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Binance Australia CEO: Regulations will establish higher standards in crypto

by Coy Buckley

Leigh Travers feels that a change in Australia’s government could slow down work on crypto regulations that could prove that the industry is already operating at a higher level than traditional finance.

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Binance Australia CEO: Regulations will establish higher standards in crypto

As the struggle for regulatory clarity down under rages on, Binance Australia’s CEO Leigh Travers thinks that such a framework will prove the crypto industry “holds itself to a higher standard” than many believe.

Travers spoke with Cointelegraph on Tuesday about the current state of local crypto regulatory efforts and how the opportunities available in the industry are restricted by the lack of clarity.

That lack of clarity was cited as the reason why the Commonwealth Bank of Australia (CBA) has indefinitely postponed a pilot program for its crypto trading services last month. Although there are no rules on the books directly prohibiting CBA’s new service, Australian financial regulators pushed for a pause on the services because of absent consumer protections.

Without the regulations in place to allow such crypto services to operate, they cannot prove their viability.

From Travers’ point of view, the crypto industry is already ahead of traditional financial regulatory regimes for several reasons, and he believes new regulations should reflect that. He said he thinks “the crypto industry wants to see regulation” for a good reason:

“People in crypto want to prove that they hold themselves to a higher standard than what people think they actually are.”

Travers believes a prudent regulatory regime would make that higher standard apparent to Australians. With or without new regulations, blockchain analysis firm Chainalysis made it clear in January that when it comes to financial crimes, “cash is still king.”

Another way Travers said the crypto industry sets itself apart from traditional finance is that crypto such as Bitcoin (BTC) and Ether (ETH) do not easily fit into any existing classification for property or financial products. Cryptocurrency is currently categorized as property in Australia.

Travers said that the distinction between crypto and other assets could expand over time as decentralization increases, adding that “crypto fits across different products,” which only compounds the difficulty in responsibly regulating it.

Travers called Senator Andrew Bragg one of the champions for crypto on the Liberal side, but the local industry may be at a loss for such a champion now that the Labor Party has assumed power for the first time in nine years.

He said that the former majority Liberal Party saw the industry “with high paying jobs and contributions to the economy” as a good thing. He worries that the work already underway on new regulations will slow down considerably because “Labor is not immediately focused on blockchain or crypto,” which could put the domestic industry at a disadvantage:

“This industry is crying out for clearer regulation because it’s tough being a service provider in this environment.”

Overall, Travers seems bullish on crypto. He shared his conviction in the future of nonfungible tokens (NFTs) and the various roles they could play in society.

In the short term, he admitted that the way of NFTs is still uncertain and would likely continue to be simple art pieces, but that the long-term implications for NFTs were far-reaching for property rights and intellectual property. He said that he thinks “NFTs are going to be enormous. Intellectual property is why Disney is such a huge company.”

Related: Aussie consumer group calls for better crypto regs due to ‘lagging laws’

Despite the ongoing price crash where BTC has dipped below its realized price for the first time since March 2020, Travers is generally bullish on the industry. He noted in the short term, “crypto will struggle as so much is macro-driven,” but that it is just a matter of time before the tide changes back for the bulls:

“When the fear of higher interest rates is diminished, crypto will catch that wind and make more opportunities when everything has been sold off.”

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Crypto startups have a significant role to play in the development of the entire blockchain industry. However, while many business owners have big ideas that aim to change the world, some fail to invest to develop the most critical aspects of a business, resulting in employees quitting. 

After being hired by a crypto startup, Roland Guirdonan from Chad, Central Africa, thought he got lucky as he accepted his first job offer in the crypto world. He later realized that while it seemed like a dream job, it was more of a nightmare that he needed to run away from.

In an interview with Cointelegraph, Guirdonan noted that the company, which he refused to name, allegedly launched products that are not working and required employees to work lots of overtime while managers play favorites on who gets rewarded for their efforts. He explained that:

“The products of the company are like not really working as the company is not putting too much effort in it. [...] But still, we were trying to work on it and try to like bring it to success, but it's not working.”

He also added that while the products don’t “function properly,” employees of the firm were required to do overtime, working on the projects that he claims to be already “dead.” To make things worse, he further alleged that managers were cherry-picking people to reward while others work more.

“I love like to be in the crypto industry and everything, but I had to quit because it became like really like a bit too much for me. It wasn't healthy.”

Despite the negative experience, Guirdonan became a blockchain and crypto believer after learning about other projects in the industry. “I chose to stay in the crypto industry because I believe in the technology and also I believe in the projects like Bitcoin and Ethereum,” he said.

Related: Bitcoin is the ‘Amazon of crypto’ and everything else are bets, says Blocktower founder

Guirdonan believes that crypto is truly the \"future of money\" even though the markets are currently down. He explained that this newfound belief made him not want to miss out on anything within the industry. He said that:

“Even though everything happened, I didn't let that stop me from exploring more of the industry and then discovering more about the blockchain.”

He also encouraged anyone who is interested in joining the blockchain industry. Guirdonan believes that “there is really an opportunity for anyone who wants to join this space.”

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Panama’s President Laurentino Cortizo has partially vetoed Bill No. 697, dubbed the “crypto bill,” saying it requires more work to better fit Panama’s financial regulations.

President Cortizo previously warned in May he wouldn’t sign the bill unless it included additional Anti-Money Laundering (AML) rules after Panama’s National Assembly passed the crypto bill in late April 2022.

Local media outlet La Prenda obtained a copy of the 32-page veto, reporting the president wrote it’s “imperative” the cryptocurrency laws conform to new regulations recommended by the Financial Action Task Force (FATF) outlining “fiscal transparency and prevention of money laundering.”

President Cortizo has previously described the legislation as an “innovative law,” and indicated approval of certain aspects of the bill but has said possible illicit uses of cryptocurrencies needed addressing.

Congressman Gabriel Silva who helped introduce the bill in September 2021 tweeted on Thursday that (according to a translation) the veto was “a lost opportunity to generate jobs, attract investment and incorporate technology and innovation in the public sector.”

El Presidente acaba de vetar parcialmente el proyecto de Ley de Crypto

Una oportunidad perdida para generar empleos, atrae inversión e incorporar tecnología e innovación en el sector público

El país merece más oportunidades y también inclusión financiera (1/2)

— Gabriel Silva (@gabrielsilva8_7) June 16, 2022 \n\n

“The country deserves more opportunities and financial inclusion,” Silva added, saying Congress will study the veto to make corrections which will then be passed through to debates.

