Here's your Tuesday edition of Cryptonews Crunch, featuring the latest crypto turmoil between Celsius & Three Arrows Capital, Lido Finance expands to several of Ethereum's layer 2 solutions, and CryptoPunks' floor price and trading volume skyrocket.
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Source: CoinMarketCap.com
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- With coin prices still very tentatively recovering and some even forecasting the end of crypto winter, optimists will hope that the darkest days of the crypto crunch are behind us – but things are still hot in the world of the bankrupt duo Celsius (CEL) and Three Arrows Capital (3AC). Click/tap here to dive into all the details.
- In a blog post on Monday, Lido Finance announced plans to expand to several of Ethereum’s L2 solutions. The team explained that they will begin by supporting ether staking via bridges to L2s using a wrapped version of Lido’s ETH staking token, dubbed wstETH. The Lido team said that the project was “network-agnostic” and had plans to expand to multiple L2s that have “demonstrated economic activity.” They have already integrated the bridged staking services with ZK-Rollup projects Argent and Aztec, and will also launch on the Optimistic Rollup solutions Optimism and Arbitrum.
- Over the past 30 days, CryptoPunks NFT project has recorded over USD 63m in sales volume, up by around 112%, according to DappRadar. The collection's floor price and market capitalization have also seen an uptick, rising by around 192% and 96%, respectively. The renewed interest in CryptoPunks comes as the collection managed to attract attention with major sales. Last week, an NFT of this category sold for ETH 2,500, worth USD 3.78m at current rates, while another one sold for ETH 2,691 (USD 4m), marking the largest NFT sale of the last 30 days across the entire market.
- A panel of crypto industry players surveyed by comparison website Finder.com has predicted that Cardano’s native token ADA could reach USD 0.63 by the end of the year – a significant downgrade from the previous prediction. Daniel Polotsky, founder and chairman of Bitcoin ATM operator CoinFlip, stated that, “Its price and hype are way too high given its relatively low total value locked compared to its competitors,” he said. “The project was founded in 2015 and released in 2017, yet it has squandered that early-mover advantage to competitors who have recruited developers and built at a faster pace.”
- Ethereum classic (ETC), that was created after a hard fork of the original Ethereum (ETH) blockchain in 2016, is again rallying in the market and has now outperformed ETH on a year-to-date basis. However, history shows that ETC rallies rarely last. Although prices of both coins are down year-to-date, ETC has managed to outperform its larger sibling ETH. Since the beginning of the year until noon (UTC) today, ETC is down by 28%, while ETH has fallen by 59%.
- According to Paris-based data provider Kaiko. major crypto exchanges Coinbase, Binance, and Kraken sit in the top three spots for the second quarter of this year. Kaiko ranks the exchanges based on a weighted composite of individual scores for six criteria: governance, business, technology, data quality, security, and liquidity. The governance score receives the highest weighting (30%) in the composite.
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- Yuga Labs, the team behind the NFT project Bored Ape Yacht Club, announced that their security team has been tracking a “persistent threat group that targets the NFT community” that they say “may soon be launching a coordinated attack targeting multiple communities via compromised social media accounts.”
- The US Federal Bureau of Investigation (FBI) is warning financial institutions and investors about cyber criminals creating fraudulent crypto investment apps to defraud investors, stating that it has identified 244 victims and estimating the approximate loss to be USD 42.7m.
- Foundry announced the launch of Foundry Academy, an initiative to train and develop technicians for the Bitcoin mining industry. The program’s first session concluded in May, with all students now employed at various companies throughout the mining industry, they said, while the next one is starting September 12.
- The euro area annual inflation rate was 8.6% in June 2022, up from 8.1% in May, and was the highest on record, according to European Union statistical office Eurostat. European Union annual inflation was 9.6% in June 2022, up from 8.8% in May, and up from 2.2% a year earlier.
- The US Commodity Futures Trading Commission (CFTC) announced a settlement and injunction against Jimmy Gale Watson, the executive adviser of the crypto team of John McAfee, as Watson was found guilty of helping McAfee promote initial coin offerings of dubious tokens in exchange for undisclosed rewards in those tokens. The ultimate disgorgement against Watson was USD 146,000, and the CFTC further barred Watson from trading in commodities.
- The Monetary Authority of Singapore plans to broaden crypto regulations to cover more activities, and the revised rules may include “further tightening retail-investor access to crypto,” Bloomberg reported, citing the watchdog’s Managing Director Ravi Menon.
- Gemini has made the second round of layoffs, TechCrunch reported, and there may be more on the way. An undisclosed source was quoted as saying that 68 employees, or 7%, have been fired.
- Crypto.com received registration and regulatory approval from the Italian regulator Organismo Agenti e Mediatori as a provider of virtual currency and digital wallet services.
- OKX announced a partnership with investment site TradingView to enable retail users to execute trades on the exchange from their TradingView account.
- Auction house Christie’s announced the launch of Christie’s Ventures, a new investment fund that will provide financial resources and support to emerging technology and fintech companies creating solutions with art market relevancy. The fund will start by exploring three broad categories: Web3 innovation, art-related financial products and solutions, and technologies that enable seamless consumption of art.
- Financial services firm Fintonia secured a provisional virtual asset license from Dubai authorities, allowing the firm to offer crypto services in the city. The firm will also expand its products to include treasury and balance sheet management services to the market in Dubai.
- Dubai authorities have launched the Dubai Metaverse Strategy that aims to “turn Dubai into one the world’s top 10 metaverse economies as well as a global hub for the metaverse community”, per the local news agency. They added that Dubai wants to attract more than 1,000 companies in the fields of blockchain and metaverse, and support more than 40,000 virtual jobs by 2030.
- Decentralized social graph CyberConnect announced the launch of its inaugural product, a social network of verifiable identities dubbed Link3. The project aggregates both on-chain and off-chain data to deliver “context-rich, verifiable information”, they said.
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