CRYPTO MARKET WEEKLY WRAP: Latest from the world of cryptocurrency
How was the crypto world around the globe last week? Despite the market breakdown, there was news of innovation in payments, subscriptions and more.
Highlights:
Celsius Network filed for bankruptcy
Celsius Network filed for bankruptcy this week. The crypto-lending platform owes users $ 4.7 billion, according to a statement filed by CEO Alex Mashinsky in bankruptcy law. The platform’s original token, $ CEL, fell over 48 percent after filing for Chapter 11 bankruptcy, according to data from CoinMarketCap.
Opensea lays off 20% of employees
OpenSea, the largest secondary marketplace for Non-Fungible Tokens, has laid off 20 percent of employees due to the general economic downturn. The NFT market witnessed a 70 percent decline in sales in June 2022 compared to June 2021.
CoinPayments stops US operations
The crypto payment gateway CoinPayments has closed its operations in the United States. In a twisted sequence of events, they advised users to withdraw money before 19 July. The platform was deeply affected by cryptocurrency.
Three Arrows Capital is facing insolvency
A US bankruptcy court has approved a legal administrator to manage Three Arrows Capital assets and sue the founders this week.
Production costs for Bitcoin are falling
Investment banking giant JPMorgan reported that the cost of Bitcoin production fell from $ 24,000 in early June to $ 13,000 at present.
Web3 has lost $ 718 million in 48 attacks in 3 months
A report from Beosin and Footprint Analytics revealed that Web3 has lost as much as $ 718 million in 48 major attacks in the second quarter of 2022, from April to June.
Bitfinex donated 36 Bitcoin and $ 600,000 USDT to El Salvador
In some positive news, the crypto exchange Bitfinex donated 36 Bitcoin and 600,000 USDT to support economic development in El Salvador. Interestingly, El Salvador’s President Nayib Bukele is an ardent advocate of cryptocurrencies, especially Bitcoin. In September 2021, the country passed a law to use Bitcoin as their legal tender.
Binance completes 20th quarter combustion
Binance has completed its 20th quarter burning. During the burning, $ 1.96 million BNB tokens were taken out of circulation. The cryptocurrency was worth $ 444.6 million.
NYDIG is partnering with the New York Yankees for payments
NYDIG partnered with the New York Yankees to become the team’s official Bitcoin Payroll Platform.
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