Related: Top 30 Panama Bank is ‘Bitcoin friendly,’ welcomes crypto services

If the bill is eventually signed, it will make Panama the second Central American country to regulate the spending of cryptocurrencies. The nearby country of El Salvador was famously the first country to make Bitcoin (BTC) a legal tender.

Unlike El Salvador, however, Panama’s bill covers other cryptocurrencies besides Bitcoin and wouldn’t require local businesses to accept digital assets.

According to the bill Panamanians “may freely agree on the use of crypto assets, including without limitation Bitcoin and Ethereum” as an alternative payment for “any civil or commercial operation.”

The bill would also cover the issuance of digital value and regulate the tokenization of such things as precious metals. Digitization of identity using blockchain or distributed ledger technology would also be researched by the government’s innovation authority.

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Billionaire Elon Musk, along with his companies SpaceX and Tesla Inc, are all being sued for an astonishing $258 billion in damages for being “engaged in a crypto pyramid scheme” involving Dogecoin (DOGE).

The damages sought are more than 34 times Dogecoin’s current market cap of $7.5 billion and nearly three times its all-time high (ATH) market cap of $88.68 billion in mid-2021.

Filed in the New York District Court by an attorney at Evan Spencer Law on Thursday, the class-action lawsuit alleges that Musk “used his pedestal as World’s Richest man to operate and manipulate the Dogecoin Pyramid Scheme for profit, exposure, and amusement.”

In the filing, plaintiff Keith Johnson, a United States citizen, alleges that Musk and his corporations were “unjustly enriched” by $86 billion as a result of wire fraud, gambling enterprise, false advertising, deceptive practices and other unlawful conduct.

Johnson claims that he and others in the class-action have lost approximately $86 billion between May 2021 and June 2022, and is demanding that figure in monetary damages along with another $172 billion in damages and fees:

“Defendant Musk is the self-appointed ‘Dogefather,’ ‘former CEO of Dogecoin,’ partner, developer, spokesperson, publicist, salesman, marketer, and promoter of Dogecoin, who assembled the ‘Doge Army’ including his corporations and various billionaires, influencers, and celebrities to increase the price, market cap and trading volume of Dogecoin.”

In January, Musk announced that his electric vehicle company Telsa would accept DOGE as payment for the company’s merchandise. In May, he announced that Dogecoin payments would also be accepted by his space exploration company SpaceX.

The lawsuit also demands an order declaring the trading of Dogecoin to be constituted as gambling within New York and federal law and also alleges that Musk and his companies have violated state and federal gambling laws.

“Since Plaintiff and the class were not advised that the trading of Dogecoin was nothing more than a gambling enterprise, Plaintiff and the class demand the return of all wagers lost trading Dogecoin.”

It also seeks to order Musk and his companies and any other unlicensed professionals from advertising, marketing or promoting Dogecoin in the future.

Community reacts

The crypto community has ridiculed the lawsuit.

Related: Dogecoin’s parents are fighting: Musk and Jackson Palmer exchange barbs

Pseudonymous Dogecoin creator Shibetoshi Nakamoto’s tweet was cited in the lawsuit as supporting evidence, calling the lawsuit “stupid as fuck” on Twitter on Thursday while admitting that crypto trading isn’t much different from gambling.

i mean dogecoin is the same as everything else, they wanna make all crypto into gambling?

the lawsuit is obviously stupid as fuck, but i don’t think crypto trading is much different than gambling

— Shibetoshi Nakamoto (@BillyM2k) June 16, 2022 \n\n

Rahul Sood, CEO, and co-founder of Irreverent Labs, which builds blockchain games called it a “stupid class-action lawsuit” 

“Amazing that in the US someone could launch such a stupid class-action lawsuit. These guys all knew what they were getting into. Ridiculous.\"

Ron Coleman, a commercial litigator and partner at Dhillon Law Group with 196,000 Twitter followers, replied to a Tweet about the news, noting that “anyone can say anything in a lawsuit.”

Anyone can say anything in a lawsuit

— Ron Coleman (@RonColeman) June 16, 2022 \n\n ",audio:"https://s3.cointelegraph.com/audio/88250.219ffc4d-083b-4353-b4c2-3a9784d68172.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:3338,shares:mf,tags:[{id:xo,slug:xp,title:aS,url:"/tags/dogecoin"},{id:kT,slug:xl,title:xm,url:xn},{id:"1716",slug:"new-york",title:"New York",url:"/tags/new-york"},{id:"2995",slug:"court",title:"Court",url:"/tags/court"},{id:nQ,slug:nR,title:nS,url:kO}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=88250regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:kQ,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"mark-cuban-says-crypto-crash-highlights-warren-buffett-s-wisdom",url:wZ,absoluteUrl:"https://cointelegraph.com/news/mark-cuban-says-crypto-crash-highlights-warren-buffett-s-wisdom",title:nZ,youtubeVideoIdCover:d,cover:w_,datePublished:aG,dateHuman:on,humanDateTime:"2022-06-17 05:55",dateISOFull:"2022-06-17T04:55:58+01:00",publishedDateTimeObject:{year:D,month:y,day:au,hour:s,minute:mg,second:xq,millisecond:e},categorySlug:Z,categoryUrl:_,categoryName:$,authorName:jj,authorUrl:jk,authorAvatar:lW,previewText:"The billionaire crypto investor admits there are still hard times ahead for most financial markets but says that as long as the crypto space produces new tech, it will be fine.",twitterLeadText:"Mark Cuban thinks some crypto companies could learn something from Warren Buffet’s advice and predicts that projects \"sustained by cheap, easy money—but didn’t have valid business prospects—will disappear.\"",badgeSlug:g,badgeName:ar,fullText:"

Billionaire crypto investor and owner of the Dallas Mavericks Mark Cuban says the current market downturn reminds him of a well-known adage uttered by Warren Buffett.

Cuban sees a parallel between the rise and fall of cryptocurrency markets and projects, and the 91-year-old Oracle of Omaha’s aphorism states that, “Only when the tide goes out do you discover who's been swimming naked.”

Cuban’s observation was revealed during a Thursday interview with Fortune in which he discussed what he sees as flawed business models of some crypto projects that have fallen on hard times over the past two months.

“In stocks and crypto, you will see companies that were sustained by cheap, easy money — but didn’t have valid business prospects — will disappear,” the Shark Tank investor said:

“Like [Warren] Buffett says, ‘When the tide goes out, you get to see who is swimming naked.’”

