DeCenter – Blockchain and Bitcoin
🔥 Buy ads: @NickDC
We recommend to visit
💷 Tether officially announced on June 22 that its upcoming GBP-pegged stablecoin, GBPT, will launch in early July and will initially support the Ethereum blockchain.
GBPT will be a stable digital currency pegged on the 1:1 ratio to the GBPT, aiming to provide a faster and cheaper option for asset transfers.
GBPT joins a family of four other fiat currency-pegged Tether tokens, including the largest stablecoin by market capitalization, USDT. Other stablecoins include the euro-pegged EURT, the offshore Chinese yuan-egged CNHT as well as the recently launched MXNT, the Mexican peso-pegged stablecoin.
🇨🇳 **China’s WeChat bans crypto and NFT-related accounts
**The top social media platform in China, WeChat, has updated its policies to ban accounts that provide access to crypto or NFT-related services.
Under the new guidelines, accounts involved with the issuance, trading, and financing of crypto and NFTs will be either restricted or banned and will fall under the illegal business category.
The policy also covers secondary NFT trading, with the firm noting that accounts that provide services or content related to the secondary transaction of digital collections shall also be dealt with in accordance with this article.
💸 **Big Players Like FTX Should Step in and Help Crypto Recover
**Sam Bankman-Fried opined that crises in the sector like the ongoing situation could be solved with the help of the leading companies. In fact, he believes they need to dive into the issue even if it leads to short-term losses:
«I do feel like we have a responsibility to seriously consider stepping in, even if it is at a loss to ourselves, to stem contagion. Even if we weren’t the ones who caused it or weren’t involved in it. I think that’s what’s healthy for the ecosystem, and I want to do what can help it grow and thrive.»
Bankman-Fried reminded that FTX has already provided help on similar occasions. Last year, wrongdoers hacked the Japanese exchange Liquid and stole around $100 million worth of digital assets. Shortly after, FTX provided a $120 million in financing so the company could get back on its feet:
«We, I think about 24 hours later, stepped in and gave them a pretty broad line of credit to be able to cover all of their demands, to make sure customers were made whole while thinking about the longer-term solution.»
**New ฿ daily low: $19 066
New Ξ daily low: $992
👀 The Bitcoin Puell Multiple🟧has fallen to the lowest levels since the Nov 2018 bear market crash.
Miners are currently earning just 39% of their 1yr average USD income.
The Difficulty Ribbon🟪 is also compressed, signalling miner stress and potential capitulation is on the horizon.
💸 Bitcoin investors have locked in the largest USD denominated Realized Loss in history last week.
🇺🇸 Fed Announces Biggest Interest Rate Hike in 28 YearsThe U.S. Federal Reserve on Wednesday raised interest rates by 75 basis points, or three-quarters of a percentage point. It is the biggest rate hike in 28 years, part of an ongoing effort to bring down soaring inflation that has roiled the economy and markets from stocks and bonds to cryptocurrencies.
The U.S. central bank also announced it would continue reducing the size of its balance sheet at the rate announced in May, according to a statement by the Federal Open Market Committee (FOMC), which sets the Fed's monetary policy.
📉 Global market cap at $1 trillion, what next?— Global cryptocurrency markets cap slips to $1 trillion. The market cap was at $3 trillion roughly six months ago.
— During the weekend, BTC slumped by a few thousand dollars more, and the past 24 hours brought even more pain. Earlier today, bitcoin fell below $25 000 for the first time in 18 months.
— Ethereum is also one of the most substantial losers (again). ETH stood above $2 000 a week ago, but it’s now down to $1 300. This means that the second-largest crypto is currently below the 2018 ATH.
— Even more losses are evident from ADA, SOL, DOGE, DOT, TRX, and AVAX are down by around or more than 10% in a day.
— All this enhanced volatility brought mass pain for over-leveraged traders once again, as the number of wrecked ones is up to 180 000.
— The total liquidations on a daily scale exceed $500 million once again.
🌎 Jack Dorsey is building «Web5» powered by BitcoinBlock subsidiary TBD has announced plans to build a new decentralized web centered around Bitcoin (BTC), underscoring founder Jack Dorsey’s belief that the largest blockchain network will play a major role in the internet’s evolution.
The new project, called «Web5,» represents the latest Bitcoin-centric endeavor to be pursued by Dorsey since stepping down as CEO of Twitter in November 2021.
Whereas Web3 incorporates blockchain technology and tokenization to decentralize the internet, Web5 is being envisioned as an identity-based system that only utilizes one blockchain: Bitcoin. Twitter user Namcios broke down the concept of Web5 in a series of tweets that described several software components working together to enhance the user's experience and enable decentralized identity management.