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<ul class="summary-list"><li><keyword id="2382887" type="PERSON" weightage="60" keywordseo="eToro">eToro</keyword> added four new <keyword id="2721952" type="PERSON" weightage="60" keywordseo="crypto">crypto</keyword> tokens to its offering this week, including two <keyword id="4164994" type="PERSON" weightage="60" keywordseo="defi">DeFi</keyword> assets. </li><li>DeFi has gained traction in the crypto community in recent weeks as prominent investors back this asset type. </li><li>DeFi has faced increased regulatory scrutiny, as tokens have dealt with cyber security issues. </li></ul>eToro <a href="https://www.etoro.com/news-and-analysis/crypto/new-cryptoassets-available-on-etoro/">added</a> two <keyword id="11094379" type="UNKNOWN" weightage="60" keywordseo="decentralized-finance">decentralized finance</keyword> tokens, Aave and Yearn.Finance YFI, to its trading offering this week, alongside crypto tokens Compound COMP and Decentraland MANA. DeFi has gained traction amongst crypto investors in recent weeks after having been long overlooked on account of its complex nature.Aave uses smart contracts, which allow users to receive different types of interest, and can be selected based on individual needs. It ranks among the top 30 largest cryptocurrencies by market capitalization and was last trading at around $331 per token based on Coinmarketcap <a href="https://coinmarketcap.com/currencies/aave/">data</a>. Yearn.Finance YFI encompasses several DeFi programs that are designed to optimize investing. Investors can earn profits through YFI contracts, or add tokens based on initial investment. YFI is ranked 61st based on market size and valued at just above $42,000, according to <a href="https://coinmarketcap.com/currencies/yearn-finance/">Coinmarketcap</a>. With the four new tokens, there are now 23 crypto assets available on eToro, one of the largest retail trading platforms. DeFi has gained traction and popularity within the crypto community in recent weeks, as sector heavyweights have signaled their support. "Shark Tank" investor Kevin O'Leary announced earlier this week he was <a href="https://markets.businessinsider.com/currencies/news/kevin-oleary-shark-tank-defi-ventures-investing-crypto-anthony-pompliano-2021-5-1030463248">planning to launch a DeFi investing company</a> and Chainlink's co-founder Sergey Nazarov <a href="https://podcasts.apple.com/us/podcast/base-layer-episode-210-sergey-nazarov-co-founder-chainlink/id1445373535?i=1000522603277">said</a> he believed a shift towards DeFi was unavoidable. DeFi is based on <keyword id="6355684" type="PERSON" weightage="60" keywordseo="Blockchain">blockchain</keyword> technology and aims to remove any middlemen from the investing process. It has a variety of uses, including digital currency exchanges, stablecoins and wrapping bitcoin to link them to the <keyword id="2810876" type="PERSON" weightage="60" keywordseo="ethereum">ethereum</keyword> network. Smart contracts also allow users to earn interest on their investments. So far, DeFi has been widely regarded as too complex and inaccessible to especially retail investors as it requires significant expertise. Security issues and past crashes of DeFi investment vehicles have also led investors to be cautious.Cryptocurrency exchange Binance has seen a number of hacks and attacks on DeFi products based on its systems. Most recently BurgerSwap, a DeFi platform on which users swap digital burgers, was <a href="https://twitter.com/burger_swap/status/1398161871778115586">attacked</a> by hackers and lost over $7 million of its clients funds. Regulators including the SEC chairman Gary Gensler have urged caution, <a href="https://www.sec.gov/news/testimony/gensler-2021-05-26">saying</a> the DeFi was challenging for investors due to its volatility and the novelty of products included under the umbrella term.

eToro adds DeFi tokens to its trading platform as it taps into the boom in demand from the crypto community

