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Cardano’s Vasil hard fork proposal submitted: Countdown commences

by John Stapel

From July 3, the four-week window for application developers and exchanges to test the upcoming Cardano upgrade begins before it’s launched onto the mainnet.

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Cardano’s Vasil hard fork proposal submitted: Countdown commences

Cardano Blockchain developer Input Output Hong Kong (IOHK) has submitted an updated proposal to hard fork the Cardano testnet, kicking off the countdown for the network’s Vasil mainnet upgrade.

The Vasil upgrade is slated to bring “significant performance and capability upgrades” to the blockchain, with IOHK describing the fork as the “biggest and best upgrade to date,” providing higher throughput, improved script performance for developers and lower costs.

One of the most significant updates pointed out by the team is the implementation of diffusion pipelining aimed at improving the blockchains’ scalability for decentralized applications (DApps).

The update will allow faster block creation as they can be transmitted without full validation.

If everything goes smoothly, the upgrade to the testnet will take place July 3, with the mainnet upgrade scheduled for roughly around the end of July. The Cardano community requested four weeks minimum to allow time to test and upgrade applications on the testnet. IOHK says the hard fork for the mainnet will take place “once everyone is comfortable and ready.”

The Cardano mainnet upgrade was previously supposed to take place on Wednesday but was delayed by a month on June 22, citing several outstanding bugs. IOHK has called the project the “most complex program of work we’ve undertaken.”

IOHK’s “prime concern” is ensuring the upgrade is managed in a “safe and secure” manner. It reports the Vasil node is creating over 75% of the testnet network’s blocks and believes there is “good chain density to proceed safely.”

The last significant upgrade to the blockchain was in September 2021 with the Alonzo hard fork, which brought in long-awaited smart contract functionality for the first time using Plutus scripts, a smart contract development language purpose-built for Cardano

The upgrade was widely considered to be a disappointment, as Cardano still only has 11 DApps, according to DefiLlama. The co-founder of Cardano, Charles Hoskinson, previously predicted there would be “thousands of DApps” on Cardano by 2021 and believes developers are waiting for the Vasil upgrade to launch their projects.

The Vasil node is named in honor of Vasil Stoyanov Dabov, an artist and Cardano community member and ambassador who passed away in December 2021 after a diagnosis of pulmonary embolism.

Related: Can Cardano's July hard fork prevent ADA price from plunging 60%?

Cardano is a proof-of-stake (PoS) blockchain and is touted as a so-called “Ethereum Killer,” which aims to beat Ethereum by providing better scalability, transactions per second and lower fees.

Currently, its native coin Cardano (ADA) sits in the eighth position with a $15.7 billion market capitalization at a price of around $0.45, down 85% from its all-time high of over $3.00 in September 2021, according to data from CoinGecko.

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According to Mike Darlington, the CEO of Monstercat, an electronic music platform, and Jake Udell, the founder of social NFT platform Metalink, bear markets are a time to ideate and build new products. During this week's episode of NFT Steez, a bi-weekly Twitter Space hosted by Cointelegraph analysts, both Darlington and Udell agreed that the future will be bright for crypto and especially for music NFTs. 

During the interview, Darlington and Udell explained the importance of researching projects with “sustainable teams” that continue to build despite the current market conditions and they encouraged investors to learn from the possibilities created at the height of the bull market.

According to Darlington, music NFTs haven’t necessarily had made it as a “trend” yet, but he is hoping that they cement their space in the next bull cycle. Comparatively, profile pictures (PFP) NFTs are a “monster of their own,” but music NFTs can see similar success to that of photography or art NFTs.

Creators and communities will benefit from music NFTs

For creators looking into experimenting with music NFTs, Darlington suggested that it is first important to discover and understand “why do you want to interact and why do you want to get involved?”

Darlington said some creators have come to “recognize how broken the music industry is for artists” and music NFTs present a possibility that can provide more sustainability for artists and musicians.

While it's uncertain how sustainable the new landscape will be for artists, the one “resounding truth” and commonality is that creators are not “content with the current model,” there is a willingness to be open to change the status quo but this depends on the “format and the shape that music NFTs will arrive in,” explains Darlington. 

Are music NFTs in a separate genre of their own?

Metalink founder, Jake Udell alluded to how levels of engagement differ between free and pay-to-use platforms with users opting to engage more in platforms they have a stake in. Creators and users who feel they have invested into the product are more likely to “play around with the product more and be more likely to make something of it,'' says Udell.

Interestingly, this dichotomy where users are invested and in-turn empowered to experiment opens up for a more dynamic relationship between the listener and the artist instead of listening to music as a “passive” pastime. Whether or not users care about ownership or truly have it matters less in relation to the culture and community created toward the increased value entities are now placing on digital goods.

