Goldman Sachs has started trading a type of derivative tied to ether (ETH). The asset, a non-deliverable forward, is meant to provide investors with indirect exposure to the second-largest cryptocurrency by market capitalization.

TRON’s algorithmic stablecoin USDD has lost its peg to the U.S. dollar, at one point dropping as low as $0.97 as short-sellers built up extreme positions against the cryptocurrency.

A survey conducted by Bank of America has found that of 1,000 existing and potential users of cryptocurrency and digital asset exchanges, 91% of respondents plan to buy crypto in the next six months.

Sponsored: Registrations are now open for Bybit World Series of Trading (WSOT) 2022. This year, the annual competition features an upsized prize pool worth up to a whopping $8 million, with attractive rewards, daily lotteries, NFTs, and much more.

Top stories in the Crypto Roundup today:

• Goldman Sachs Executes Its First Ether-Linked Derivative Trade
• TRON’s Stablecoin USDD Loses Dollar Peg
• Bank of America Survey Shows Consumers Plan on Buying More Crypto
• Chart of the Week: Largest Portion of ETH Hash Distribution Daily
• Sponsored: Bybit WSOT 2022 — Solo or Squad?

Goldman Sachs Executes Its First Ether-Linked Derivative Trade

Goldman Sachs has started trading a type of derivative tied to ether (ETH). The asset, a non-deliverable forward, is meant to provide investors with indirect exposure to the second-largest cryptocurrency by market capitalization.

The trade’s counterparty was Marex Financial, a London-based financial services firm. The move shows institutional appetite for cryptocurrencies at a time in which the market is enduring a downturn exacerbated by a poor macroeconomic outlook and UST’s fall from grace.

The overall cryptocurrency market cap dropped below the $1 trillion mark earlier this week, with Ethereum’s ether plunging below its 2018 cycle highs of $1,400 amid the sell-off.

In the past, the bulk of Goldman’s cryptocurrency trading options centered around Bitcoin-linked derivatives. The firm became the first major U.S. bank to offer a Bitcoin OTC options trade in March.

TRON’s Stablecoin USDD Loses Dollar Peg

TRON’s algorithmic stablecoin USDD has lost its peg to the U.S. dollar, at one point dropping as low as $0.97 as short-sellers built up extreme positions against the cryptocurrency.

According to TRON founder Justin Sun, the fund rate to short TRON’s native TRX token on Binance got to negative 500% APR at one point, prompting TronDAO, the organization behind USDD, to “deploy 2 billion USD to fight them” amid “extreme market conditions.”

A tweet from the TronDAO Reserve account also reveals 700 million USDC were added to keep the cryptocurrency overcollaterlized. It currently relies on BTC, USDC, ETH, and TRX for collateral. After the initial 700 million USDC addition, the reserve deposited 200 million USDC over two transactions to purchase TRX.

Decentralized USD (USDD) is an algorithmic stablecoin that, at launch, was a near carbon copy of Terra’s UST, which collapsed last month amid a bank run on the stablecoin.

Bank of America Survey Shows Consumers Plan on Buying More Crypto

A survey conducted by Bank of America has found that of 1,000 existing and potential users of cryptocurrency and digital asset exchanges, 91% of respondents plan to buy crypto in the next six months.

The figure is nearly the same percentage as those who said they bought in the last six months. Selling expectations are steady, with 30% saying they don’t plan to sell any of their crypto holdings in the near future.

While average transaction sizes varied, buys tended to be larger than sales, with PayPal and Coinbase being the most frequently used platforms. The bank sees growing interest in the use of cryptoassets as a payment method, with 39% of respondents saying they use crypto to pay for online purchases, and 34% revealing they use it for in-person transactions.

Digital assets made up less than 10% of the overall financial investments for 65% of respondents.

Chart of the Week: Largest Portion of ETH Hash Distribution Daily

 

Since the beginning of May, unknown miners have held the majority of the hashrate on Ethereum, controlling it for 36 days while leaving only 4 days for Ethermine.

This is the first time since 2017 that unknown miners have controlled the lion’s share of ETH’s hashrate for a month.

Bybit WSOT 2022 — Solo or Squad?

Calling all traders!

Registrations are now open for Bybit World Series of Trading (WSOT) 2022. This year, the annual competition features an upsized prize pool worth up to a whopping $8 million, with attractive rewards, daily lotteries, NFTs, and much more.

Here's an overview of the competition:

• Squad Race ($6 Million Prize Pool)

Participants can either lead a squad or join one, then trade to rake in as much profit as possible.

• Solo Race ($1 Million Prize Pool)

This year, Solo traders will be vying for a prize pool worth up to $1 million via the Spot trading segment, which is a new addition to the annual festivities.

• Speed Zone Loot ($1 Million Prize Pool)

Participate in the daily lotteries and lucky draws and get the chance to win some exclusive prizes, including Mutant Ape Yacht Club NFTs, trading bonuses, and more.

Want to show off your trading skills and have the chance to win some amazing prizes? Register for the competition now!

Disclaimer:

Cryptocurrencies are unregulated. Cryptocurrency profits may be subject to Capital Gains Tax. The value of investments is variable and can go down as well as up.

Press Release

State of the Crypto by Top Tier Exchange Volume

Build your project with CoinDesk Data

Terms | Privacy

13 Charles II St, SW1Y 4QU

London, UK

This email may include advertisements by third parties. None of the advertised or promoted products and services have been verified or approved by us and this email is not any endorsement by us of the third party or of their products or services.