Crypto - Sep 26, 2022 - 4 mins read

Lendaview Weekly #17

The Rundown Powered By Arcane Research

•    BTC is down 13% in the last seven days after a wide de-risking response to another negative inflation surprise last week as market participants brace for tightening conditions after tomorrow’s FOMC. (Read article)
•    The profitability of bitcoin mining has fallen to 2020 levels due to the lethal combination of the declining bitcoin price and surging mining difficulty. (Read article)
•    The merge became a sell-the-news event. ETHUSD is down 17% since the merge and has fallen 13% compared to BTC, as ETHBTC currently trades at 0.07. (Read article)
•    Post Ethereum Merge flows indicate continued caution amongst investors with the 4th week of outflows totaling US$15m.
•    Ethereum PoW forks have underperformed Ether seeing losses extending 66% since launching five days ago. (Read article)
•    Less than a week after the successful merge, Ethereum staking is facing increased scrutiny for being overly centralized. The data shows that staked Ether is highly concentrated to a small set of large depositors but doesn’t equate to the same centralization of the voting power. (Read article)

A Deep Bite

Bitcoin Breaks Two Weeks of Sideways Action – Why BTC Dropped Below $20,000

Following a stellar 2021, which saw numerous digital assets reach their all-time price peaks, 2022 has been tough for cryptocurrency markets. The total market capitalization dropped from $3 trillion less than a year ago to sub $1 trillion levels, while Bitcoin, Ethereum, and the majority of other crypto assets are showing a drastic decrease in value.
Why Bitcoin Plunged beneath $19,000? Below are the three reasons that are most likely playing an outsized role in Bitcoin’s recent slump. More here

Weekly Bites

Binance and FTX Lead $50M Race to Purchase Voyager's Assets

Crypto exchanges Binance and FTX have reportedly made the top bids of approximately $50 million each for the assets of the bankrupt crypto lending firm Voyager Digital. More here

Decentralized Finance Protocol Coin98 Unveils Native Stablecoin CUSD

The move comes as the race among DeFi protocols to craft their own native stablecoins is heating up in an attempt to attract users and boost liquidity on the platforms. DeFi heavyweights Curve and Aave are reportedly working on their own stablecoin projects. More here

Ethereum rival EOS declares independence with consensus upgrade to Antelope 3.1

The upgrade to Antelope Leap 3.1 further democratized the EOS network, with the code now working on an open-source foundation. The Leap 3.1 is the C++ implementation of the new Antelope protocol and brings along several new features. More here

Nomura Targets Crypto Venture Space With Laser Digital

Japan-based financial giant Nomura is looking to expand its digital asset ambitions with a new crypto-focused company that would invest in the space’s innovators, as well as offer trading and other investment products to institutional clients. More here

Little Understood Trading Stratagem Quietly Siphons Money from Ethereum Users

Most crypto users don’t even know it’s happening. It’s an unseen force, quietly and steadily siphoning money out of the marketplace and leaving unwitting Ethereum users none the wiser. It’s called Maximal Extractable Value, and it’s cost the average Ethereum user $1,200 over the last 21 months. More here

India to Determine its Stance on Crypto Legality by Q1 of 2023

By early 2023, the Indian government hopes to submit its stance on the legitimacy of cryptocurrencies to the Financial Action Task Force (FATF) for a “mutual evaluation”. More here

Crypto Remains a Priority for UK Under New Leader, Drawing Industry Excitement

Industry advocates in the country worried previous finance minister Rishi Sunak's crypto plans would not pan out, especially after his recent defeat in the race for Prime Minister. More here

Latest Draft of US Crypto Law Would Temporarily Ban Terra-Like Stablecoins

Algorithmic stablecoins would be shelved for two years of study by federal agencies. Leaders of the House Financial Services Committee continue to negotiate the terms of a proposed bill to regulate cryptocurrency, even as the window to act draws increasingly narrow heading into the midterm elections. More here

JPMorgan Chase executive says crypto usage for payments decreasing

Speaking in an interview with Bloomberg Television on Tuesday, JPMorgan Chase & Co.’s global head of payments Takis Georgakopoulos said that demand for cryptocurrencies as a payment method had seen a drastic decline in the past six months. More here

Will New Lending Pool for Crypto Miners Attract Borrowers?

A new $300 million lending pool on Maple Finance’s platform could offer lenders interest between 15% and 20%. Scaled miners could likely find a lower interest rate and longer payback period, Compass Point Research and Trading analyst says More here

Slaying The Bear Market: 5 Skills You Need To Excel In a Crypto Downturn

A bear market occurs when a market experiences an extended period of declination in price. While a dip in price can be discouraging, especially for new users, there are plenty of opportunities in this slower and lower volatility market phase for everyone to capitalize on. More here

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