DeFI News by Thebittimes.Com

In what would be a major development for the country and the industry, Russia has seen its Finance Ministry call for it to create its very own crypto stablecoin. Indeed, the nation has discussed the idea after digital wallets linked to the country were blocked from holding Tether’s USDT stablecoin last month. Over the last several weeks, geopolitical tensions have increased amid the United States’ Liberation Day tariff plan. The move has sparked a brewing trade war, as the US dollar has continued to weaken in the process. Now, Russia is among a host of nations looking to create their own alternative currencies to the greenback. JUST IN: Russian Finance Ministry calls to create its own crypto stablecoin. — Watcher.Guru (@WatcherGuru) April 16, 2025 Also Read: China and Russia Begin Settling Trade Transactions Using Bitcoin Russia Eyes Creation of Its Own Stablecoin In Major Crypto Shift Over the last several years, the BRICS economic alliance has sought to lessen internation...

Crypto exchange Coinbase has reportedly sent an email to select users, informing them of a subpoena it received from the Commodity Futures Trading Commission (CFTC) demanding user account information and transaction history. The email has sparked speculation that the CFTC is targeting Coinbase users that have interacted with Bybit — suggesting the commission may be preparing for legal action against the Dubai-based exchange. “We write to inform you that Coinbase has been served with a subpoena,” the email to select users read, “seeking information related to your account and account transaction activity.” However, the email stated that Coinbase may decide to counter the CFTC subpoena — and therefore user information will not yet be handed over. “No action is required from you,” the email continued, “but Coinbase may respond to the Subpoena unless served before November 30, 2023 with a motion to quash or other objection to the ...

BTC's correction reveals a disconnect between pro traders' confidence and retail investors' skepticism amid regulatory shifts. Bitcoin (BTC) briefly reached $38,000 on Nov. 24 but faced formidable resistance at the price level. On Nov. 27, Bitcoin price traded below $37,000, which is unchanged from a week ago.  What is eye catching is the unwavering strength of BTC derivatives, which signals that bulls remain steadfast with their intentions. An intriguing development is unfolding in China as Tether (USDT) trades below its fair value in the local currency, the Yuan. This discrepancy often arises due to differing expectations between professional traders engaged in derivatives and retail clients involved in the spot market. How have regulations impacted Bitcoin derivatives? To gauge the exposure of whales and arbitrage desks using Bitcoin derivatives, one must assess BTC options volume. By examining the put (sell) and call (buy) options, we can estimate the prevailing bullis...

On Tuesday, crypto exchange Binance became the first to receive a license to operate in Bitcoin-friendly El Salvador as it seeks shelter from regulators across the US, EU, and Australia. The timing couldn’t be better — but what about the destination? President Nayib Bukele, the self-proclaimed ‘Dictator of El Salvador,’ made bitcoin legal tender in 2021. A network of bitcoin ATMs with flawed software and a state-sponsored mobile app that enabled identity theft plagued initial rollouts. The International Monetary Fund (IMF) criticized El Salvador’s Bitcoin pivot, and the World Bank refused to help El Salvador develop bitcoin as legal tender. Bukele has bought millions of dollars worth of bitcoin using public funds — without the public’s consent — and has pledged to add one bitcoin a day. When FTX collapsed, it showed how susceptible El Salvador’s finances were to bitcoin’s volatility. Bukele had bought over 2,000 bitcoins at an average of $45,000 – wort...

Tether Imbalance Sending DeFi Market Into Turmoil The worrisome situation has developed in the wake of the Curve exploit, which shook the DeFi industry and led to the repatriation of more than 70% of the missing money. advertisement The concern is mostly focused on Curve’s 3pool and Uniswap V3’s main USDT-USDC pool, both of which have become unbalanced as a result of increased USDT selling, Kaiko’s report stated. Mid-July saw a major $100 million net selling on Uniswap between July 15 and July 22, which is when this problem first started. Despite selling having decreased in the weeks that followed, it resumed on July 31st in response to the Curve exploit. It’s important to note that these two incidents don’t seem to be connected. The selling pressure has been evident, with Uniswap experiencing around $40 million in net selling and Curve facing roughly $35 million. At present, the Curve pool is precariously skewed, with a hefty 60% in...

