Daily Market Wrap
Crypto market cap: 0.90 trillion, up 3.53%
BTC price stands at USD 20,418, up 3.03%
ETH price stands at USD 1,117, up 4.55%
Top gainer: Synthetix (SNX), up 56.46%
Top loser: Helium (HNT), down 2.24%
News of the Day
Why it matters:
“Stop looking at the graph and enjoy life. If you invested in #BTC your investment is safe and its value will immensely grow after the bear market,” Nayib Bukele, Bitcoin-boosting president of El Salvador, said in a tweet
According to the tracking site nayibtracker.com, El Salvador has spent about $150 million on Bitcoin in its investment portfolio, which has fallen over by over 57 percent, or around $87 million
El Salvador introduced Bitcoin as legal tender on September 7, 2021, when the Bitcoin price was around $50,000. El Salvador has recently bought 500 BTC at an average USD price of $30,744 amid the crash of Terra
Crypto daily spotlight
Brief introduction: Solend is an algorithmic, decentralised protocol for lending and borrowing on Solana. Anyone with an internet connection can earn interest by lending their assets and can use their deposits as collateral for borrowing.
Why it matters:
Solend, a lending protocol based on Solana, has passed governance proposal SLND2 that reverses Sunday’s “emergency powers” plan to take control of the whales’ wallets
The SLND 1 proposal was brought up to take over a whale’s account so that funds can be withdrawn instead of automatically liquidated on the open market
The proposal was approved, triggering criticism from members of the community to condemn the move and calling it the opposite of what DeFi should be and outright illegal
The Solend team initiated a second governance proposal afterwards. The SLND2 received 1,480,264 “yes” votes and 3,535 “no” votes, with a majority of 99.8%
Daily sector tracker
Daily News Roundup
Bancor Halts Impermanent Loss Safeguard to Fight Off ‘Hostile Market Conditions’ https://bit.ly/39GyvcL
Celsius Proposes Recovery Plan And Maintain Open Communication With Regulators https://bit.ly/3HEjPaD
Crypto Platform Matrixport Hires Former Coinbase Executive to Develop US Business https://bit.ly/3zR3ygC
Iran Will Reportedly Cut Off Electricity to All Legal Crypto Miners By June 22 https://bit.ly/3zPy7U6
Hong Kong-based start-up PANGU Plays a Magician in Metaverse https://bit.ly/3n1DRlT
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