Babel Has Been Granted a Reprieve From Debt Repayments

Babel, based in Hong Kong, expressed that it has reached tentative agreements on the repayment time frame of its recently acquired debts. This, in turn, has reduced the company’s short-term liquidity burden. Babel Finance, the embattled crypto lender which suspended withdrawals on Friday, has received a reprieve on debt repayments as it fights to stay afloat amid a dramatic cryptocurrency market downturn. Babel is in talks with significant institutions about possible remedies, including forming a new business to take up some of the debt. This information comes from a source…

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Solend to Reverse ‘Emergency Power’ Proposal in a Second Vote as Struggle to Solve Whale Liquidation Crisis Continues

 Solend, a Solana-based borrowing and lending platform, will go back to the ballot box in a flash vote on whether to go ahead with Sunday’s proposal to take control of the platform’s largest account. The Solana DeFi Protocol’s largest account is a $100 million+ whale’s account on the verge of potential on-chain liquidation.  The cryptocurrency borrowing and lending platforms for tokens such as SOL and USDC give its governance token holders six hours to vote on Sunday’s proposal. Voting “yea” on the platform would: 1. Invalidate Sunday’s first vote; 2.…

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Chinese court invalidates 2019 car sale made using now worthless crypto token

Last week, a WeChat post published by the Shanghai Fengxian Court began circulating in crypto circles with regards to its recent ruling on a car sale in May 2019 made using digital currency. At the time, the buyer, identified only as Mr. Huang, signed a sales contract to purchase a 2019 Audi AL6 for CNY 409,800 ($59.477) in exchange for the consideration of 1,281 Unihash (UNIH) tokens with an undisclosed car dealership in Shanghai. Per the original contract, the seller was to deliver the car to Huang within three months’…

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HM Treasury changes course on collecting data around unhosted crypto wallets

The government of the United Kingdom said it intends to modify a proposal that would have required crypto firms to collect personal data from individuals holding unhosted wallets that were the recipients of digital asset transfers. In its Amendments to the Money Laundering, Terrorist Financing and Transfer of Funds updated on Wene, HM Treasury said it will be scaling back its requirements for gathering data from both the senders and recipients of crypto sent to unhosted wallets, unless the transaction poses “an elevated risk of illicit finance.” The U.K. government…

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Bitcoin futures enter backwardation for the first time in a year

Bitcoin’s (BTC) month-to-date chart is very bearish, and the sub-$18,000 level seen over the weekend was the lowest price seen since December 2020. Bulls’ current hope depends on turning $20,000 to support, but derivatives metrics tell a completely different story as professional traders are still extremely skeptical. BTC-USD 12-hour price at Kraken. Source: TradingView It’s important to remember that the S&P 500 index dropped 11% in June, and even multi-billion dollar companies like Netflix, PayPal and Caesars Entertainment have corrected with 71%, 61% and 57% losses, respectively. The U.S. Federal…

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Ex-Sushi CTO Raises $8 Million for Astaria, an NFT Lending Platform

Astaria, a non-fungible token (NFT) lending platform and liquidity engine, has acquired $8 million in early capital to support its development throughout the down market. True Ventures, Arrington Capital, Ethereal Ventures, Wintermute, Genesis Trading, LedgerPrime, Hypersphere Ventures, The LAO, and several other investors participated in the preliminary round of funding.   Users can use Astaria to generate instant liquidity by putting up their NFTs as collateral. According to Justin Bram, the co-founder and CEO of Astaria, the recent drop in NFT sales, coupled with signs of a bear market, makes Astaria’s…

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Iranian government to cut power supply for the country’s legal crypto mining rigs

According to local news outlet Arz Digital, the day prior, Rajabi Mashhadi, a spokesperson for Iran’s Ministry of Energy, said that the entity would be cutting the power supply to all of the country’s licensed crypto mining firms by the beginning of July. Citing an anticipated electricity deficit from the peak-summer season, Mashhadi stated, “There are currently 118 authorized [digital currency] extraction centers in the country, which must cut off their electricity supply from the national grid from the beginning of July.” “Last week, the country’s electricity consumption recorded an…

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More ‘forced selling’ ahead? Purpose Bitcoin ETF holdings plunge by 51% in biggest outflow ever

Canada’s Purpose Bitcoin ETF (BTCC) witnessed its Bitcoin (BTC) holdings slashed by half in just one day, suggesting an alarmingly waning buying sentiment among the crypto’s most-experienced investors. Purpose Bitcoin ETF has 51% of AUM slashed The fund’s holdings dropped from $47,818 BTC to 23,307 BTC between June 16 and 17, its lowest level since October 2021. The 51% drop in BTC holding is also the biggest daily outflow ever. Purpose Bitcoin ETF holdings. Source: Glassnode Interestingly, another Canadian crypto fund, dubbed 3iQ CoinShares Bitcoin ETF, witnessed similar outflows, dropping from…

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Why the crypto market crash may play in Bitcoin’s favour

Natalie Brunell, the host of Coin Stories podcast, thinks that the recent incidents involving Terra and Celsius and the following market sell-off will lead to regulatory action that will likely favour Bitcoin over the rest of cryptocurrency.  “I’m going to be watching for regulation developments, just signifying that Bitcoin is a digital property and that maybe there’s more fair accounting that can be done to allow institutions to invest”, she said in a latest interview with Cointelegraph. “And the other cryptocurrencies, I think will be deemed securities”, she continued.  Brunell…

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ProShares will launch ETF aimed at shorting Bitcoin following dip under $20K

The firm behind one of the first Bitcoin futures-linked exchange-traded funds in the United States will give investors a new vehicle to bet against the price of the cryptocurrency. In a Monday announcement, exchange-traded fund issuer ProShares said its Short Bitcoin Strategy ETF would be available for trading on the New York Stock Exchange, or NYSE, starting Tuesday under the ticker BITI. The vehicle will allow U.S. investors to bet against Bitcoin (BTC) using futures contracts, given the cryptocurrency’s performance in a single day as measured by the Chicago Mercantile…

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