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Krystal Newsflash (15th July 2022)

●   3 min
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Welcome to our recap of the major stories in the crypto world! Here’s what has happened over the past week:

Inflation gets worse 🔥

The Consumer Price Index (CPI) for June was announced, and things aren’t looking good.

This is the highest inflation rate we’ve experienced in 4 decades (since 1981).

In fact, most of you predicted that inflation will continue to rise!

The crypto markets took a beating as the soaring rate indicates that the Federal Reserve may raise interest rates again.

Celsius files for bankruptcy 💸

One month after pausing withdrawals, Celsius has filed for Chapter 11 protection, which may result in bankruptcy.

This is similar to another crypto lending platform, Voyager, that has faced a similar fate.

You can find out more about what happened to these centralised platforms here,

📝 More calls for regulation in crypto

The Financial Stability Board (FSB) will be submitting a report to the G20 Finance Ministers and Central Bank Governors in October to advise how cryptocurrencies and stablecoins should be regulated.

Due to the recent bear market, the FSB has called for greater measures to ensure financial stability for these volatile assets.

Regulation has been a big theme during this period, as UK regulators are looking for public opinion on regulating cryptocurrencies.

Crypto 🤝 Sports

Another partnership has been forged between a crypto company (OKX) and a football club (Manchester City).

OKX will now be Manchester City’s training kit partner for the men’s and women’s teams in the upcoming football season.

Despite the bear market, it seems that crypto companies are still pumping in money to increase brand awareness, particularly in the sports industry.

Polygon ⏫

There have been significant updates to the Polygon network.

Multiple projects from the fallen Terra ecosystem have migrated to the Polygon network.

You can find out more about the recent Terra crash in our article here.

This was mainly due to the multi-million dollar Terra Development Fund to help these projects with the migration.

Moreover, Polygon was selected to be in the Disney Accelerator Program, which aims to accelerate the growth of innovative companies.

This year, the Disney Accelerator class has a huge focus on augmented reality (AR), non-fungible tokens (NFTs), and artificial intelligence (AI) technologies.

Polygon is one of the 10 different networks that you can use on Krystal, and you can swap, store and send assets on this network with the convenience of one app.

🏦 Buy staked Algorand on the German stock exchange

An exchange-traded product (ETP) for staked Algorand was launched by CoinShares on the German stock exchange (Deutsche Boerse).

This ETP will purchase and stake the ALGO token, which allows you to earn 2% staking rewards on the token.

Another cryptocurrency that will soon use a Proof-of-Stake consensus mechanism is Ethereum, and you can find out more about The Merge here.

✅ M1 Finance now offers crypto

American company M1 Finance will now add cryptocurrency investment accounts to their application.

CEO and founder Brian Barnes cited ‘strong consumer demand’ as the main reason why they have made this move.

As this feature gets rolled out, you will be able to trade cryptocurrencies without any commissions, which is similar to another US investing company: Robinhood.

What do you think will happen in the crypto markets due to inflation? Can Celsius recover and honour all withdrawals? Tweet us or send us a message on Telegram to let us know!

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