Results of the week: bitcoin consolidated above $20,000, and Voyager filed for bankruptcy

Results of the week: bitcoin consolidated above $20,000, and Voyager filed for bankruptcy

Results of the week: bitcoin consolidated above $20,000, and Voyager filed for bankruptcy

The quotes of the first cryptocurrency returned to above $20,000, broker Voyager Digital sued New York filed for bankruptcy, Celsius repaid the loan in the MakerDAO protocol and other events of the outgoing week.

The price of bitcoin returned to above $20,000

On Tuesday, July 5, the first cryptocurrency fixed over $20,000 and reached $22,500 on Friday. $20,800.

Week summary: bitcoin gains a foothold above $20,000, and Voyager files for bankruptcy

BTC/USDT hourly chart of Binance exchange. Data: Trading View.

Glassnode analysts stated that the record decline in the price of bitcoin in June practically took the rest of the “market tourists” out of the game, leaving only hodlers “at the front”. Cumberland  believes that the recovery of the market will determine the speed of liquidation of assets by troubled firms in favor of more successful players in the industry.

Bloomberg Intelligence Commodity Strategist Mike McGlone predicted Bitcoin's rise in the next six months. According to his observations, Bitcoin demonstrates the same behavior as at the end of the bear market in 2018.

Almost all digital assets from the top 10 by capitalization closed the week in the green zone. The exception is Dogecoin. Solana (+9.8%) and Ethereum (+8.6%) showed the best dynamics.

Week summary: bitcoin gains a foothold above $20,000, and Voyager files for bankruptcy

Data: CoinGecko.

The total capitalization of the cryptocurrency market was $966 billion. The Bitcoin dominance index rose to 41.2%.

Voyager Digital filed for bankruptcy

On Tuesday, July 5, cryptocurrency broker Voyager Digital filed for bankruptcy in a New York court. The company's estimated liabilities range from $1 billion to $10 billion with about 100,000 clients.

According to the bankruptcy announcement of a crypto broker, Alameda Research, associated with Sam Bankman-Freed, turned out to be the second borrower in terms of funds raised ($376, 8 million) from Voyager Digital after Three Arrows Capital.

Previously, the company provided a broker with a loan of 200 million USDC and opened a revolving line of credit for 15,000 BTC. The head of Binance, Changpeng Zhao, criticized the deal and said that he “would never go for such an agreement.”

The US Federal Deposit Insurance Corporation became interested in the activities of Voyager Digital. According to the agency, the broker deceived users, claiming that their assets are protected by the department's program.

Celsius repaid the loan at MakerDAO and withdrew the collateral of 23,962 WBTC

This week's landing page  the Celsius platform was actively repaying the loan in the MakerDAO protocol. On July 7, Celsius paid the full amount and withdrew 23,962 WBTC of collateral (~$500M). A few hours later, 24,463 WBTC transferred to the address of the FTX crypto exchange. Despite the fears of experts about a possible sale “on the market”, bitcoin during this period, on the contrary, grew.

Former contractor of Celsius – KeyFi Inc. — filed a lawsuit against the landing platform, accusing it of refusing to fulfill contractual obligations. The founder of the company, Jason Stone, emphasized that the defendant owes his organization a “significant amount of money.” 

According to an Arkham analyst report, Celsius placed approximately $534 million in client funds under “high-risk, leveraged crypto trading strategies” through KeyFi. On these investments, the platform lost $390 million.

The media also reported on cuts in Celsius. Similar plans were announced by Ignite and Bullish. The mining company Compass Mining will cut staff by 15% and reduce the salaries of its management.

BitMEX will limit the accounts of Russian residents trading on the stock exchange from the EU

The BitMEX crypto derivatives exchange has introduced a number of restrictions for Russian residents using the services of the platform from the EU. Changes to the policy were made in connection with EU sanctions. 

Restrictions will affect Russian residents, including persons “trading on behalf of any legal entity accessing the services of the exchange from the EU”, as well as located or established companies in the Russian Federation whose traders use the exchange from the EU.

Peter Thiel-backed crypto lending platform Vauld has suspended operations. The media reported on its takeover by a competitor

Following Voyager and Celsius, trading, withdrawal and depositing of customer funds was suspended by the cryptolending platform Vauld from Singapore. Management is considering a restructuring option. It explained its decision by financial difficulties due to unfavorable market conditions, the impact of counterparty problems and the outflow of liquidity.

The media reported that its competitor Nexo is going to acquire Vauld, and the parties have allegedly already signed a preliminary agreement on the deal.