Some of the companies that appear to have been swimming naked included Terra, Celsius and Three Arrows Capital.

The Terra ecosystem, now known as Terra Classic, completely collapsed by the middle of May. The fallout from that collapse has seen tens of billions in losses to investors, while a manhunt has ensued for the founder and CEO Do Kwon by several regulatory bodies.

Celsius, the staking and lending platform, is fighting to stay solvent if its recent pausing of withdrawals is any indicator. Investment firm Three Arrows Capital is reported to have faced a liquidation to the tune of $400 million and has been unable to meet margin calls .

Despite the gloomy short-term outlook for crypto, Cuban said that these downturns tend to have a cleansing effect on a market and that it would likely be the same for crypto this time around. But, he said you should always back innovation:

“Disruptive applications and technology released during a bear market, whether stocks or crypto or any business, will always find a market and succeed.”

CEO of Avenue Capital Group Marc Lasry has an even more gloomy assessment of the financial markets. He predicted on Bloomberg TV that the pain across the economy, in general, would continue through the end of 2022 as equity indexes could fall up to another 10%. However, Lasry believes that the United States economy is strong enough to keep the current downturn relatively abbreviated.

Lasry has been a crypto bull since 2018. In 2021, Cointelegraph reported that he lamented that he hadn’t bought enough Bitcoin (BTC). But, he told Bloomberg TV that BTC and Ether (ETH) have already dipped more than expected and that “Nobody knows what the bottom is for that.”

He added that even for professional investors it is hard to time a bottom, “so you want to get invested when you can.”

Related: 72 of the top 100 coins have fallen 90% or more: Here are the holdouts

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Just two months after losing $15.6 million in a price oracle manipulation exploit, Inverse Finance has again been hit with a flash loan exploit that saw the attackers make off with $1.26 million in Tether (USDT) and Wrapped Bitcoin (wBTC).

Inverse Finance is an Ethereum-based decentralized finance (DeFi) protocol and a flash loan is a type of crypto loan that is usually borrowed and returned within a single transaction. Oracles report outside pricing information.

The latest exploit worked by using a flash loan to manipulate the price oracle for a liquidity provider (LP) token used by the protocol’s money market application. This allowed the attacker to borrow a larger amount of the protocol’s stablecoin, Dola (DOLA), than the amount of collateral they posted, letting them pocket the difference.

The attack comes just over two months after a similar April 2 exploit, which saw attackers artificially manipulate collateralized token prices through a price oracle to drain funds using the inflated prices.

In response to the attack, Inverse Finance temporarily paused borrowing and removed DOLA from the money market while it investigated the incident, saying no user funds were at risk.

Inverse has temporarily paused borrows following an incident this morning where DOLA was removed from our money market, Frontier. We are investigating the incident however no user funds were taken or were at risk. We are investigating and will provide more details soon.

— Inverse+ (@InverseFinance) June 16, 2022 \n\n

It later confirmed that only the attacker’s deposited collateral was affected in the incident and only incurred a debt to itself due to the stolen DOLA. It encouraged the attacker to return the funds in return for a “generous bounty.”

Related: Attackers loot $5M from Osmosis in LP exploit, $2M returned soon after

In total, the attackers gained 99,976 USDT and 53.2 wBTC from the attack, swapping them to ETH before sending it all through the cryptocurrency mixer Tornado Cash, attempting to obfuscate the ill-gotten gains.

The previous attack in April saw attackers make off with $15.6 million in Ether (ETH), wBTC, Yearn.Finance (YFI) and DOLA.

DeFi marketplace Deus Finance suffered from a similar exploit in March, with attackers manipulating a price pairing within an oracle leading to a gain of 200,000 Dai (DAI) and 1101.8 ETH, worth over $3 million at the time.

Beanstalk Farms, a credit-based stablecoin protocol, lost all $182 million worth of collateral in a flash loan attack caused by two malicious governance proposals, which in the end, drained all funds from the protocol.

How the latest attack went down

Blockchain security firm BlockSec analyzed that the attacker borrowed 27,000 wBTC in a flash loan, swapping a small amount to the LP token used to post collateral in Inverse Finance so users can borrow crypto assets.

The remaining wBTC was swapped to USDT, causing the price of the attacker’s collateralized LP token to rise significantly in the eyes of the price oracle. With the value of these LP tokens now worth far more due to the price rise, the attacker borrowed a larger amount than usual of the DOLA stablecoin.

The value of the DOLA was worth much more than the deposited collateral, so the attacker swapped the DOLA to USDT, and the earlier wBTC to USDT swap was reversed to repay the original flash loan.

\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/88247.d64d0137-5a99-4272-84b2-b0d757b793bc.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:1569,shares:y,tags:[{id:"436",slug:"security",title:"Security",url:"/tags/security"},{id:"1852",slug:"hackers",title:"Hackers",url:"/tags/hackers"},{id:"2130",slug:"decentralized-marketplace",title:"decentralized marketplace",url:"/tags/decentralized-marketplace"},{id:"2944",slug:"loans",title:"Loans",url:"/tags/loans"},{id:"4358",slug:"tokens",title:"Tokens",url:"/tags/tokens"},{id:"5794",slug:"peer-to-peer-lending",title:"Peer-to-peer lending",url:"/tags/peer-to-peer-lending"},{id:"7646",slug:xy,title:aT,url:"/tags/tether"},{id:"7732",slug:"scams",title:"Scams",url:"/tags/scams"},{id:"8417",slug:"hacks",title:"Hacks",url:"/tags/hacks"},{id:xz,slug:xA,title:xB,url:xC},{id:os,slug:ot,title:kV,url:kW},{id:"9564",slug:"liquidity",title:"Liquidity",url:"/tags/liquidity"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=88247regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:l_,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"126-return-for-stock-market-short-sellers-who-smelled-blood-in-crypto-waters",url:xb,absoluteUrl:"https://cointelegraph.com/news/126-return-for-stock-market-short-sellers-who-smelled-blood-in-crypto-waters",title:n$,youtubeVideoIdCover:d,cover:xc,datePublished:aG,dateHuman:mj,humanDateTime:"2022-06-17 04:10",dateISOFull:"2022-06-17T03:10:26+01:00",publishedDateTimeObject:{year:D,month:y,day:au,hour:u,minute:ax,second:ou,millisecond:e},categorySlug:Z,categoryUrl:_,categoryName:$,authorName:md,authorUrl:me,authorAvatar:op,previewText:"A report from S3 Partners noted that crypto stocks with the highest short interest include Coinbase, Marathon Digital and MicroStrategy.",twitterLeadText:"No other stock market sector can “hold a candle” to the profits that short sellers are making off the fall of crypto stock prices, with short selling profits up 126% in the year so far, according to S3 Partners. ",badgeSlug:g,badgeName:ar,fullText:"

Short-sellers have made a killing on various sectors of the United States stock market this year, but no other sector “held a candle” to the blockchain industry, with crypto company short-sellers profits up 126% in 2022, according to new data.