According to Udell, the amount of attention the NFT space received in the last year alone led the way for a “cult like phenomenon.” Groups are brought together by the common thread of Web3 and while Udell does not believe that “Web3 is necessarily a genre,“ it is another avenue for artists to tap into and successfully grow their audience. 

Interested in learning more about how music NFTs could rule 2023? Don’t miss the full conversation on Twitter spaces! Tune in to NFT Steez on Twitter every other Friday at 12:00 p.m. ET. Make sure to set your notifications and set your alarm!

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.\n

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Coinbase has long been considered an important bellwether of the cryptocurrency market. Last year, when the company was expanding its workforce, adding institutional clients and issuing stock, crypto prices were hitting record highs. Now, in the depths of crypto winter, Coinbase finds itself slashing a fifth of its workforce, losing retail trading volume and contending with downgrades of its credit and stock.

This week’s Crypto Biz dissects Goldman Sachs’ latest downgrade of Coinbase and also looks at the latest developments surrounding Three Arrows Capital.

Goldman Sachs downgrades Coinbase stock to ‘sell’

After a promising debut on the Nasdaq stock exchange in April 2021, it has been nothing but down for Coinbase shares. The company, which once had a fully diluted market capitalization of nearly $100 billion, has been caught in a downward spiral amid crypto winter. Recognizing the 80% decline in Coinbase stock, analysts at Goldman Sachs this week downgraded the company to “sell,” which is basically a recommendation that investors liquidate their positions and be done with the stock for now. Goldman isn’t the only firm turning bearish on Coinbase. Earlier this month, credit rating agency Moody’s downgraded the company to a Ba3 rating, which is considered a non-investment grade.

21Shares responds to bear market with crypto winter ETP

Swiss asset manager 21Shares is gearing up for crypto winter by launching a new product that allows investors to gain low-cost exposure to Bitcoin (BTC). Earlier this week, the company introduced its 21Shares Bitcoin Core exchange-traded product, also known as CBTC. What makes CBTC so unique is its paltry expense ratio of just 21 basis points, which is 44 basis points below the next cheapest product on the market. Basically, 21Shares wants you to keep stacking sats — or buying shares in its ETP — during the market downturn. Unless you think Bitcoin is dead, the best time to accumulate is during bear markets.

British Virgin Islands court reportedly orders to liquidate 3AC

The brain trust behind Three Arrows Capital, also known as 3AC, has been radio silent over the past few weeks amid reports that the hedge fund is bankrupt. On June 27, a court in the British Virgin Islands ordered that 3AC be liquidated, setting the stage for further volatility in the cryptocurrency market. Although details were sparse, the liquidation ruling came shortly after the crypto exchange Voyager Digital handed 3AC a notice of default for its failure to pay back a massive loan that included 15,250 BTC and 350 million USD Coin (USDC). Buckle up, ladies and gents, the next few months are going to be ugly.

MicroStrategy scoops up 480 Bitcoin amid market slump

Concerns about Michael Saylor’s conviction on Bitcoin were laid to rest this week after the MicroStrategy CEO announced that his company had acquired an additional 480 BTC for $10 million. MicroStrategy is now sitting on a colossal 129,699 BTC valued at a combined $3.98 billion. Given its average purchase price of $30,644 per BTC, the company has a net unrealized loss of around $1.4 billion tied to Bitcoin. With crypto winter only just beginning, it could take years for MicroStrategy to break even on its holdings. Saylor is as unfazed as ever, though.

MicroStrategy has purchased an additional 480 bitcoins for ~$10.0 million at an average price of ~$20,817 per #bitcoin. As of 6/28/22 @MicroStrategy holds ~129,699 bitcoins acquired for ~$3.98 billion at an average price of ~$30,664 per bitcoin. $MSTR https://t.co/leQYTXn817

— Michael Saylor⚡️ (@saylor) June 29, 2022 \n\n

Don’t miss Where is Bitcoin headed next?

Bitcoin’s paltry rally toward $22,000 earlier this week had some investors excited that a short-term breakout was imminent. Well, that didn’t happen. Now, investors are wondering whether we will see $30,000 or a sub-$17,000 BTC first. In this week’s Market Report, I got to dissect the latest market developments with fellow analysts Jordan Finneseth, Benton Yuan and Marcel Pechman. You can catch the full replay below.

Crypto Biz is your weekly pulse of the business behind blockchain and crypto delivered directly to your inbox every Thursday.

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DappRadar and omnichain interoperability protocol LayerZero have launched a new token to enable cross-chain staking across multiple blockchains and Ethereum Virtual Machine (EVM)-compatible networks — a move designed to minimize fees and increase access to staking opportunities.

