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Good morning, and welcome to First Mover. We're out of the office on Friday because it's a CoinDesk company holiday in celebration of Juneteenth. We'll be back on Tuesday, June 21. For the latest cryptocurrency prices, please go here, and for the latest news headlines, please go here. Here is our latest update on crypto markets, from CoinDesk's Shaurya Malwa:
Bitcoin Recovers Over $21K as Fed Commits to Slow Inflation; Traders Remain Cautious Also please check out Krisztian Sandor's smart story from late Thursday on the rapidly depleting liquidity pool – on the decentralized exchange Curve – that big traders have been using to swap out of "stETH" tokens, which have become a key stress point during the recent crypto market meltdown:
Biggest 'stETH' Pool Almost Empty, Complicating Exit for Would-Be Sellers
A trading pool that large institutional investors such as Alameda Research and Three Arrows Capital have used to dump their "stETH" tokens is now nearly drained and heavily imbalanced, potentially trapping retail investors as well as the embattled crypto lender Celsius. As well as this deeply reported piece by Oliver Knight on how the embattled crypto lender Celsius got into its current predicament: |
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How Crypto Lender Celsius Overheated Celsius rapidly became more brazen in its attempts to generate yields, using decentralized lending protocols and aggregators to juggle around client funds for the best return.
Enjoy!
The SEC wants to hear from investors, like you. As part of Grayscale's filing to convert Grayscale Bitcoin Trust (Symbol: GBTC) to an ETF, the SEC provides a 240-day review period for anyone to submit comments for consideration.If you support the conversion, write to the SEC by clicking here - you have until the end of June to submit your thoughts. Your submission matters because: We can level the playing field. To date, the SEC has only permitted Bitcoin Futures ETFs, while rejecting "physically-backed" or Spot Bitcoin ETFs. The choice should be yours. If you've been waiting for the familiarity and protections of a Bitcoin ETF, we believe you should not be forced into a Futures-based product simply because it's the only one that exists. You can help take GBTC to the next level, conversion to an ETF. It's already the world's largest Bitcoin fund and regularly reports to the SEC on a voluntary basis as an SEC-reporting company. Learn more here.
This information should not be relied upon as investment advice or a recommendation regarding any security. Visit here for important disclosures.
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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