When looking at its seven-day and fourteen-day chart, Lido Finance (LDO) has been seeing an astounding rise in recent price and trading activity despite the challenging market conditions.At the time of this writing, one token is worth $1.38, representing an increase of 45.7% over the course of the previous week and of 47.9% over the course of the previous fourteen days, and an $83.6 million 24 trading volume.Whales Pile Up On LDO The most recent increase in price for Lido Finance on the market seems to have been followed by a significant increase in the amount of purchasing power coming from a variety of accounts on the network.According to the data obtained from the blockchain that was made available by LookOnChain, investors were given about 5 million dollars’ worth of tokens.It is not quite obvious what motivated the most recent surge at this time.The data further shows that out of the 3.5 million tokens that were distributed, approximately half a million were afterward sold on the market at an average price of $1.37 each.Despite the fact that the amount is sufficient to put pressure on an asset that was already not the most profitable investment on the market, LDO was able to effectively navigate the surge in selling activity and maintain a stable price throughout the ordeal.Investors who keep a close eye on the Ethereum staking market should pay attention to how the price of LDO Itself performs since it is a crucial indication.
Lido Finance is regarded as a leading liquidity source for all Ethereum speculators and investors.Interestingly, on January 1, the price of the underlying token for Lido suddenly began to go higher, demonstrating a strong price performance and jumping ahead of the market.Retail investors have paid more attention to the asset as a result of a significant jump in the amount of money that has been invested in it.During these times of uncertainty, it is heartening to witness a coin see such growth.We can only hope that this is the beginning of greater things to come! Was this writing helpful? No Yes Elena R Elena is an expert in technical analysis and risk management in cryptocurrency market.She has 10+year experience in writing – accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.
Back to top button Crypto news Prominent Research Firm Issues a Warning.Here’s What Will Happen if DCG Files for Bankruptcy Arcane Research, in a new report, has highlighted that investors should keep an eye on Digital Currency Group’s (DCG) prolonged financial troubles because it could have a negative impact on the cryptocurrency market.
Analysts and investors have voiced a critical concern following the disclosure of Genesis’ issues: what would happen to Grayscale, a DCG subsidiary that owns a substantial amount of Bitcoin.The majority of market participants undoubtedly learned about the issues DCG had following the collapse of FTX and many other companies.The research stressed that if DCG files for bankruptcy, then it will be forced to liquidate its assets.After this, it will force DCG into selling its sizable positions in GBTC and unknown positions in ETHE and other Grayscale trusts.
“Currently, GBTC trade at a 45% discount to its NAV, while ETHE trades at a 59% discount to its NAV.GBTC holds 3.3% of the circulating BTC supply and 2.5% of the ETH supply.A Reg M would cause a massive arbitrage strategy of selling crypto spot versus buying Grayscale Trust shares.If this scenario plays out, crypto markets could face further downside.” Arcane Research also highlighted the open letter written by Cameron Winklevoss to DCG CEO Barry Silbert accusing Barry of acting in bad faith and using stall tactics.
At the end of the letter, Cameron asked Barry to publicly promise to help and resolve the issue by January 8.
In the meanwhile, Gemini’s intended course was not stated in the letter, but if Barry doesn’t answer, things could progress to the coordination of an involuntary petition for a DCG Chapter 11.“Additionally, on December 28, investment advisor Valkyrie delivered a proposal to become the new sponsor and manager of GBTC while also announcing the launch of an opportunistic fund seeking to take advantage of the GBTC discounts.” Was this writing helpful? No Yes Back to top button Crypto news Celsius Network’s Stablecoins Face Liquidation To Cover Bankruptcy Costs Judge Martin Glenn, the chief United States Bankruptcy Judge in the Southern District of New York, has ruled that ownership of the assets in the Celsius Network’s Earn Accounts belongs to debtors.As such, Glenn ruled that all stablecoins deposited in the Earn Accounts by Celsius customers will be liquidated to meet the cost of bankruptcy proceedings.The issue at hand saw Celsius customers trapped by terms and conditions in the Earn Program.Nonetheless, Judge Glenn indicated the court does not take lightly the results of his decision on individual investors.
Moreover, Celsius customers will have to wait longer before receiving a refund from the bankrupt firm.“Debtors contend that because the Earn Assets, including stablecoins, are property of the Estates, the Debtors can sell stablecoins to create liquidity to fund administrative expenses associated with these bankruptcy cases,” the court filings noted.The ruling follows a recent motion filed by Celsius Network to extend the prior schedule for the Bar Date before Judge Glenn, to January 10, 2023, at 11:00 a.m.ET.Celsius Plays Dirty at the Mother Court According to Celsius’s terms and conditions for the Earn program, deposited crypto assets belonged to the company following the bankruptcy filing.
The court noted that customers hardly take time to completely understand the legal limitations they put themselves into by accepting terms in good faith.As such, the court felt obligated to side with the debtors due to the ‘unambiguous’ terms of use.“The issue of ownership of the assets in the Earn Accounts is a contract law issue.The Debtors and Committee argue that the cryptocurrency assets deposited in Earn Accounts were owned by the Debtors and are now the property of the Estates.Many Earn account holders (“Account Holders”) argue that the Account Holders, rather than Celsius, own the cryptocurrency assets in the Earn Accounts and that cryptocurrency assets should promptly be returned to them,” the court filings noted.
Forward, the judge concluded that creditors will have an opportunity to have a full hearing on the merits of these arguments during the claims resolution process.Meanwhile, Celsius customers and investors will continue waiting for the bankruptcy proceedings to take due course to get a full refund.
Moreover, the cryptocurrency market is continually changing and receiving different law interpretations.Nonetheless, the Biden administration has ordered federal agencies including the SEC and CFTC to clump hard on predatory crypto projects.
Was this writing helpful? No Yes Crypto news Here’s How The Ethereum’s Shanghai Upgrade Enhanced Liquid Staking The Ethereum community is anticipating the next significant upgrade to the network, called the Shanghai Upgrade, following the Ethereum event known as The Merge that took place last year.What Benefits Did The Update Yield? This update will implement Ethereum Improvement Proposal (EIP) 4895, which allows for the withdrawal of ETH that has been staked on the Beacon Chain.This is beneficial for liquid staking platforms, which involve temporarily locking up funds in order to collect incentives while maintaining access to them.According to the DeFi Investor, investors are likely to choose liquid staking options after the Shanghai upgrade, and profits for liquid staking providers are expected to increase once the ability to withdraw staked ETH becomes available.
Derivatives of liquid staking may also be employed in decentralized finance (DeFi) without loss of staking income.One example is Lido Finance, which offers to stake in ETH and LDO, both of which provide yields, although Lido does deduct 10% of staking earnings for its Decentralized Autonomous Organization (DAO).The price of LDO has increased by over 45% in the past week.Ethereum developers have also agreed on a second hard fork, set to take place in autumn 2023, which will address proto-danksharding, also known as EIP 4844.
Sharding is a mechanism that breaks up the network into shards in order to expand its capacity and reduce gas prices and would be used by EIP 4844 to make Ethereum more scalable.Was this writing helpful? No Yes Back to top button Top posts Candy Digital23 mins ago Report: Fanatics To Sell 60% Of Candy Digital Stake Amid Struggling NFT Market Fanatics, the retailer specializing in licensed sports merchandise, is divesting 60% of its stake in the non-fungible token (NFT) company…
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