<ul class="summary-list"><li><keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">Ethereum</keyword> will become more scalable after the network "surge," <keyword id="11893899" type="UNKNOWN" weightage="60" keywordseo="vitalik-buterin" source="Orion">Vitalik Buterin</keyword> said Thursday. </li><li>"Ethereum will be able to process 100,000 transactions per second," the ethereum co-founder told a conference in Paris.</li></ul>Ethereum will improve upon its scalability after the completion of the so-called surge, co-founder Vitalik Buterin said Thursday. At the Ethereum Community Conference in Paris, he addressed overall changes coming to the network, which also includes a "merge." "At the end of this road map, ethereum will be a much more scalable system," said Buterin. "By the end, ethereum will be able to process 100,000 transactions per second."The long-awaited and widely speculated merge, dubbed "Ethereum 2.0," is meant to transition ethereum from the energy-intensive proof-of-work consensus mechanism to the more efficient proof-of-stake model. Proof-of-work requires miners to utilize mass amounts of computing power and energy in order to authenticate transactions on the blockchain by solving puzzles. Proof-of-stake, however, is a system built around proof of ownership, where users "stake" their own ether holdings and thus lessen the amount of computing power needed to complete transactions. The network itself will be 55% complete once the merge concludes, Buterin said, adding that some of the changes to ethereum include updates to its monetary policy and security. Over the weekend, the Ethereum Foundation's Tim Beiko said the merge could happen the week of <a href="https://twitter.com/superphiz/status/1547643255335968771?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1547643255335968771%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fwww.coindesk.com%2Ftech%2F2022%2F07%2F15%2Fethereums-merge-projected-for-september-according-to-soft-timeline%2F">September 19</a>. Ether, the network's native token, is down near 60% from the start of the year, changing hands at $1,510 on Thursday after a broad cryptocurrency rout this year that dragged the total market capitalization below $1 trillion, which has since been regained.

Vitalik Buterin says the ethereum network's upcoming 'surge' will boost the network's scalability

<ul class="summary-list"><li>Major cryptocurrency lending firm <keyword id="12298676" type="UNKNOWN" weightage="60" keywordseo="celsius-network" source="Orion">Celsius Network</keyword> filed for Chapter 11 bankruptcy Wednesday.</li><li>Celsius froze all withdrawals last month as digital assets plummeted.</li></ul>Celsius Network <a href="https://www.businesswire.com/news/home/20220713005911/en/Celsius-Network-Initiates-Financial-Restructuring-to-Stabilize-Business-and-Maximize-Value-for-All-Stakeholders">initiated Chapter 11 bankruptcy proceedings</a> on Wednesday — making it the latest high-profile firm to collapse in the ongoing <keyword id="13899084" type="UNKNOWN" weightage="60" keywordseo="crypto-crash" source="Orion">crypto crash</keyword>.The troubled <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> lender, which managed $11 billion worth of assets and had around 1.7 million users in May, will undergo restructuring as it tries desperately to stabilize its business."This is the right decision for our community and company," Celsius chief executive and co-founder Alex Mashinsky said. "We have a strong and experienced team in place to lead Celsius through this process."Crypto is suffering a major sell-off this year as investors rotate away from risk assets. <a href="https://markets.businessinsider.com/currencies/btc-usd">Bitcoin</a> and <a href="https://markets.businessinsider.com/currencies/eth-usd">ethereum</a> have plummeted 58% and 71%, respectively in 2022.Celsius <a href="https://markets.businessinsider.com/news/currencies/celsius-price-crash-crypto-market-outlook-bitcoin-ethereum-terra-luna-2022-6">froze all of its customers' accounts</a> on June 13, blaming "extreme market conditions" as major tokens plunged. The exchange <a href="https://markets.businessinsider.com/news/currencies/bitcoin-backed-loans-crypto-crash-liquidity-crisis-bankruptcy-collapse-3ac-2022-7">Voyager Digital and the crypto hedge fund Three Arrows Capital both also filed for bankruptcy</a> last week after suffering massive losses and a liquidity crunch.Celsius has previously been criticized for offering investors yields up to 14% on tokens such as <a href="https://www.coinbase.com/price/solana">solana</a>, <a href="https://www.coinbase.com/price/polkadot">polkadot</a>, and its native token <a href="https://www.coinbase.com/price/celsius">cel</a> — way above interest payable on a savings account or most other traditional investments. Read more: <a href="https://www.businessinsider.com/celsius-freeze-crypto-web3-investors-warn-yield-farming-promises-2022-6?r=US&amp;IR=T">Web3 experts warn that some crypto platforms, like Celsius, are promising yields that are too good to be true</a>

