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Maker Protocol Announces sETH Holdings

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Today’s Cryptocurrency Headline

Maker Protocol announced the holding of stETH, whose collateral represents ~3% of all DAI collateralisation, worth about $260 million. WSTETH-A vault type has 204,661.12 WSTETH locked, worth $243.2 million, 82.9 million DAI total debt, and 293.42% overall collateralisation (minimum collateralisation is 160%). WSTETH-B vault type has 9,014.31 WSTETH locked, worth $10.7 million, 2.5 million DAI total debt, and 424.42% overall collateralisation (minimum collateralisation is 185%). Maker said that for the WSTETH-A vault type, if stETH falls to $892, $33.3 million worth of stETH will be liquidated; if stETH falls to $582, $74.6 million worth of stETH will be liquidated. For the WSTETH-A vault type, if stETH falls to $903, stETH worth $645,000 will be liquidated; if stETH falls to $594, stETH worth $2 million will be liquidated.

BingX’s Bitcoin Chart

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CNBC senior economics correspondent Steve Liesman said on a program that the Fed could raise rates by 75 basis points this week. Bitcoin is down 7.15% over the last 24 hours and fell to an intraday low of $20,846.00. The cryptocurrency market dropped further as The CME FedWatch Tool shows the market participants see a 94% chance of a 75 basis-point hike to be announced Wednesday. If this event happens, we could see additional selling-off in the traditional equity market as well as the cryptocurrency market, which could bring the Bitcoin price below the psychological level of $20,000.

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