The functionality for the newly launched RADAR token is provided through a set of smart contracts, DappRadar said. One of the contracts is known as the controller and the other as a proxy. The two smart contracts work together to enable the new staking mechanism.

Requests made to withdraw or claim rewards are sent to the proxy smart contract. It communicates with the controller contract to determine if the request is valid. If the request is valid, the controller informs the proxy to release the tokens. DappRadar claims this type of cross-chain staking was previously unavailable anywhere.

DappRadar also provided documentation instructing users on how to take advantage of this new functionality. The instructions mention that users can “can stake [their] RADAR tokens on the Ethereum blockchain and then claim the rewards on BNB Chain.” These two chains are the first supported, with a rollout for Polygon (MATIC) expected soon.

DappRadar describes itself as a decentralized application exploration platform. The RADAR overview mentions that the token will help the company broaden its coverage, pursue faster listings for emerging projects, provide more accurate listings of current projects and offer better portfolio tools. 

Related: GameFi continues to grow despite crypto winter: DappRadar report

DappRadar and LayerZero first announced their RADAR token in December 2021. Seven months later, the crypto market landscape has changed dramatically, with June capping off the worst quarter in 11 years. Despite the current bear market, other tokens have seen new highs up to 300%.

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Cryptocurrency exchange Voyager Digital announced Friday that it was temporarily suspending trading, deposits, withdrawals and loyalty rewards. “The failure of a borrower, Three Arrows Capital, to repay a substantial loan from us makes this the right path forward,” Voyager Digital CEO Stephen Ehrlich said on Twitter soon after the service suspension went into effect. 

“This decision, while far from optimal, will give us time to work to strengthen our balance sheet, a necessary condition to protect assets and preserve the future of the Voyager platform we have built together,” Ehrlich continued. A statement issued by the company said it has engaged Moelis Co. and the Consello Group as financial advisers, and Kirkland Ellis as legal advisers.

Voyagers, today we made the difficult decision to temporarily suspend trading, deposits, withdrawals, and loyalty rewards. Read more at: https://t.co/bpGFqQtjAs

— Stephen Ehrlich (@Ehrls15) July 1, 2022 \n\n

Voyager Digital issued a notice of default to Three Arrows Capital, also known as 3AC, on Wednesday after the Singaporean crypto hedge fund failed to repay a 15,250 Bitcoin (BTC) and 350 million USD Coin (USDC) loan. Voyager gave assurances at the time that it would continue operations. The exchange explained that it had accessed $75 million of a revolving loan of 15,000 BTC it had taken out from Alameda Research to cover its exposure to the loans 3AC was unable to repay. It also said it had $137 million in cash and crypto on hand.

Related: Singapore reprimands 3AC for providing false information

A court in the British Virgin Islands reportedly ordered the liquidation of 3AC shortly after Voyager Digital filed its notice of default. Reports emerged June 16 that 3AC had failed to meet margin calls that week.

Voyager Digital did not indicate when it would restore trading, deposit, withdrawal and loyalty reward services. Its announcement came in the afternoon before a long weekend in the United States. Monday is U.S. Independence Day, which is a federal holiday.

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Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights, a newsletter crafted to bring you some of the major developments over the last week.

This past week, the DeFi ecosystem saw Axie Infinity’s Ronin bridge relaunch with a fully backed 1:1 Ether (ETH) nearly three months after the infamous $600 million hacks.

MakerDAO plans to invest $500 million into United States Treasurys and bonds to weather the ongoing bear market. Polkadot (DOT) announced that they would transform their governance model to move towards complete decentralization. While decentralized autonomous organizations (DAOs) are seen as the future of governance, a recent study shows less than 1% of all holders have 90% of the voting power in DAOs.

The top 100 DeFi tokens again plunged into a sea of red after showing some fightback last week. The majority of the top-100 tokens registered double-digit losses over the past week.

Battle-hardened Ronin bridge to Axie reopens following $600M hack

Sky Mavis, developers of the popular play-to-earn (P2E) nonfungible token (NFT) game Axie Infinity (AXS) announced the relaunch of Ronin bridge on Thursday, three months after it was hacked for more than $600 million.

On March 29, 173,600 ETH and 25.5 million USD Coin (USDC) were drained from the bridge after hackers managed to gain access to private validator keys. The hack was worth more than $620 million at the time.

According to the Tuesday announcement from the Sky Mavis team, the Ronin bridge is back online after three audits (one internal, two external), a new design and full compensation of the users’ stolen assets.

Continue reading

MakerDAO looks to invest $500M into ‘minimal risk’ Treasurys and bonds

MakerDAO is currently voting on a proposal aimed at helping it weather the bear market and utilize untapped reserves by investing 500 million Dai (DAI) stablecoins into a combination of United States Treasurs and bonds.

