Crypto News Today- Bitcoin Holds Firm at $67K, CRV Sees Decline: First Mover Americas Update
Crypto News– Bitcoin remained steady above $67,000 during the European morning following the Federal Reserve’s hawkish stance on interest rates announced Wednesday. The U.S. central bank opted to keep rates unchanged and projected only one rate reduction for the year, causing a brief downturn in bitcoin’s price. After dipping towards $67,000 in the Asian morning session, BTC quickly rebounded and traded between $67,200 and $67,800. As of now, bitcoin is holding above $67,900, marking a modest 0.16% increase over the past 24 hours. Meanwhile, the CoinDesk CD 20 index has dipped by 0.34% during the same period. Ether, on the other hand, has fluctuated around $3,500 and is currently down 1.1% in the last 24 hours.
In other news, Paxos has announced the layoff of 65 employees, constituting 20% of its workforce, according to a Bloomberg report. CEO Charles Cascarilla explained that these layoffs are aimed at better positioning the company to capitalize on opportunities in tokenization and stablecoins. Despite the layoffs, Paxos emphasized its strong financial standing, with a balance sheet reportedly holding around $500 million from various stablecoins. The company plans to phase out settlement services in commodities and securities gradually, redirecting focus towards asset tokenization and stablecoin initiatives.
Paxos faced challenges last year when the New York Department of Financial Services intervened, halting its minting of Binance’s BUSD in early 2023. At its peak, BUSD had a market capitalization of $16 billion, impacting Paxos significantly.
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Curve’s CRV token experienced a sharp 30% decline during early Asian trading hours due to reports that loan positions associated with its founder, Michael Egorov, began liquidating automatically. This triggered sudden selling activity in the market. Data from Lookonchain and Arkham reveals that Egorov’s addresses collectively borrowed nearly $100 million worth of stablecoins, predominantly crvUSD, using $140 million in CRV tokens as collateral.
According to a Debank profile monitoring Egorov’s wallet, he borrowed from platforms like Inverse, UwU Lend, Fraxlend, and Curve’s LlamaLend, leveraging CRV tokens as collateral. Total holdings across these tracked wallets plummeted by 50% within the last 24 hours. During the early Asian trading session, a significant number of loans were repaid on platforms such as Inverse and LlamaLend, involving FRAX, DOLA, and CRV tokens.
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According to CryptoQuant, the number of CRV held in wallets linked to centralized exchanges surged by 57% early Thursday, reaching record levels exceeding 480 million tokens. This increase indicates a significant intention among investors to sell Curve’s CRV token, which was trading 30% lower at the time of reporting.
- Omkar Godbole
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