SBF’s firms provide bailouts, ‘Bitcoin dead’ sees ATH search volumes and other news

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A week in review: June 19–25

We've selected the hottest materials of the past week for you to stay up to date with the latest crypto news:

#1. SBF and Alameda step in to prevent crypto collapse contagion

Sam Bankman-Fried stated on June 20 that his firms Alameda Research and FTX would be "stepping in" to help firms with liquidity troubles amid the current bear market. Over the course of the week, Alameda dished out a loan of roughly $500 million to Voyager Digital, which is suffering from exposure to the potentially insolvent Three Arrows Capital, while FTX supplied BlockFi with $250 million worth of credit.
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#2. 'Bitcoin dead' Google searches hit new all-time high

With Bitcoin crashing back down to the lower $20,000s, Google searches for "Bitcoin dead" spiked on Friday, June 18, and hit some of the highest levels on record. Google Trends tracks search interest over time and assigns scores of 1 to 100 based on the total number of user searches. During this period, "Bitcoin dead" achieved a perfect score of 100.
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#3. Bitcoin S2F model gives false sense of certainty, says Vitalik Buterin

Ethereum co-founder Vitalik Buterin has critiqued the stock-to-flow (S2F) model popularized by pseudonymous investor PlanB. The BTC-focused S2F drew a significant amount of attention during the bull run last year, as it went on a relatively long streak of accurate predictions before falling way off the mark in late 2021. Commenting on the S2F model, Buterin noted, "I know it's impolite to gloat and all that, but I think financial models that give people a false sense of certainty and predestination that number-will-go-up are harmful and deserve all the mockery they get."
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#4. Prediction of the week. 'Foolish' to deny Bitcoin price can go under $10K — Analysis

With the price of BTC hovering around $20,000 and the Fed yet to reveal any new information regarding efforts to reel in inflation, crypto commentators have argued that the outlook of the price in the immediate term is uncertain. However, a potential fresh pullback may only involve a trip to $16,000, according to some, while others have urged investors to consider a drop to $10,000 as a potential scenario also.
"At this stage, nobody can say with certainty whether BTC will hold this range or if it will go to sub $10K price levels ever again, but it would be foolish not to have a plan for that possibility," Twitter account Material Indicators argued in a post.
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#5. FUD of the week. Harmony's Horizon Bridge hacked for $100M

The Horizon Bridge to the Harmony layer-1 blockchain was exploited for $100 million worth of altcoins on June 24. From 7:08 am EST until 7:26 am EST, 11 transactions were made from the bridge for various tokens before sending the tokens off to Uniswap to exchange for ETH. The Harmony team said it is working with "national authorities and forensic specialists" to determine who was responsible, and a post-mortem will follow.
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#6. FUD of the week. China's WeChat bans crypto and NFT-related accounts

Social media and payments app giant WeChat updated its policies to ban accounts that provide access to crypto or NFT-related services. Under the new guidelines, accounts involved with the issuance, trading and financing of crypto and NFTs will be categorized as an "illegal business" and will either be restricted or banned outright.
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