Following a straw poll in a governance Signal Request, the DAO members now must decide whether the dormant DAI should go entirely into short-term Treasurys or split 80% into Treasurys and 20% into corporate bonds.

Continue reading

Polkadot’s founder announces steps toward full decentralization with new governance model

Polkadot and Kusama founder Gavin Wood announced that the blockchain’s governance model would undergo a new transformation. Dubbed Gov2, anyone would be able to start a referendum at any time for as many times as they wish in the new setup, similar to initiating new transactions on the blockchain.

Thereafter, the pending referendums need 50% of the vote from stakeholders within 28 days’ time for approval or face rejection by default. Participants can also intervene and launch timely cancellation proposals, which require similar voting procedures in the event that technical glitches are discovered within the referendums themselves.

Continue reading

Less than 1% of all holders have 90% of the voting power in DAOs: Report

A recent report from Chainalysis analyzed the workings of ten major DAO projects and found that, on average, less than 1% of all holders have 90% of the voting power. The finding highlights a high concentration of decision-making power in the hands of a selected few — an issue DAOs were created to resolve.

This concentration of decision-making power was evident with the Solana (SOL)-based lending DAO Solend. The Solend team tried to take over a whale’s account and execute the liquidation themselves via over-the-counter (OTC) desks to avoid cascading liquidations across the decentralized exchange (DEX) books.

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DeFi market overview

Analytical data reveals that DeFi’s total value locked registered a minor dip from the past week, falling to a value of $54 billion. Data from Cointelegraph Markets Pro and TradingView shows that DeFi’s top-100 tokens by market capitalization showed high price volatility and the majority of them traded in red over the past week.

Compound (COMP) was the only DeFi token in the top 100 to register a weekly green with a 2% surge over the past week. The rest of all other DeFi tokens in the top 100 showed an overall bearish momentum dipping in double digits.

Thanks for reading our summary of this week’s most impactful DeFi developments. Join us next Friday for more stories, insights and education in this dynamically advancing space.

\n",audio:"https://s3.cointelegraph.com/audio/89091.b7dafa8f-1750-4243-b470-6a4d5e89112b.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:464,shares:ak,tags:[{id:xP,slug:xQ,title:oD,url:mi},{id:"1852",slug:"hackers",title:"Hackers",url:"/tags/hackers"},{id:"1933",slug:"dao",title:"DAO",url:"/tags/dao"},{id:"8417",slug:"hacks",title:"Hacks",url:"/tags/hacks"},{id:"9415",slug:"defi",title:oK,url:oL},{id:"9426",slug:"makerdao",title:"MakerDAO",url:"/tags/makerdao"},{id:"9478",slug:yh,title:aV,url:"/tags/polkadot"},{id:xS,slug:xT,title:xU,url:mj},{id:"9600",slug:yi,title:aW,url:"/tags/axie-infinity"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=89091regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:in0,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"blockfi-announces-deal-with-ftx-us-including-option-to-acquire-for-240m",url:ot,absoluteUrl:yj,title:me,youtubeVideoIdCover:d,cover:ou,datePublished:ac,dateHuman:mk,humanDateTime:"2022-07-01 21:03",dateISOFull:"2022-07-01T20:03:39+01:00",publishedDateTimeObject:{year:E,month:B,day:r,hour:ir,minute:u,second:kV,millisecond:e},categorySlug:R,categoryUrl:S,categoryName:T,authorName:lc,authorUrl:ld,authorAvatar:oM,previewText:"According to CEO Zac Prince, BlockFi signed agreements with FTX US totaling $680 million — for a company that had a $5 billion valuation in June 2021.",twitterLeadText:"BlockFi reached a deal to be acquired by FTX US for $240 million, subject to shareholder approval. The company had been valued at $5 billion just a year ago.",badgeSlug:g,badgeName:bo,fullText:"

FTX US has inked a deal with BlockFi that will give the crypto derivatives exchange the option to purchase the lending firm.

In a Friday Twitter thread, BlockFi CEO Zac Prince said the crypto lending firm had signed agreements with FTX US for a $400-million revolving credit facility as well as the option to acquire BlockFi “at a variable price of up to $240 million based on performance triggers.” According to the CEO, the deal was reached as part of an effort “to bolster liquidity and protect client funds” at BlockFi.

The agreements are still subject to shareholder approval. Prince said volatility in the crypto market, “particularly market events related to Celsius and 3AC,” which had a negative impact on BlockFi, led to the decision. The crypto lending platform suffered roughly $80 million in losses the week following Celsius pausing withdrawals, and, after considering “​​various unattractive options” for recovery, partnered with FTX US.

