BtcTap: The Weekly Crypto Roundup

Every week, we will begin a fresh crypto news roundup. Every week, the BtcTap team will look for events that have impacted the crypto community. ( June 10th - June 17th )

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Crypto.news: Babel Finance Halts Withdrawals Due to ‘Unusual Liquidity Pressures’

Babel Finance had a loan balance of nearly $3 billion at the end of 2021, up from $2 billion the previous February. It had a monthly derivatives trading volume of $800 million and had structured and traded more than $20 billion in options products.
​
Due to its link with Three Arrows Capital, rival staking site Finblox made a similar decision on Thursday, limiting withdrawals to $1,500 per month.
According to a report by The Block.

​( Official Article: https://crypto.news/babel-finance-withdrawals-liquidity/ )

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CNBC: Bitcoin drops below $18,300 as sell-off accelerates — here's what happened

Bitcoin plunged to $18,248, and ether fell to $944 as of mid-afternoon on Saturday, as the sell-off in the crypto market accelerates. The world's two most popular cryptocurrencies are down more than 35% in the past week, as both breach symbolic price barriers.

Carnage in the crypto market is partly to do with pressure from macroeconomic forces, including spiraling inflation and a succession of Fed rate hikes. We have also seen these blue chip cryptos track equities lower. It doesn't help that crypto firms are laying off large swaths of employees, and some of the most popular names in the industry are facing solvency meltdowns.

​( Official Article: https://www.google.com/amp/s/www.cnbc.com/amp/2022/06/18/bitcoin-price-drops-below-18600-as-sell-off-accelerates.html )

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Coindesk: Fed Announces Biggest Interest Rate Hike in 28 Years; Bitcoin Gains

The U.S. Federal Reserve on Wednesday raised interest rates by 75 basis
points, or three-quarters of a percentage point. It is the biggest rate hike in 28 years, part of an ongoing effort to bring down soaring inflation that has roiled the economy and markets from stocks and bonds to cryptocurrencies.

The U.S. central bank also announced it would continue reducing the size of its balance sheet at the rate announced in May, according to a statement by the Federal Open Market Committee (FOMC), which sets the Fed's monetary policy.

​( Official Article: https://www.coindesk.com/markets/2022/06/15/fed-announces-biggest-interest-rate-hike-in-28-years-bitcoin-falls/ )

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Coindesk: Sell the Ethereum Merge

t might be the best-telegraphed technical event in the modern history of digital assets (i.e., since the invention of Bitcoin). It's so anticipated because:

1. Ether is the second-largest digital asset as measured by network value.
2. It is a major change to the network, with significant attendant execution risks.
3. It has been delayed so many times that market participants have had years to analyze it.

​( Official Article: https://www.coindesk.com/tech/2022/06/16/sell-the-ethereum-merge/ )

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The Last 3 Days Have Had A Significant Impact On LUNA And The Bitcoin Crash.

Celsius, a popular staking and lending platform, paused withdrawals from its platform on June 13. A growing number of users believe Celsius mismanaged its funds following the collapse of the Anchor Protocol on the Terra (LUNA; now LUNC) ecosystem and rumors of its insolvency continue to circulate

( official article: https://www.freebtctap.com/crypto-currency-news/the-last-3-days-have-had-a-significant-impact-on-luna-and-the-bitcoin-crash )

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Scientists Just Created A Stablecoin Named “E-Stablecoin”

Maxwell Murialdo and Jonathan Belof claims their innovation will allow users to transfer electricity without using wires or a grid sounds unbelievable if you ask me but it get better they will also create a decentralized stablecoin that will be pegged to electricity making it’s value based off of utilities.

​ The Professor claims that electricity has a strong and stable value with a great case of use and demand. The electricity used will be easily sustainable.

​( Official Article: https://www.freebtctap.com/crypto-currency-news/scientists-just-created-a-stablecoin-named-e-stablecoin )

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Moneygram Launches USDC Crypto-to-Cash Program With The Help Of Stellar Lumen

Moneygram, a US-based remittance and payments company, has announced the adoption of USDC, a dollar-pegged stablecoin, as a settlement asset for its cash to crypto and crypto to cash programs.

​( Official Article: https://www.freebtctap.com/crypto-currency-news/moneygram-launches-usdc-crypto-to-cash-program-with-the-help-of-stellar-lumen )