Crypto Market Update
Crypto

Crypto Market Update June 10, 2022

Major cryptocurrencies traded in the red early on June 10 as the global crypto market cap decreased 0.83% to $1.24 trillion over the last day. The total crypto market volume fell by 7.98% to $58.49 billion over the last 24 hours.

The total volume in DeFi stood at $6.16 billion, 10.54% of the total crypto market 24-hour volume. The volume of all stable coins was $50.20 billion, which is 85.82% of the total crypto market’s 24-hour volume.

Image Source: CoinMarketCap

Bitcoin’s price hovered around $30,000 with a dominance of 46.4%, a 0.3% decrease over the last day, according to data on CoinMarketCap.

The Major Events Taking Place in Crypto Industry

In spite of a series of negative macro events within the market, the industry innovations didn’t stop.

CFTC on Regulating Digital Currencies

According to CFTC Commissioner Summer Mersinger,

“Cryptocurrency innovators and US lawmakers are working toward putting the Commodity Futures Trading Commission in charge of regulating digital currencies.”

The CFTC intends to oversee financial, energy, and agricultural options markets, paving the path for the agency to regulate additional digital assets like NFTs.

Separately, the CFTC is looking into how carbon trading markets work in order to see if they may be used for hedging and risk management.

Alchemy Expands Its Services to Solana Ecosystem

Alchemy is now expanding its services to the Solana ecosystem. The blockchain API has been used to develop popular web3 products such as OpenSea, Aave, and 0x.

Alchemy raised $200 million in February and was valued at $10.2 billion. The platform claims to have tens of thousands of developers. The beta version of Alchemy on Solana is now live, and a wider release is planned for the coming weeks.

FTX Exchanged Surpassed Coinbase in Bitcoin Trading Last Month

FTX exchange surpassed Coinbase in terms of Bitcoin trading volume in May. Coinbase boasted record sales, but its average dollar value per trade was lower than on FTX.

FTX has grown in market share from 5% to 44% over the past 18 months. The difference between hourly Bitcoin prices on Coinbase and Binance turned negative in May after being positive for almost six months. The shift in market structure is partly due to USDT trading at a small, persistent discount to USD.

Binance Makes a Strategic Investment in PancakeSwap

Binance has made an undisclosed investment in PancakeSwap, a decentralized exchange based on the Binance Blockchain. PancakeSwap will use the funds to improve its technology, marketing, and community support.

PancakeSwap is now the biggest decentralized app on Binance’s BNB Chain, with more than 400,000 users. Its CAKE token was up nearly 10% following news of Binance’s investment.

Cell Protocol’s Co-founder Wants to Democratize Liquidity

Cell Protocol is a smart automated market maker that uses bots to try to provide liquidity. It currently has $250,000 in total value locked.

Cell Protocol plans to integrate with decentralized exchanges on multiple blockchains to become a unified liquidity layer across DeFi. It will begin by integrating with DEXs on Solana before moving on to other blockchains.

Chainlink is Expanding to Solana

DeFi developers on Solana can now use Chainlink’s price feeds in their products. Solana is the first non-EVM (Ethereum Virtual Machine) chain supported by Chainlink.

Chainlink’s pricing feeds will benefit from the integration with Solana since they will be able to get data at high speeds and low rates.

At launch, there will be 7 price feeds available. Following the initial launch, Chainlink intends to provide developers with more price feeds and services.

Chainlink Staking: The Long-term Goals

With a v0.1 release expected later this year, Chainlink will introduce staking. Staking will improve the crypto-economic security and user assurances of Chainlink services, promote community engagement in the Chainlink Network, provide long-term rewards from real-world use, and enable node operators to access higher-value jobs.

The size of the initial staking pool will be limited, and annualized staking rewards of up to 5% will be offered. More details about how Chainlink plans to roll out staking are available in the article.

Circle Adds $USDC to Polygon

Circle’s USDC stablecoin is now available on the Polygon blockchain. Polygon now features roughly 20,000 decentralized apps. Polygon USDC will help smooth over the fiat onramp and user experience of Polygon. USDC can now be used on Polygon, Hedera, Tron, Avalanche, Stellar, Solana, Algorand, and Ethereum. In May, USDT was added to Polygon.

Citadel Securities Building a “Crypto Trading Ecosystem”

Citadel Securities is developing a cryptocurrency trading ecosystem aimed at improving access to deep liquidity pools for digital assets. The company has quietly employed executives to create a cryptocurrency trading platform. Its goal is to make digital asset trading more safe, clean, compliant, and secure.

Before its launch, the marketplace intends to attract wealth managers, market makers, and other industry professionals. Ken Griffin, the CEO of crypto skeptic Citadel Securities, previously stated that crypto was a “Jihadist call” against the US currency.

PayPal Now Allows Users to Move Crypto to Other Wallets

Users in the United States will soon be able to withdraw cryptocurrency from their PayPal accounts and send it to other wallets and exchanges. Select customers can immediately access the feature, with a wider release anticipated in the following weeks.

It has been the most demanded feature since PayPal began offering the purchase of crypto on its platform in 2020. Customers will be responsible for network fees. Before transferring any cryptocurrency, they will have to undergo an identity verification process.

Ethereum’s Merge Update Goes Live

Ethereum’s Ropsten public testnet will be upgraded to a proof-of-stake consensus algorithm today. The testnet is identical to the mainnet, except that no real funds are at risk if any technical issues occur. The new PoS model will solve Ethereum’s biggest issues, such as high transaction costs and scalability. A successful Merge on the testnet will bode well for the real Merge planned for August this year.

$DAI Comes to Cosmos

Umee is bringing Maker’s DAI stablecoin to the Cosmos ecosystem. DAI is an over collateralized stablecoin that is minted by depositing over $1 worth of cryptocurrency for 1 DAI. Each eligible asset has its own minimum collateral ratio that dictates how much of the asset is needed to mint DAI.

Umee is a service that allows users to lend and borrow typically non-compatible cryptocurrencies. It is backed by Coinbase Ventures, Polychain, and others.

End Note

Hope this crypto market update can offer you some value!

Though the markets are turning, innovation isn’t taking a break. It’s still happening. If you wish to put your money to produce a good amount of APY (even if the markets are red), investing in a group farming protocol is still a sensible choice to make.


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