📈 30 Second Cryptocurrency Price Summary
Current Bitcoin Price: $16,504
Bitcoin price continues to range within the $16,000s, despite an onslaught of news on struggling centralized crypto firms.
Top-20 altcoins are mostly down over the last 24 hours, as Ethereum drops 4%, BNB falls 3% and Uniswap loses 7% after a good run.
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Genesis Trading’s lending arm, Genesis Global Capital, has suspended redemptions for its customers, citing “extreme market dislocation and loss of confidence” after FTX’s fall.
Crypto exchange Gemini’s interest-generating program, Gemini Earn, has also announced that it will not be able to process all withdrawals within the service-level agreement of five business days.
Genesis was previously the largest prime broker in the industry, with $14.6 billion in active loans in March of this year before the Terra collapse.
Decentralized Finance (DeFi) protocols are seeing a surge in popularity, as centralized exchanges see an increase in outflows amidst FTX contagion.
Data from analytics platform Nansen shows double-digit percentage growth in users on major DeFi platforms, including a 99% increase in users on DeFi derivatives platform dYdX.
On the other hand, centralized exchanges have seen large outflows, including a $1.44 billion net outflow over the last 7 days.
Ethereum Layer-2 scaling platform developer StarkWare has deployed its StarkNet Token (STRK) on Ethereum mainnet, which will assist with governance and fee payments.
The platform as a whole is aimed at fixing Ethereum’s scalability issues, through a technology called rollups. StarkWare was valued at $8 billion during a funding round earlier this year.