Crypto Weekly # 174 – Bitcoin and cryptocurrency news of the week

The week of 06/12 in short: Bitcoin and crypto news are in constant turmoil. It can happen that vital information gets lost in the daily news stream and you miss important points.

This format is there to remedy that. We go back to last week’s news in Crypto Weekly to keep you posted on the current cryptocurrency situation.

The must see in the area

For this week’s must-sees, we welcome Cryptic Spirit, with an article looking at the importance of having stablecoins in your crypto wallet.

Stablecoins versus volatility

Volatility is probably the first characteristic commonly associated with cryptocurrencies. While this volatility cheers up all types of speculators, it is also a cause for concern, especially when uncertainty over the direction of the market dominates. In fact, the price variation can reach, in the most extreme cases, tens of percent, in just a few hours.

Obviously, stablecoins are emerging as safe havens of choice against the price volatility of other cryptocurrencies. They are backed by coins, commodities, or other cryptocurrencies. Their stability allows them to diversify their portfolio and significantly optimize their performance.

Have fresh cash

Consequence of the first point made: stable currencies held in a portfolio are an immediately available source of liquidity, replacing the traditional currencies of the fiats.

Stablecoins are embedded “by design” in the cryptocurrency market. In this way, they benefit from the advantages of the blockchain and grant greater mobility, speed and flexibility in the use of funds.

Therefore, the conversion between cryptocurrencies and fiat money can only take place when the investor wishes to recover his funds. This makes the stablecoin the central element of any investment strategy and a fundamental tool to understand the market with serenity.

Check out the full article for more details: 5 Great Reasons to Keep Stablecoins in Your Wallet

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Brief notices

▶ Launch of DEX SundaeSwap on Cardano’s testnet. This is important news for the Cardano ecosystem which, until now, did not have a decentralized exchange platform, but rather a cornerstone of a healthy DeFi ecosystem.

▶ Solana is close to disaster by correcting a mistake. The latter affected the skeleton of the code used by various DEXs on the network. In all, several million dollars were at risk.

▶ Icelandic miners are without electricity. The electricity supplier has announced that it will no longer award new contracts to BTC miners. In addition, minors already installed will witness a reduction in rations.

▶ OpenSea will not hold an initial public offering. The rumor of an OpenSea IPO was debunked during the week. According to its CFO, the possibility of an initial public offering was never considered.

▶ Ledger launches its crypto credit card. This was announced at the annual Open Ledger conference. This will also allow access to lines of credit guaranteed by cryptocurrencies.

▶ 9 methods to generate passive income in cryptocurrencies with Monsieur-TK and Dim Decrypto.

The 5 metrics of the week

➤ $ 200 million is the amount stolen from the BitMart exchange. It appears that the attacker managed to access the active wallets on Ethereum and Binance Smart Chain.

Peckshield Twitter post - BitMart hackPeckshield Post – Source: Twitter

➤ $ 30 billion, this is the amount held by Coinbase Cloud in November 2021. In practice, these funds are mainly deposited in the participation services offered by the crypto exchange giant.

➤ $ 50 million is the amount that Celsius lost in the BadgerDAO hack. As a reminder, BadgerDAO had been hacked for $ 120 million last week.

➤ 6, this is the number of protocols the vampire attack led by Enso will target. This is to vampirize the liquidity of competing protocols that offer clues.

➤ $ 4.5 million is the amount invested in the DeFi for the People fund by Celo and 0x. As a reminder, this fund is backed by several eminent DeFi protocols, with the goal of developing and democratizing the ecosystem.

Have a nice week at the Journal du Coin! 🙂

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