The week of 06/12 in brief – News regarding Bitcoin and cryptocurrency is in constant turmoil. It can happen that vital information gets lost in the daily news flow and you miss important points.
This format is there to remedy that. We come back to the news of the past week in the Crypto Weekly to keep you informed on the current situation of cryptocurrencies.
The must-see in the area
For the unmissable of this week we welcome Esprit Cryptique, with an article in which he discusses the importance of holding stablecoins in his crypto wallet.
Stablecoins facing volatility
The volatility is probably the first characteristic commonly associated with cryptocurrencies. If this volatility makes all kinds of speculators happy, it is also cause for concern, especially when uncertainty prevails over the direction of the market. In fact, the price variation can reach, in the most extreme cases, tens of percent, in just a few hours.
As a matter of course, the stablecoins impose themselves as huts of choice against the volatility of the price of other cryptocurrencies. They are backed by currencies, commodities or other cryptocurrencies. Their stability allows you to diversify your portfolio and significantly optimize its performance.
Have fresh cash
Consequence of the first point exposed: stablecoins kept in a wallet are a source of liquidity immediately mobilizable, which replaces the traditional ones fiats coins.
Stablecoins are « by design » integrated into the cryptocurrency market. They thus benefit from the advantages of blockchain and grant a greater mobility, speed and flexibility use of funds.
Therefore, the conversion between cryptocurrencies and fiats money can only take place when the investor wishes to recover his funds. This makes stablecoin thecentral element of any investment strategy and an essential tool for understanding the market with serenity.
See the full article for more details: 5 good reasons to hold Stablecoins in your wallet
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News in brief
▶ Launch of the DEX SundaeSwap on the Cardano testnet. This is important news for the Cardano ecosystem which, until now, did not have a decentralized exchange platform, yet an angular element of a healthy DeFi ecosystem.
▶ Solana comes close to disaster by correcting a bug. The latter impacted the skeleton of the code used by several DEXs on the network. In total, several million dollars were at risk.
▶ Icelandic miners run out of electricity. The electricity supplier announced no plus to agree new contracts to BTC miners. In addition, the minors already installed will witness a reduction in rations.
▶ OpenSea will not conduct an IPO. The rumor of an IPO by OpenSea was denied within the week. According to his CFO, he did never was a question of leading a IPO.
▶ Ledger launches its crypto credit card. This was announced at the annual conference « Open Ledger ». This will also allow access to lines of credit collateralised by cryptos.
▶ 9 methods to generate passive income in cryptocurrency with Monsieur-TK and Dim Decrypto.
The 5 metrics of the week
➤ $ 200 million, it’s the amount stolen from the BitMart exchange. It seems that the attacker managed to access the hot wallets on Ethereum and on the Binance Smart Chain.
➤ $ 30 billion, it’s the amount held by Coinbase Cloud in November 2021. In practice, these funds are mainly deposited on the staking services offered by the giant of the crypto exchange.
➤ $ 50 million, it is the amount lost by Celsius in BadgerDAO hack. As a reminder, BadgerDAO had been hacked by $ 120 million last week.
➤ 6, it’s the number of protocols the vampire attack led by Enso will target. This intends to vampirize the liquidity of competing protocols offering clues.
➤ $ 4.5 million, it is the amount invested in the DeFi for the People fund by Celo and 0x. As a reminder, this fund is supported by several eminent DeFi protocols, with the aim of developing and democratizing the ecosystem.
Have a good week on the Journal du Coin! 🙂
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