The latest moves in crypto markets, in context Was this newsletter forwarded to you? Sign up here. |
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Good morning, and welcome to First Mover. I’m Lyllah Ledesma, here to take you through the latest in crypto markets, news and insights. Price Point: BTC remains below $20K and Argentinians are buying stablecoins more than normal as their economy minister resigned over the weekend. Market Moves: Solana DeFi protocol, Crema, lost $8.8 million in an exploit on Sunday.
This newsletter was produced by Parikshit Mishra. Please let us know what you think of First Mover by replying to this email. |
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Bitcoin (BTC) was up 2% on the day with U.S. equity index futures and European bonds falling as investors worried about the threats of deteriorating economic growth and inflation. Germany also reported its first monthly trade deficit in three decades as surging import prices have caused a shortfall in the export-reliant nation, according to Bloomberg. Bitcoin is trading down 6% over the last 7-days, at around $19,400. Ether (ETH) also suffered a downfall over the last 7-days, trading down 10%. ETH’s price weakness continues as "The Merge" fast approaches. The Merge will see the network go from a proof-of-work platform, to proof-of-stake. The once-mighty crypto hedge fund, Three Arrows Capital, filed for bankruptcy on late Friday after weeks of speculation that it was functionally insolvent. American-Israeli crypto lender, Celsuis, laid off some 150 employees over the weekend as it battles a financial crisis which saw it halt customer withdrawals last month. Coinbase, the U.S. crypto exchange, said in a report that recent selling of newly minted bitcoin by crypto miners does not add any significant market pressure. If all newly issued bitcoin were sold onto the market each day, it would equate to only 900 BTC of selling pressure. Over in Latin America, Argentina’s economy minister, Martin Guzman, resigned on Saturday. This caused citizens to purchase up to three times as many stablecoins over the weekend than they usually do, crypto companies in the country told CoinDesk.
Separately, a survey from Mastercard reported that over 51% of Latin Americans made at least one transaction with cryptocurrencies between March and April of this year.
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Market Moves By Shaurya Malwa |
Solana-based liquidity protocol Crema Finance had more than $8.78 million worth of cryptocurrencies stolen from its platform in an attack over the weekend, developers said in a tweet. Crema said it had suspended its smart contract after the exploit. The protocol allows liquidity providers to set specific price ranges, add single-sided liquidity and conduct range order trading. This makes for a sophisticated and decentralized trading platform. “We've been closely working with several experienced security institutes and relevant organizations to track the hacker's fund movements,” the developers said in a tweet. Value locked on Crema plunged to $3 million on Monday from over $12 million on Saturday following the exploit, data shows. Crema has seen trading volumes of $1.34 billion since its inception in January. The attacker started by creating a fake tick account. A tick account is "a dedicated account that stores price tick data in CLMM,” the developers said, referring to Crema's market making protocol. After that, the attacker exploited a command by writing the data on the fake account and circumventing security measures. Read the full story here: Solana DeFi Protocol Crema Loses $8.8M in Exploit. |
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The following are the biggest movers in the CoinDesk 20 digital assets over the past 24 hours: |
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Biggest Gainers Biggest Losers There are no losers in CoinDesk 20 today. |
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Sector classifications are provided via the Digital Asset Classification Standard (DACS), developed by CoinDesk Indices to provide a reliable, comprehensive, and standardized classification system for digital assets. The CoinDesk 20 is a ranking of the largest digital assets by volume on trusted exchanges. |
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Disclaimer: The information presented in this message is intended as a news item that provides a brief summary of various events and developments that affect, or that might in the future affect, the value of one or more of the cryptocurrencies described above. The information contained in this message, and any information liked through the items contained herein, is not intended to provide sufficient information to form the basis for an investment decision. The information presented herein is accurate only as of its date, and it was not prepared by a research analyst or other investment professional. You should seek additional information regarding the merits and risks of investing in any cryptocurrency before deciding to purchase or sell any such instruments. |
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