Crypto NFT Today: The latest news in blockchain, cryptocurrency and NFT: 6-12. July 2022
While investors are still hesitant after the recent #cryptomeltdown, it appears that the market has stabilized (so far). This uncharacteristic pause gives crypto enthusiasts a chance to go back and catch the latest crypto and NFT news at a safe distance while Bitcoin remains (fairly) stable around the 20K limit. That said, readers should be prepared for a healthy dose of harm calculation as the consequences are baked into the markets. Are you ready for this week’s crunch? Let’s dive in!
Ringo is the first Beatles to release an NFT collection
Julien’s Auctions presented an exclusive auction that offers a collection of original and unique digital works of art with accompanying exclusive signed canvas prints made by the first Beatle to rise into the NFT galaxy, Ringo Starr. The auction “Ringo Starr NFT Collection – The Creative Mind of a Beatle” took place on Monday 13 June online, with part of the proceeds going to the Lotus Foundation.
Conceptualized and composed in Ringo Starr’s latest studio in the meta-verse, “The Creative Mind of a Beatle” invited fans on a virtual tour of Starr’s digital gallery experience ‘RingoLand’.
The collectibles contain an original animated painting with a tailor-made drum composition recorded and played by Starr – with his drumming striking in time with the moving images that flash through each NFT – and embossed with a special audio / visual motif from the time when Starr played as a part of Fab Four, as well as guides on his current and future creative journeys.
Billions in crypto caught in lending platforms
Billions of dollars in cryptocurrency are currently “trapped” in cryptocurrency lending platforms such as Celcius, Anchor and Voyager Digital. Falling token prices have forced platforms to temporarily suspend or restrict withdrawals, leaving customers’ cash tied up for more than three weeks.
Celsius, during its current solvency crisis, still announces an 18.63% annual return on its website. While traditional banks offer deposit insurance, there is no formal system for DeFi consumers to recoup their investments.
However, the US tax code can provide some relief to these investors in the form of a vague deduction.
If funds become worthless and irreparable, investors may be eligible to write them off as a non-business bad tax debt, according to CPA and head of tax strategy at CoinTracker.io, Shehan Chandrasekera. The write-down will not cover the entire debt, but may dampen the blow to hard-hit investors.
Coinbase Stock Slips
Coinbase Global, a popular crypto-trading platform, fell 3.8% in pre-market trading on Wednesday. The fall in the share price was accelerated by Atlantic Equities analyst Simon Clinch downgrading the cryptocurrency exchange company to Neutral from overweight due to concerns about its ability to attract talent in the longer term.
Clinch also expressed concern about the spread of misinformation about the company’s financial strength and assets.
“Our hopes for some stabilization in cryptocurrencies and volumes have been shattered, with both tracks much weaker than expected,” Clinch wrote in a note to customers.
Voyager filed for bankruptcy
After stopping all trading, deposits and withdrawals on its platforms last week, the crypto loan company Voyager Digital has filed for Chapter 11 bankruptcy. The announcement was made late Tuesday, and in a statement, Voyager admitted to having obligations in the range of 1-10 billion dollars.
Voyager is the second company to file for bankruptcy after the recent cryptocurrency meltdown, with prominent hedge fund Three Arrows Capital applying for Chapter 15 on Friday.
Three Arrows Capital defaulted on a loan to Voyager last week, which shows the domino effect in the industry.
Brutal consolidation of the crypto market
