News Updates June 18, 2022
1. Bitcoin Breaches $19K Level
The price of Bitcoin (BTC) is currently trading below the $20,000 mark, reaching a low of $19,147 on Saturday, according to statistics from Coingecko.
As the whole cryptocurrency market continues to be pummeled, the price of BTC has fallen below its 2017 all-time high of $20,000, and the market as a whole continues to suffer severe losses. At the time, reaching $19,500 was referred to as a “surge”
associated with potential U.S. regulation of stablecoins.
2. Bitcoin Price At $18,000 Calls For An Altcoin Crash?
The marketers from the crypto industry are in a dilemma over their plan of action. As digital assets from the business have been falling off from thresholds and have been nearing multi-year lows. The star crypto Bitcoin for instance at the time of publication has dropped 9.78% over the previous day to $19,030.51.
On the other hand, Ethereum has lost its crucial support at $1,000 and is presently changing hands at $990.23. That said, the dominance of altcoins is depleting in contrast to that of Bitcoin. With losses accounting for double-digits, altcoiners are now fearing a massive altcoin crash. Which is reasonable for justifiable reasons such as FED’s possible 75 BPS rate hike.
3. A Bitcoin TOTAL Collapse might Happen, mostly due to Miners! Here’s why
Bitcoin crash: BTC prices continue to fall and dipped for the first time in 3 years below $20,000.
The crypto market as a whole crashed by more than 7% in the past 24 hours alone
A fundamental flaw in Bitcoin’s infrastructure might lead Bitcoin to a total collapse, mostly due to Bitcoin miners.
4. Lawsuit Against Coinbase: The Exchange Faces Legal Trouble For Listing TerraUSD!
The post Lawsuit Against Coinbase: The Exchange Faces Legal Trouble For Listing TerraUSD! appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide
On Thursday, a class-action lawsuit was launched against Coinbase (NASDAQ: COIN), alleging negligence in the trading platform’s listing of the TerraUSD stablecoin and failure to disclose its financial relationship with Terraform Labs. This is the second class-action lawsuit against Coinbase that has been filed.
5. China Plans To Censor NFT Trading
National Press and Publication Administration blockchain copyright director Liu Tianjian wants to monitor NFTs in mainland China.
6. UAE uses blockchain to release the most expensive modern postage stamp
The United Arab Emirates has been at the forefront in adopting blockchain and ensuring that the region embraces crypto innovation. The UAE has now tapped into blockchain for a modern postage stamp.
The collectibles have been released through the Emirates Post Group. This is a government-owned post office that will be behind the most expensive modern postage stamp. The stamp will be used to celebrate the country’s 50th anniversary of its Foundation Day.
7. Ethereum (ETH) Slumps Below $1K, Is $800 The Next Support?
ETH is down nearly 9% in the past 24 hours, and is trading at $997.61, data from Etherscan shows. Its breaking of that support level is likely to signal steeper losses for the token.
The token last traded in the triple digits in Jan 2021, before a stellar rally that year.
ETH’s latest slump stems from a large position, likely Three Arrows Capital, being liquidated. The liquidation caused a high amount of ETH to be dumped on the open market.
Peer Bitcoin (BTC) just broke below the close-watched $20,000 level– one that also signals a large amount of liquidations in the token. It is unclear to what level the token will now slump.
$800 the next ETH support?
Crypto trader @PostyXBT said on Twitter that after a break below $1000, $800 might be the next support level for the token. The level marks highs reached during a previous upcycle in 2018.
8. USDD Still De-pegged Despite Tron DAO Reserve Injecting Billions Into It – Is This The End?
Tron’s USDD Stablecoin is still below the desired 1:1 ratio with the USD despite Justin Sun trying to stabilize it.
A few days ago, Tron’s stablecoin, USDD, experienced a tumultuous market shift that caused it to de-peg from the US Dollar. Stablecoins are designed to have a value equal to the USD but in form of crypto to facilitate easier crypto swaps on exchanges. It appears that USDDis failing at this role.
After the de-peg, Tron DAO Reserve moved to try and bring it back up. It withdrew about 2.5 billion TRX from exchanges in a bid to increase the USDD collateral and prevent further price fall of the stablecoin. However, it seems that these efforts haven’t borne any fruits.
At the time of this writing, USDD is valued at around $0.97 – according to data on CoinMarketCap.
Tron DAO Reserve has moved to calm the Tron community as panic grips USDD and TRX holders. Investors are worried that the Tron ecosystem might end up like Terra. A few weeks ago, the Terra ecosystem collapsed, leading to a complete fall of Luna and UST prices to below zero.
In a recent Twitter update, Tron DAO Reserve sought to answer a few hard questions about USDD and how the company plans to solve the problem. Apparently, USDD has over 320% collateralization, which means the coin is still in a safe zone despite the price volatility. Having enough collateral means that it cannot fall to reach a liquidation point.
“Currently, USDD has over 320% collateralization rate with USDC 1,080,000,000 / TRX 10,874,566,176 / BTC 14,040.6 / USDT 140,013,886.”