On Thursday, technology and data analytics firm S3 Partners published a video summarizing its recent report, which found that overall, U.S. equity short-sellers are up on average more than 30% for the year.

Some of these profit gains were attributed to the short-selling of automobiles and components stocks (up 54%), software and services stocks (up 50%), media and entertainment stocks (up 46%) and retail stocks (up 46%) in the year, though these all paled in comparison to crypto stocks, which saw short-selling profits up 126% in 2022:

“But none of these industries holds a candle to short sellers in the crypto sector, up 126% on an average short interest of $3 billion dollars.”

Crypto stocks with the highest short interest include exchange Coinbase Global, Bitcoin miner Marathon Digital Holdings and MicroStrategy, a software company that is also known for being the largest publicly traded holder of Bitcoin (BTC).

— S3 Partners (@S3Partners) June 16, 2022 \n\n

Short selling occurs when an investor borrows a security and sells it on the open market with the expectation to buy it back in the future for less, pocketing the difference. This is profitable when prices decline. 

Short interest is the total number of shares of a particular stock that has been short-sold by investors but has not yet been covered or closed out. High or increasing short interest could indicate that investors are pessimistic about a certain stock.

At the time of writing, Coinbase stocks are down 79.67% year-to-date (YTD), Marathon Digital is down 80.02% YTD and MicroStrategy is down 71.10% YTD, according to Google Finance.

However, S3 Partners says that while the pace of crypto short-selling has remained high, with $71 million of new short-selling over the time period, the pool of stock available to borrow is drying up — meaning that “prospective short sellers may be late to the party:”

“With stock borrower utilization at 91%, short sales in size may be difficult to execute, and borrow rates may make it expensive for new and existing short sales.”

Utilization is measured by the number of loaned shares divided by the available shares in the securities lending market, with a high utilization rate indicating that the demand for the stock from short sellers is elevated. 

On Tuesday, S3 Partners’ managing director of predictive analytics, Ihor Dusaniwsky, told his 82,000 Twitter followers that Coinbase’s short interest reached $1.52 billion on June 14, while MicroStrategy’s short interest hit $689 million. Marathon Digital Holdings’ short interest amounted to $181 million.

Related: Further downside is expected, but multiple data points suggest Bitcoin is undervalued

The falling prices of crypto stocks accompany the crash in crypto prices and the downturn in traditional markets amid sharp interest rate hikes and high inflation.

On Thursday, the price of Bitcoin fell to $20,205 as rumors swirled of a possible collapse of crypto hedge fund Three Arrows Capital (3AC).

The recent price movements have prompted some analysts to believe a very long consolidation and accumulation period for the crypto market is to come.

\n",audio:"https://s3.cointelegraph.com/audio/88246.7f889880-443a-4261-9a78-25b2d8794fdc.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:1863,shares:xD,tags:[{id:mh,slug:or,title:mi,url:kU},{id:xs,slug:xt,title:xu,url:xv},{id:"2014",slug:"markets",title:xE,url:"/tags/markets"},{id:"2556",slug:"stocks",title:"Stocks",url:"/tags/stocks"},{id:"4549",slug:"cryptomarket",title:"CryptoMarket",url:"/tags/cryptomarket"},{id:"9421",slug:"trading",title:"Trading",url:"/tags/trading"},{id:"9550",slug:"stock-investment",title:"Stock Investment",url:"/tags/stock-investment"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=88246regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:hZ,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"72-of-the-top-100-coins-have-fallen-90-or-more-here-are-the-holdouts",url:oa,absoluteUrl:xF,title:l$,youtubeVideoIdCover:d,cover:ob,datePublished:aG,dateHuman:mj,humanDateTime:"2022-06-17 03:55",dateISOFull:"2022-06-17T02:55:47+01:00",publishedDateTimeObject:{year:D,month:y,day:au,hour:c,minute:mg,second:av,millisecond:e},categorySlug:Z,categoryUrl:_,categoryName:$,authorName:jj,authorUrl:jk,authorAvatar:lW,previewText:"The vast majority of cryptocurrencies have dipped more than 90% from their all-time highs, but a core group has managed to stay ahead of the pack.",twitterLeadText:"Most cryptocurrencies have tanked hard from their all time highs, but one sector is performing much better than the rest. ",badgeSlug:g,badgeName:ar,fullText:"

According to price data from CoinGecko compiled by CoinGoLive, the current bear market has seen a whopping 72 out of top-100 tokens fall more than 90% from their all-time highs.

The larger cap coins are faring better than most. Among the top ten cryptocurrencies by market cap, nine have dipped less than 90% during the current market downturn. Bitcoin (BTC), the largest crypto, is down 70.3% from its November high of $69,000. Second place is Ether (ETH) which is down 78% from its high of $4,878.

Others in the top ten include Binance Coin (BNB), Cardano (ADA), Solana (SOL), and Polkadot (DOT) which are down between 68% and 88%, (excluding the three stablecoins USDT, USDC and BUSD). Ripple (XRP) is the exception, tracking a fall of 90.56% from its ATH.

The average fall from ATH for these top 10 coins is 79%, while among the top 20 coins the average fall from the all-time-high is 81.1%.

Exchange tokens appear to be doing better than many other sectors with a 68.3% average fall from their ATHs.

The best performer there is LEO token, which has only fallen 38.87%, which Cointelegraph reported saw “aggressive buying at lower levels” on June 13. LEO is the Ethereum-based utility token for the Bitfinex exchange and trading platforms managed by iFinex and is used to reduce fees for traders.

Coinflex exchange’s native FLEX token is the 83rd largest crypto. It also appears relatively immune to the devastating drawback and is down just 38.6% from from ATH. FLEX is used to pay for transactions and reduce trading fees on its trading platform. The project touts its token burning mechanism as a reason for its price resilience.

