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.
JUST IN: CPI YoY hits 9.1%
— Blockworks (@Blockworks_) July 13, 2022
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!
🔊 #CPI results will be released today.
Do you think #inflation will continue rising? 💭
— Krystal DeFi (@KrystalDefi) July 13, 2022
The crypto markets took a beating as the soaring rate indicates that the Federal Reserve may raise interest rates again.
On July 13th, inflation happens to be 0.3% higher than expected, the euro went below the American dollar for the first time in 20 years, and Bitcoin fell by $800 dollars in minutes.
Are you superstitious? https://t.co/dGaPZMW17V
— Cointelegraph (@Cointelegraph) July 13, 2022
Celsius files for bankruptcy 💸
One month after pausing withdrawals, Celsius has filed for Chapter 11 protection, which may result in bankruptcy.
Moments ago, @CelsiusNetwork filed voluntary petitions for Chapter 11 protection and announced that the company initiated a financial restructuring. https://t.co/vf5wsT6TMp
— Celsius (@CelsiusNetwork) July 14, 2022
This is similar to another crypto lending platform, Voyager, that has faced a similar fate.
After filing for Chapter 11 bankruptcy earlier this week, the FDIC announced that it is investigating Voyager Digital over misuse of the FDIC logo and misleading its customers to believe their funds were insured by the agency: https://t.co/NXVUtrtITv by @marigra21sl
— Forbes Crypto (@ForbesCrypto) July 9, 2022
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.
G20 regulators call for new global rules on cryptocurrencieshttps://t.co/VCsIivmyRL
— The Block (@TheBlock__) July 11, 2022
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.
If you are a resident of the UK, the parliament wants to hear what you think about crypto.
The Treasury Committee of the House of Commons will receive written evidence until September 12th to consider the pros and cons of blockchain technology. https://t.co/cW8QIQ62Lg
— Cointelegraph (@Cointelegraph) July 13, 2022
Crypto 🤝 Sports
Another partnership has been forged between a crypto company (OKX) and a football club (Manchester City).
The training kit of Champions 🏆 just dropped 🙌#OKX is proud to be @ManCity's Official Training Kit Partner for 2022/23 season!
Better future: Game on! ️⚽️#OKXManCity
— OKX (@okx) July 11, 2022
OKX will now be Manchester City’s training kit partner for the men’s and women’s teams in the upcoming football season.
Man City have signed a new deal with crypto company OKX, who will now be branded across all of their training kit (and eg the jacket Haaland wore yesterday) https://t.co/bIXdJuFUx9
— Simon Bajkowski (@spbajko) July 11, 2022
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.
Terra is gone, but the projects live on.
More than 48 different crypto projects formerly based on the failed ecosystem have found a resurgence by migrating over to Polygon. https://t.co/k3jmmMgGht
— Cointelegraph (@Cointelegraph) July 11, 2022
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.
1/ The future of web3 is not about who wins, but how we help each other. 🤝
That is why @0xPolygon & Polygon Studios will team up with @OnePlanet_NFT, a premier marketplace to help onboard Terra-based projects to Polygon. pic.twitter.com/J2qsu8NpZ6
— Polygon Studios (@polygonstudios) May 25, 2022
Moreover, Polygon was selected to be in the Disney Accelerator Program, which aims to accelerate the growth of innovative companies.
Raise your hand if you remember your first Disney experience like it was yesterday 🙋🏻♀️ #disneyfeels
We are excited to announce that Polygon has been chosen to be a part of the Disney Accelerator program 🎉https://t.co/hk6gZziy8X
— Polygon – MATIC 💜 (@0xPolygon) July 13, 2022
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.
Krystal's BIGGEST. UPDATE. YET. 🚀
1️⃣ Now supporting your #DeFi needs on @0xPolygon
2️⃣ Start earning passive income on @BinanceChain (w @VenusProtocol)
3️⃣ 3 new @Ethereum DEXs (@KyberNetwork DMM @SushiSwap @UniSwap V3)Read more: https://t.co/C0x0INo665 pic.twitter.com/TSuxjyI9jc
— Krystal DeFi (@KrystalDefi) August 10, 2021
🏦 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).
CoinShares announced the listing of its physically-backed staked Algorand ETP on Xetra, the electronic trading platform run by Germany’s exchange operator Deutsche Boerse. https://t.co/EoRazfy6Nw
— Cointelegraph (@Cointelegraph) July 14, 2022
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.
M1 Finance CEO and founder Brian Barnes stated the move to support digital assets came after nearly 50% of the customer base reported interest in getting crypto exposure. https://t.co/hLqECdBOme
— Cointelegraph (@Cointelegraph) July 12, 2022
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.
Introducing Robinhood Crypto. Invest in Bitcoin and other cryptocurrencies commission-free on the Robinhood platform, 24/7. #DontSleep. Get early access https://t.co/28TamoX4rO pic.twitter.com/MiQ9xnsoaq
— Robinhood (@RobinhoodApp) January 25, 2018
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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