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Bitcoin Holds $67,000, CRV Slides
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(CoinDesk)
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Bitcoin maintained its position above $67,000 during the European morning following the Fed’s aggressive interest rate projections on Wednesday. The US central bank left rates unchanged on Wednesday and forecast only one cut this year, which sent bitcoin lower. After a decline towards $67,000 during the Asian morning, BTC quickly recovered before trading between $67,200 and $67,800. At the time of writing, Bitcoin sits above $67,900, up 0.16% 24 hours ago. Meanwhile, the CoinDesk CD 20 fell 0.34%. Over the past 24 hours, Ether has hovered around $3,500, currently down 1.1%.
Paxos has it fired 65 people, with a 20% reduction in staffaccording to a Bloomberg report. CEO Charles Cascarilla said the layoffs “allow us to better capitalize on the enormous opportunity ahead of us in tokenization and stablecoin” and that the company is in “a very strong financial position to succeed.” Paxos plans to phase out its commodity and securities settlement services. It will instead focus more on asset tokenization and stablecoins, Bloomberg reported. According to information provided by its various stablecoins, Paxos however suffered a major blow when the New York Department of Financial Services forced it to stop minting Binance’s BUSD in early 2023, which at its peak had a capitalization market of 16 billion dollars.
Curve’s CRV token plunged 30% in early Asian trading hours as some loan positions supposedly linked to its founder, Michael Egorov, began to liquidate automaticallyleading to sudden sales activity. Data tracked by Lookonchain and Arkham shows that Egorov’s addresses have taken out a cumulative loan of nearly $100 million in stablecoins, mostly crvUSD, against $140 million in CRV collateral. A Debank profile tracking Egorov’s portfolio shows that he borrowed from Curve’s Inverse, UwU Lend, Fraxlend and LlamaLend using CRV tokens as collateral. Total holdings on tracked portfolios have decreased by 50% in the last 24 hours. In early Asian hours, several loans were repaid on Inverse and Llamalend with FRAX, DOLA and CRV tokens.
Chart of the day
(CryptoQuant)
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The chart shows that the number of CRVs held in wallets linked to centralized exchanges increased 57% as of early Thursday, reaching record levels above 480 million.
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The increase shows investors’ intent to sell Curve’s CRV token, which was trading 30% lower at the time of writing.
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Source: CryptoQuant
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-Omkar Godbole