream effects of LUNA, the illiquidity of Celsius and 3AC’s wipeout have certainly exacerbated the sell off, but it’s important to remember macro remains in control. 10-14k BTC and 400-600 ETH unfortunately seems likely if those levels are broken as Arthur outlines the forced selling and hedging that would occur as large positions are unwound like the $150M+ ETH position sitting at $895 ETH. As far as the markets go, sentiment is obviously in peak fear and uncertainty highlighted by Flood pointing out that over the past week, for the first time ever, the total stablecoin market cap has overtaken the ETH market cap.įor now, 20k BTC and 1k ETH remain the critical levels with large amounts of pain lurking below. On the bright side of things, DeFi protocols operated as they’ve been programmed to do once again showing their robust, trustless nature highlighting the important differences between transparent protocols and CeFi black boxes. Screenshot from DexGuru’s stETH Token Profile While the stETH to ETH ratio currently sits at 0.935, some of the largest stETH holders have shown confidence in their ability to capture the spread as the 7d change in amount held has largely increased according to data from DexGuru (f in the chat for #11 and #13’s acquisition prices). The selloff accelerated quickly and even saw ETH wick to $950 on Uniswap as peak FUD ensued around Celsius, 3AC and stETH. The rumor mill has somehow been churning faster than our token prices decline as BTC and ETH are down 30%+ and various alts are expectedly declining worse than that. Good news, the week is over bad news, the week occurred. Unfortunately, the fallout and resolution regarding both Celsius and 3AC will likely result in regulatory oversight that damages the industry while simultaneously drug through the legal system over the coming months and years. While the result of Celsius’ fate remains unclear, the developments this week have led to other prominent lenders (BlockFi, Genesis, others) publicly reassuring their clients they are unaffected and functioning properly. As Celsius is a private company, information regarding their assets, liquidity, and asset to liability mismatch is difficult to come by.Īs of Thursday, we do know that Citigroup is now advising Celsius on possible solutions and that their once worrisome 20k BTC price Maker vault liquidation level now sits at ~13.6k. Similar to 3AC’s illiquidity troubles, Celsius was one of the largest holders of stETH as they converted user deposits to return yield through DeFi protocols. Celsius is now approaching a week long freeze on customer account withdraws as they continue working to “preserve and protect assets”. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |