The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

$2,200,000,000,000 Banking Giant Citi Says Crypto Contagion Has Likely Passed: Report

by Daily Hodl Staff
July 25, 2022
in Ethereum, Trading

An analyst from banking titan Citigroup is reportedly saying that the crypto contagion that has impacted the industry over the last several months is likely over.

In a recent note to clients as cited by Seeking Alpha, Citi analyst Joseph Ayoub says that the contagion sparked by the collapse of the Terra (LUNA) ecosystem has probably peaked as signs of liquidity stress fade away.

The analyst also highlights the recent volatility of staked Ethereum (STETH), a token meant to be pegged to the price of Ethereum (ETH) and staked on crypto liquidity protocol Lido.

Ayoub notes that crypto lending firm Celsius held over 401,000 stETH as it filed for bankruptcy, which the Citi analyst says may have caused stETH to move away from parity as speculators sold the asset in fear of a liquidation event.

On June 24th, the STETH/ETH pair dropped to as low as 0.87 before eventually regaining its peg.

According to Ayoub, the recovery of the pair is a sign that “the acute deleveraging phase is now finished.” 

As for fears that the contagion within the crypto world could spread into the traditional finance realm, Ayoub says these concerns are likely invalid due to the relatively small size of the digital assets market compared to the rest of the financial world.

The analyst also says that most entities in traditional finance haven’t entered the crypto markets due to regulatory uncertainty, and therefore, won’t be affected by the nascent industry’s struggles.

“We believe most mainstream financial firms are waiting for further regulatory clarity or are still at an early stage of exploring crypto investing… We therefore don’t think, by itself, the crypto market travails will spillover into broader contagion.”

Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox

Check Price Action

Follow us on Twitter, Facebook and Telegram

Surf The Daily Hodl Mix

Check Latest News Headlines


 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.

Featured Image: Amelia Murphy/Shutterstock/Natalia Siiatovskaia

Submit a Press Release

Industry Announcements

  • Sui Joins DeFi Leaders, Topping $100 Million in Bridged USDC
    December 7, 2023
  • WOW EARN Unveils Layer One Blockchain, Redefining Efficiency and Global Accessibility
    December 5, 2023
  • LandX Closes Private Round Securing Over $5 Million in Private Funding
    December 4, 2023
  • Chromia Confirms Mainnet Release in 2024
    December 4, 2023
  • CAGA Crypto – Decentralized Financial Movement Unveiled on MEXC and Bitget
    December 4, 2023
  • TMNG Tokens Successfully Listed on MEXC Crypto Exchange
    December 1, 2023
  • Sui Surpasses $150 Million in TVL, Showcasing Blistering DeFi Momentum
    November 30, 2023
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$43,917.77
$43,917.77
0.74%
Ethereum
$2,354.32
$2,354.32
0.45%
Cardano
$0.597195
$0.597195
0.66%
XRP
$0.666835
$0.666835
2.83%
Dogecoin
$0.100502
$0.100502
2.51%

Spotlight

  • Here’s a Possible Bitcoin Price Path to $200,000, According to Analyst Who Called 2021 Crypto Market Collapse
    December 2, 2023
  • Whale Accumulates About $187,000,000 Worth of Bitcoin and Altcoins From Binance in Just Three Days: Lookonchain
    December 2, 2023
  • Top Ethereum (ETH) Wallets Forming an ‘Encouraging Pattern,’ According to Crypto Analytics Firm Santiment
    December 2, 2023
  • Bitcoin’s 2022 Bear Market Differed in One Critical Way Compared to Its 2018 Slump: Crypto Analyst Jamie Coutts
    December 2, 2023
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2023 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams
    • Crypto 101
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • ChainWire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2023 The Daily Hodl