Riding The Wave News Summary #57

Crypto Mining Giant Dumped Most of Its Bitcoin Holdings in June, Another crypto lender Vauld pauses withdrawals as market crash takes its toll, & more

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News

Table of Contents

1. Tweets

2. Crypto Mining Giant Dumped Most of Its Bitcoin Holdings in June

3. Another crypto lender Vauld pauses withdrawals as market crash takes its toll

4. Celsius Repays $183M on DeFi Exchange Maker, Gets Back Collateral, Blockchain Data Shows

5. ARK Invest 'neutral to positive' on Bitcoin price as analysts await capitulation

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Tweets

Otavio (Tavi) Costa @TaviCosta

Commodities at their most oversold levels since the collapse in March 2020. Now retracing to their 2-year resistance. Long-term minded investors know what to do here.

Graham Stephan @GrahamStephan

What do you guys think about this?

PlanB @100trillionUSD

60% of BTC in profit (average buy price $7.5K) 40% of BTC in loss (average buy price $43.5K)

PlanB @100trillionUSD

Markets expect FED to taper (QT), to reduce balance sheet -$2T. This expectation is priced in. If FED decides to "temporarily" halt tapering and not reduces balance sheet (because emergency, war, climate, whatever), then rates will drop and stocks rise. #Bitcoin pump trigger?

Plan©️ @TheRealPlanC

At the current trajectory, the Pi Cycle Bottom is scheduled to cross on July 11th, 2022. #Bitcoin #Crypto

James Lavish @jameslavish

The bond market sees a recession coming. The stock market sees a recession coming. The crude market sees a recession coming. The commodity market sees a recession coming. The housing market sees a recession coming. Yet, strangely, the Fed still doesn't see a recession coming.

Bitcoin Archive 🗄🚀🌔 @BTC_Archive

💥WHITE HOUSE: #Bitcoin mining report will be released in August. 🤔

Bitcoin Archive 🗄🚀🌔 @BTC_Archive

💥JUST IN: +21% of US investors used loans to buy #Bitcoin or crypto [CryptoSlate]

PlanB @100trillionUSD

My on-chain indicator (purple) flipped from bearish to bullish in June. Not saying this is it, and it would be nice if RSI would confirm, but I watch it like a hawk. Be ready.

MacroScope @MacroScope17

I've said since last year that we've entered a decade like the 1970s. I see more market observers are starting to say the same. I'll limit this tweet to BTC. I believe it will outperform most assets over the FULL decade, just as gold did in the 70s. BTC is down this year due...

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Crypto Mining Giant Dumped Most of Its Bitcoin Holdings in June

Core Scientific Inc., a top crypto miner, sold the bulk of its Bitcoin holdings in June as a steep drop in digital assets squeezes finances for even the leaders of the industry.

Core Scientific sold 7,202 mined coins for $167 million last month, leading to a 79% drop in Bitcoin holdings on its balance sheet, according to the company’s monthly update. The Austin, Texas-based company now holds 1,959 coins.

Crypto miners are struggling to repay debt and complete large purchase orders of expensive mining machines they made during the bull run several months ago.

Founded in 2017, Core Scientific is one of the largest Bitcoin miners in the world with 180,000 servers and nearly 10% of the current computing power that secures the entire Bitcoin blockchain network as of June 30, according to the latest public filing.

This isn’t too alarming but it’s good to be aware of as it can explain short-term supply changes and sometimes unexpected movements in price.

Full Article

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Another crypto lender Vauld pauses withdrawals as market crash takes its toll

Crypto lender Vauld on Monday paused all withdrawals, trading and deposits on its platform and is exploring potential restructuring options, the company said.

Vauld CEO Darshan Bathija said in a blog post on Monday that the company is facing “financial challenges” due to “volatile market conditions, the financial difficulties of our key business partners inevitably affecting us, and the current market climate” which has led to customers withdrawing more than $197.7 million from the platform since June 12.

Celsius appears to have gotten out of the fire but many others like Vauld are just starting damage control. As the investor and not the platform owner the best thing you can do is make sure the platform you are using is being responsible and isn’t taking risks that can cause withdrawal lockdowns trapping your money (& potentially losing it all if they go bankrupt).

Full Article