Failed crypto lender Celsius says it's filing for bankruptcy

<keyword id="2721952" type="General" weightage="80" keywordseo="crypto" source="Orion">Crypto</keyword>currency lending platform <keyword id="93940" type="General" weightage="20" keywordseo="celsius" source="Orion">Celsius</keyword> has laid off 150 employees which is a quarter of its workforce, as the global crypto market goes through its worst meltdown. The platform last month paused all withdrawals citing "extreme market conditions". According to Israeli media outlet Calcalist, it has now sacked around 150 of its employees. "We are focused and working as quickly as we can to stabilise liquidity and operations, in order to be positioned to share more information with the community," Celsius wrote in a blogpost. "We are operating with the entire community and all clients in mind as we work through these challenging times," it added. Celsius raised $750 million in funding late last year, reaching a valuation of $3 billion. The American-Israeli company had processed $8.2 billion worth of loans and had $11.8 billion in assets by May this year. Earlier this month, cryptocurrency broker Voyager Digital suspended all trading, deposits withdrawals and loyalty rewards, as top crypto hedge fund Three Arrows Capital (3AC) filed for bankruptcy in the US, in which Voyager has made significant investments. The development comes as popular crypto tokens such as <keyword id="12177405" type="General" weightage="50" keywordseo="bitcoin-and-ethereum" source="Orion">Bitcoin and Ethereum</keyword> nosedived by nearly 70 per cent from their record highs amid the economic meltdown. Last month, cryptocurrency exchange Vauld decided to reduce its headcount by about 30 per cent. Singapore-based cryptocurrency exchange Bybit has laid off 2,000 employees while global crypto exchanges and firms including <keyword id="1972612" type="General" weightage="50" keywordseo="coinbase" source="Orion">Coinbase</keyword>, Gemini, Crypto.com and others announced to downsize their workforce. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/coinbase-blockchain-com-and-kraken-are-still-hiring-for-hundreds-of-roles-despite-mass-crypto-layoffs/articleshow/92617952.cms">Coinbase, Blockchain.com and Kraken are still hiring for hundreds of roles despite mass crypto layoffs</a> <a href="https://www.businessinsider.in/cryptocurrency/news/crypto-exchange-coinflex-says-it-needs-more-time-to-restart-withdrawals-as-it-scrambles-to-fix-a-47-million-bad-debt/articleshow/92576321.cms">Crypto exchange CoinFlex says it needs more time to restart withdrawals as it scrambles to fix a $47 million bad debt</a>

Cryptocurrency lending platform Celsius lays off a quarter of its workforce

<ul class="summary-list"><li><keyword id="12047041" type="UNKNOWN" weightage="60" keywordseo="mike-novogratz" source="Orion">Mike Novogratz</keyword> predicted the US economy would rapidly slump into a deep recession.</li><li>Tha <keyword id="11947671" type="UNKNOWN" weightage="60" keywordseo="galaxy-digital" source="Orion">Galaxy Digital</keyword> CEO warned asset prices might not recover until the Fed reins in inflation.</li></ul>Mike Novogratz <a href="https://markets.businessinsider.com/news/currencies/economy-collapse-recession-fed-hike-bubble-galaxydigital-ceo-mike-novogratz-2022-6">predicted</a> the US economy would quickly fall into a brutal recession, warned stocks could tumble another 20%, and cautioned asset prices might not rebound until the <keyword id="11895523" type="UNKNOWN" weightage="60" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> gets inflation under control.The veteran investor and Galaxy Digital CEO also suggested the <keyword id="13899084" type="UNKNOWN" weightage="60" keywordseo="crypto-crash" source="Orion">crypto crash</keyword> would help remove excessive leverage, reckless speculation, and aggressive tribalism from the fledgling industry. He made the comments in interviews with <a href="https://www.cnbc.com/video/2022/06/14/bitcoin-will-lead-the-markets-back-out-of-fed-tightening-says-galaxy-digital-ceo-mike-novogratz.html?&amp;qsearchterm=novogratz">CNBC</a> and <a href="https://www.bloomberg.com/news/videos/2022-06-17/bloomberg-markets-the-close-6-16-2022">Bloomberg</a> and during a Morgan Stanley conference this week.<h2>Here are Novogratz's 12 best quotes, lightly edited for length and clarity:</h2>1. "It's hard to not underestimate the huge impact that the response to COVID-19 had on all assets. We pumped so much liquidity into the <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">markets</keyword> it was crazy, we had never seen anything like it. We were throwing trillions of dollars around like matchsticks."2. "We don't have 12-year bull markets that end with a 4-month bear market. It's not the way it works."3. "The only way you kill inflation at this level is to put the economy in a deep recession."4. "A soft landing is impossible. The economy is going to go into a recession fast. You're going to see the economy just screech to a halt. That's what the Fed needs to do to get inflation down."5. "As long as the market believes the Fed is behind the curve and is going to catch up, I think you're going to see asset prices under pressure."6. "I don't think we've seen the bottom of the stock market yet. Stocks could fall another 15%, 20%. I think you're much closer to the bottom in crypto; <keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">ethereum</keyword> should hold around $1,200, and <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> around $20,000 or $21,000."7. "We're going through what feels a little bit like a Long-Term Capital Management moment in <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword>." (Novogratz was referring to a highly leveraged hedge fund that blew up in the late 1990s.)8. "When you have really big players that have borrowed money from all over the place, it creates a daisy-chain effect. That is burning through the system right now. My sense is it's mostly burned out, but these fires go until they run out of oxygen. You would have to be one heck of a diamond-handed player to sustain all of this if you have too much leverage. My guess is leverage has been knocked out of the system."9. "A lot of confidence got kicked out of the market. It's going to take a while for Humpty Dumpty to get put back together again."10. "During the COVID bubble, Robinhood and lots of others spread this idea that everybody should be an investor. Well, a lot of people don't have the training to be investors, they don't understand risk management. You saw a lot of froth, and that's mostly been taken out of the market now."11. "In crypto, it's tribal as heck. I literally get death threats when I badmouth another ecosystem. There's almost an irrationality in how people invested — not just in crypto, around the planet. That's going to get washed out. Not completely, these communities are resilient, but I think it's going to be a lot less important." (Novogratz pointed to GameStop and AMC's retail fanbases as examples of "identity investing.")12. "Bitcoin will lead the markets back out of this Fed tightening. The moment the Fed flinches, the moment Powell pauses because the economy's really starting to roll over, you're going to see bitcoin explode north."Read more: <a href="https://www.businessinsider.com/stock-picks-to-buy-long-term-strategy-analysis-investments-bofa-2022-6" target="_blank" rel="noopener noreferrer">BANK OF AMERICA: Markets are highly volatile - so invest in these 23 stocks primed to deliver long-term returns</a>

