BUSD Stablecoin Market Capitalization Dips Below Rival DAI After $95 Million Burn
June 16 (Cointime) - After a $95 million burn, BUSD stablecoin's market capitalization has fallen below that of DAI. Despite maintaining its third most dominant position for over three months, the decline of BUSD was inevitable after Paxos stopped issuing it in February.
Ethereum Staked on Blockchain Set to Surpass Ether on Exchanges for First Time
June 16 (Cointime) - The amount of ether staked inside the Ethereum blockchain is set to surpass the amount kept on crypto exchanges for the first time ever in the next few weeks. As of earlier this week, there was only 6.12% more ETH on exchanges than staked, compared to almost 16% at the end of May and over 41% at the start of the year.
Bears Take Control As Ethereum Falls by 5.48%
June 16 (Cointime) - Bears have taken control of the market following unsuccessful bullish attempts. Ethereum has experienced a greater loss than Bitcoin, dropping by 5.48%. The hourly chart shows Ethereum trading within a narrow channel between $1,628 and $1,655, with a potential breakout if the price is restored to at least $1,650.
Celsius to Sell Altcoins and Convert to Bitcoin and Ethereum in Revised Bankruptcy Filing
June 15 (Cointime) - Crypto lender Celsius has submitted a revised bankruptcy filing to a New York court after being acquired by Fahrenheit. The new plan involves selling all altcoins from customers (excluding Custody and Withhold accounts) and converting them into Bitcoin and Ethereum from July 1. However, the restructuring proposal may face opposition from borrowers who object to Celsius demanding repayment of loans without fulfilling contractual obligations to return collateral. Celsius has also requested permission to appoint Chris Ferraro as foreign representative for the UK, to safeguard assets there and acknowledge the US Chapter 11 as the "foreign main proceedings".
Ethereum DeFi TVL Shrinks by $7.84B as FOMC Decision Causes Losses for Investors
June 15 (Cointime) - The decision by the Federal Open Market Committee (FOMC) to pause interest rate hikes has resulted in losses for many investors, with Ethereum experiencing a 5.8% loss in 24 hours and trading at $1,638 on Thursday. Ethereum's Total Value Locked (TVL) in the DeFi sector has decreased by $7.84 billion since June 2022, with rising stars like Optimism, Tron, Solana, and Polygon challenging Ethereum's position. The extensive crypto winter is also a challenge for investors in DeFi, as they are forced to diversify their portfolios and pull staked holdings, increasing overhead pressure for DeFi protocols like Ethereum. The Ethereum price downtrend appears to be unstoppable, with bears aggressively working to validate another drop below the lower ascending trendline.
Ethereum Price Drops 5% and Struggles to Recover Above Key Resistance Levels
The price of Ethereum is currently displaying bearish signals below $1,700 against the US Dollar, and may continue to decline below the $1,600 level. The bears are facing resistance near a key bearish trend line with resistance near $1,740 on the hourly chart of ETH/USD.
Ethereum Re-Pledging Protocol Eigen Layer Has Deployed Stage-1 Eigen Layer on the Ethereum Mainnet
The Ethereum re-pledging protocol Eigen Layer has deployed Stage-1 EigenLayer on the main network, officially launching the Ethereum main network. Among them, the functions at this stage are consistent with the functions accessible on the Goerli testnet since April 6. Ethereum pledgers can use the <i>Eigen </i>Layer contract or create an Eigen Pod and configure the beacon chain extraction credentials to their Eigen Pod address.
Bitcoin Drops 3.65% to $24,987, Down 19.5% From Year’s High
June 15 (Cointime) - On Wednesday, Bitcoin experienced a 3.65% drop to $24,987 at 2103 GMT, resulting in a loss of $947 from its previous close. This decline brings the world's largest and most well-known cryptocurrency down 19.5% from its high of $31,035 on April 14. Additionally, Ether, the coin associated with the Ethereum blockchain network, fell 5.36% to $1,646.1, losing $93.3 from its previous close.
Glass Protocol Returns to Ethereum After Solana Transition
June 15 (Cointime) - Glass Protocol, a prominent player in decentralized media and video NFTs, has returned to Ethereum after previously switching to Solana in late 2022. The company is allowing artists to re-mint their NFTs on the Ethereum network at no cost, while collectors will have to pay to claim the new editions.
Crypto Market Bleeds Red: Is It Time to Buy the Blood?
June 15 (Cointime) - The crypto market is facing a critical moment due to regulatory pressure, including lawsuits against Binance and Coinbase by the SEC and the Ripple case. This has led to a significant drop in prices, with Bitcoin losing support at $26,000 and falling 2.30% in the last week. Ethereum has also experienced losses, dropping below the $1,750 support.
