Bitcoin has support at $23K, but analysts warn of a dire drop to $8K as global debt unwinds

Bitcoin’s month-long (BTC) choppy price action came to an end on June 13 after a deep market sell-off pressed the top cryptocurrency under the $29,000 support. The move took place as equities markets also sold-off sharply, hitting their lowest levels of the year.  Data from Cointelegraph Markets Pro and TradingView shows that the Bitcoin sell-off began late in the day on June 12 and escalated into midday on June 13 when BTC hit a low of $22,592. BTC/USDT 1-day chart. Source: TradingView Here’s a look at what several market analysts are saying…

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Crypto users take to Twitter to lament the ongoing market downturn

Crypto traders and investors started out the week with a major shock to the markets. As assets across the blockchain industry went into a collective dive on Monday, users took to Twitter to voice their dismay (or in some cases jubilation) with the current state of crypto. Inflation, potential interest rate hikes, a looming recession, and yet another DeFi fiasco have all contributed to the current onslaught seen in markets on Monday. As a result, Bitcoin’s (BTC) price plunged to levels not seen since late 2020, several crypto exchanges limited users…

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Scientists claim to have designed a fully decentralized stablecoin pegged to electricity

Researchers at the federally-funded Lawrence Livermore National Laboratory in California have combined statistical mechanics and information theory to design a stablecoin they call Electricity Stablecoin (E-Stablecoin) that would transmit energy as a form of information. Livermore’s Maxwell Murialdo and Jonathan L. Belof say their innovation would make it possible to transmit electricity without physical wires or a grid and create a fully collateralized stablecoin pegged to a physical asset – electricity – that is dependent on its utility for is value.  According to the scientists, the E-Stablecoin would be minted…

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US trademark filing hints at Arizona State University planning classes in the metaverse

One of the largest public universities in the United States by enrollment may be planning to launch virtual classes in the metaverse in the future.  According to records submitted to the United States Patent and Trademark Office, or USPTO, on June 7 and June 8, the Arizona Board of Regents on behalf of Arizona State University filed seven applications for variations of its name — ASU, Arizona State, Arizona State University — as well as that of its football team, the Sun Devils, to be used in a virtual environment.…

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Bitcoin price falls below its ‘realized price’ but is it time to buy the dip?

On June 13, cryptocurrency prices plunged deeper into bear market territory after Bitcoin (BTC) sliced through its current trading range and briefly touched $22,600, its lowest level se since December 2020. According to BTC historical data, the market has now reached valuation metrics that show the price is severely oversold and perhaps near a bottom. Bitcoin has now fallen below its realized price, which represents the average price of every coin in supply based on the time it was last spent on-chain. Bitcoin realized price vs. actual price. Source: Glassnode…

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Optimism Loses 20M Tokens Due to Exploitation of L1 and L2 Confusion

The honeymoon period of the newly launched Optimism layer-2 scaling solution has been cut short after the market maker’s smart contract address was exploited. This exploitation has led to the loss of 20 million OP tokens. Although the exploit happened on May 26, it was only reported to the community recently. One million tokens valued at $1.3 million were sold on Sunday. In comparison, another one million tokens valued at $730,000 were transferred to Vitalik Buterin’s Ethereum address on Optimism on June 9 at around 12:26 am UTC. The remaining tokens are…

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Lummis-Gillibrand bill is finally here

One can hardly name a document more long-hoped-for as the crypto bill, co-sponsored by United States Senators Cynthia Lummis of Wyoming and Kirsten Gillibrand of New York, was for the crypto community. And, it’s finally here. Last week, Lummis and Gillibrand introduced a 69-page bill in the U.S. Senate. What’s inside? The projects of study on the environmental impact of digital assets and advisory committee on innovation, a tax structure, a mandate for analysis of the use of digital assets in retirement savings and much more. Should it become law, the…

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BTC, ETH, BNB, ADA, XRP, SOL, DOGE, DOT, LEO, AVAX

The United States equities markets extended their decline to start the week on June 13. The S&P 500 hit a new year-to-date low and dipped into bear market territory, falling more than 20% from its all-time high made on Jan. 4.  The cryptocurrency markets are tracking the equities markets lower and the selling pressure further intensified due to the rumored liquidity crisis of major lending platform Celsius and traders possibly selling positions to meet margin calls. This pulled the total crypto market capitalization below $1 trillion. Daily cryptocurrency market performance.…

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Floor price of popular NFT collections collapse due to bear market

It appears there is no respite anywhere in the crypto realm in the face of Monday’s extraordinary market sell-off. Based on data from NFT Price Floor, the floor prices for Bored Ape Yacht Club (BAYC) and CryptoPunks, two of the most popular nonfungible token, or NFT, collections on the market, have fallen to 74 ETH ($92,223) and 48 ETH ($69,473), respectively.  In comparison, pieces in the BAYC collection had an all-time high floor price of 153.70 ETH, while the same metric amounted to 123 ETH for CryptoPunks. The data aggregator…

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Avaxfi, a Defi Lending Platform, Secures VC Funding From Zen Capital

Zen Capital is a crypto venture capital fund company that has quietly built a portfolio of promising companies. This crypto venture capital fund is led by a team of entrepreneurs and technologists who believe that the power of decentralized technology can change the world. One of the company’s goals is to work with blockchain entrepreneurs looking to build cryptocurrency platforms that will be relevant for years. Zen capital is a Limited Partner of Pantera Capital. Pantera Capital is the first US institutional asset manager focused exclusively on blockchain technology. Zen…

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