The utility token for the KuCoin trading platform, KCS, has seen a 61.43% drawdown from its ATH. KCS is an ERC-20 token that is used to reduce fees on the exchange and is the native token for KuChain, a blockchain developed by the exchange.

However KCS could see a further dip more than 60% below its ATH if Cointelegraph’s June 12 predictions are right.

Many cryptocurrencies have experienced a large portion of their losses within the past week as the total crypto market cap dropped 24% from $1.3 trillion to $996 billion. In that time, BTC also fell about 35% from $30,500 to a low of $20,216 on June 15.

Related: Bitcoin bounces 8% from lows amid warning BTC price bottom 'shouldn't be like that'

BTC is currently trading at $20,486 since the Federal Reserve announced a 75 basis point hike in interest rates to try to combat inflation.

As an aside, stablecoins haven’t been immune to falls either, despite theoretically being stable. Since 2018, many have wobbled by 10% to 30% at various points including USDT, USDC, BUSD, DAI, FRAX, USDP, PAXG, CDAI and XAUT. TUSD recorded a 38.4% deviation from its peg in 2018.

\n\n\n\n\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/88245.489eb90d-f796-415e-b824-3f1bc3d116e2.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:8782,shares:361,tags:[{id:A,slug:jl,title:V,url:ik},{id:lX,slug:kN,title:aa,url:jm},{id:"695",slug:"bitcoin-price",title:"Bitcoin Price",url:"/tags/bitcoin-price"},{id:xz,slug:xA,title:xB,url:xC},{id:"9567",slug:"ethereum-price",title:"Ethereum Price",url:"/tags/ethereum-price"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=88245regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:jr,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"maker-cuts-off-aave-s-dai-supply-as-fallout-from-celsius-continues",url:oc,absoluteUrl:xG,title:ma,youtubeVideoIdCover:d,cover:od,datePublished:aG,dateHuman:xH,humanDateTime:"2022-06-17 02:39",dateISOFull:"2022-06-17T01:39:07+01:00",publishedDateTimeObject:{year:D,month:y,day:au,hour:r,minute:mf,second:gb,millisecond:e},categorySlug:Z,categoryUrl:_,categoryName:$,authorName:jj,authorUrl:jk,authorAvatar:lW,previewText:"The MakerDAO decided to cut off Aave from its direct deposit module as a safeguard in light of the possibility that Celsius folds and crashes the price of stETH.",twitterLeadText:"Contagion risk is becoming all-too apparent in crypto. Fears over the Celsius situation has seen MakerDAO vote to disable Aave’s DAI direct deposit module.",badgeSlug:g,badgeName:ar,fullText:"

MakerDAO has voted to cut off lending platform Aave’s ability to generate Dai (DAI) for its lending pool without collateral as the risks of Celsius’s liquidity crisis loom large over the entire crypto ecosystem.

The decentralized autonomous organization (DAO) made the decision as a means of mitigating the Maker protocol’s exposure to the beleaguered staking and lending platform in case Celsius goes belly up and implodes the staked Ether (stETH) peg as well.

stETH is a token representing an amount of ETH that is staked on the Lido staking platform. Its peg to Ether (ETH) has been wavering for several weeks, and it’s currently trading about 6% below the price of ETH. Celsius invested a significant amount of user funds into stETH, which is reportedly one of the reasons it paused withdrawals.

The Maker Governance has voted to temporarily disable the @AaveAave DAI Direct Deposit Module (D3M).

This change is available for execution on June 17 2022 21:03 UTC.

https://t.co/3wKQiEvcMw

— Maker (@MakerDAO) June 15, 2022 \n\n

A Tuesday governance proposal from DAO member prose11 suggested that the Maker protocol should temporarily disable the DAI Direct Deposit Module (D3M) for Aave because Celsius borrowed 100 million in DAI collateralized by stETH, which would be at risk of liquidation if Celsius fails:

“The reason we believe this is risky is because out of 200M DAI borrowed on Aave Ethereum v2, 100M DAI is being borrowed by Celsius and collateralized mostly by stETH.”

The D3M allows Aave to stabilize the DAI loan interest rates by providing access to liquidity when needed. Aave’s D3M consists of 200 million DAI, 100 million of which have been borrowed by Celsius.

If Celsius does collapse, it might sell off its stETH to honor retail responsibilities and get liquidated on Aave, which would likely force stETH to depeg even further. This would put the Maker protocol at the risk of not being able to retrieve all the DAI Celsius borrowed.

Around 58% of the 83 voters on the proposal felt that the tail risk presented by Celsius was greater than the loss of revenue from Aave by passing the proposal. The pause will come into effect at 5:03 pm EST on Friday.

Related: BitBoy founder threatens class action lawsuit against Celsius

A separate Tuesday governance proposal was put forth on Aave itself to determine whether it should freeze stETH, pause ETH borrowing and increase the liquidation threshold for stETH borrowers. However, opponents have a steep edge on this proposal, with nearly 90% of the vote at the time of writing.

Maker’s move is an example of decentralized finance (DeFi) protocols observing contagion in the ecosystem and attempting to protect themselves from getting tagged. In addition to Celsius, crypto investment firm Three Arrows Capital is now suffering the effects of contagion and threatening to spread it further, with reports of a $400 million liquidation and its inability to meet margin calls.

\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/88244.38957242-a7a1-4a97-ab38-1d8d927f4113.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:3413,shares:js,tags:[{id:os,slug:ot,title:kV,url:kW},{id:"9426",slug:"makerdao",title:"MakerDAO",url:"/tags/makerdao"},{id:"9483",slug:"maker",title:aU,url:"/tags/maker"},{id:"9523",slug:xI,title:aV,url:"/tags/aave"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=88244regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:kR,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"portfolio-in-the-red-how-tax-loss-harvesting-can-help-stem-the-pain",url:oe,absoluteUrl:xJ,title:mb,youtubeVideoIdCover:d,cover:of,datePublished:aG,dateHuman:xK,humanDateTime:"2022-06-17 01:23",dateISOFull:"2022-06-17T00:23:09+01:00",publishedDateTimeObject:{year:D,month:y,day:au,hour:e,minute:il,second:h_,millisecond:e},categorySlug:Z,categoryUrl:_,categoryName:$,authorName:md,authorUrl:me,authorAvatar:op,previewText:" “If you’ve made a sale during the tax year, and you’ve sold at a loss, there’s basically a benefit there,” says Koinly’s head of tax.",twitterLeadText:"Has your crypto portfolio tanked? You may be able to benefit from a tax strategy called “loss harvesting” says Koinly’s head of tax Danny Talwar.",badgeSlug:g,badgeName:ar,fullText:"

Crypto investors — particularly those that bought in toward the top of the market in 2021 — may be able to find some salvation through a tax-saving strategy called “loss harvesting,” according to Koinly’s head of tax in Australia. 