Mike Novogratz pounded the recession alarm, warned stocks would plunge further, and predicted some benefits from the crypto crash this week. Here are the 12 best quotes.

<ul class="summary-list"><li><keyword id="12047041" type="UNKNOWN" weightage="60" keywordseo="mike-novogratz" source="Orion">Mike Novogratz</keyword> said crypto volatility will continue and that the macroeconomic environment will remain tough. </li><li>The founder of Galaxy Digital also shared four tenets of investing after last week's crypto crash.</li></ul>Galaxy Digital founder and CEO Mike Novogratz broke his silence Wednesday and offered his first comments since last week's crypto crash.While his company provided an update a week ago with details about its liquidity and a warning of a quarter-to-date loss of $300 million, he had personally made no public comments or tweets about the recent crypto collapse."At a high level, it's important to understand that volatility is likely to continue, and the macro situation is going to remain challenging," <a href="https://investor.galaxydigital.io/news/default.aspx">Novogratz wrote in a letter to shareholders</a> Wednesday. "There is no cavalry coming to drive a V-shaped recovery. The Fed can't 'save' the market until inflation falls. So, liquidity is important. Being realistic is important."He also said that the downfall of the stablecoin TerraUSD was a "big idea that failed," but remained optimistic that his firm and the broader <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> community would eventually bounce back.Last week, the <keyword id="12507550" type="UNKNOWN" weightage="60" keywordseo="terra" source="Orion">Terra</keyword> lost its peg to the dollar as sister currency <keyword id="12663761" type="UNKNOWN" weightage="60" keywordseo="luna" source="Orion">Luna</keyword> plunged and is now nearly worthless. Earlier this year, Novogratz got a Luna tattoo on his arm, which he said Wednesday now serves as a "reminder that venture investing requires humility."But the crash of Terra and Luna reinforced four investing tenets, which he said especially apply to crypto:<ol><li>keep a diversified portfolio</li><li>take profits along the way</li><li>have a risk management framework</li><li>understand that all investments happen in a macro framework</li></ol>Novogratz's letter comes after the cryptocurrency market saw hundreds of billions of dollars in value disappear with the stablecoin debacle. Terra, an algorithmic stablecoin that uses complex code to mint and then burn cryptos to maintain a one-to-one peg to fiat currencies, <a href="https://www.protocol.com/bulletins/terra-ust-luna-stablecoin-crash">plummeted to near zero last week</a> in a flash that <a href="https://www.cnbc.com/2022/05/16/what-happened-to-the-bitcoin-reserve-behind-terras-ust-stablecoin.html">sent shockwaves across the cryptocurrency community</a>.Meanwhile, regulators are using the Terra downfall as a reason to sound the alarm and call for greater regulation and oversight in the cryptocurrency space. Treasury Secretary Janet Yellen said on May 12 that stablecoins represent <a href="https://www.bloomberg.com/news/articles/2022-05-12/yellen-says-terra-meltdown-demonstrates-crypto-stablecoin-risks">"a real threat to financial stability."</a>While Novogratz remained upbeat on crypto's long-term future, he cautioned in his letter that "This does not mean the crypto market will bottom and head straight back up. It will take restructuring, a redemption cycle, consolidation, and renewed confidence in crypto. Crypto moves in cycles, and we just witnessed a big one."

