🗞 Daily Crypto News, February, 23rd💰

10 days ago
6 Min Read
1155 Words

Welcome to the Daily Crypto News: A complete News Review, Coin Calendar and Analysis. Enjoy!

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🗞 Bitcoin Trades in Record $11K Daily Range After Dropping From $58K

Bitcoin traded within a record-setting $10,877 range Monday after plummeting from its all-time highs above $58,000 set over the weekend. This marks the leading cryptocurrency’s first five-figure daily price range.

  • Bitcoin dropped from its Monday high of $57,577 on Coinbase to a low of $46,700 before rebounding to pare most of its losses toward the end of the day, trading above $53,500 at last check.
  • So far in 2021, bitcoin's average daily price range is $3,765, per market data analyzed by CoinDesk, well below Monday's record range.
  • Monday's sharp correction and large range was not a surprise to some analysts. "The market hasn't seen a pullback like this since early January. With this level of leverage in the system, many had considered it to be overdue," said Coin Metrics data scientist Jon Geenty in a private message with CoinDesk.

🗞 $24 million lost in second-largest day of DeFi liquidations

The Feb. 22 crypto crash has sparked the second-largest volume of DeFi liquidations in the sector’s history, with more than $24.1 million worth of loans being forcefully closed within 24 hours.

According to crypto data aggregator DeBank, $13.7 million, or nearly 60% of the losses occurred on Compound, followed by Aave with $5.4 million worth of liquidations.

Yesterday’s liquidations were the second-largest to hit DeFi, trailing behind the $93 million in margin calls that were triggered by a sudden increase in the price of DAI on Nov. 26. 2020. The incident saw DAI spike by 30% on Coinbase Pro — the source of Compound's price oracle — liquidating more than $88 million worth of crypto loan collateral on the protocol.

DeBank also reported a decline in total value locked from $44.5 billion to $38.8 billion over the past 24 hours. The 12.8% decline marks the largest single daily drop since the DeFi markets shed 15.4% on Jan. 21.

The flash-crash has had a devastating impact on margin traders as well as DeFi users, with Kraken users have also demanding compensation for mass liquidations caused by an accelerated crash that saw ETH drop to $700 on Kraken while the asset was changing hands for roughly $1,400 on other exchanges.

🗞 What Janet Yellen Gets Wrong About Bitcoin

  • Treasury Secretary Janet Yellen made negative comments about Bitcoin using too much energy and being primarily used for illicit transactions.
  • Critics say her energy consumption critique relies on a faulty comparison to legacy payment systems.
  • There's little evidence that Bitcoin is a main channel for illicit activity.

Janet Yellen has again blasted Bitcoin, but critics say several of her assumptions about the cryptocurrency are inaccurate.

At the New York Times’ DealBook DC Policy Project today, the US Treasury secretary reiterated to journalist Andrew Ross Sorkin that she’s no big fan of Bitcoin, this time taking aim at its energy consumption and potential use for illicit financing.

“I don’t think that Bitcoin is widely used as a transaction mechanism,” Secretary Yellen said in response to a question about whether the Treasury Department needed to be paying more attention to the asset. “To the extent it’s used, I fear it’s often for illicit finance.”

🗞 Attention Kraken Shoppers! Ether Was Half Off at $700 During Monday’s Crypto Sale

No, it wasn’t a misprint.

Ether, the second biggest cryptocurrency by market capitalization, at one point traded on the Kraken exchange at less than half the prices found on other exchanges during Monday’s massive sell-off.

Amid the market melee that pummeled crypto assets across the board, ether’s prices went as low as $1,546.53, down from around $1,800, according to CoinDesk 20. However, that number was a staggeringly low $700 on Kraken.

In a one-minute time span, the ETH/USD pair on Kraken dropped to $700 at UTC 14:20 Monday from $1628,82 just approximately three minutes prior.

The breathtaking drop wasn’t relegated to ether. Trading of cardano suffered a similar fate on Kraken, with the ADA/USD pair slumping to $0.156 at 14:23 UTC from $0.842 three minutes prior. During the same hour, the lowest price of cardano recorded on CoinDesk 20 was at $0.835.

Bad, Bad Kraken ! 😡

🗞 Daily Crypto Calendar, February, 23rd💰

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  • Crypto.com Coin (CRO), Filecoin (FIL)

"Crypto.com is pleased to announce the listing of Filecoin (FIL) on The Syndicate platform."

  • Veros (VRS)

"Development is underway. The estimated launch date is February 23, 2021."

  • ZeroSwap (ZEE)

"The launch is delayed because we have not received an audit on the ZeeDO module. Launch Date — 23rd Feb 2020, 8 PM IST | 9:30 AM EST"

  • The Graph (GRT)

"The Graph Foundation is hosting its first Protocol Townhall next Tues, Feb 23 @ 8am PST."

  • Stacks (STX)

Joe Bender, Developer Evangelist, Hiro PBC will be giving a talk on "Building the User-Controlled Internet with Hiro on Stacks" on Feb 23rd.

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