Bitcoin held its position above $67,000 during the European morning session following the Federal Reserve’s hawkish interest rate projections. The U.S. central bank kept rates unchanged on Wednesday and forecasted only one rate cut this year, causing an initial dip in bitcoin prices. BTC briefly dropped toward $67,000 during the Asian morning but rebounded quickly, trading between $67,200 and $67,800. As of this writing, bitcoin is priced above $67,900, reflecting a 0.16% increase over the past 24 hours. Meanwhile, the CoinDesk CD 20 index is down 0.34% in the same period. Ether has been volatile around $3,500, currently down 1.1% over the last 24 hours.
Paxos Implements Significant Layoffs Amid Strategic Shift
Paxos has laid off 65 employees, representing 20% of its workforce, according to a Bloomberg report. CEO Charles Cascarilla stated that these layoffs will help the company “best execute on the massive opportunity ahead in tokenization and stablecoin” sectors. Despite these cuts, Paxos remains in a “very strong financial position to succeed.” The company plans to phase out its settlement services in commodities and securities to focus more on asset tokenization and stablecoins. Paxos currently has a balance sheet of around $500 million, although it faced setbacks when the New York Department of Financial Services ordered it to cease minting Binance‘s BUSD in early 2023, which once had a market cap of $16 billion.
Curve’s CRV Token Plummets Amid Founder-Linked Liquidations
Curve’s CRV token experienced a sharp 30% drop during early Asian trading hours as loan positions reportedly connected to its founder, Michael Egorov, began automatic liquidations, triggering rapid sell-offs. Data from Lookonchain and Arkham indicates that Egorov’s addresses have amassed nearly $100 million in stablecoin loans, primarily in crvUSD, against $140 million in CRV collateral. A Debank profile tracking Egorov’s wallet reveals that he borrowed from platforms like Inverse, UwU Lend, Fraxlend, and Curve’s LlamaLend using CRV tokens as collateral. Total holdings across these tracked wallets have decreased by 50% in the past 24 hours. During early Asian trading hours, several loans were repaid on Inverse and Llamalend using FRAX, DOLA, and CRV tokens.
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