5th July 2022 > > Vauld.

tl;dr

Vauld, a centralised crypto lender halts withdrawals.

Market Snap (at time of writing)

Market Wrap

BTC regains the all-important 2-handle as on-chain analytics provided by Whalemap suggests ongoing interest from whales just below $20k. If that is the case, that provides a strong level of support for the price of BTC going forward.

Occasional Series – Elton John

By dint of popular demand, my fave photo of Elton playing at the Vic on Sunday night is this one:

Kreon, Greg, yours truly and the Jools.

Just some of the usual reprobates.

Occasional Series – The CCC is going on holiday

But do not worry yourselves too much.

Our team will continue to provide insightful, informative, and cutting edge commentary regardless of the sunshine, sea, and that swimming pool just over there …

Curious Cryptos’ Commentary – And another one goes

Based in Singapore, centralised crypto lender Vauld has suspended all withdrawals, trading, and deposits on its platform. The company said that it had:

"… made the difficult decision to suspend all withdrawals, trading and deposits... with immediate effect.”

Outflows since June 12th, the day crypto lender Celsius stopped allowing withdrawals, has totalled nearly $200mm, an amount that is clearly causing some stress and strain.

This is unlikely to be the last crypto lending platform or centralised exchange that will be forced down this route. When investors lose confidence in the soundness of centralised institutions, the mantra becomes “return of capital” not “return on capital”.

For clarity, I have NEVER interacted with a centralised crypto lending platform, and I never will.

What is appropriate for you to do, is entirely a matter for your own judgement.