One-time Luna bull Mike Novogratz offers 4 investing tenets as crypto heads for more post-crash volatility; 'There is no cavalry coming'

<ul class="summary-list"><li><keyword id="11892696" type="UNKNOWN" weightage="60" keywordseo="ethereum" source="Orion">Ethereum</keyword> cofounder <keyword id="11893899" type="UNKNOWN" weightage="60" keywordseo="vitalik-buterin" source="Orion">Vitalik Buterin</keyword> called for Terra holders to be compensated after the coin crashed</li><li>"Coordinated sympathy and relief for the average UST smallholder who got told something dumb about '20% interest rates on the US dollar' by an influencer..." Buterin tweeted.</li></ul>Ethereum cofounder Vitalik Buterin thinks holders of <keyword id="11931191" type="UNKNOWN" weightage="60" keywordseo="stablecoin" source="Orion">stablecoin</keyword> Terra and its sister token <keyword id="12663761" type="UNKNOWN" weightage="60" keywordseo="luna" source="Orion">Luna</keyword> should be compensated following their spectacular crash last week that sparked a broad selloff in the wider <keyword id="11892695" type="UNKNOWN" weightage="60" keywordseo="cryptocurrency" source="Orion">cryptocurrency</keyword> market.The blow-up kicked off as algorithmic stablecoin <keyword id="13891032" type="UNKNOWN" weightage="60" keywordseo="terrausd" source="Orion">TerraUSD</keyword> de-pegged from the dollar early in the week, beginning a <a href="https://markets.businessinsider.com/news/currencies/terra-terrausd-luna-ust-stablecoin-plunge-do-kwon-death-spiral-2022-5?utm_medium=ingest&amp;utm_source=markets">"death spiral"</a>, as one analyst put it, in the value of the coin and its related token Luna. As the stablecoin community emerges from the collapse, Buterin endorsed one Twitter user's suggestion: "If Terra just focussed on the 'poorest' 99.6% of wallets, then they could just make this gigantic group 100% whole."Buterin <a href="https://twitter.com/VitalikButerin/status/1525561624974700545?s=20&amp;t=Wpff8Dd51F6Eplja632GCw">quoted the tweet</a> Saturday, saying he "strongly" supported it. "Coordinated sympathy and relief for the average UST smallholder who got told something dumb about '20% interest rates on the US dollar' by an influencer, personal responsibility and SFYL [sorry for your loss] for the wealthy," Buterin tweeted.The founder of the second-largest cryptocurrency alluded to government intervention, saying FDIC insurance is an "<a href="https://twitter.com/VitalikButerin/status/1525562865016483841?s=20&amp;t=Z7jbaU2I2OUc_xryw9XK8Q">obvious precedent</a>" in reimbursing people who have lost money, citing coverage of $250,000 per person. He also referenced a separate Singaporean rule. "An interesting unrelated [precedent] is Singapore employment law," he wrote in a tweet. "Stronger regulation for low-earning employees, and a more figure-it-out-yourself approach for the wealthier."He stopped short of calling specifically for more regulation of the sector. Meanwhile, the founder of Terraform Labs Do Kwon, has attempted to reverse the fortunes of holders of TerraUSD, which was the world's third-biggest stablecoin before it lost its peg to the dollar.In a Twitter thread on Monday, he said he had been in discussions for next steps for the Terra community. He proposed <a href="https://agora.terra.money/t/terra-ecosystem-revival-plan-2/18498">a revival plan</a> that would entail "forking" the TerraUSD blockchain into a new chain with a new Terra coin that is not pegged to the dollar. TerraUSD would live on as Terra Classic.

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eToro adds DeFi tokens to its trading platform as it taps into the boom in demand from the crypto community

Sophie Kiderlin

Vitalik Buterin says the ethereum network's upcoming 'surge' will boost the network's scalability

Brian Evans

Failed crypto lender Celsius says it's filing for bankruptcy

George Glover

Cryptocurrency lending platform Celsius lays off a quarter of its workforce

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Mike Novogratz pounded the recession alarm, warned stocks would plunge further, and predicted some benefits from the crypto crash this week. Here are the 12 best quotes.

Theron Mohamed

One-time Luna bull Mike Novogratz offers 4 investing tenets as crypto heads for more post-crash volatility; 'There is no cavalry coming'

Brian Evans

Ethereum cofounder Vitalik Buterin wants average Terra holders to be compensated via 'coordinated sympathy' after the stablecoin's crash

Phil Rosen

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