Koinly is one of the most widely-used crypto tax accounting firms online. Australian head of tax Danny Talwar told Cointelegraph that while most retail investors are aware of their obligation to pay capital gain taxes (CGT) when they make profits, many are unaware that the opposite holds true and that losses can be used to reduce their overall tax bill by offsetting capital gains elsewhere:

“Most people are familiar with the concept of tax on gains. But, what they’re not doing is realizing that they can recognize that loss on their tax return to then offset against gains.”

Loss harvesting

Loss harvesting, also known as tax-loss harvesting or tax-loss selling is an investment strategy where investors either sell, swap, spend or even gift an asset that has fallen into the red — also known as making a “disposal” — allowing them to “realize a loss.” Investors typically do it in the final weeks of the tax year — which in Australia is right now. Talwar notes the strategy works in many jurisdictions with similar CGT laws, including the United States.

“Countries like the U.K., U.S. and Canada follow very similar capital gains tax regimes to Australia or have a kind of loss harvesting,” he said.

The concept is also embraced by traditional investors in stocks, bonds and other financial instruments. In the crypto world, a loss can be realized by converting it to fiat or just trading for another crypto token on the exchange.

Talwar believes that the surge of new crypto investors over the last few years will likely have produced quite a number of loss-making portfolios, given the current bear market:

“A lot of crypto investors got into the market around 2020 and 2021. What that means is that the majority of these people are actually going to be sitting on losses, so their portfolios are in the red.”

Will it work?

Talwar noted there are specific nuances in each country’s tax regime, such as the treatment of “wash-sales,” which could impact an investor’s ability to benefit from tax-loss harvesting, and suggested that investors reach out to their accountants to see how to best execute this strategy.

“A wash sale basically means you’re selling the same asset and reacquiring it in the same space of time, just to recognize a loss for your tax return.”

This is illegal in some countries or the tax authority could deny the claimant from realizing a tax loss.

Koinly has published guidance explaining how the rules regarding wash sales can differ from country to country.

As a general rule, Talwar suggests that anyone that has a portfolio in the red should be thinking about loss-harvesting:

“The more relevant point is if you’ve made a sale during the tax year and you’ve sold at a loss, there’s basically a benefit there that people might miss out on if they don’t put it in their tax return.”

One “extreme exception” to the case would be if an investor’s portfolio only contains loss-making crypto and nothing else. In that case, they won’t have any gains to offset.

Related: Taxes of top concern behind Bitcoin salaries, Exodus CEO says

“They should talk to their accountant. Do they have other assets that they can offset a lot against? You know, there’s no point recognizing a loss if crypto is your only investment, you have 99.8% of your savings in the bank and you’re never going to invest again.”

Tax authorities playing catch up

Talwar believes that while global tax authorities have made huge strides over the last three years to keep up with the rapidly evolving crypto industry, there’s still a lot to catch up on as more retail investors pile into the market and crypto accessibility continues to rise:

“Three years ago, it was rare for a tax authority to actually have some type of guidance on crypto out there. And, the crypto space three years ago is a completely different beast from what it is now. It’s become a lot easier to buy and sell crypto for everyday investors.”

However, Talwar noted that “not many” tax authorities have yet released guidance on how investors can record and report the use of decentralized finance (DeFi) protocols despite it gaining strong adoption in 2020.

“The UK is probably leading the way in some respects because they’ve just released guidance on decentralized finance. Not many tax authorities have released guidance on DeFi.”

\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/88243.588bcc29-2f04-4a88-b056-e8bf2294c045.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:2116,shares:80,tags:[{id:A,slug:jl,title:V,url:ik},{id:aw,slug:ok,title:ol,url:om},{id:"396",slug:"taxes",title:"Taxes",url:"/tags/taxes"},{id:mh,slug:or,title:mi,url:kU}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=88243regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:kS,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"high-profile-bayc-collector-denies-allegations-of-wrongdoing-brought-by-defi-detective",url:xd,absoluteUrl:"https://cointelegraph.com/news/high-profile-bayc-collector-denies-allegations-of-wrongdoing-brought-by-defi-detective",title:og,youtubeVideoIdCover:d,cover:xe,datePublished:ov,dateHuman:xL,humanDateTime:"2022-06-16 21:45",dateISOFull:"2022-06-16T20:45:00+01:00",publishedDateTimeObject:{year:D,month:y,day:mk,hour:kX,minute:oo,second:e,millisecond:e},categorySlug:Z,categoryUrl:_,categoryName:$,authorName:"Zhiyuan Sun",authorUrl:"/authors/zhiyuan-sun",authorAvatar:"https://s3.cointelegraph.com/storage/uploads/view/6e22893c9440c0f1195057c18dab00aa.jpg",previewText:"At the time of publication, it is not clear how the DeFi detective allegedly connected wallets with questionable activities to Jeff Huang. ",twitterLeadText:"Although numerous, it's not clear how on-chain data alone led the DeFi detective to deduce Jeff Huang as being behind the alleged misconduct. ",badgeSlug:g,badgeName:ar,fullText:"

On Thursday, ZachXBT, a cyber detective in the decentralized finance, or DeFi, realm, accused prominent Taiwanese musician and blockchain personality Jeff Huang, also known as Machi Big Brother, of misconduct in 10 different cryptocurrency projects. Machi Big Brother is known outside of Taiwan as an avid collector of Bored Ape Yacht Club nonfungible tokens (NFTs) and possessed a collection worth an estimated $8.26 million at the peak of the crypto bull market last year. 

This is misinformation. If he wasn’t anon I’d sue him for defamation.

— Machi Big Brother (@machibigbrother) June 16, 2022 \n\n

Though numerous, the main spearhead of the allegations was directed toward Huang's alleged involvement in the whereabouts of 22,000 Ether (ETH) raised during the initial coin offering for tokens of Formosa Financial (FMF), a Taiwanese treasury management platform built for blockchain companies, in 2018.

After the ICO, FMF tokens quickly plunged in price, partly due to the severe cryptocurrency bear market at the time. Jeff Huang had served as an advisor for the company before eventually relinquishing his role. In 2019, Taiwanese news outlet Block Tempo reported that Formosa Financial merged with the Philippines-based crypto exchange CEZEX and ICO crowdfund syndicate Katalyse.io. 

