Crypto Winter Has Arrived 🐻❄️
👋 It’s been a wild week in crypto!
Latest lending news:
📰 Celsius Appoints Citigroup For Options To Stay Solvent After Liquidity Squeeze Read ›
📰 Celsius CEO Alex Mashinsky Breaks Silence: The Team Is Working Around The Clock Read ›
📰 Crypto Lender Celsius Hires Restructuring Lawyers After Account Freeze Read ›
📰 Nexo Proposes Celsius Buyout Amid Withdrawal Suspension Read ›
This week’s trending coins 💸
- BTC: 4–8% @ Nexo
- USDC: 10.3–12.3% APY @ CoinLoan
- USDT: 13% APY @ YouHodler
- ETH: 10% APY @ Midas.Investments
- BUSD: 10.3–12.3% APY @ CoinLoan
More pain ahead expected
In a publication made by Glassnode, a cryptocurrency on-chain analytics platform, the ongoing bearish run in the crypto market is expected to continue, after a further downward movement in price.
Bitcoin price fell from highs of USD 30,300 this past week to test lows near the critical USD 20,000 level this week.
The sell-off brought realized losses for Bitcoin investors over USD 4.23 billion. They are historical figures — probably as Bitcoin has fallen from new heights unlike before. Per the platform’s latest on-chain report, the on-going sell-off saw both short term holders and long term holders sink into unprofitability — the losses being three times larger than what the market experienced in March 2020.
Also from Glassnode, the bear market for Bitcoin has entered its “deepest and darkest” phase, making even long-term BTC holders come under extreme pressure. Bitcoin prices have dipped considerably, reaching less than half of its 2022 peak of USD 49,000, and around 80 percent lesser than its all-time peak of USD 69,000, as seen in November 2021.
Even Long-term Holders are now realising significant losses. “Bitcoin Long-Term Holders however realized major losses, equal to 0.007% of the Market Cap per day. This is almost as large as March 2020, and is the first major LTH capitulation event in the 2021–22 cycle.”
With the market trading into the mid-20k region, it is approaching one of the most significant and fundamental on-chain metrics, the Realized Price. This metric represents the average price of every coin in the supply, valued at the time it was last spent on-chain.
The Realized Price (at USD 23,430) is rarely visited by spot prices outside the deepest and latest stages of bear markets. March 2020, and the end of the 2018 bear market were the last instances where the market was on aggregate holding an unrealized loss.
Question of the week
Which crypto lending platforms have the best insurance?
Crypto lending platforms act as an intermediary between borrowers and crypto investors. Generally, these platforms offer their customers a wide range of attractive yield opportunities while also providing instant access to crypto loans for borrowers.
Like any traditional lending institution, crypto lending platforms are responsible for the safety and security of their customers. Many crypto lending sites take this responsibility very seriously, and some do not. As a result, many lending platforms use state-of-the-art software to protect the information and funds of their customers.
However, some lending platforms have taken additional steps to protect digital assets on their platform in case of hacks and thefts. These platforms have stored their crypto assets in the custodial wallets of digital asset trust companies like BitGo and Ledger Vault.
We’ve reviewed the popular platforms to help you select one that offers the best insurance coverage. Here’s the top five:
Meme of the week