Stablecoins to the Moon, Symbiotic Hit $1B, Polymarket Achieved …

Stablecoins to the Moon, Symbiotic Hit $1B, Polymarket Achieved $100M, and More

July 8th, 2024

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CIAN Added $weETH

Polymarket Hits $100M

$GHO Went to Arbitrum

Pendle Finance Added $REZ

Symbiotic Exceeds $1B

Mt.Gox Started BTC & BCH Compensation Payments

$wrsETH Came to Rho Markets on Scroll

$uniETH Pool on Camelot DEX (Arbitrum) Gets Stable 40-50% APR

Zircuit Made a Snapshot

Etherfi Season 2 Checker Is Live

Is Crypto Failing?

During the recent week $BTC reached its lowest value since February. Order books were full of coins for sale, Fear & Greed Index reached 26 points. Notum has found the reasons for such a sharp decrease in the market and is ready to share with you what to expect in the future.

Mt.Gox

Many people do not even know what Mt.Gox is but back in 2014, it was one of the biggest crypto exchanges. Due to the lack of quality exchange security and an immature crypto market, the exchange was hacked and filed for bankruptcy. 10 years later, the exchange announced that it would return the stolen $BTC to the owners.

Mt. Gox owes 142,000 $BTC or 0.68% of the total Bitcoin supply. Many investors, fearing a possible influx of tokens to the market and a subsequent price drop, started selling, causing a self-fulfilling prophecy.

German crypto 🇩🇪

A wallet that Arkham defines as the “German Government” has recently transferred around 2700 to different centralized exchanges. The expectation of a surge in token sales worries many investors, who prefer to avoid risks and plan to reinvest once the price reaches its minimum.

Pressure from miners 🧨

After the April halving, miners started to earn less and waited for a price peak to sell their rewards. Most industrial miners have employees and other fixed costs that they need to cover every month.

Many of them expected a rise in; therefore, they held the coins. When it became obvious that wouldn't pump by the beginning of June, many miners rushed to sell some of their. In a declining market, miners’ sellings gave additional negative pressure.

But guys, keep your heads up! 👆

Whales are still holding their tokens and the current craze is just a temporary market shock. Despite the seemingly large amounts of BTC held by Germany and Mt. Gox, their share is small relative to the total BTC supply. Remember that the Bitcoin price has not still reached the historical maximum adjusted for inflation.

SolvBTC Babylon Staking & Why It Is Important

Babylon is the largest restaking protocol for $BTC. The project is not launched yet but invited users can stake their $BTC on the platform and now on Solv as well. However, with Solv users can use their LRT (from BTC) on other protocols and earn yields on multiple chains while earning Babylon points.

When Solana and Ethereum restaking solutions are at their peak with different scenarios of their usage and dozens of partnerships, $BTC restaking can open new horizons soon.