Monday, 6 December 2021

Market Summary

Market Summary 6 December 2021

Bitcoin Price: $49,396.33 (+0.50%)
Ethereum Price: $4,196.44 (+1.92%)


Yield Strats #37 – Opsec, Index Pools & Stable Farms

  • Defrost Finance is a fair launch lending protocol that enables users to mint H20, a stablecoin pegged to the US Dollar at a 1:1 ratio, using Liquidity Pool tokens from decentralized exchanges and other DeFi protocols. These LP tokens will be locked in vaults and used as collateral for the minted H20. A wide variety of assets can be used for this purpose, ensuring the largest possible number of investors are covered.
  • Cook Finance is a platform that brings together the world of decentralized finance and offers it up as a carefully curated menu of indexes. Cook has unlimited index types, such as a Dynamic Index – allocates underlying assets to the highest APY yield farming pools and a Growth Index – automatically adjusts to the 3 largest growing cryptos. Cook launches their new staking and liquidity mining programs on Avalanche today.
  • Pole Finance is a leveraged yield aggregator currently built on top of Port Finance, a money market on Solana. The only way to obtain POLE tokens is by farming. There will be no ICO or private sales, farming will be the only way to earn POLE. Pools for other Port liquidity pools and other lending protocols will be launched later.


Ritholtz Wealth Management and WisdomTree launch new crypto index

  • New York-based investment advisor Ritholtz Wealth Management and exchange-traded fund and asset manager WisdomTree investments are jointly launching a crypto index fund. 
  • Dubbed the RWM WisdomTree Crypto Index, the new index consists of 36% Bitcoin, 20% Ethereum and 4% of 11 other crypto-related assets in a separately managed account, according to a company release.


Institutions took crypto profits amid ‘shaky’ macro picture, trading execs say

  • Cryptocurrency traders have been gripped by a drawdown that executives in the market say is tied to institutional selling. 
  • The price of bitcoin plunged below $43,000 overnight Saturday, falling from highs near $57,000 during Friday’s session. While the price of bitcoin has since pared some of those losses — trading above $49,000 at the time of writing — trading executives tell The Block that large institutional selling triggered a broader market shift.
  • Specifically, one trading executive said that there appeared to be an institution that sold more than $500 million in bitcoin on Friday morning. 


Bitmart hacked for $200M following Ethereum, Binance Smart Chain exploit

  • Crypto exchange Bitmart lost nearly $200 million in a hot wallet compromise hosted over the Ethereum and Binance Smart Chain blockchains.
  • The $200 million Bitmart hack was first revealed by Peckshield, a blockchain security and data analytics company that initially identified a transfer of roughly $100 million over the Ethereum blockchain.
  • Further investigation from the team revealed a concurrent hack of $96 million over the crypto exchange’s BSC reserves: twitter post


Things to know (and fear) about new IRS crypto tax reporting

  • The Infrastructure Investment and Jobs Act (H.R. 3684) put crypto in the crosshairs, where Congress and the Internal Revenue Service (IRS) hope to scoop up enormous tax dollars. This reporting regime is projected to rake in an astounding $28 billion over the next ten years. No other provision in this massive recently enacted federal law is supposed to produce tax dollars that are even close. If you don’t think that means the IRS is coming for your crypto in a very big way and that Congress is trying hard to facilitate it, think again.


Without staking, institutional crypto investors cannot escape inflation

  • By 2021, proof-of-stake (PoS) anchored itself as the consensus mechanism of choice for new and innovative blockchains. Ethereum 2.0, Cardano, Solana, Polkadot, Terra Luna — five out of the top 10 base layer blockchains run on PoS. It’s easy to see why PoS blockchains are popular: The ability to put tokens to work — verifying transactions and earning a reward in the process — allows investors to earn a passive yield while improving the security of the blockchain network they’d invested in.
  • For PoS token investors, missing out on staking yield is more than just a missed opportunity — it results in holding a highly inflationary asset. Because the yield paid to stakers is primarily made up of new tokens, any portion of unstaked tokens is continuously shrinking relative to the total supply. As explained in an article from Messari, staking rewards do not represent wealth creation, but rather a wealth distribution — from passive holders to stakers.


El Salvador stacks 150 Bitcoin after BTC price crashes below $50k

  • The Republic of El Salvador has procured 150 Bitcoin (BTC) amid the biggest bear market since Bitcoin attained an all-time high of nearly $68,000 back in the first week of November.
  • Salvadoran president Nayib Bukele announced the purchase of 150 BTC as the market price momentarily slipped below $50,000, losing over 15% in market value.


Celsius Network confirms it lost money in the BadgerDAO DeFi hack

  • Crypto lending company Celsius Network CEO Alex Mashinsky confirmed in a live stream today that the company lost funds in the BadgerDAO hack earlier this week.
  • “We are working with Badger to recover all those funds. We are collaborating with them on the investigation,” Mashinksy said.
  • “I want to make sure every Celsius user understands, when things like this happen, we are the ones who lose, you don’t lose because it’s our job to recover the funds, it’s our job to work with these funds, to select good projects versus bad projects and everything else,” he added.

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