Here's your Monday edition of Cryptonews Crunch, featuring the latest stories with Ethereum reaching the highest level of liquidations in more than three months, Jed McCaleb sells his last batch of XRP tokens, and episode 144 of the Cryptonews Podcast.
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Source: CoinMarketCap.com
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- Per data from Coinglass, liquidations of leveraged Ethereum shorts reached USD 179.4m on Saturday, the highest level of liquidations in more than three months. The weekend spike in liquidations came as ETH crossed the USD 1,300 barrier and established itself around USD 1,350. The strong move was followed by another jump in short liquidations today, as the price of ETH flirted with the USD 1,500 level for the first time since June 12. At the time of writing (10:10 UTC), USD 113m in ETH shorts had already been liquidated across crypto exchanges since midnight UTC time.
- Heather Morgan, who was charged over laundering USD 4.5bn worth of Bitcoin stolen from the Bitfinex crypto exchange, won court approval to seek a new job while her case proceeds. According to Bloomberg, a US judge has approved Morgan’s request to modify the conditions of her pre-trial release so that she “may engage in legitimate employment and receive income of greater than [USD] 10,000 per month.”
- Jed McCaleb, the co-founder and ex-Chief Technical Officer of fintech firm Ripple, appears to have finished his infamous dumping of XRP tokens in the market. Per data from XRP Scan, McCaleb made the last outbound transaction from his wallet dubbed “~tacostand” on Sunday at 18:31 UTC, when XRP 1.1m (USD 404,000) left the wallet. Jed McCaleb has regularly sold off tokens from his wallet, which once held some 9bn XRP tokens. The Ripple co-founder started selling his tokens after leaving Ripple in 2014. He went on to found the rival payment protocol Stellar (XLM) later that year.
- Russian President, Vladimir Putin, signed a new law that will ban the use of cryptoassets and other “digital assets” in the payments space – even though crypto pay is already illegal in the country. The use of cryptocurrencies as a means of payment was prohibited in January 2021, when Law 259-FZ (which passed the State Duma in mid-2020) was officially adopted in Russia.
The new law, which comes into force at the end of this month, does little but reinforce Law 259-FZ. It does, however, contain more detail and does away with some of the sometimes confusing and vague terminology used in the 2021 law.
- Sam Bankman-Fried (SBF), founder and CEO of FTX, argues that the world didn't learn many lessons from the COVID-19 outbreak, and new possible pandemics are the biggest issue that could potentially threaten the markets in the next 5 to 10 years. In an interview with Bloomberg, SBF quoted "One thing that has seemed particularly important to me is how we handle future pandemics," noting that the world was not ready when COVID-19 hit. He added that there was no coordination among countries in terms of what the response should be. Therefore, he expressed concern that there could be a "repeat of what happened" if another pandemic hits, killing many people while also bringing the economy to a halt amid the chaos and lockdowns.
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Richard Levin is the VP of Global Sales at cryptonews.com, one of the largest global crypto media organizations. Richard is also the Founder of seedsecure.io.
In this conversation, we discuss:
- Building in a bear market - Growing cryptonews.com into a top 10 media outlet - Getting paid in crypto - Growth of USDT TRC-20 - Crypto events - DeFi still buzzing - 3AC founders going missing - Celsius and Alex Mashinsky - BTC & ETH - SOL, AVAX, NEAR, ATOM - CityVerse - Life in NYC - Seed Secure
Tune In!
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- Celsius (CEL) will give its customers an option of staying "long crypto" or receiving a discounted cash settlement. It is also considering "asset sales and third-party investment opportunities" to raise capital, according to a presentation ahead of Monday's bankruptcy court hearing.
- Investment in venture capital-backed crypto companies slowed during the first half of 2022, from a record USD 12.5bn invested during last year’s first half to about USD 9.3bn invested through the first six months of this year, according to Crunchbase. Deal flow, however, increased as 534 deals were announced in H1 this year, compared to only 456 in H1 last year, they added.
- WeWork founder Adam Neumann's crypto venture Flowcarbon has delayed the launch of its products along with slowing operations due to market conditions, the Wall Street Journal reported, citing co-founder Dana Gibber. She added that the company has decided to wait for markets to stabilize before launching products.
- Crypto yield offering Meow announced that it closed on USD 22m in Series A financing led by Tiger Global. The funds will be used to support the company’s growth with new hires and enhanced product features, they said.
- The Dutch Central Bank, De Nederlandsche Bank, fined Binance a EUR 3.325m (USD 3.37m) fine for continuing to offer services to Dutch citizens without required registration.
- Coinbase has secured approval from Italian regulators, the Organismo Agenti e Mediatori, to provide ongoing crypto services to its residents. They added that they are “in the process of strengthening [their] presence across Europe and have registrations or license applications in progress in several major markets in compliance with local regulations.”
- Bybit announced a partnership with trading solutions provider Actant to provide trading tools for professional traders.
- Paraguay's Senate approved a bill regulating crypto mining and trading that must now be submitted to the executive branch, which has the power to approve or veto it. The National Electricity Administration will be in charge of enabling the energy supply, and the Secretariat for the Prevention of Money or Asset Laundering will supervise the whole investment process carried out by crypto companies.
- Metaverse gaming platform Otherside, developed by Yuga Labs, the team behind the NFT project Bored Ape Yacht Club, launched a tech demo, inviting 4,300 players for a first-look and tour - all of whom are owners of “Otherdeeds,” deeds to plots of digital land within the platform. Otherside’s developers announced that only Otherdeed owners and “selected third-party developers” will be permitted to participate in the game during its first phase.
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