Analytics platform Lookonchain tweeted about Ribbon Finance’s recent changes to its portfolio. The institutional client-focused DeFi altcoin project insists on raising stakes like LDO and WBTC despite the decline.
Data shows Ribbon Finance collects a lot of LDO and WBTC
According to data provided by Lookonchain, Ribbon Finance purchased an estimated $2.28 million worth of Lido DAOs (LDOs) using 5.2 million Dai (DAI). The data shows that the average purchase price for the order is around $2.28.
Ribbon Finance not only bought LDO during the recent market crash, but also bought 1,036 Wrapped Bitcoins (WBTC) using 21 million DAI at an average purchase price of $20,275. Lookonchain says Ribbon Finance is still continuing its LDO acquisition.
After the crypto market dropped, Ribbon Finance "0x6555" bought 2.28M $LDO with 5.2M $DAI at an average buying price of $2.28, and bought 1,036 $WBTC with 21M $DAI at an average buying price of $20,275.
And buying $LDO is still ongoing now.https://t.co/SVji2sCZF8 pic.twitter.com/tRx6kekGMG
— Lookonchain (@lookonchain) March 10, 2023
Altcoin market plunges again on bankruptcy news
CoinMarketCap data shows that the total value of the crypto market has dropped 6.50% in the last 24 hours. In the last 24 hours, $931.44 billion has been wiped from the total market capitalization. As Kriptokoin.com, we have included the devastation caused by the Silvergate bankruptcy news on March 10 in this article. BTC and ETH are trading below the $20,000 and $1,500 supports, while LDO price is down 8% to hold the $2.00 support.
The price of LDO followed the general trend in the altcoin market and fell from $2.42 to $2.01 on the day. Despite weakening against the dollar, the price of LDO has strengthened by 4.43% and 3.92%, respectively, against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH).
Bitcoin drops below $20,000 amid Biden budget and Silvergate collapse
The announcement that Silvergate Bank, one of the most important banks serving crypto firms in the US, entered voluntary liquidation on March 8, emerged as a possible strong headwind for the crypto industry.
Meanwhile, an additional budget reveal article dated March 9 revealed that US crypto miners could eventually be subject to a 30% tax on electricity costs as part of a Biden budget proposal aimed at “reducing mining activity.”
Treasury has released the Greenbook, the General Explanations of the Administration’s FY2024 Revenue Proposals, describing revenue measures in President Biden’s Fiscal Year 2024 Budget. https://t.co/M83N9Vpo1v
— Treasury Department (@USTreasury) March 9, 2023
Silvergate has operated as a gateway for more than 1,000 institutional crypto market participants, including major crypto exchanges, miners, stablecoin issuers, market makers and digital asset fund managers, who use its network to transfer fiat money to and between Silvergate accounts. The events that took place provided sufficient reason for the sellers to appear. Among them was a stronger-than-expected inflation report that questioned the US central bank’s claim that a disinflationary trend had begun in early 2023.
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