As told by ZachXBT, on June 22, 2018, just three weeks after the FMF ICO, two withdraws of 11,000 ETH were made out of Formosa Financial's treasury wallet. At the same time, multiple executives at Formosa Financial allegedly authorized a share buyback of the company.

There is significant uncertainty regarding the outflows of the said 22,000 ETH. ZachXBT alleged that the funds went first to George Hsieh, Formosa Financial's former CEO, and Jeff Huang, and then to wallet addresses allegedly linked to their associates. However, the DeFi detective did not back up their claims with evidence as to how they came to associate the said addresses with Jeff and George.

On-chain data can only confirm that two withdrawals of 11,000 ETH took place from what appears to be Formosa Financial treasury on June 22, 2018. To establish a connection between a blockchain transaction and a real-world recipient, either additional know-your-customer (KYC) information or that of doxing would be required. For example, such a link can be established by comparing the recipient's address with that of a Twitter Verified (where I.D. confirmation is generally required) user's profile displaying the said address. However, such evidence was not present in ZachXBT's analysis. 

Huang, whose public wallet came online only about two years ago, has denounced ZachXBT's allegations as misinformation. Cointelegraph was not able to independently verify Huang's alleged role in other projects as the DeFI detective's report did not present the needed KYC information linking wallet addresses to Huang. However, Huang did give the following remarks regarding Mithril and Cream Finance — both of which are projects mentioned in ZachXBT's report — in an interview with local news outlet Heaven Raven earlier this year. The excerpt was translated by Cointelegraph: 

\"In 2018, I started out with [decentralized social media platform] Mithril. We even rolled out community mining, encouraging users to upload pictures or videos of their mining rigs. But it was too ahead of the times, and additionally, we were ignorant about many details. As a result, the token price collapsed. It was a pity, but we gained much experience and then moved on to Cream Finance.\"

Cream Finance is a major DeFi lending platform that suffered a series of flash loan exploits last year. It has vowed to repay users with protocol fees until their lost principal have been recouped. Regarding his involvement in the project, Huang said: 

\"At the time, we lost nearly $140 million during the exploit. But afterwards, we tried to reimburse the clients. And now Cream is steadily profitable. In November 2020, I passed on control of Cream Finance to Andre Cronje . After that, due to the coronavrius pandemic, I mostly stayed at home and began focusing on nonfungible tokens.\"

 Jeff Huang outright denied the allegations against him via a Twitter post on Thursday stating, \"This is misinformation. If he wasn't anon, I'd sue him for defamation.\"

