These are the 5 most important news of the last week2 min read
Another exciting week in crypto space is coming to an end. The most important events around BTC and Co. at a glance.
Lending protocol Celsius halts payouts
Earlier this week, the bad news reached crypto space that lending service Celsius had to suspend payouts and transfers.
Celsius cited the current “extreme market conditions” as the reason. The move is aimed at “stabilizing liquidity” and “preserving and protecting assets,” the company said.
Celsius hires lawyers, plans restructuring after blocking withdrawals
Gambled? Wave of layoffs at crypto companies
The current market situation not only makes investors sweat, but also companies. For example, the Singaporean crypto exchange Crypto.com did not announce a new million-dollar sponsorship deal as usual, but the dismissal of 260 employees.
Also Coinbase stated that around 18 percent of the entire workforce would have to be made redundant. The crypto lending service BlockFi says goodbye to 170 employees.
You can read here: Coinbase, BlockFi and Crypto.com: Shame on you!
European Central Bank in crisis mode
The European Central Bank (ECB) called a special meeting on June 15th. The topic should have been “the current market conditions” – in particular the strong deviations in the bond market.
The increase in key interest rates and the end of the bond purchase program by the ECB could reduce the willingness to invest in risky assets such as BTC, tech stocks, but also risky government bonds.
The BTC ban greets daily
While the de facto ban on proof-of-work cryptocurrencies in the EU seemed to have been averted in the meantime, representatives of the EU Parliament from the Green, Left and Social Democrat camps are again bringing a PoW ban to the table in the MiCA trilogue with the Commission and the Council .
In addition to announcing the environmental impact of the respective consensus mechanism in the white paper, projects should also “prominently” present negative environmental and climate impacts for each crypto asset offered on their own platform.
You can find more details about the new demands here: BTC ban makes a comeback
BIS report calls practice used by ETH miners as illegal
A new report published by the Bank for International Settlements (BIS) has looked into mining on the Ethereum network.
In this case, the BIS addressed the MEV in ETH mining, comparing it to illegal activities in traditional markets. Maximal extractable value (MEV) refers to the maximum value that can be extracted from block production in excess of the standard block reward and gas fees by including, excluding, and changing the order of transactions in a block.
You can read more here.