Monat: Januar 2023

• MakerDAO is in the middle of a governance vote to decide the fate of the GUSD stablecoin.
• The proposal suggests MakerDAO currently enjoys $7.3 million of annual revenues from its $500 million exposure to Gemini’s GUSD.
• Early voting numbers suggest MakerDAO will retain its exposure to GUSD with more than 77% of the votes cast in favor of retaining GUSD in the DAO’s reserves.

MakerDAO, the leading DeFi platform, is in the middle of a governance vote that will decide the fate of the GUSD stablecoin. This vote was prompted by recent controversies surrounding Gemini and its financial health. If the vote is successful, MakerDAO would retain its exposure to GUSD, while if it fails, they could potentially reduce the exposure to $100 million or even eliminate it from their reserves altogether.

According to the proposal, MakerDAO currently enjoys $7.3 million of annual revenues from its $500 million exposure to Gemini’s GUSD. This revenue comes from a marketing incentive of 1.5% that Gemini pays to the lending platform for maintaining more than $100 million of GUSD. This incentive has allowed the DeFi platform to enjoy more revenues than what it would have made without the exposure.

The ongoing vote will decide if the exposure is to be maintained at $500 million or should be decreased to $100 million. A third option of eliminating all GUSD reserves has also been proposed. Interestingly, early voting numbers are suggesting that MakerDAO will retain its exposure to GUSD after all. Community members have shown confidence in Gemini’s ability to weather their financial troubles. According to the voting stats, more than 77% of the votes have been cast in favor of retaining GUSD in the DAO’s reserves. No votes were cast in favor of reducing the exposure to $100 million, while 22% of the votes were in favor of eliminating the stablecoin from their reserves.

The vote is slated to close on June 14, 2021, and the results of the vote will be made public once the voting closes. If the results of the vote are in favor of retaining GUSD in the DAO’s reserves, MakerDAO will continue to enjoy the revenue from the 1.5% incentive from Gemini. On the other hand, if the vote fails, MakerDAO may have to reduce its exposure to GUSD or even eliminate it from its reserves altogether.

Whatever the outcome of the vote, it will be an important milestone in the DeFi space, as MakerDAO’s decision will have a lasting impact on the industry. It remains to be seen how the vote will shape the future of MakerDAO and DeFi as a whole.

Bullet Points:
• Huobi Token (HT) was trading at $5.0506, on a crossline with a downtrend line.
• A confirmed close above the downtrend line could give bulls more leverage.
• Bulls could flip the downtrend resistance line into support and trade on the previous $5.0463 – $5.4595 range for the next few days.

Huobi Token (HT) has been relatively unshaken despite the FUD surrounding the Huobi exchange recently. At press time, HT was trading at $5.0506 and was on a crossline with a downtrend line. A confirmed close above the downtrend line could give bulls more leverage and allow them to trade on the previous $5.0463 – $5.4595 range for the next few days.

The token had seen a sharp rally between 21 – 25 November last year and then turned into a downtrend until the time of writing. After a multi-week price consolidation between mid-December 2022 and early January 2023, HT broke below the range but was kept in check by the $4.6110 support. A price recovery from this support could confirm a trend reversal if it flips the downtrend line into support.

The RSI was slightly above the midpoint after rising from oversold territory. In addition, the Money Flow Index (MFI) was in the overbought zone, suggesting strong buying pressure. Therefore, bulls had a chance to flip the downtrend resistance line into support and trade on the previous $5.0463 – $5.4595 range for the next few days. However, a price rejection at the downtrend line would give bears an advantage. But bears‘ efforts could be kept in check by the $4.6110 – $4.8250 range support.

Overall, HT was in bullish momentum and if the bulls break above the downtrend line at $5.0463, it could confirm a trend reversal. However, a break below $4.8250 will invalidate the above bias. Therefore, traders should keep an eye on the price action at the crucial levels and make their trades accordingly.

• Robinhood announced the delisting of Bitcoin SV on 11 January, leading to a 5% decline in the price of BSV.
• The downward trend in the price of Bitcoin SV is likely due to the prevailing market sentiment, as well as the Robinhood delisting plans.
• As of 25 January, customers can no longer trade, purchase, or otherwise deal with Bitcoin SV on the platform.

The cryptocurrency market experienced a shock on 11 January as Robinhood announced its plans to delist Bitcoin SV (BSV). This caused a 5% decline in the price of BSV, which had already been on a downward trend. The delisting of BSV led to a surge in volume, with over $77 million in transactions. This caused a spike in the volume metric, indicating a major shift in the market sentiment.

The delisting of BSV was a major surprise for the crypto community, as the token had been gaining traction and popularity in the past year. Bitcoin SV is a fork of Bitcoin Cash (BCH), and is often referred to as „Satoshi’s Vision.“ Its greater block size, which leads to lower transaction costs, sets it apart from other variants of Bitcoin (BTC).

However, despite the potential of BSV, Robinhood is now ceasing support for the token and will no longer facilitate its trade. As of 25 January, customers can no longer trade, purchase, or otherwise deal with Bitcoin SV on the platform. Consequently, all unsold BSV in client accounts will be sold and credited to their accounts automatically.

The decision by Robinhood has caused a significant shift in the market sentiment around BSV, which has been reflected in its downward trend in price. Moreover, the delisting of BSV by a major trading platform is likely to have a lasting impact on its future prospects.

It remains to be seen how the market sentiment around BSV will develop in the future, but for now, it appears that the downward trend in price is likely to continue due to the Robinhood delisting. As of today, 1 BSV is worth around $153, 10 BSVs are worth around $1530, and 100 BSVs are worth around $15,300.