Crypto Financial News

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Cryptocurrency lending platform Nexo said it is ready to acquire any remaining qualifying assets of Celsius, mainly the latter’s collateralized loan portfolio.

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New York: Bitcoin and Ether pared losses, after falling earlier on Sunday amid a broader retreat by the cryptocurrency complex in the wake of data showing US inflation hitting a fresh 40-year high. Ether declined as much as 6.4% to $1,424.40, its lowest level since March 2021, while Bitcoin dropped to as low as $26,876.51, its lowest since May 12.

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Ethereum blockchain is coming under criticism for potentially taking too much control of the network as it undergoes a closely-watched software upgrade. The DeFi, or decentralized finance, platform Lido Finance has become the largest provider of staking services for Ethereum, a practice that allows owners of the Ether cryptocurrency to earn passive income without having to sell their tokens. The staked coins are used to help validate transactions and secure the network in exchange for rewards, based in part on the amount of new tokens minted and fees collected. The practice is also popular among users of leading exchanges such as Coinbase, Kraken and Binance. With more than 4 million Ether deposited through Lido, or 32% of the total amount of the token being staked, the concentration is raising red flags. One entity holding a huge amount of Ether could raise security risks for the network, critics say. Ethereum is moving to what’s billed as a less-energy intensive process known as proof-of-stake from its current proof-of-work mechanism. Under the system upgrade known as the Merge, so-called solo-staking requires setting up dedicated hardware and holding a minimum amount of 32 Ether, valued at about $54,000, based on current prices. Staking services like Lido don’t have those requirements and make staking easier for small investors.

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crypto traders are finding their Bitcoin investments underwater and may be ready to throw in the towel. The number of anonymous Bitcoin addresses in the money, meaning those that acquired their holdings at prices below today's, has reached lows not seen since March of 2020, according to Bequant, a digital-asset firm. The level, currently hovering around 51%, «points to capitulation,» though bear markets in 2015 and 2018 saw even lower lows, wrote Martha Reyes and Emiliano Bruno in a note. Crypto prices have been in a slump this year as the Federal Reserve withdraws stimulus and hikes rates to combat inflation. The environment has been toxic for all manner of riskier assets, including richly valued tech companies. But cryptocurrencies have been hit particularly hard, with Bitcoin losing more than a third of its value this year, and others, including Ether, shedding 50%. Even Bitcoin miners have started to offload tokens they had hoarded as many are seeing few signs prices could recover soon.

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