Daily Crypto News | June 20th, 2022
1. Bitcoin Recovers Back To Over $20,000, Ethereum Bounces Back Above $1,000
By Sunday, both Bitcoin and Ethereum have undergone an approximate 35% loss in 7 days. But within Sunday, both coins have managed to bounce back above the $20,000 and $1,000 marks, respectively. While it is not too hopeful of a scenario, as there is still no sign that this drop has come to a halt, but at least the price recoveries are preventing serious consequences from happening.
Bitcoin and Ehtereum both have a huge number of investors. If the prices fail to maintain sufficient collateral, or financial security, large-scale investors would have to give up on these cryptocurrencies, causing them to fall even lower.
2. Solana’s DeFi Platform Solend Casts Votes To Take Control Over Whale Wallet To Solve Liquidity Issue
In response to the liquidity problem it is curretly facing, Solana’s DeFi Platform Solend takes users’ votes to grant it temporary authority to take control over a whale’s account. This form of governance vote is unprecedented, with Solend being the first, grants Solend Labs the power to liquidate the assets in the wallet of a whale.
Solend said that the whale was on the edge of cauing a horrible on-chain liquidation chaos given how much SOL it holds. Therefore Solend Labs sought to liquidate the assets via over-the-counter (OTC) trades rather than decentralized exchange.
3. El Salvador President Reassures Crypto Investors Amid Bitcoin’s Downfall
In the middle of the crisis caused by the fall of Bitcoin, President Nayib Bukele has spoken up about his opinion addressing the matter. Nayib Bukele was the person that directly facilitated the legalization of Bitcoin in El Salvador, and now with the major downfall of the cryptocurrency, he has told investors to be less anxious and give it time to grow again.
On his recent tweet, President Bukele said “My advice: 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.” It would appear that his president has a lot of faith in Bitcoin and hopes his people will hold on to it as well.
4. McKinsey: The Metaverse Will Soon Be ‘Simply Too Big to Be Ignored’
McKinsey & Company, a global consulting firm, has shared its prediction on the expansion of the metaverse in the near future. McKinsey believes that the metaverse will have generated over $5 trillion by the year of 2030. Along with that, the impact it has on the world would be significant, as more than 80% of commerce would be influenced.
In their report titled “Value creation in the metaverse” published earlier, McKinsey could be quoted claiming “By 2030, it is entirely plausible that more than 50 percent of live events could be held in the metaverse”. In addition, McKinsey said “We expect the average internet user to spend up to six hours a day in metaverse experiences by 2030.”
5. Elon Musk Is Now Even More Supportive of Dogecoin
The $258B lawsuit doesn’t seem to get to the head of the world’s richest man, as he continues to advocate for Dogecoin, a coin whose price has fluctuated violently in the past year as a result of Musk’s controversial tweets. Elon Musk simply does not care once he gets on Twitter, as his tweets never failed to make people question his thoughts.
Just recently, Musk again went on Twitter to post one concise statement “I will keep supporting Dogecoin”. No one ever knows what he has in mind, since Dogecoin has lost pretty much all the hype it gained, but now Musk is pumping it up again by openly sharing that it would be accepted as a payment by Tesla and SpaceX.
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