Genesis, one of the largest crypto lenders, said it has laid off 20% of its workforce. The contagion from some major crypto companies’ collapse is not over. The Galaxy Digital CEO has ideas about navigating the crypto winter. Hear from Mike Novogratz at the Best New Ideas in Money Festival on Sept. Still, meme coins rallied, which some attributed in part to the comeback of retail interests. The amount of addresses holding between 0.1 ETH and 1 ETH have remained flat for July and August, Dunleavy noted. On the retail side, investors are not as active in the Ethereum “Merge” trades. “So holding native ether going into the Merge, if you assume there’ll be some value from the fork, is a strategy I think a lot of people are pursuing through these lending protocols.” “Presumably there will be some sort of value in that,” Dunleavy said. If it happens, all ether holders will receive an equal amount of the new tokens on the forked chain. In late July, Ethereum miner Chandler Guo proposed to fork, or split the chain, with one that continues to be based on the proof-of-work consensus mechanism. Some traders have been borrowing ether with anticipation of a Ethereum hard fork. The “Merge” is a highly-anticipated upgrade that will transition Ethereum from proof-of-work to proof-of-stake, a consensus mechanism that is much more energy efficient, and will pave the way for the blockchain to be cheaper and more productive.Īccording to blockchain data, the number of addresses holding over 100 ether, 1000 ether and more than 10,000 ether have seen a sharp rise, Dunleavy noted. In fact, with the Ethereum “Merge” coming up, “there’s clear institutional and whale interest and accumulation,” according to Tom Dunleavy, senior research analyst at Messari. “To me that shows a lot of a lot of capital on the sideline wanting to deploy into yield type strategies or things that can generate a yield or income that was a little bit more market neutral bias, rather than just buying tokens,” Farrell noted. Still, the interest rates are “not that high relative to where they could be,” according to Farrell. They have gone up naturally because of the halt in credit but you’re seeing new money being willing to be deployed,” Farrell said. “During the last two weeks, we’ve seen a pickup of that rate. “Lenders across the spectrum, from DeFi pools to big lenders like Genesis really had no appetite to lend.” Starting June, lending activities were almost “shut down to zero,” as the digital asset industry battled with contagion when crypto hedge fund Three Arrows and lender Celsius went into bankruptcy, according to Farrell. Meanwhile, the lending activity in the crypto space has seen a bounce, Luke Farrell, crypto trader at GSR, said in an interview. “Despite the steep downturn in the digital asset market, we are still seeing substantial interest from some institutional clients in how to efficiently and cost-effectively access these assets using our technology and product capabilities,” the company said in a blog post. The world’s largest asset manager, last week launched a spot bitcoin private trust, available to U.S. Crypto Metrics Biggest GainersĪfter months of muted activity in the crypto market, there have been some signs that institutional and retail interests are picking up, prompting some investors to ask if the worst is already behind. Bitcoin is up 24% from its June low, but still down 50% year to date, according to CoinDesk data. Gained 10.9% while another dog-themed token, Shiba InuĪdvanced 19.7% from seven days ago. Etherĭeclined 2.6% over the seven-day stretch to around $1,865. Lost 3.9% over the past seven days, and was trading at around $23,297 on Thursday, according to CoinDesk data. Subscribe Here to Distributed Ledger Crypto in a snap
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