Hey there!
Welcome back to the crypto weekly digest. This is a curated look at the stories that shaped the past week, and the trends to keep an eye on next.
Crypto market cap dropped low to about $2.15T this week. Both Bitcoin [BTC] and Ethereum [ETH] saw double digit dips, with weekly losses at about 13% and 16%!
1. HTX delisted USD1 after claiming WLFI froze some of its on-chain addresses without proper communication or due process. The exchange has suspended USD1-related services and trading pairs.
2. Zcash rebounded after developers proposed the Ironwood upgrade to fix a critical bug in its privacy pool. The upgrade would move users to a repaired pool and help verify that no fake ZEC was created.
3. 10X Research recently warned that Bitcoin could face pressure if CPI and the Fed indicate tighter liquidity. This is because they see Bitcoin as a liquidity-sensitive asset rather than an inflation hedge.
Disclaimer: The above inferences were made on the 8th June, based on data from the 1st to the 7th.
The token went on to crash by over 90% in the early hours of 9th June, following the hack of a foundation member’s private key. Exploits are estimated at about $32 million.
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