The trading volume of the instrument based on the main cryptocurrency fell by 62% in early June.
Institutional investors have withdrawn more than $140 million from bitcoin-based investment products over the past week, according to CoinShares.
A report from the investment company indicates that the volume of a trading instrument based on the main cryptocurrency in early June decreased by 62%, compared with the average trading activity in May. At the same time, investors increased their investments in products based on Ethereum (+ $33 million), Ripple ($+7 million), and Cardano (+ $4.5 million).
Since the beginning of 2021, more than $4.2 billion have been invested in Bitcoin-based products. At the beginning of June, investments in digital coin-based instruments account for 65% of the total amount of capital locked in cryptocurrency investment products.
The decentralized finance (DeFi) marketplace offers users alternative earning tools. In particular, investors of the direction can receive income through the blocking of assets for the needs of startups, most of which work based on the Ethereum blockchain.
The opportunity to make money on DeFi has attracted many members of the crypto community. As a result, investors who are interested in profit from investing in decentralized protocols have formed their movement of profitable farmers.
What is profitable farming?
Profitable farming, income pharming, or just pharming is the process of organizing passive income by providing DeFi startups with collateral in the form of their assets.
When it comes to mining cryptocurrencies, many people mistakenly think that video cards (GPUs) are required to mine digital assets. This is not true.
There are other ways to start mining. For example, you can mine cryptocurrency using a computer processor (CPU).
What is processor mining?
Cryptocurrency mining is the process of releasing coins from the project network. To get digital assets, you need computing equipment. The devices connect to the cryptocurrency network and they begin to process various tasks.
In particular, the computing power of machines is needed to conduct transactions with coins and record information about them in the blockchain.
The IMF may refuse a loan to El Salvador because the country decides to recognize bitcoin as a legal tender, according to Reuters
President of El Salvador Nayib Bukele on Thursday, June 10, will meet with representatives of the International Monetary Fund (IMF). This was announced by crypto-investor Alistair Milne, citing an interview with the head of the republic. The topic of the emergency meeting remains unknown, but the IMF decided to meet with the head of the republic after bitcoin became legal tender in El Salvador.
El Salvador’s Congress approved Nayib Bukele’s proposal to accept bitcoin as legal tender. The vote on the bill received 62 votes out of 84. Thus, El Salvador became the first state in the world to officially recognize cryptocurrency.