The Origin Ether app deposits Ether into Curve, Convex, stETH, rETH and sfrxETH. A new yield farming app called Origin Ether has accumulated over $12 million in total value locked (TVL) just 14 days after launch, according to data from blockchain analytics platform DefiLlama. TVL is a metric that measures the dollar value of assets inside an app’s smart contracts.Origin Ether total value locked, May 9-30. Source: DefiLlamaThe app was launched on May 16, according to a representative from the development team. DefiLlama data shows the app already had $793,000 locked inside its contracts before the launch, which team members or other early partners may have supplied.Once the public launch occurred on May 16, deposits to Origin Ether (OETH) rapidly accumulated, leading to a TVL of over $13 million by May 30. This is a gain of approximately $12.6 million over 14 days.According to the app’s official documentation, Origin Ether generates…

The CEO of Nansen cited two reasons for the layoffs, including an overly aggressive hiring phase during the bull market and the prolonged crypto bear market that followed. Blockchain analytics platform Nansen has announced the trimming of its workforce by 30%. On May 30, Nansen CEO Alex Svanevik disclosed on Twitter that the company had to make an “extremely difficult decision to reduce the size of the Nansen team.” Full statement: pic.twitter.com/cxSTtZBiZU— Alex Svanevik (@ASvanevik) May 30, 2023 Svanevik gave two major reasons for the reduction in Nansen’s workforce. The first was the company’s rapid scaling during its initial years of operation, which “led the organization to taking on surface area that’s not truly part of Nansen’s core strategy.”Svanevik also cited a brutal year for crypto markets as the second reason for the layoffs. Despite efforts to diversify revenue streams through enterprise and institutional customers, Nansen’s cost base remained relatively high compared…

A team of researchers proposed five “argumentative schemes” designed to protect the rights of crypto crime suspects while also helping investigators. A team of researchers from Friedrich-Alexander-Universität Erlangen-Nürnberg recently published a paper detailing methods investigators and courts can use to determine the validity of deanonymized data on the Bitcoin (BTC) blockchain.The team’s preprint paper, “Argumentation Schemes for Blockchain Deanonymization,” lays out a blueprint for conducting, verifying and presenting investigations into crimes involving cryptocurrency transactions. While the paper focuses on the German and United States legal systems, the authors state that the findings should be generally applicable. Bitcoin-related crime investigations revolve around the deanonymization of suspected criminals, a process made more challenging by blockchains’ pseudonymous nature. Users conducting blockchain transactions are identified by wallets (unique software addresses) instead of legal names. However, blockchains are inherently transparent. Whenever data is added to a blockchain ledger, the transaction is recorded and made available for anyone…

The Dow Jones and S&P 500 retreated from intraday highs as markets digested that a potential US debt deal to avoid default could open the door to USD 1 trillion in fiscal spending cuts.

Crude oil prices plunged on Tuesday, hitting their lowest level since early May, dragged down by concerns over the demand outlook and OPEC+ infighting as Russia reneges on its pledge to curb output.

EUR/USD appeared to mount a defence against the relentless selling of the pair on Tuesday. Mixed Chinese data also weighs on the Euro as USD hike odds point to a hike

People’s Bank of China USD/CNY reference rate is due around 0115 GMT.The People’s Bank of China (PBOC), China’s central bank, is responsible for setting the daily midpoint of the yuan (also known as renminbi or RMB). The PBOC follows a managed floating exchange rate system that allows the value of the yuan to fluctuate within a certain range, called a “band,” around a central reference rate, or “midpoint.” It’s currently at +/- 2% and some think it could widen to 3% this year. The PBOC governor on the weekend highlighted the trend towards more liberalization of FX.How the process works:Daily midpoint setting: Each morning, the PBOC sets a midpoint for the yuan against a basket of currencies, primarily the US dollar. The central bank takes into account factors such as market supply and demand, economic indicators, and international currency market fluctuations. The midpoint serves as a reference point for that…

Bank of Japan Governor Ueda In response to supply-driven inflation, central banks’ decision making faces the difficult dilemma between considerations of economic activity and the need to tackle surging inflationIncrease in inflationary pressure has been caused by supply factors such as a rapid rise in commodity prices, labour shortages, and disruptions to supply chainsRecent global inflation has also been influenced by demand factors, including the effects of expansionary fiscal and monetary policy measures and the pent-up demand after the spread of pandemicIn light of these points, it is extremely important to carefully analyse various indicators and examine the underlying trend in pricesWhether inflation is caused by demand or supply has very important implications for monetary policy makingThere are many issues that need to be better understood regarding inflation expectationsMarket participants, firms, and households all have different expectations formation, given different perceptions of current inflationInflation expectations are susceptible to the influence…

