Day: May 19, 2021

链闻消息，据 DeBank 数据显示，因以太坊价格剧烈波动，近 24 小时以太坊上借贷协议的清算量达 1.03 亿美元，达历史第二高位。其中 AAVE V2 上的清算量达到 4882 万美元，排名首位，排名第二位的 Compound 为 4335 万美元，当前以太坊上借贷协议总借款额为 178.63 亿美元。

原文链接：数据：以太坊 DeFi 借贷协议 24 小时清算量超 1 亿美元

链闻消息，DeFi 协议 bEarn Fi 表示将分为两个阶段对此前被攻击损失的近 1086 万 BUSD 进行补偿。目前进行第一阶段， bEarn Fi 更新了界面，用户可通过访问 bEarn Fi，连接钱包点击提款按钮以领取赔偿。第二阶段将在日后进行，团队需要时间来为用户损失的另一部分资金建立赔偿系统。团队将按照承诺按总额的 105％补偿漏洞受害者的巨额资金损失，但团队表示目前没有足够的经济能力立即补偿，建议使用剩余的 DAO 资金以及该团队的未来薪金和运营资金来补偿用户损失。

原文链接：bEarn Fi 将分两个阶段补偿漏洞受害者近 1086 万 BUSD 资金损失

$39,000 may seem unfairly cheap for Bitcoin, but there is likely more keeping it there than just Elon Musk.

Bitcoin (BTC) has hit its lowest price since Feb. 8 and is struggling to maintain $40,000 — but is Elon Musk wholly to blame?

Cointelegraph takes a look at other factors working against Bitcoin bulls this week as the market returns to levels that some thought would never appear again.

USD bounces off multi-month lows

Tesla CEO Elon Musk bashing Bitcoin’s energy consumption is the narrative of the moment everywhere, but some classic hurdles to fresh price gains are also back this week.

Among them is the strength of the U.S. dollar, which is attempting to stage something of a comeback after a losing streak that began in late March.

At the time of writing, the U.S. dollar currency index (DXY), which measures USD against a basket of trading partner currencies, had bounced off long-term support to reverse its downtrend.

DXY is traditionally inversely correlated with Bitcoin, and together with limp stocks, the conditions are right for tripping up bulls’ progress.

Nonetheless, Wednesday’s DXY close was its lowest since Jan. 6.

Tech stocks see trouble

Elsewhere in the macro picture, tech stocks are suffering — and that’s also something which tends not to bode well for Bitcoin.

Following a curious report by Reuters about China allegedly banning further aspects of cryptocurrency commerce, stocks began to come under pressure.

As Cointelegraph and many others noted, however, nothing new has come from Beijing, and trade associations have sought only to reiterate existing restrictions.

Among the equity losers, however, was MicroStrategy, the corporate Bitcoin whale, which lost 5.2% on the day. 

The rout also afflicted Tesla in a somewhat ironic postlude to Musk’s Bitcoin criticism. In addition to being relegated to the world’s third-richest man, Musk has presided over Tesla’s BTC gains almost entirely disappearing.

Classic “FUD”

There may be light at the end of the tunnel — a curious tradition shows that after a China scare, crypto markets tend to produce huge rallies.

When the country officially halted crypto trading in September 2017, Bitcoin and altcoins promptly shot to then all-time highs.

Copycat moves by other jurisdictions are likewise known for their lack of bite. These include Donald Trump’s criticism from 2019 and India’s ban from earlier this year, something which is already being reconsidered.

“Figure out a way to participate in buying the dip. However you can,” author Jason Williams told Twitter followers.

“I’ve seen this play out before with Bitcoin so many times. Price down, news media piles on. FUD. Price down further. Then (lift off).”

Exchange inflows, which in the past 24 hours reached their highest since the March 2020 crash, captured the fear among traders.

“People are scared,” analyst Lex Moskovski commented on the data.

Just under 100 BlockFi users are reported to be affected, with some allegedly receiving as many as 700 Bitcoin due to a mishandled promotional offer.

