Read in the Digest:
- Crypto starts Uptober with a dip amid Credit Suisse and Deutsche Bank fears.
- Coinbase fixes the technical issue that halted payments and withdrawals.
- Ex-Celsius CEO reportedly withdrew $10M ahead of bankruptcy filing.
- Sharp decline to average lending volumes on Ethereum (ETH) in Q3.
- The global net growth of Bitcoin ATMs experiences its first-ever decline.
Crypto Starts Uptober with Dip amid Credit Suisse and Deutsche Bank Fears
Lịch sử của thị trường crypto trải qua các cuộc biểu tình lớn trong tháng 10 dẫn đến tháng này được cộng đồng tiền điện tử mệnh danh là “Uptober”. Tuy nhiên, 2022, đang định hình để trở nên khác biệt khi thị trường crypto mở cửa trong tháng trong sắc đỏ.
Bitcoin (BTC), tiền điện tử lớn nhất thế giới, dẫn đầu xu hướng giảm xuống dưới $19,000, ngay lập tức làm dịu sự phấn khích cho một cuộc biểu tình tiềm năng. Từ mức thấp $18,970, BTC hiện giao dịch ở mức $19,200, đặt nó trở lại trong phạm vi nó đã giao dịch trong vòng ba tuần qua.
Biểu đồ giá October cho Bitcoin (BTC). Nguồn: CoinMarketCap
Ethereum (ETH) không có giá tốt hơn Bitcoin, với giá giảm xuống mức $1.275 vào ngày 02 tháng 10. ETH hiện giao dịch ở mức $1.295, và sẽ cần một sự tăng trưởng lớn để đạt được mức giá dự đoán trước khi sáp nhập vào giữa tháng Chín.
Biểu đồ giá October cho Ethereum (ETH). Nguồn: CoinMarketCap
Trong sự trỗi dậy của sự tăng trưởng của nó được ghi nhận trong tuần trước của tháng Chín, giá của XRP đã được rơi tự do. Từ mức cao $0.503, XRP đã giảm xuống mức thấp $0.4395, với các nhà đầu tư đang chờ phán quyết cuối cùng trong vụ kiện Ripple vs SEC.
The October price chart for XRP (XRP). Source: ConMarketCap
Flipsider:
- Ethereumđang bắt đầu gặt hái những lợi ích của Merge của nó khi nó chứng kiến sự gia tăng mạnh trong việc tạo khối hàng ngày, cùng với sự giảm đáng kể thời gian chặn trung bình.
Coinbase Fixes the Technical Issue That Halted Payments and Withdrawals
In the early hours of Sunday, October 2nd, Coinbase users reported a technical issue that was preventing them from making payments and withdrawals to or from U.S. bank accounts.
Coinbase quickly identified the error as an ACH problem that was leading to deposit and purchase failures on U.S.-linked bank accounts. ACH, or Automated Clearing House, is a system used in the U.S. for electronically transferring funds between bank accounts.
However, during the downtime, users were still able to trade all Coinbase-supported tokens on the platform. Users were also able to carry out transactions using debit cards and PayPal accounts throughout the duration.
The exchange released a statement reassuring users of the safety of their funds, then, six hours after the issue was reported (at 4:41 p.m. UTC) Coinbase announced that the “incident has been resolved” on its status page.
Flipsider:
- There are reports that Coinbase is preparing to list Terra Classic (LUNC), leading to a major rally for the crypto.
Why You Should Care
Coinbase’s swift reaction to the ACH transaction failure helped to assuage fears among users, who have typically been quick to go on edge as a result of the many ups and downs experienced in the prolonged crypto winter.
Ex-Celsius CEO Reportedly Withdrew $10M Ahead of Bankruptcy Filing
According to reports, in May, the Founder and former CEO of the Celsius Network, Alex Mashinsky, allegecly withdrew $10 million in order to settle state and federal taxes ($8 million), as well as for the purpose of “estate planning” ($2 million). In June, the crypto lender was forced to halt transactions.
According to a report by the Financial Times, Celsius will be required to submit details about Mashinsky’s transactions to the courtas part of wider financial disclosure.
A spokesperson for the ex-Celsius CEO stated that “in the nine months leading up to that withdrawal, he consistently deposited cryptocurrency in amounts that totalled what he withdrew in May.”
The laws in any bankrupty case as clear: in the 90 days leading up to a bankruptcy filing, payments made by a company can be reversed to benefit creditors under United States’ legislation. Now, with details of the operations being submitted before the court, Mashinsky could be made to return the $10 million.
Flipsider:
- A Mashinsky spokesperson claims that $44 million in crypto belonging to Mashinsky and his family is still locked up in Celsius.
Why You Should Care
The withdrawals have raised questions as to whether its CEO knew the crypto lender was headed towards bankruptcy.
Sharp Decline in Average Lending Volumes on Ethereum (ETH) in Q3
Ethereum’s merge, which saw it transition to a Proof of Stake (PoS) model, was regarded as one of the most important upgrades in the entire crypto industry. However, since the upgrade, not everything has gone according to plan for the network.
Messari, the crypto market intelligence provider, in reporting the state of the Ethereum network in the third quarter, has revealed that ETH experienced a steep decline in terms of average lending volumes on Ethereum in Q3.
According to Messari’s report, lending volumes dropped from $280 billion per day in Q2, to $116 billion per day in Q3. Messari noted that, despite a brief increase in August due to the merge, general interest in ETH remained low compared to earlier in the year.
In May, when ETH’s 2022 lending volume was at its highest point, the price of ETH measured at above $2,700, prior to the collapse of the Terra ecosystem. Uncertainty among investors ahead of the merge also played a role in the decline.
Flipsider:
- Messari also reports that user activity increased on Layer-2 solutions, with the total value locked on both Optimism and Arbitrum reaching $1 billion.
Why You Should Care
The decline in the price of ETH has been one of the major factors contributing to the steep decline in its lending volume.
The Global Net Growth of Bitcoin ATMs Experiences First-Ever Decline
For the first time since the original Bitcoin ATM was installed in 2013, the net growth of global Bitcoin (BTC) ATM installations declined 2.05% for the month. The decline appears to be in tandem with the sinking prices of the world’s leading digital asset.
According to data from CoinATMRadar, the number of global active Bitcoin ATMs fell from an all-time high of 38,776 ATMs in August, to 37,980 in September, reflecting a 2.05% drop.
Global crypto ATM installations. Source: Coin ATM Radar
Data on net changes in crypto ATM installations confirms that in September alone, 796 machines were removed from the global network. Although 825 ATMs were pulled out in the U.S., approximately 201 ATMs were installed in Canada and Europe, as of the start of October, slightly off-setting the decline.
Nearly 14 crypto ATMs are being installed globally every day, with Genesis Coin holding a 40.3% share of the ATMs, General Bytes and BitAccess following with 23.1%, Coinsource with 5.2%, Bitstop with 5.7%, etc.
Flipsider:
- After 8 years of denying crypto ATMs, Japan has decided to reintegrate them to its infrastructure with plans to set up 50 BTMs across the country by August 2023.
Why You Should Care
In addition to the ailing crypto prices, other factors affecting the decline in the number of Bitcoin ATMs are geopolitical tensions, rising inflation, market uncertainties, and the general lack of regulatory clarity.
