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El Salvador President Says 'Stop Looking At The Graph' After Losing $87 Million on Bitcoin 

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, 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  • The SLND 1 proposal was brought up to take over a whale’s account so that funds can be withdrawn instead of automatically liquidated on the open market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%

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