“All of our products and services — including funding and withdrawals, our trading platform, credit card and global institutional services — continue to operate normally, with incremental capital strength behind them,” said Prince.

Yesterday we signed definitive agreements, subject to shareholder approval, with FTX US for:

1. A $400M revolving credit facility which is subordinate to all client funds, and 2. An option to acquire BlockFi at a variable price of up to $240M based on performance triggers.

— Zac Prince (@BlockFiZac) July 1, 2022 \n\n

In a Friday blog post, BlockFi criticized reports from Thursday claiming FTX intended to purchase the firm for $25 million. According to the CEO, the $400 million credit facility, $240 million acquisition price and “other potential consideration” totaled $680 million — for a company that had a $5 billion valuation in June 2021. Prince hinted the report was due to “an inappropriately leaked call” and “purely personal conjecture by a single party.”

Related: FTX US acquires Embed Financial subsidiary for stock trading platform

BlockFi was one of the first firms to liquidate some of Three Arrows Capital's positions in June after the company reportedly failed to meet margin calls from its lenders. Amid the market downturn and extreme price volatility, the crypto lending firm announced that it would be laying off 20% of its 850-strong staff, retaining roughly 600 people. It’s unclear if a FTX US acquisition would change this decision.

\n\n\n\n\n\n\n\n\n\n",audio:"https://s3.cointelegraph.com/audio/89134.eba3aec9-9f5f-4506-87f7-2aff67ed276c.mp3",facebookShares:f,twitterShares:f,linkedinShares:f,redditShares:f,views:1531,shares:jq,tags:[{id:bp,slug:jv,title:iq,url:ia},{id:x_,slug:x$,title:ya,url:yb},{id:"1021",slug:"investments",title:"Investments",url:"/tags/investments"},{id:oG,slug:oH,title:oI,url:oJ},{id:"2945",slug:"lending",title:"Lending",url:"/tags/lending"}],topics:[],relatedPosts:[],trackingPixelUrl:"https://zoa.cointelegraph.com/pixel?postId=89134regionId=1",showShares:b,showStats:b,isNoIndex:a},{id:jt,isDeleted:a,isDisclaimerHidden:f,isSponsored:a,isPressRelease:a,isExplained:a,slug:"ignite-ceo-announces-departure-after-seven-years",url:xG,absoluteUrl:"https://cointelegraph.com/news/ignite-ceo-announces-departure-after-seven-years",title:ov,youtubeVideoIdCover:d,cover:xH,datePublished:ac,dateHuman:"11 hours ago",humanDateTime:"2022-07-01 19:45",dateISOFull:"2022-07-01T18:45:00+01:00",publishedDateTimeObject:{year:E,month:B,day:r,hour:oj,minute:yk,second:e,millisecond:e},categorySlug:R,categoryUrl:S,categoryName:T,authorName:lc,authorUrl:ld,authorAvatar:oM,previewText:"Peng Zhong stepped down as CEO roughly a month after former company head Jae Kwon said he would be leading NewTendermint, part of Ignite's split to two firms in May.",twitterLeadText:"Ignite's CEO Peng Zhong said bye to the firm after seven years. The reasons for his departure are not clear.",badgeSlug:g,badgeName:bo,fullText:"

Peng Zhong, the chief executive officer of Ignite — formerly Tendermint and backer of the Cosmos ecosystem — has announced he will be leaving the firm.

In a Friday tweet to his more than 20,000 followers, Zhong said Friday will be his last day at Ignite, where he has been working as CEO since May 2020. Prior to that, the now-former Ignite CEO was chief design officer at the firm’s Kuala Lumpur and Toronto offices since he started in 2015. It’s unclear what led to his decision to leave the company.

Today is my last day at Ignite. Thank you for the camaraderie we shared as we built out this ecosystem. It's been an honor to be a part of this team and this community. I will miss you.

— Peng Zhong (@zcpeng) July 1, 2022 \n\n

Ignite, formerly known as Tendermint, is a core contributor to the Cosmos ecosystem. During Zhong’s time at the firm, many knew him for developing the first Cosmos crypto wallet, Voyager, later renamed Lunie, and helping facilitate the introduction of liquid staking to the ecosystem.

Co-founded by software developers Jae Kwon and Ethan Buchman in 2014, Cosmos allows interoperability between blockchains by making information flow and transactions seemingly easier to execute. Kwon left his position as Tendermint CEO in 2020, but returned following the company’s rebrand in May creating Ignite and NewTendermint — he is now CEO of the newly branched firm.

Related: ‘We'll see about 200 chains connected through Cosmos’ IBC next year,’ says Tendermint CEO Peng Zhong

According to data from Cointelegraph Markets Pro, the price of Cosmos (ATOM) is $8.09 at the time of publication, having risen more than 3.5% since Zhong’s announcement.