Regulatory enforcement against the crypto sector has spooked investors, but the total crypto market capitalization continues to hold above $1 trillion. A bearish trend formation has been pressuring cryptocurrency prices for the past eight weeks, driving the total market capitalization to its lowest level in more than two months at $1.06 trillion, a 2.4% decline between June 4 and June 11. This time, the move wasn’t driven by Bitcoin (BTC), as the leading cryptocurrency gained 0.8% during the seven-day period. The negative pressure came from a handful of altcoins that plunged over 15%, including BNB (BNB), Cardano (ADA), Solana (SOL), Polygon (MATIC) and Polkadot (DOT). Total crypto market cap in USD, 1-day. Source: TradingView Notice that the downtrend initiated in mid-April has tested the support level in multiple instances, indicating that an eventual break to the upside would require extra effort from the bulls. The United States Securities and Exchange Commission tagged multiple a...

It’s been a chaotic weekend for decentralized finance (DeFi) as two self-executing governance proposals wrought havoc on two well-known projects. The affected platforms are Aave, the sector’s premier lending and borrowing protocol, and Tornado Cash, a Crypto mixing tool favored by privacy advocates and hackers alike. on-chain-governance-causes- chaos -for-aave-and-tornado-cash Aave On Friday, an update to Aave V2 went into effect with the aim of adjusting interest rate calculations on certain assets across Ethereum, Avalanche and Polygon. However, the new code was incompatible with the Polygon deployment of the protocol due to the formatting of the ReserveInterestRateStrategy function, according to security firm BlockSec. .@AaveAave the latest upgrade of ReserveInterestRateStrategy in Aave V2 (Polygon) has caused a temporary halt of the protocol, impacting assets worth ~$110M! The root cause is the new ReserveInterestRateStrategy is only compatible with Ethereum, not compatib...

Inside Look at Tether’s Bitcoin Reserves: How Much Do They Really Have? As the world becomes more digital, crypto continues to gain popularity. In fact, one of the most well-known cryptos, Bitcoin, has recently been making headlines. All due to its connection with Tether (USDT). What is Tether? Tether is a stablecoin that is meant to be backed by the US dollar in a 1:1 ratio. However, there have been controversies regarding its actual reserves. In today’s article, we will look inside at all things Tether and Bitcoin. Specifically, their reserves, their market cap, and other assets Plus, we’ll explore why Tether is considered a threat to Bitcoin. Source: Cnbc.com Introduction to Tether and Bitcoin Bitcoin is a digital currency created in 2009 by an unknown person or group using the name Satoshi Nakamoto. It is decentralized, meaning that it is not controlled by any government or financial institution. Transactions are made with no middlemen, meaning no banks. Bitcoi...

Welcome to the 118th Weekend Shift! What’s the deal? Over the weekend, we’ll update this post with some of the most interesting articles, podcasts, charts, and opinion pieces we’re too busy to write about. OK, only Crypto ? Not necessarily. We do that Monday to Friday, so we try to explore new subjects on weekends. Feel free to join in and submit entries on Twitter. Any topic is fair game. JUST IN 8 mins ago The Context: Bitcoin footgun Latest from @BennettTomlin Subscribe and read: https://t.co/NUSLzzvTvw pic.twitter.com/O3LqKFCWSd — Protos (@Protos) May 12, 2023 Latest issue of the Context. JUST IN 7 mins ago We’re live tweeting today’s US House joint committee hearing. Starting in ~15 mins. Turn on notifications and stay tuned pic.twitter.com/9GDZUAnKu1 — Protos (@Protos) May 10, 2023 ICYMI. JUST IN 7 mins ago The COO of the NYSE just used the term 'rugged' in Congress — Protos (@Protos) May 10, 2023 Highlight. ...

Ether leads the way in donations with $28.9 million received so far, while BTC and USDT donors have chipped in $22.8 million and $11.59 million respectively. Ukraine has received over $70 million in the form of cryptocurrencies since the start of the Russian-Ukrainian conflict, providing the nation with military equipment and humanitarian assistance. The figures came from a Feb. 24 report by Blockchain data platform Chainalysis, which found the majority of the funds to have come in the form of Ether (ETH) and Bitcoin (BTC). ETH donors led the way with $28.9 million given, while donors of BTC and Tether (USDT) chipped in $22.8 million and $11.59 million respectively. Cryptocurrencies donated to Ukraine wallets provided by the Ukrainian government. Source: Chainalysis. Donations have also come in the form of nonfungible tokens (NFTs), such as UkraineDAO’s auction of a Ukrainian flag NFT which sold for $6.1 million. Around 80% of the total $70 million donated came in the first few months...