Weekly Crypto Market Update Reports (Jun 25th- July 1st, 2022): The market has not sold out yet
Bitcoin has been struggling to keep losing the $20,000 mark this week along with negative signals from the market. The stories related to Celsius, and 3AC are not over yet; BlockFi is refuting rumors of being acquired by FTX, while DeFi platforms are still having problems; and after all, Do Kwon is once again being called name by Anonymous. Let’s take a look at the notable news and market figures of the week with CoinCu.
Market figures for the week
The crypto market’s capitalization remained at above $900 billion for most of the week: Since 25th June, a gradual recovery was observed. On Sunday, the indicator rose to $976 billion, according to CoinMarketCap. But on 30th June, it moved down and headed towards $850 billion.
The Cryptocurrency Fear & Greed Index: Its median value was 12 points, on Jun 25 it was 14 but down to 11 recently. This is not a very optimistic signal for the market.
Bitcoin’s volatility rose from 2.24% to 6.98% over the week. ETH is also up 1.45% in trading volume compared to the previous week.
Interesting news of the week
Axie Infinity Officially Reopens The Ronin Bridge
On June 28, Play-to-Earn game project Axie Infinity announced that it has reopened Ronin Bridge, a cross-chain bridge platform that connects Ronin sidechains with Ethereum. This is the first time that the Ronin Bridge has resumed operation since March 29, when Axie announced that it had been hacked.
Celsius Is Rumored To Be Preparing To Liquidate Assets
Nearly 2 weeks since blocking user withdrawals, the Celsius lending platform has not found a way out of its crisis. According to the Wall Street Journal, crypto lending platform Celsius has hired Alvarez & Marsal, a law firm, to help with its current situation. The source of the newspaper added that the purpose of the action was to serve “the process of restructuring the company”.
Harmony Protocol Is Offering A $1,000,000 Reward For The Return Of Stolen Money
The proof-of-stake (PoS) blockchain Harmony Protocol tweeted an offer of a $1 million reward for information regarding the last Thursday hack of its Ethereum-linked Horizon bridge, which caused the loss of $100 million in cryptocurrency. However, now the hacker has sent this money to Tornado Cash for money laundering.
CoinFLEX Will Issue A $47 Million Recovery Token To Solve Withdrawal Problems
Following the recent suspension of withdrawals due to an unpaid debt owed to the exchange by a high-net-worth customer, cryptocurrency exchange CoinFLEX will launch a Recovery Value USD (rvUSD) Token.
A certain person’s account experienced negative equity during the recent market turbulence, which prompted CoinFLEX to issue $47 million in tokens. According to a whitepaper published by CoinFLEX on Monday, the issue will probably last through July 1.
But according to the latest announcement, withdrawals from the CoinFLEX exchange will remain suspended as the company continues to hold discussions with investors about the newly launched debt token.
Three Arrows Capital’s Liquidation Is Mandated By A Court
The collapse of one of the most significant cryptocurrency companies could exacerbate the pain already being felt by the industry, which is still trying to recover after a run of unfavorable news. Three Arrows Capital has entered liquidation, worsening the crisis gripping the whole world’s market for digital assets.
According to information obtained by Sky News, partners from Teneo in the British Virgin Islands have been lined up to handle the bankruptcy of the Singapore-based company that Su Zhu and Kyle Davies founded in 2012.
Grayscale Sues SEC For Rejection Of Bitcoin ETF Proposal
On June 30, the United States Securities and Exchange Commission (SEC) rejected Grayscale’s proposal to convert Bitcoin Trust (GBTC) into a Bitcoin ETF after many renewals. It rejected Bitwise’s proposal to establish a Bitcoin spot ETF. As such, the SEC has yet to authorize the listing of a Bitcoin spot ETF, although Grayscale recently revealed a lot of progress in a meeting with the SEC.
For its part, Grayscale stated that it disagreed with the SEC’s ruling and filed a complaint with the US Securities and Exchange Commission. Accordingly, the Washington DC Court of Appeals filed a petition for reconsideration.
Anonymous Will Bring Do Kwon To Justice
On June 26, Anonymous’ YouTube channel uploaded a video declaring war on Do Kwon, co-founder of Terraform Labs. In the video, the hacker organization mentions the events related to the collapse of LUNA and the eyeballs in Do Kwon’s background.
At the same time, Anonymous announced that it would “go to the end” of the matter and wanted Do Kwon to go to prison as soon as possible.
FTX Refuses To Help Celsius Because Of A Loss Of $2 Billion
According to TheBlock’s source, billionaire Sam Bankman-Fried’s cryptocurrency exchange FTX has decided not to help Celsius, a crypto lending company struggling with liquidity.
Specifically, FTX initially considered investing in or buying back Celsius shares, similar to what they did with Voyager and BlockFi, but changed their mind when they learned of Celsius’ actual financial position. Sources claim Celsius is losing as much as $2 billion. FTX feels it can’t do anything about the situation.
Former Ripple Labs Co-Founder Jed McCaleb Is Running Out Of XRP For Sale
Jed McCaleb, nearing the end of his eight-year half-XRP marathon, has only 81.5 million XRP (worth about $26.5 million) left in his wallet.
According to Jed.tequ.dev, a website that statistics XRP holdings of sharks, McCaleb’s wallet is “tacostand” which sold an average of 4.06 million XRP last month but has increased daily transfers to 7.34 million XRP (worth $2.39 million), as of Sunday, June 26.
El Salvador Spends Another $1.5M “Bottom-Fishing” 80 Bitcoin At $19,000
President Nayib Bukele said El Salvador bought 80 Bitcoins at $19,000 each on Thursday. The Central American country’s last purchase was in May.
Currently, El Salvador holds a total of 2,381 BTC, purchased for an average price of around $43,000. At the current price of BTC, the Bukele government is losing 55% of its investment, which is more than $57 million of the $104 million capital spent to accumulate the above BTC.
Solana Labs Is Building A Smartphone Web3
At an event in New York City, Solana Labs CEO Anatoly Yakovenko revealed the Solana Mobile Stack software ecosystem for Android, along with the look and feel of a smartphone called “Saga” that will ship next week in early 2023. This is the next move that shows Solana Labs placing huge bets on Web3.
Solana Mobile Stack (SMS) is a crypto layer built on Android to make the user’s Web3 experience more seamless. According to the company, the feature will work on all mobile devices, not just Android. This is a toolkit for developers who want to create crypto mobile apps on Solana and SMS is now available for download.
It seems that the crypto market is still facing a lot of difficulties next week when the US stock indexes, as well as the world financial markets, are not very positive. Join CoinCu to receive the latest fluctuations to have a multi-dimensional view of the market.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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