Cointelegraph reached out to Jae Kwon and Peng Zhong, but did not receive a response at the time of publication. This story may be updated.

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Amid the recent volatility in the crypto market affecting investments and stock prices, many firms made significant staff cuts in the last month while others continued hiring.

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In June, major crypto exchange Gemini was among the first to reportedly cut 10% of its employees amid the bear market, saying conditions were “likely to persist for some time.” Coinbase and Crypto.com followed, announcing plans to reduce staff by 18% and 5%, respectively. Coinbase CEO Brian Armstrong cited the so-called crypto winter as part of the reason for the cuts, but also stated the firm had been growing “too quickly.”

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Market conditions largely have not changed following many decisions to downsize, and other firms have been forced to make cuts. Crypto lending firm BlockFi announced it would be reducing staff by roughly 20% on June 13, and Cointelegraph reported on Thursday that FTX was in the process of finalizing a deal to purchase the platform’s remaining assets for $25 million. BlockFi CEO Zac Prince denied reports of the sale.

\n\n

Lots of market rumors out there - I can 100% confirm that we aren’t being sold for $25M.

I encourage everyone to trust only details that you hear directly from @BlockFi.

We will share more w you as soon as we can.

— Zac Prince (@BlockFiZac) June 30, 2022\n\n\n

Austrian crypto and stock trading platform Bitpanda announced on June 24 a mass layoff as it aims to “get out of it financially healthy” amid the current bear market, bringing the company to a “​​size of about 730 people.” At the time of publication, the crypto firm has no current job openings on its website.

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However, many companies in the crypto space are continuing to operate as normal, seemingly prepared to weather the storm — at least one is even picking up the slack. Cointelegraph reported that the U.S. Financial Industry Regulatory Authority was open to hiring terminated employees from crypto firms in an effort to “bulk up” its capabilities.

\n

Related: How to start a career in crypto? A beginner’s guide for 2022

\n

Globally, Binance and Ripple offered thousands of jobs to replace the ones that were recently dissolved from major crypto exchanges and firms. Kraken also stood out as one of the major cryptocurrency exchanges announcing plans to continue hiring for more than 500 roles in various departments amid the market downturn. Sergey Vasylchuk, CEO of Ukraine-based decentralized staking provider Everstake, announced on June 15 that the firm was “not firing anybody.”

\n

According to data gathered by blockchain jobs site Crypto Jobs List, companies have listed more than 3,000 jobs related to the crypto space in the United States in the last seven days — roughly 37% of all jobs posted in the last 30 days. The United Kingdom and India similarly saw a large number of crypto jobs advertised in the last seven days — 562 and 183, respectively — suggesting the industry still has room for staff.

\n

“Kraken and Binance have shown that they plan to stay around for a long time by looking to grow their headcount during a bear market,” a spokesperson for Crypto Jobs List told Cointelegraph. “The market downturn has meant that individuals who don’t plan to stick around for long are deterred, and only serious candidates that are interested in a long-term career are left to apply, and hiring managers recognise this.”

\n\n

It was not easy saying no to Super bowl ads, stadium naming rights, large sponsor deals a few months ago, but we did.

Today, we are hiring for 2000 open positions for #Binance. pic.twitter.com/n24nrUik8O

— CZ Binance (@cz_binance) June 15, 2022\n\n\n

At the time of publication, the price of Bitcoin (BTC) is under $20,000, having fallen more than 37% in the last 30 days according to data from Cointelegraph Markets Pro.

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The market cap of Bitcoin (BTC) dropped another 33% in June, which is now beginning to numb the Twitter community. On the upside, many crypto traders who wanted out did so fairly aggressively from March to May. But, the less optimistic news is that the stagnancy in address activity may need to change for prices to get a running start on recovery.

Unlike April and May, the altcoin pack didn’t struggle tremendously more than Bitcoin. BTC’s 33% drop was pretty middle of the road in terms of corrections. In a vacuum, crypto bulls would prefer seeing altcoins continuing to lag, pushing more traders back toward Bitcoin as a relative “safe haven.”

Nevertheless, June was a tale of two halves. June 1-15 saw a massive 25% further downswing for Bitcoin. Comparatively, June 16-30 was looking up until the very end of the month, which now exhibits an additional 8% slide.

The $20,000 price level has shown to be both psychological support and resistance area. Therefore, a drop below (which could very well occur by the time this article is published) may quickly change traders’ outlook. Panic selling and overly eager buying should occur as soon as the $19,500 to $19,900 range is hit.

Social dominance has returned to Bitcoin and away from altcoins

So far, 2022 has served as a reality check for altcoins whose market caps have ballooned to astronomic levels in the past two years. As mentioned, Bitcoin was nothing special compared to alts in June, but it has held up better than most projects and even a few stablecoins. As a result, the spotlight shines bright on Bitcoin, as evidenced by a healthy community focus.

