- NEAR’s rainbow bridge resisted a second hack attempt since May
- Hash Ribbon indicator flashed a bullish buy signal from many on-chain analysts
- Binance x MasterCard partnership enabling crypto payments at > 90 million merchants
- US regulated bank borrows US$100M loan from Maker, the first of its kind between TradFi x DeFi
- Stablecoin Issuers hold more US debts than Berkshire Hathaway in a study by JP Morgan
Attackers lose 5 ETH in a failed attempt to attack Rainbow Bridge: Aurora Lab’s security system defended another bridge attack on its Rainbow Bridge which was stopped within 31 seconds causing the hacker to lose 5 ETH in the process. No user funds were lost in the attack. A fabricated NEAR block was submitted to the Rainbow Bridge contract with a deposit of 5 ETH, but the malicious transaction was challenged by automated watch dogs which resulted in the attacker losing their safe deposit. This is the second failed hack attempt on Rainbow Bridge since May 2022.
Why is Hash Ribbon giving a bullish Signal? Hash Ribbon, an indicator of Bitcoin miner’s sentiment, highlighted that miners’ capitulation officially ended after 71 days. Historically, these moments have been good indicators of market bottoms in terms of crypto cycles.
A hash ribbon crossover is when the 30d MA hash rate crosses above the 60d MA hash rate, indicating that miners are resuming their mining operations. A hash ribbon crossover typically means miners are profitable, mining selling pressures have eased, thus allowing Bitcoin for more upside potential.
Binance x Mastercard partnership: Binance and Mastercard announced the launch of Binance Card in Argentina, which will allow Binance Card holders to make purchases and pay bills with their cryptocurrencies. Eligible merchants will continue to receive fiat and the users can pay in any cryptocurrencies of their choice. This is a significant milestone in encouraging wider crypto use cases and global adoption.
Stablecoin issuers hold more US debt than Berkshire Hathaway: According to Financial Times, Tether, Circle and other stablecoin issuers collectively held US$80 billion worth of short-term US government debt, as of May 2022. That figure accounts for approximately 2% of the total market for US Treasury bills, holding a greater share of Treasury bills owned by Berkshire Hathaway.
In June 2022, Tether also pledged to reduce its exposure on expiring commercial papers and rolling over them into US treasuries.
MakerDAO opens $100m DAI loan to Huntingdon Valley Bank: This is the first commercial loan participation between a US Regulated Financial Institution and a DeFi protocol. Huntingdon Valley Bank will have a debt ceiling of $100 million with the ability to borrow more DAI in the next 12 months by depositing collateral into an off-chain account. A trust will be established to facilitate the access of DAI liquidity in exchange for loans originated by Huntingdon Valley Bank, which will be vetted for eligibility by MakerDAO.
Matrixport has rolled out a new structured product “Snowball” that performs best in a ranging market using option strategies. In different scenarios, users will have the chance to earn 52% annualized returns, get their funds back or get converted depending on the duration period prices stay within a predefined upper and lower boundary price limit. The longer the price stays within the range, the more the absolute interest.
Investors who hold a “range-trading”view in the markets can now earn attractive yields with Matrixport’s Snowball product in the “Structured” section on the App.
Matrixport announced that #Chainlink (LINK) is now available for #trading on the app. https://bit.ly/3RauFJ2
Matrixport now supports #Quant (#QNT) and #LidoDAO (#LDO) on the platform. Users can now deposit, withdraw, and send both tokens using the app.
Grow and manage your digital wealth with the Matrixport app:
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