Goldman Sachs’s China economist cites China’s emerging industries purchasing managers index (EPMI):recorded an uptick in MayEPMI is widely seen as a leading indicator of China’s official manufacturing PMIsuggests that “a tentative sign that manufacturing activity may begin to stabilize” GS look for the manufacturing PMI to be at a still contractionary 49.8. from 49.22 in April.—-Earlier preview:Preview of China official PMI data – manufacturing is likely to have contracted even moreDue at at 0130 GMT, which is 9.30pm on Tuesday, 30 May 2023 US Eastern time: This article was written by Eamonn Sheridan at www.forexlive.com.

RAY, the native governance token of Raydium, the automated market maker (AMM) decentralized exchange (DEX) on Solana, soared 30% on May 17 before reversing gains, plunging to spot rates.  RAY Prices Under Pressure According to CoinMarketCap data on May 30, RAY is changing hands at $0.19, stable against the USD, Bitcoin, and Ethereum on the last trading day.  RAY has a market capitalization of $41.2 million at this rate, with an average trading volume of $2 million in the past 24 hours.  At this pace, RAY remains in a bearish formation as bears peeled back gains posted on May 17, aligning the token with bears from mid-February 2023.  Related Reading: Can This THORChain New Feature Push Back RUNE Bears? Like Solana and tokens based on this network, RAY’s bearish price action has persisted and hasn’t reversed losses from mid-November 2022.  The collapse of FTX, a crypto exchange, and Alameda Research, the investment…

Chainlink Price has been attempting to reverse its recent losses over the past few weeks. Currently, Chainlink is trading under a crucial resistance mark which has caused the altcoin to face rejection. Over the last 24 hours, Chainlink has managed to appreciate by only 0.4%, signifying that it has been consolidating. On the weekly chart, LINK has already increased by 1.8%. Continued price consolidation will cause the bears to take over the price completely. Related Reading: Bitcoin Miners Receive Inflows Of 7,000 BTC, What Does It Mean? The technical outlook of the altcoin has also sided with the bears as buying strength showed signs of struggle. Both demand and accumulation have therefore remained low on the chart. As Bitcoin trades inside the $ 27,000 price zone, major altcoins have also been trying to move north on their respective charts. If Bitcoin does not stabilize above the $ 27,500 price, sellers…

Bitcoin (BTC), the largest cryptocurrency by market cap, is currently showing signs of a new momentum refresh and the beginning of a newly formed bull run. Market analyst Justin Bennet accurately predicted this move, citing recent range highs and a cluster of short liquidations in the $27,500 area. However, Bennet suggests an expected market between $27,500 and $28,250. He further claimed:  Bitcoin’s pullback today is not surprising, given the aggressiveness of the weekend rally. The pullback will remain constructive as long as Bitcoin can stay above $27,500 on a 4-hour and daily closing basis. Related Reading: Can This THORChain New Feature Push Back RUNE Bears? Is Bitcoin On The Verge Of Reaching $30,000 Again? Furthermore, Bennet suggests a sustained break below Bitcoin’s current trading area would confirm a deviation and expose the Chicago Mercantile Exchange (CME) gap at $26,900. To understand what a CME gap is, it’s important to know…

The downside pressure remains high, so this could be only a temporary rebound. The US data could be decisive later today. After its strong drop, a rebound was natural. The gold price rallied in the last hours, trading at $1,957 at the time of writing. The precious metal has been well above the daily low … Continued The post Gold Price Soars to $1,960 Ahead of CB Consumer Confidence appeared first on Forex Crunch.

The US dollar eased amid concerns of potential obstacles to the debt ceiling deal in Congress. A few hard-right Republican lawmakers declared their opposition to the debt ceiling bill. Shop price inflation in the UK had reached its highest level since industry records began in 2005. Today’s GBP/USD price analysis is bullish. After reaching a … Continued The post GBP/USD Price Analysis: Bulls Roaring Above 1.24 as USD Slips appeared first on Forex Crunch.

Optimism regarding the US debt ceiling agreement will support the dollar. On Tuesday, more information on the tentative US debt ceiling agreement will be provided. Investors are expecting data from the US on consumer confidence. Today’s AUD/USD outlook is bearish as the dollar rises amid optimism after the US debt ceiling deal. On Tuesday, as … Continued The post AUD/USD Outlook: Debt Ceiling Deal Driving Dollar Higher appeared first on Forex Crunch.