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m",supply:hV,supplyFormatted:hW}]},currencies:[{id:Am,name:h,sign:An,value:mA},{id:Ao,name:i,sign:Ap,value:mN},{id:Aq,name:j,sign:Ar,value:nc},{id:As,name:k,sign:my,value:ns},{id:At,name:l,sign:Au,value:nt},{id:Av,name:m,sign:Aw,value:ny},{id:Ax,name:n,sign:Ay,value:nA},{id:Az,name:AA,sign:AB,value:nG},{id:AC,name:o,sign:my,value:nK}],graphs:{}},types:{},user:{isAuthed:a,isAuthedBySocials:a,token:q,id:q,firstName:d,lastName:d,userName:d,avatar:d,email:d,description:d,userGaId:d,ipAddress:"23.254.3.149",analyticsData:[],sessionId:d},vendors:{isVendorsModalShown:a,info:{},localI18n:{}},viewport:{isWindowActive:b,viewportWidth:e,viewportHeight:e,scrollTop:e,scrollIsLocked:a,breakpoint:"XS",isOverlayVisible:a,userDeviceType:{apple:{phone:a,ipod:a,tablet:a,device:a},amazon:{phone:a,tablet:a,device:a},android:{phone:a,tablet:a,device:a},windows:{phone:a,tablet:a,device:a},other:{blackberry:a,blackberry10:a,opera:a,firefox:a,chrome:a,safari:a,device:a},any:a,phone:a,tablet:a},bottomZoneHeight:e}},serverRendered:b,routePath:nO,config:{_app:{basePath:yg,assetsPath:"/_nuxt/",cdnURL:q}}}}(false,true,2,"",0,void 0,"default","USD","EUR","GBP","JPY","RUR","KRW","TRY","CNY","_self",null,1,4,"0.00",3,1000000000,"1.00 b","0.00 ",6,"Language","4","en","1",2022,"0.82",50,"EOS","NEO","15",100000000,"100.00 m","0.02","Note that all trading strategies are to be used at your own risk. Before trading, we recommend to make sure that you have a clear understanding of cryptocurrencies and how they are traded.","xxs","xs","sm","md","lg","16","54","1.00","Bitcoin","17","41","0.06","latest-news","/category/latest-news","Latest News","Ethereum","6","kucoin-button",79,138,"13","29","30","35","36",5,"27","adbutler","Kucoin","https://www.kucoin.com/?utm_source=CTC-1","37","63","News","2","7",17,47,"72",10,"52","19","33","60","0.31","0.29","article","cointelegraph.com","2022-06-17","11","22","26",48,"14","18","39","0.00%","0.22","0.04","en.LanguageType.1","Dogecoin","Tether","Maker","Aave","https://cointelegraph.us3.list-manage.com/subscribe/post-json?u=2c088712615955cd2f82aa968id=7376af3992","https://cointelegraph.us3.list-manage.com/subscribe/post-json?u=2c088712615955cd2f82aa968id=aad9f6b505","23","/bitcoin-cash-price-index","/ltc-price-index","/xrp-price-index","/xmr-price-index","_blank",51,"12","20","24","28","53","40","57","58","61","62","65","75","ar","fr","BTC","\n\n\n ","/bitcoin-price","ETH","\n\n\n\n\n\n\n\n ","/ethereum-price","3","LTC","Litecoin","\n\n\n ","BNB","Binance Coin","\n\n\n \n","/binance-coin-price-index","34","SOL","Solana","\n\n\n\n\n\n\n\n \n\n \n","/solana-price-index","XRP","Ripple","\n\n \n","BCH","Bitcoin Cash","\n\n\n ","XMR","Monero","\n\n\n\n \n","8","DASH","Dash","\n\n\n\n \n","/dash-price-index","9","\n\n\n \n","/eos-price-index","73","WAVES","Waves","\n\n ","/waves-price-index","ZEC","Zcash","\n\n\n\n\n \n","/zec-price-index","ADA","Cardano","\n\n ","/ada-price-index","\n\n\n\n \n","/neo-price-index","TRX","TRON","\n\n\n \n","/tron-price-index","XLM","Stellar","\n\n\n\n \n","/stellar-price-index","USDT","\n\n\n \n","/tether-price-index","MIOTA","IOTA","\n\n \n","/iota-price-index","ONT","Ontology","\n\n\n \n","/ontology-price-index","MKR","\n\n\n \n","/maker-price-index","21","BSV","Bitcoin SV","\n\n\n \n","/bsv-price-index","DOGE","\n\n\n \n","/doge-price-index","ETC","Ethereum Classic","\n\n\n\n\n\n\n\n\n\n\n\n\n \n","/etc-price-index","XTZ","Tezos","\n\n\n\n\n\n\n \n\n \n","/xtz-price-index","XEM","NEM","\n\n\n\n \n","/nem-price-index","USDC","USD Coin","\n\n\n ","/usdc-price-index","CRO","Cronos","\n\n\n\n ","/cronos-cro-price-index","ATOM","Cosmos","\n\n\n\n\n\n\n\n \n","/cosmos-price-index","LEO","UNUS SED LEO","\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n\n\n\n\n\n\n \n\n \n","/leo-price-index","UNI","Uniswap","\n\n\n\n \n\n\n\n\n \n\n \n","/uniswap-price-index","55","YFI","Yearn.finance","\n\n\n\n\n \n","/yearn-finance-price-index","MATIC","Polygon","\n\n\n \n","/polygon-price-index","BAND","Band Protocol","\n\n\n \n","/band-protocol-price-index","38","LINK","Chainlink","\n\n\n \n","/chainlink-price-index","DOT","Polkadot","\n\n \n","/polkadot-price-index","COMP","Compound","\n\n\n \n","/compound-price-index","AAVE","\n\n\n\n\n\n\n \n\n \n","/aave-price-index","SUSHI","SushiSwap","\n\n\n \n\n\n\n\n\n \n\n\n\n\n\n \n\n \n","/sushiswap-price-index","SNX","Synthetix","\n\n\n \n","/synthetix-price-index","CAKE","PancakeSwap","\n\n\n\n \n\n\n\n\n \n\n \n","/pancakeswap-price-index","LUNA2","Terra","\n\n\n\n\n \n\n\n\n\n \n\n\n\n \n\n\n \n\n","/terra-price-index","VET","VeChain","\n\n ","/vechain-price-index","AVAX","Avalanche","\n\n\n \n","/avalanche-price-index","SAND","The Sandbox","\n\n\n\n\n\n\n \n\n ","/the-sandbox-sand-price-index","MANA","Decentraland","\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n \n\n\n\n \n\n ","/decentraland-mana-price-index","AXS","Axie Infinity","\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n \n\n ","/axie-infinity-axs-price-index","DAI","Dai","\n\n\n\n \n\n\n\n \n\n","/dai-price-index","FTT","FTX Token","\n\n\n\n\n\n\n ","/ftx-token-ftt-price-index","64","NEAR","Near Protocol","\n\n\n ","/near-protocol-price-index","68","FTM","Fantom","\n\n\n ","/fantom-ftm-price-index","69","ALGO","Algorand","\n\n\n ","/algorand-algo-price-index","67","HBAR","Hedera","\n\n\n ","/hedera-hbar-price-index","66","HT","Huobi Token","\n\n\n\n ","/huobi-token-ht-price-index","59","EGLD","Elrond","\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n ","/elrond-egld-price-index","71","APE","ApeCoin","\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n \n","/apecoin-ape-price-index","GMT","STEPN","\n\n\n\n\n\n\n\n\n \n\n ","/stepn-gmt-price-index","74","FIL","Filecoin","\n\n\n ","/filecoin-fil-price-index","CELO","Celo","\n\n\n\n ","/celo-price-index","70","ICP","Internet Computer","\n\n\n\n\n\n\n \n\n\n\n\n \n\n\n\n \n\n \n\n\n ","/internet-computer-icp-price-index","56","SHIB","Shiba Inu","\n\n\n\n\n\n\n\n\n\n \n","/shiba-inu-price-index","1.06 b","50.00 b","0.25","0.05",54658719812.59296,"54.66 b","0.12",6269475857.08715,"6.27 b","1.35 m",7,95,19069643,"19.07 m",121203808.249,"121.20 m",70521920.73347135,"70.52 m",163276974.63,"163.28 m",523313636.96286327,"523.31 m",99989535142,"99.99 b",19092824.8966511,"19.09 m",18135757.99191343,"18.14 m",10781450.30556638,"10.78 m",1057561916.6877,108554998,"108.55 m",12551998.81807827,"12.55 m",33450476103.19468,"33.45 b",99241947122,"99.24 b",50001787737.99735,69224317063.73537,"69.22 b",2779530283.277761,"2.78 b","0.21",977631.0369508882,"977.63 k",19084882.89423905,"19.08 m",134870576383.70525,"134.87 b",134005762.37572996,"134.01 m",919913056.083716,"919.91 m",8999999999,"9.00 b",30263013692,"30.26 b",298801797.05441,"298.80 m",935453693.9,"935.45 m",36666,"36.67 k",10000000000,"10.00 b",1203470966.90141,"1.20 b",10000000,"10.00 m",16000000,"16.00 m",242704045.61423475,"242.70 m",273321462.0074486,"273.32 m",150351107.08747017,"150.35 m",85985041177,"85.99 b",405104652.39796805,"405.10 m",3000000000,"3.00 b",2193642827.320146,"2.19 b",270000000,"270.00 m","6.41 m",315475838.0859715,"315.48 m",717120059.9816636,"717.12 m",2703346125.3840885,"2.70 b",7272675929.728679,"7.27 b",21084801571.61189,"21.08 b",207350657.2544121,"207.35 m",23846966,"23.85 m",5859092995.90425,"5.86 b",220650534,"220.65 m",483222029.149053,"483.22 m",589673026090513.4,"589.67 t","0.70",8,"88245",9,11,"/category/market-analysis","Market Analysis",12,25,165,"0.93","0.59","5.15","0.20",14,"/tags/bitcoin",23,13,15,"side","a3Vjb2luLWJ1dHRvbg==","51","Large devices"," 1200px","Medium devices"," 992px","Small tablets"," 768px","Smartphones"," 480px","Extra small devices","

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