Bitcoin
Bitcoin Holds $67K, CRV Slides
Bitcoin maintained its position above $67,000 during European morning following the Fed’s aggressive interest rate projections on Wednesday. The US central bank left rates unchanged on Wednesday and predicted only one reduction this year, sending bitcoin lower. After falling to $67,000 during the Asian morning, BTC quickly rose again before trading between $67,200 and $67,800. At the time of writing, bitcoin is above $67,900, up 0.16% 24 hours ago. CoinDesk CD 20, in turn, fell 0.34% in this period. Ether has fluctuated on either side of $3,500, currently down 1.1% in the last 24 hours.
Paxos has fired 65 people, totaling 20% of its staffaccording to a Bloomberg report. CEO Charles Cascarilla said the layoffs “allow us to better execute on the enormous opportunity that lies ahead in tokenization and stablecoin” and the company is in a “very strong financial position to succeed.” Instead, it will focus more on asset tokenization and stablecoins, reported Bloomberg, which has a balance sheet of about $500 million, according to disclosures of its various stablecoins. The services forced the company to stop minting Binance’s BUSD in early 2023, which had a market cap of $16 billion at its peak.
Curve’s CRV token plunged 30% in early Asian trading as some loan positions allegedly linked to its founder, Michael Egorov, began to be automatically liquidatedleading to sudden selling activity. Data tracked by Lookonchain and Arkham shows that Egorov’s addresses have taken out a cumulative loan of nearly $100 million in stablecoins, primarily crvUSD, against $140 million in CRV collateral. A Debank profile tracking Egorov’s wallet shows he borrowed from Inverse, UwU Lend, Fraxlend, and Curve’s LlamaLend using CRV tokens as collateral. Total holdings in tracked portfolios fell by 50% in the last 24 hours. In the early hours of Asia, several loans were repaid on Inverse and Llamalend with FRAX, DOLA and CRV tokens.