This phenomenon was reflected in the whole last week of June. Bitcoin was mentioned on Santiment’s social platforms at its highest rate in about four months, while the discussion around other popular assets like Ether (ETH) and Cardano (ADA) continues to diminish.

Trading returns still point to a major undervaluation of Bitcoin and most altcoins

The average 30-day trading returns on the BTC network are still very negative. And, as long they are in the yellow-green or green territory in the below chart, there is less risk in entering a Bitcoin position (or adding on to) than historical results.

Price freefalls tend to reverse if they go into the extreme low (green) territory, and that would be the ideal setup to watch for on Sanbase.

The number of whale addresses is growing rapidly

Another positive note for patient crypto hodlers, regardless of the asset, is that more and more Bitcoin shark and whale addresses are returning to the network. The addresses, mainly run by active human traders, sized 10 to 10,000 BTC, have over 147,000 addresses for the first time since November. Meanwhile, the very top-tier addresses owned primarily by exchanges (10,000 or more) showed over 100 addresses for the first time since December 2020.

And, speaking of supply moving on and off-exchange addresses, the overall trend shows BTC continuing to move away from exchanges after a brief worrisome rise in May. Now, well below 10% of coins sitting on exchanges, there is far less selloff risk (based on historical trends). And, to add to this, the amount of Tether (USDT) moving to exchanges has skyrocketed, implying more buying power at these suppressed prices.

Ethereum seeing far more negativity than any other large-cap asset

Not to be ignored, Ethereum has had a well-documented 76% retracement since its all-time high in November. When looking at the ratio of positive vs. negative commentary being scraped by our social data algorithm, there appears to be a stunning dropoff in positive comments in early June. The 37% price drop between June 9 and 13 was the culprit and the last straw for many traders. As counterintuitive as it may seem, these “last straws” is what the community at Santiment expects to see for the market to stage a comeback.

Cardano is also seeing the equivalent of slowly rolling tumbleweeds around its network. The number of unique addresses interacting on the Cardano network is down to its lowest in about a year. The sentiment is gradually sinking for Cardano as well, which is likely due to a simple absence of discussion more than anything.

Traders heading into the second half with extreme skepticism

It is hard for the trading community to find any excitement in the abysmal price performances that continue to persist month after month in 2022. Yet, price surges happen when the mainstream casts the most doubts. Still, nothing is for certain in a sentiment-driven and often self-perpetuating sector like cryptocurrency. But, the more the crypto community is leaning bearish and proclaiming its crypto winter time, the higher the chance of a recovery underway.

Cointelegraph’s Market Insights Newsletter shares our knowledge on the fundamentals that move the digital asset market. This analysis was prepared by leading analytics provider Santiment, a market intelligence platform that provides on-chain, social media and development information on 2,000+ cryptocurrencies.

Santiment develops hundreds of tools, strategies and indicators to help users better understand cryptocurrency market behavior and identify data-driven investment opportunities.

Disclaimer: The opinions expressed in the post are for general informational purposes only and are not intended to provide specific advice or recommendations for any individual or on any specific security or investment product.

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Tether is reducing its commercial paper holdings on pace with plans, the stablecoin company reported Friday. It has reached the target sum of $8.4 billion in commercial paper, as per intentions first disclosed last month, and will continue to reduce its holdings in the immediate future. 

On July 31, $5 billion of Tether’s commercial paper holdings will expire, leaving the company with $3.5 billion dollars’ worth in its portfolio. As a result, treasury reserves will make up a larger proportion of the company’s reserves, the report emphasized.

Tether stablecoin USDT had about $20.1 billion in commercial paper backing as of March 31. The company’s quarterly assurance opinion stated that the percentage of commercial paper in its reserves was falling and its reserves were fully backed.

Related: USDC’s ‘real volume’ flips Tether on Ethereum as total supply hits 55.9B

The stablecoin became depegged for a brief time in May amid broad market turbulence. On June 15, two days after cryptocurrency lending platform Celsius announced it was halting withdrawals, Tether issued a statement to refute rumors that 85% of that portfolio was Asian and Chinese commercial paper trading at a significant discount. Tether stated at that time that it had a goal of reducing its commercial paper portfolio to zero. The USDT market cap fell to an eight-month low, at below $70 billion, a few days later.