Crypto promotional schemes are old hat in the industry, with many businesses trying to secure customer loyalty through a range of perks and mini handouts.

For BlockFi, however, its latest promotional offer has gone topsy turvy, after the platform mistakenly paid out oversized rewards in Bitcoin (BTC). One BlockFi user allegedly received a staggering 701.4 BTC on May 14.

Under the terms of the original giveaway, BlockFi had offered Bitcoin rewards for clients trading a set volume in U.S. dollars between March 18 and 31. With rewards due to be credited to accounts by May 31, BlockFi warned users already on May 14:

Some clients who participated in the March trading promotion may see an inaccurate bonus payment displayed in their transaction history. Our team is working on a fix and the proper amounts will be reflected shortly.

— BlockFi (@BlockFi) May 15, 2021

Just under 100 clients are thought to be affected, according to a BlockFi representative. Yet a small furor over the exchange’s allegedly threatening tone to clients who don’t comply instantly with its directives to return the funds has already erupted on social media.

One user has reportedly posted a photograph of an email allegedly from BlockFi notifying him/her that “failure to return the erroneously received assets by 5.00 PM EDT today (May 18th, 2021) may constitute a crime and will result in BlockFi taking legal action.” The company has also offered clients a $500 payout in Gemini Dollars (GUSD) as compensation for “any trouble this may have caused.” 

Another Reddit user in the r/blockfi thread has alleged that “2 days after their blunder, I made a withdrawal of USDC which I had deposited a month earlier. Completely unrelated to their claim. Now they send me an email accusing me of withdrawing funds that aren’t mine saying its fraud and a crime they will act on if not returned in the next 2 hours.”

The user continued to criticize the platform, claiming that BlockFi “can’t even look through the records to verify what they are talking about. My account with them is only one month old.” “Great way to treat a new customer,” the user wrote.

In its official statement on Reddit, BlockFi has tried to reassure customers by noting:

“The situation does not affect any of BlockFi’s ongoing operations and measures have been taken to ensure that an error like this will not be possible in the future. BlockFi’s latest publicly reported AUM is $15B as of Q1 2021. Client funds are not impacted and are safeguarded.”

In March of this year, BlockFi had raised $350 million in a series D funding round led by Bain Capital Ventures, Pomp Investments, Tiger Global and partners of DST Global. The company was valued at $3 billion.

Bitcoin’s $15,000 price pullback over the last few days has caused the percentage of wallets underwater to exceed 23%.

Bitcoin (BTC) is down almost 30% in the last seven days and this dip has triggered an almost commensurate plunge in the percentage of wallets in profit.

Data from crypto data provider Glassnode shows that Bitcoin price drawdown has led to almost a quarter of unique on-chain entities being at a loss. This situation also bears some parallels to previous extreme downside price action periods that interrupted bullish advances.

During the Black Thursday crash of March 2020, unique on-chain entities at a loss also approached the 25% mark as Bitcoin fell almost 50%.

Further back, the 2019 rally from the $3,500 bottom of the 2018 bear market also had a similar temporary break that saw the percentage of unique wallets at a loss also slide towards 25%.

In all previous situations where the percent of entities at a loss approached 25% during a bullish advance, Bitcoin quickly rebounded to post a new high.

Glassnode’s price drawdown from the all-time high chart also paints a similar picture of the severity of the current BTC decline. Bitcoin’s price drawdown from ATH is currently at 33% — the most since BTC smashed the $20,000 price barrier back in November.

Back in January, the price drawdown from ATH also briefly touched 27% as Bitcoin’s uninterrupted price quadrupling that began in September 2020 cooled off as BTC lost about $10,000 within a week.

As previously reported by Cointelegraph, Bitcoin inflows to exchanges have surged over the past week, reaching levels not seen since Black Thursday.

The massive selloff over the past week has seen the total crypto market capitalization lose about $700 billion within seven days. More than half of that decline happened in the last 24 hours as several crypto shed between 15 and 30% in 1-day trading prices.