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Crypto Market Highlights July 27, 2022

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Crypto Market Highlights July 27, 2022

  • KuCoin CEO Now Launches β€˜Anti-FUD Fund’ To Take Legal Action Against FUDers. KuCoin CEO Johnny Lyu claims that the company is establishing a β€œAnti-FUD Fund” to find β€œFUDers,” potentially pursue legal action against them, and educate cryptocurrency users on how to spot false information. The first of the three components of the Anti-FUD fund, according to Lyu, is education, which would β€œdeliver knowledge, including what is FUD and how to distinguish it” through online and offline platforms.
  • Harmony Community Strongly Opposes The Decision To Mint $4.97B ONE Token For Compensation. The team behind theΒ HarmonyΒ blockchain project has proposed theΒ minting of up to 4.97 billionΒ worth of its nativeΒ token ONEΒ to compensate victimsΒ of theΒ $100 million Horizon Bridge hackΒ in June.Β  The proposal has been met with a significant amount of backlash from members of the community, with many highlighting concerns that such a large issuance of new tokens would result inΒ inflationary pressureΒ on the asset and bring its value down.
  • Uniswap Whale Boosts UNI Token Accumulation. SantimentΒ noted thatΒ addresses holding between 10,000 and one millionΒ Uniswap added 10.74 million UNIs to their holdingsΒ betweenΒ July 8 and July 24, representingΒ 1.1% of the total asset supply. According to the analytics firm, the 16-day UNI accumulation by key stakeholders equates to more thanΒ $74.3 million.
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  • Binance Has Legal Troubles In The Philippines Market. Earlier this week,Β Infrawatch PHΒ filed aΒ 12-page complaintΒ calling theΒ Philippine Securities and Exchange Commission (SEC)Β to crack down on Binance’s activities in the country. According to Infrawatch PH,Β BinanceΒ has been operating in theΒ PhilippinesΒ for the past few years without the authorities’ approval.
  • Inflows Into Crypto Investment Last Week Reached $30 Million. CoinShares said this week that $30 million had been recorded as inflows into digital asset investment products, bringing the total amount since the beginning of the month to $394 million and total assets under management back to levels seen in early June 2022 of $30 billion.
  • Polygon’s Average Cost Per Transaction Decreased By 49% In Q2. In its most recent release, Polygon published its Q2 statistics. The network’s average cost per transaction dropped by 49% to $0.018 in Q2, which Polygon highlighted as evidence of its success despite the current weak market in cryptocurrencies. Following this,Β Polygon also had a 12.0% rise in the number of unique addresses created in Q2, totaling 5.34 million. Along with network income of $5.56 million, the network also reported that total Q2 transactionsΒ climbed by 4% to 284 million.

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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