Crypto Market Overview June 30th | Dex-Trade
The Amount of Borrowed Funds in the Crypto Market Will Soon Reach a Minimum: Opinion of an Expert from JPMorgan
According to a market analyst at JPMorgan Chase & Co., Nikolaos Panigirtzoglou, the deleveraging that caused the collapse of the cryptocurrency market is at a near-critical stage and may have nowhere to go further, so a trend reversal and a return of borrowed capital into crypto are possible in the near future. With bear markets and record inflation affecting the entire global economy, the crypto industry is experiencing a growing number of asset crashes and job layoffs. But JPMorgan strategists said the collapse of some of the largest crypto companies that fell victim to the collapse was not surprising, adding that organizations using higher leverage are now the most vulnerable. For example, according to Panigirtzoglou, the default and liquidation of Three Arrows Capital is also "a manifestation of this deleveraging process." JPMorgan officials also believe that the current deleveraging cycle may not last long as several crypto platforms with stronger balance sheets are taking action to help “contain the contagion.” However, there are also indicators of the continued outflow of credit funds from the crypto industry. So FTX CEO Sam Bankman-Fried (SBF) recently said that there are several "third-tier" exchanges in the market that are insolvent but have not been identified by regulators. This suggests that when the authorities get their hands on them, even more instability may arise.
Former Ripple CTO Sold 100 Million XRP in June
According to U.today, Ripple’s co-founder and first CTO, Jed McCaleb, will soon deplete his XRP reserve as only 81.5 million XRP remain from his original asset pool of 9 billion coins on tacostand. Apparently, McCaleb seriously took up the sale of his crypto-assets, since back in early June, 183 million Ripple coins were on the balance of his wallet, but on June 25 this number was reduced to 114 million. Data from the XRPscan analytical service indicate that McCaleb now has only 81.5 million XRP left, that is, he sold another 30 million XRP within 5 days, having lost more than 100 million coins in a month. Back in 2014, McCaleb threatened on XRPtalk.org that he would soon sell his entire share of tokens, which at that time amounted to 12% of all issued coins and was equivalent to about $45 million. However, he later signed an agreement that did not allow him to get rid of all their stocks within a short period of time. However, McCaleb is one of the largest holders of Ripple assets, but this, apparently, is really not for long.
Data Leak from OpenSea Untied the Hands of Phishers
OpenSea representatives notified customers of a data breach that occurred due to the abuse of official authority by one of Customer.io's employees and warned them of the possible intensification of phishing emails on behalf of the company, which potentially pose a threat to users' personal data. By the way, many users of the platform have already started tweeting about being inundated with spam calls, emails, and text messages. But, unfortunately, the number of user data leaks lately only points to worsening security problems on many crypto platforms. And this is not only about crypto service providers, but also about the services that they use to manage client bases. So a data leak from Hubspot's CRM system earlier this year led to a leak of email addresses that affected users of Circle, NYDIG, BlockFi and Swan Bitcoin. As a result of this, the names and phone numbers of clients of crypto platforms became available to a third party. As for OpenSea, the company's management has warned users not to open emails from the company with attachments and to make sure that any email hyperlink points to the "email.OpenSea.io" domain.