Crypto Market Highlights June 19, 2022

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Crypto Market Highlights: General News

  • Stablecoin MIM Depeg After Rumors Of “Bad Debt”. At around 7 a.m. on July 18, stablecoin MIM started trending away from the $1 zone. Accordingly, at the time of writing, this stablecoin is continuing to fall deeply to the $ 0.94 mark. On March 25, 2022, in an image of the mortgaged assets dashboard – minting MIM, it is easy to see that ~64% of MIM’s collateral is in UST. However, the SPELL team said that the dashboard was “incorrect data” and that the team was “under maintenance”. Accordingly, on the project’s homepage, users cannot access this data sheet at the present time.
  • Tether was hit by a massive denial of service attack on June 18. According to a tweet from Paolo Ardoino, Tether’s Chief Technical Officer, the company has received ransom demands from hackers who hacked its systems. He explained that the demand was not unprecedented as they had received it once in the past. As a result of the attack, the stablecoin website saw 8 million requests/5 minutes. This is a far cry from the usual 2k reqs/5 minutes it gets on a normal day.
  • Elon Musk says he will continue to support Dogecoin despite the lawsuit. Elon Musk was recently sued because there were suspicions that he was deliberately manipulating the price of Dogecoin, causing the price of the cryptocurrency to rise or fall abnormally. On June 19, Elon Musk tweeted that he would always support Dogecoin despite his recent lawsuit. This lawsuit wants to sue Musk regarding meme-themed cryptocurrencies constituting a Ponzi scheme.
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  • Cardano blockchain moves a step closer to Mithril. Cardano (ADA) accounts can be connected into the most secure and decentralized multi-signature scheme using Mithril instrument. Staking can be added to multi-signature transactions using “Cryptographic magic”. Mithril, according to Mr. Schmiedel’s explanation, functions similarly to existing multi-signature solutions. Transactions in multi-sig systems must be approved by the majority of participants.
  • Vitalik Buterin does not expect crypto to be able to replace traditional currencies. He argues that the growing use of Bitcoin and other cryptocurrencies, coupled with inflation that has reduced the purchasing power of dollars, euros, or pounds, has inadvertently fueled speculation about the extent to which cryptocurrencies can become an integral part of everyday life. “I do not expect cryptocurrencies to take over the world. It’s about cryptos and digital and governments,” he said.
  • Snoop Dogg and son, Champ Medici, have extended their invitation to Cardano founder, Charles Hoskinson, to feature in their new music video. Champ Medici wrote in a tweet: “We are shooting the music video and would love to have you in it,” to which Charles Hoskinson responded, “Let’s figure it out.” Champ also extended invitations to members of the Clay Nation who would like to be featured in the video.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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