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Market Wrap: Bitcoin Slumps Below $20K as Long-Term Holders Face Massive Selling Pressure – CoinDesk

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Crypto market volatile; Terra Classic Lunc leads the laggards, Bitcoin above $19k | Mint – Mint

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  • The American currency scaled past the 111 level against a basket of currencies — making cryptocurrencies against the greenback vulnerable as well. Currently, there is a steep plunge in trading volumes of cryptocurrencies.

Cryptocurrencies are trading volatile tracking feeble global equities after recession fears in major economies like the US and Europe sparked. The US Fed’s aggressive approach to tame inflation at the cost of economic growth further dampened the mood. Fed has hiked the rate by another 75 basis points. Wall Street and European stocks slipped sharply last week, while energy prices settled lower and bond yields climbed to multiyear highs. The American currency scaled past the 111 level against a basket of currencies — making cryptocurrencies against the greenback vulnerable as well. Currently, there is a steep plunge in trading volumes of cryptocurrencies.
On CoinMarketCap, at the time of writing, the global crypto market is at $939.57 billion up by 0.28% over the last day. However, total crypto market volume dropped nearly 37% over the last 24 hours and is at $49.82 billion.
Meanwhile, the total volume in DeFi is currently at $3.11 billion — 6.25% of the total crypto market 24-hour volume. The volume of all stablecoins is now $45.65 billion which is 91.63% of the total crypto market 24-hour volume.
Ethereum is the top trending cryptocurrency today followed by PancakeSwap and XRP.
The crypto leader Bitcoin is trading at a little over 19,000 mark at $19,090 up by 0.5%. Its market cap is nearly $366 billion. The digital coin’s dominance is currently up by 0.12% over the day at 38.95%.
Meanwhile, the second largest cryptocurrency Ethereum is performing near $1,331 and is up by 0.75%. Its market cap is around $163.3 billion.
Recently, Ethereum launched the most-awaited Merge which led to a transition of proof-of-stake consensus, officially deprecating proof-of-work and reducing energy consumption by ~99.95%.
Data from Coinglass showed that Ethereum has liquidated more than $759 million since September 15.
However, both Bitcoin and Ethereum have dipped by nearly 5% and 9% respectively in the last seven trading sessions.
Among top-performing cryptocurrencies in the last 24 hours are — Reserve Rights climbing by 9.5% followed by Chainlink up 5.5%. Algorand, Chiliz, and eCash surged by 4-5.5%.
On the other hand, Terra Classic Lunc took lead in the laggards list by plunging more than 7%, followed by XDC Network shedding nearly 5%, Stellar and DogeCoin tumbling more than 3% each. Axie Infinity, Helium, Nexo, Celsius, and Synthetix dived between 2-3%.
Terra tokens are under pressure as currently, Terraform Labs CEO Do Kwon is facing multiple jurisdictions. An arrest warrant has been issued by the Seoul Southern District Prosecutors Office against Kwon who is the forefather of TerraUSD algorithmic stablecoin and sister token Luna that wiped out reportedly $60 billion in the cryptocurrency market. Kwon’s whereabouts are unknown, although, the co-founder of Terra tokens denied rumours of being on the ‘run’ from government agencies.
Last week, US Fed in its latest policy statement said, “the Committee is highly attentive to inflation risks.”
FOMC further said, in support of these goals, the Committee decided to raise the target range for the federal funds rate to 3 to 3-1/4 percent and anticipates that ongoing increases in the target range will be appropriate. In addition, the Committee will continue reducing its holdings of Treasury securities and agency debt, and agency mortgage-backed securities, as described in the Plans for Reducing the Size of the Federal Reserve’s Balance Sheet that was issued in May.
FOMC is committed to returning inflation to its 2% objective.
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Bitcoin news – live: Price crash continues as crypto ‘stable’ coin UST uncouples from dollar – Yahoo News

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Canadian Crypto Exchange Sues Users for Return of Bitcoin Misappropriated During Software Glitch – Exchanges Bitcoin News – Bitcoin News

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by Kevin Helms
Canadian crypto exchange Coinberry, part of Kevin O’Leary’s Wonderfi, has sued 50 customers for the return of the bitcoin they obtained without paying during a software glitch. “Coinberry contacted all of the said 546 affected registered users by email and demanded the return of the misappropriated bitcoins,” the lawsuit details.
Canadian cryptocurrency exchange Coinberry has reportedly sued its customers who took advantage of its software glitch and obtained bitcoin without paying.
Coinberry, a regulated crypto trading platform, is owned by Vancouver-based Wonderfi Technologies Inc., a company backed by Shark Tank star Kevin O’Leary.
The lawsuit, filed in Ontario in June, explains that during a software upgrade in 2020, Coinberry accidentally let users buy BTC with Canadian dollars that had not properly transferred to their accounts.
The exchange detailed that during the software glitch, customers could initiate an Interac e-transfer, get the amount credited to their Coinberry accounts, buy BTC, transfer the coins out, and cancel the original e-transfer. By doing so, they retained their funds while getting bitcoin for free.
According to Coinberry, 546 users were able to acquire a total of about 120 bitcoins altogether without paying for them before the software issue was fixed. The lawsuit states:
Coinberry contacted all of the said 546 affected registered users by email and demanded return of the misappropriated bitcoins.
“Coinberry was able to secure the return of approximately 37 of the misappropriated bitcoins from 270 of the affected registered users,” the lawsuit continues.
Some customers transferred their ill-gotten bitcoin to Binance, the Canadian exchange further noted, adding: “Coinberry also immediately contacted Binance.” The lawsuit detailed:
Binance acknowledged that it had identified a quantity of the misappropriated BTC and undertook to restrict any access to the accounts.
The Canadian crypto trading platform said it has yet to recoup two-thirds of the lost BTC from hundreds of customers.
The lawsuit seeks the return of 63 bitcoins from 50 customers, including 9.48 BTC that were transferred to Binance. Coinberry said its list of misappropriated bitcoins provided in the lawsuit does not include people who have taken and not yet returned amounts under $5,000, as valued in May 2020.
The company further noted that the largest amount misappropriated and not returned was $385,722.31 by two accounts under the names Jordan Steifuk and Connor Heffernan, which the Canadian crypto exchange said are actually the same person.
Do you think customers should give Coinberry back the BTC they took for free during the software glitch? Let us know in the comments section below.
A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons
Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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