Cardano developers activated the Vasil hard fork in the testnet

On July 3, the specialists behind the development Cardano by Input Output Global (IOG) conducted a Vasil hard fork on the testnet. App developers, staking pool operators (SPOs), exchanges, and others in the ecosystem have four weeks to “finally test and integrate” the update before going live.

What to discuss with your friends?

  • Korean startup lost about $24 million on a short position in LUNA.
  • The 000.eth domain sold for more than $300,000.< /li>
  • Elon Musk announced the cancellation of the deal to buy Twitter.
  • The media learned about the use of spyware in the attack on Ronin.

Circle CEO revealed USDC collateral details

Circle Co-Founder and CEO Jeremy Allaire unveiled the details of the USD Coin (USDC) stablecoin as the Terra UST ecosystem collapsed.

USDC reserves are held by leading US financial institutions like BlackRock and Bank of New York. Of the $50.6 billion in collateral (as of May 13), $39 billion (71.1%) was in Treasury bills maturing within three months, and $11.6 billion in cash.

Aave offered launch decentralized stablecoin GHO

The developers of Aave offered the community to launch a multi-collateral stablecoin GHO, native to the DeFi protocol ecosystem, pegged to the US dollar.

The “diversified set of cryptoassets” supported by the protocol will be used as collateral for GHO. Users will continue to earn interest on pledged tokens.

The Mt.Gox trustee has begun preparations for refunding funds to creditors

Mt.Gox Trustee Nobuyaki Kobayashi informed the preparation of payments to the platform's creditors. The latter are asked to indicate how exactly they want to receive the funds – in an early single payment or in several, and can also choose to redeem part of the assets in bitcoin or bitcoin cash.

In the United States filed a class action lawsuit against Solana

California investor Mark Young has accused key players in the Solana ecosystem of illegally profiting from the native SOL token — Solana Labs, the Solana Foundation, Anatoly Yakovenko, venture capital firm Multicoin Capital, its partner Kyle Samani, and the FalconX OTC division. According to the lawsuit, the coin is an unregistered security.

Bitmain announced the start of sales of the Antminer E9 Ethereum miner

Bitmain announced the start of sales of the Antminer E9 ASIC miner, designed to mine the second cryptocurrency capitalization. Specifications of the new device:

  • hash rate – 2400 MH/s, which is equivalent to 25 RTX 3080 video cards; 
  • power consumption – 1920 W; 
  • < li>energy efficiency: 0.8 J/M.

Core Scientific sold most of its bitcoin reserves in June

American blockchain hosting provider Core Scientific sold 7202 BTC in June for $167 million at an average price of $23,000 per bitcoin. The company has 1959 BTC and about $132 million in cash on its balance sheet.

Justin Sun will spend up to $5 billion to save crypto companies

Tron founder Justin Sun announced his readiness to allocate up to $5 billion to save cryptocurrency companies in a crisis in the digital asset market. He noted that some players have already approached him with relevant applications.

Sun said, that Tron had engaged an investment bank to advise on potential deals. He declined to clarify the name of the financial institution due to a non-disclosure agreement.

The $5 billion will include both Sun's personal funds and Tron's assets. He also noted the interest in platforms with a large audience.

Also on ForkLog:

  • US urged Japan to stop cryptocurrency operations in Russia.
  • Bitstamp announced a monthly fee for inactive users, but revised the decision under pressure from the community.
  • In the first half of 2022, hackers stole almost $2 billion from crypto projects.
  • Peter Welle refused a key role in Bitcoin Core.

What else to read and see?

Bitcoin fell below the peak of the previous cycle for the first time, shares of public miners went into a steep peak, but on-chain indicators are already signaling positive . We analyzed the main events of June in the monthly report.

Bitcoin Industry in Numbers is sponsored by the global blockchain ecosystem Binance.

ForkLog estimated the likelihood of a new wave sales pressure from large miners.

Understood the advantages and disadvantages of DAOs, and also found out whether decentralized governance models are an effective alternative to traditional companies.

The educational cards told what Arbitrum and arbitrage are, and also explained where to track cryptocurrency rates, how the Fed rate affects the price of bitcoin, and how to buy digital gold.

Traditional digests collected the main events of the week in the areas of cybersecurity and artificial intelligence. 

Blockchain technology remains one of the hottest trends among financial, government and commercial organizations in all over the world. ForkLog magazine offers an overview of the most interesting recent initiatives.

On July 4, ForkLog LIVE discussed the prospects for the NFT segment. Alexey Chusov, founder of First NFT Agency, was visiting.

Read ForkLog bitcoin news in our Telegram — cryptocurrency news, rates and analytics.