Strengths
- Of the cryptocurrencies tracked by CoinMarketCap, the best performance for the week was Swirge SWG, which rose 3,775.59%.
- Facebook parent company Meta will continue with its plans to bring digital collectibles to its users, reports CoinDesk, not deterred by the recent sharp decline in the cryptocurrency market.
- Planetarium Labs, a Singapore-based web3 gaming technology company, has raised $ 32 million in Series A funding led by Animoca Brands. Other investors in the round include Krust Universe, the Korean technology giant Kakao’s investment arm, Bloomberg reports.
Weaknesses
- Of the cryptocurrencies tracked by CoinMarketCap, Nody NODY was the worst performer this week, down 96.87%.
- The cryptocurrency brokerage firm Voyager Digital has applied for Chapter 11 bankruptcy protection, reports CNBC, and has become the latest victim of chaos in digital asset markets. Voyager began bankruptcy proceedings in the U.S. District Court for the Southern District of New York on Tuesday.
- The recent build-up in open interest in Bitcoin futures is eerily similar to that seen just before the contract began a long decline from the end of 2021, writes Bloomberg. This suggests that the recent consolidation around the $ 20,000 mark can only be a break before another leg south.
Possibilities
- Bitcoin crashed above the $ 20,000 mark on Wednesday morning, despite fears of recession among investors, and an institutional product for shorting the asset gained traction last week. Bitcoin has risen 2% over the past 24 hours, Bloomberg reports, continuing a gradual recovery after last month’s sudden drop to the $ 17,700 level.
- Sorare is one of several companies trying to take the idea of ​​collectibles as baseball cards and bring them into the digital context. In May, Sorare announced a partnership with Major League Baseball in the USA, and that Serena Williams sat on the board, Bloomberg writes.
- Cryptocurrency Bitstamp canceled a planned “inactivity fee” and reversed the course just five days after the allegations were made. The Luxembourg-based company rejected a plan to start charging non-US users 10 euros a month on accounts that have not traded, deposited, withdrawn or invested assets in a year with a total balance of less than 200 euros, according to Bloomberg.
Threats
- Account holders at Voyager Digital who are now bankrupt should not expect to get all their krypton back when the company reorganizes. The company’s plan to end bankruptcy clearly states that it expects account holders to be “weakened” by the Chapter 11 process, which means that they will not get back exactly what they owe, Bloomberg writes.
- British luxury jeweler Graff Diamonds paid a ransom of $ 7.5 million in Bitcoin to a Russian hacker gang after it leaked data about the goldsmith’s high-profile customers. Graff, who counts royalties from the Middle East among his customer base, sued the insurance company for losses due to the extortion, and said that the payment should be covered under their insurance, Bloomberg writes.
- Investors in the world’s largest cryptocurrency go into hibernation with chain activity falling by 13% in early July from November peaks, levels last seen in the bear phases in 2018 and 2019 (when Bitcoin was worth less than $ 10,000), according to Glassnode analysis. The mood in the risk-of-the-market is spreading to the cryptocurrency exchanges as investors pull out and store their coins offline in crypto wallets instead.