1/ I have been open about the attempts from some hedge funds that were trying to cause further panic on the market after TERRA/LUNA collapse. It really seemed from the beginning a coordinated attack, with a new wave of FUD, troll armies, clowns etc. https://t.co/hhcsgHV1Ow

— Paolo Ardoino (@paoloardoino) June 27, 2022 \n\n

Those are not all of Tether’s stability woes, however. Tether chief technology officer Paolo Ardoino said in a long Twitter thread Monday that the stablecoin was “under attack” from hedge funds. He went on to say the same hedge funds “believed and helped all the FUD spread by the truthers in the past months [and] years.”

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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","36","16","41","53","2022-07-01","27","kucoin-button",79,138,"34",6,"23",5,"adbutler","Kucoin","https://www.kucoin.com/?utm_source=CTC-1","33","35","0.26","11","Ethereum","28","22","52","13","14","30","40","71","0.82","article",30,"Cardano","cointelegraph.com","es.cointelegraph.com","6","7","Bitcoin","ar","26",48,"12","37","39","0.04","0.11","0.83","en.LanguageType.1","en.LanguageType.2","Polkadot","Axie Infinity","Cosmos","Tether",10,"https://cointelegraph.us3.list-manage.com/subscribe/post-json?u=2c088712615955cd2f82aa968id=7376af3992","https://cointelegraph.us3.list-manage.com/subscribe/post-json?u=2c088712615955cd2f82aa968id=aad9f6b505",47,"/bitcoin-cash-price-index","/ltc-price-index","/xrp-price-index","/xmr-price-index","_blank",51,"18","55","65","67","75","0.25","0.30","News","414","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","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","\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","19","ONT","Ontology","\n\n\n \n","/ontology-price-index","20","MKR","Maker","\n\n\n \n","/maker-price-index","21","BSV","Bitcoin SV","\n\n\n \n","/bsv-price-index","DOGE","Dogecoin","\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","24","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","29","ATOM","\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","54","UNI","Uniswap","\n\n\n\n \n\n\n\n\n \n\n \n","/uniswap-price-index","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","\n\n \n","/polkadot-price-index","COMP","Compound","\n\n\n \n","/compound-price-index","AAVE","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","57","LUNA2","Terra","\n\n\n\n\n \n\n\n\n\n \n\n\n\n \n\n\n \n\n","/terra-price-index","58","VET","VeChain","\n\n ","/vechain-price-index","AVAX","Avalanche","\n\n\n \n","/avalanche-price-index","60","SAND","The Sandbox","\n\n\n\n\n\n\n \n\n ","/the-sandbox-sand-price-index","61","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","62","AXS","\n\n\n\n\n\n\n\n\n\n \n\n\n\n\n \n\n ","/axie-infinity-axs-price-index","63","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","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","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","72","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","99.99 b","0.22","9.00 b","3.00 b","2.19 b","6.39 b","5.34",9,95,19082856,"19.08 m",121377099.124,"121.38 m",70627595.73347135,"70.63 m",163276974.63,"163.28 m",524091253.1717875,"524.09 m",99989535142,19106131.1466511,"19.11 m",18142185.17834307,"18.14 m",10806285.26110576,"10.81 m",1058838565.1934,"1.06 b",108683614,"108.68 m",12604987.45093621,"12.60 m",33470149822.290657,"33.47 b",99241947122,"99.24 b",50001787703.97895,"50.00 b",66232218609.98737,"66.23 b",2779530283.277761,"2.78 b","0.23",977631.0369508882,"977.63 k",19102832.89423905,"19.10 m",135070626383.70522,"135.07 b","0.00%",134258478.69572994,"134.26 m",921588848.102402,"921.59 m",8999999999,55675503286.17064,"55.68 b",30263013692,"30.26 b",300344905.209525,"300.34 m",935137084.9,"935.14 m",36666,"36.67 k",10000000000,"10.00 b",1208399398.948944,"1.21 b",10000000,"10.00 m",16000000,"16.00 m",242956658.52906293,"242.96 m",277886448.6094486,"277.89 m",143519208.32414818,"143.52 m",85985041177,"85.99 b",406510339.9859107,"406.51 m",3000000000,2193627327.320146,270000000,"270.00 m",6392942928.891899,315112130.2859715,"315.11 m",725207249.6087441,"725.21 m",2711772549.1957064,"2.71 b",7272675929.728679,"7.27 b",21394349536.896194,"21.39 b",207350657.2544121,"207.35 m",23926255,"23.93 m",5847914765.207284,"5.85 b",226729685,"226.73 m",483754467.8611074,"483.75 m",589673000594482.9,"589.67 t","0.21","/tags/business",11,25,"youtube","50",165,"0.24","+0.42%","0.85","5.27","0.80","+1.31%","88977","89134","89121",22,"Business",20,15,8,"side","a3Vjb2luLWJ1dHRvbg==","Large devices"," 1200px","Medium devices"," 992px","Small tablets"," 768px","Smartphones"," 480px","Extra small devices","

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