Bitcoin straddles $66K
What's being bought and sold*
TOP TRENDING ASSETS
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What’s up
DeFi Debacle Ends On A High Note
Let's hear it for the governance token of Curve. A few days ago, CRV plummeted 30% in one hour. Not doing the decentralized finance platform any favors, of course, was Curve founder Michael Egorov. His pile of ecosystem-backed loans got imperiled by a hack scare that sparked further fears over the prospect of a doom spiral.
For profit, and because he could, and also ostensibly to stress-test the universe he’d created, Egorov borrowed $96M worth of crvUSD, a dollar-pegged stablecoin. He did it using various yield farming protocols and a $140M stash of CRV as collateral.
While a decent-sized chunk of the ambitious position did get flushed, Egorov quickly assured the Curve community that a "soft" liquidation mechanism performed its role as "bad debt" was sorted incrementally, while the hacker was thwarted, all resulting in CRV stabilizing, and then snap-rallying from a recent low of $0.25 to $0.34 as of today. CRV has a market capitalization of $400 million, making it CoinGecko's 169th-largest digital asset.
A related protocol in terms of facilitating CRV yield farming is Convex Finance which seems to be the ultimate beneficiary of the entire nerve-jangling affair. The CRV-supportive platform's native CVX nearly doubled from recent lows at one point over the weekend. CVX is up 35% in the past day. It's closing in on cracking CoinGecko's Top 200.
What's down
Bitcoin In A Fencing Match
After challenging $70,000 several times in the past two weeks, Bitcoin has drifted into a stubbornly bland trading pattern in which even barely clinging to $66,000 is considered a chore while genuine catalysts are suddenly a scarcity. We’ve found inner peace easier to come by.
"Until the range shows signs of shifting, there is little to do but wait," Cointelegraph said.
CoinGlass data pegs $66K as the new, critical support level, order-book-liquidity-wise, with $67K, or thereabouts, representing resistance.
At one stage on Sunday, BTC seemed like it might regain a notch above $67K, and this was after the largest digital asset briefly sank below $65K on Friday with the U.S. inflation picture delivering mixed signals to risk assets; and while fewer macro triggers are due this week, “employment figures may still surprise,” Cointelegraph said.
What's next
White House Down - For Crypto Summit
A crypto industry roundtable will soon bring together lawmakers from both sides of the aisle as well as some White House officials, Bitcoin Magazine has learned.
The event, organized by Rep. Ro Khanna (D-CA) and which also counts Mark Cuban as an attendee, is slated to be held early next month in Washington, D.C.
The Biden administration’s anti-crypto stance has abated before our eyes in recent weeks. This innovation-themed brainstorming session, partly theatrical it would seem, nevertheless looms as “a positive development to market participants,” Decrypt said.
Blockchain friendliness positions conceivably could play a role in the upcoming U.S. presidential elections as both candidates seem bent on establishing crypto credibility. Amidst the Biden administration’s perceived pivot (Ethereum ETFs anyone?), the former president and presumptive Republican nominee, Donald Trump, has announced his support for making America a miner-friendly hub and has opened campaign coffers to digital donations.
