📈Crypto Markets Recover From Brutal Monday Crash

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Crypto markets bounced after yesterday’s violent crash, with the combined digital asset capitalization up more than 6% from the low. Major stock markets also rebounded from deep pullbacks.

Stablecoins largely emerged from the volatility unscathed, with the few stable tokens that lost their peg quickly recovering. The dip also offered an opportunity to stoic investors, with notorious hackers among those who took advantage of the low prices.

Ronin Network paused operations after suffering a $12 million exploit enabled by an upgrade to the chain. The Ronin team is negotiating with the hackers and promised to backstop affected users regardless of the outcome.

Plus, Coinbase is facing accusations of campaign finance law violations.

✍️ In today’s newsletter:

Markets bounce after violent drop
Stablecoins shrug off market volatility
Infamous hackers bought the dip
How Japan’s rate hike crumbled global markets
Justin Sun pitches $1B anti-FUD fund
Ronin halted after $12M hack
Coinbase dismisses campaign financing complaint

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🎉Crypto Markets Bounce After Monday Rout

Digital assets rallied to produce partial recoveries from Monday’s violent crash, with most top 100 cryptocurrencies posting double-digit bounces from their respective lows. Stock markets also rebounded, with the Nikkei 225 up 10%, Taiwan’s Taiex up 3.4%, and South Korea’s Kospi up 3.3%.

️📊Stablecoins Survive Stress-Test Amid Extreme Volatility

Stablecoins emerged unscathed from Monday’s market bloodbath. Despite briefly losing their peg, USDY, USDB, crvUSD, FDUSD, and USDD all made quick recoveries.

💰Hackers Capitalize on Crypto Market Crash To Buy ‘Discounted’ Ethereum

The market turmoil also provided opportunities for fearless traders to buy the dip. The hackers who notoriously exploited the Nomad bridge in 2022 and PancakeBunny in 2021 respectively were among those capitalizing on the chance to buy cheap ETH.

🇯🇵 Here’s an ELI5 on How Japan Sent Global Markets Tumbling

Analysts are attributing the global market chaos to Japan’s central bank hiking interest rates by just 0.25%. The move prompted a race among investors who had taken advantage of low rates to borrow Yen to invest elsewhere through carry trading to unwind their positions.

☀️Justin Sun Wants To Save Crypto With $1 Billion Fund

Justin Sun, the founder of Tron, claimed to be spearheading a $1 billion fund to “combat FUD, invest more, and provide liquidity” in response to the crash. Sun emphasized that the dip was not driven by negative news, asserting that the maturation of web3 over the past year indicates a recovery is inevitable.

🥷Ronin Network Paused After Upgrade Allows Attackers to Drain $12 Million

The Ronin team halted its network after an upgrade allowed hackers to siphon $12 million from the project. Ronin said it is negotiating with the attacker, but will cover any stolen funds regardless of the outcome.

️‍💵Coinbase Accused Of Campaign Finance Violations

Coinbase is facing a legal complaint from the consumer advocacy group, Public Citizen, and outspoken crypto critic, Molly White, alleging it violated U.S. campaign finance laws. The complaint alleges that Coinbase illegally donated to political action committees while negotiating or serving as a federal contractor, with Coinbase rebutting the accusations.

🌍 ELSEWHERE

Binance Hit With $87 Million Tax Bill in India (Bitcoin.com News)
Starknet Foundation CEO Diego Oliva steps down (The Block)
Trump-Themed ‘DJT’ Token, Issued by Martin Shkreli, Suddenly Dives 90% (Coin desk)
SEC Says Coinbase Seeks Entirely Irrelevant Material From Regulator (Unchained)