PRICE CHANGE: WTD/YTD
- BTC ($23,504): -22% / -50%
- ETH ($1,260): -30% / -66%
- XRP ($0.33): -18% / -61%
- UNI ($3.77): -27% / -78%
- Crypto Market Cap ($985B): -21% / -56%
- BTC Dominance: 46%
- ETH Dominance: 16%
STABLECOIN MARKET CAP CHANGE: WTD/YTD
- Tether ($72B): 0% / -8%
- USDC ($54B): 0% / +28%
NFT 3M TRADING VOLUMES
THIS WEEK IN CRYPTO
- The total market cap of cryptocurrencies fell below $1 trillion to levels last seen 18 months ago. Link. Bitcoin fell 18% in the last 24 hours to below $23,000, its lowest value since December 2020. Link.
- The price of ETH flash crashed to $950 after a whale dumped more than 65,000 ETH (nearly $75 million) on Uniswap. It''s believed the seller was trying to cover a MakerDAO loan that was about to be liquidated. The same owner sold an additional 28,000 ETH (roughly $33 million) a few hours later. Link.
- Celsius Network, one of the biggest lenders in crypto and a key player in DeFi, said it was pausing withdrawals, swaps and transfers following weeks of speculation over its ability to make good on the weekly interest rates it pays on crypto deposits which included yields as high as 17%. On its website, Celsius claims to have over 1.7 million users. Link. Link. The company's CEL token dropped 70% in one hour to $0.15 after the announcement. Link. Competitor Nexo issued a public LOI to acquire Celsius's assets.
- Chainalysis released a report saying that Bitcoin’s decline was more closely connected to the slump in tech stocks rather than the UST / Terra crash. Bitcoin’s correlation with tech stocks is a relatively new development. Link.
- Senators Lummis and Gillibrand introduced a bipartisan bill for crypto and digital asset regulation. The bill has relatively lax provisions that would spare the bulk of the industry from falling under the purview of the SEC, instead categorizing crypto as commodities to be regulated by the CFTC. Link. Link.
- The SEC is investigating whether Terra violated federal investor-protection regulations in the wake of it's UST stablecoin collapse. Link. Link.
- Salesforce is piloting NFT Cloud, a service designed for large consumer brands that want to use NFTs for special access such as admission to an event. The cloud service is focusing on consumer, fashion and media and wants to make NFTs more accessible. Brands will be able to buy carbon offsets and use more environmentally friendly blockchains. Link. Link.
- Mattel is partnering with OnChain Studios to bring its IP to the Cryptoys NFT metaverse. Cryptoys are playable, interactive NFT avatars built on the Flow blockchain. Link.
- Binance, the world's largest exchange, paused bitcoin withdrawals for 3.5 hours due to a 'stuck on-chain transaction'. Link.
- The New York Department of Financial Services issued new compliance requirements for issuers of US dollar-backed stablecoins including audits by certified public accountants. Stablecoins must be fully backed by a reserve of assets and there must be clear policies for the redemption of tokens into US dollars within 2 days. Link.
- PayPal users can now transfer crypto from their accounts to other wallets and exchanges. Link. Link.
- BlockFi is reportedly raising a down round at $1 billion valuation, just months after raising at almost $5 billion. The down round comes months after BlockFi settled with the SEC and state regulators over its crypto savings product. Link.
- May saw VC investment of around $3.5 billion in crypto startups - the lowest since last October. Twenty new crypto VC funds were also launched, including a $4.5 billion fund from a16z. Link.
- The crypto Helium wireless network plans to launch 2 new tokens, MOBILE and IOT, to expand rewards to early adopters who run 5G nodes on their phones and laptops, as well as node operators operating a network for IoT devices. Link.
- Bitcoin miners in Texas have been powering down up to 25% of their mining capacity, due to record electricity demand in the state amid a heatwave. Link.
- Abra is launching the first crypto rewards card with American Express, which will allow for crypto rewards back on purchases using an Amex Card. The card will have no annual or FX transaction fees. Link. Link.
- Seth Green paid 165 ETH (around $297,000) to recover his stolen Bored Ape NFT. Green’s Bored Ape NFT was set to be the star of an animated television series called White Horse Tavern. Link.
- PartyDAO, the decentralized organization behind the NFT bidding platform PartyBid, raised $16.4 million in a round led by a16z. PartyBid allows multiple people to buy and own fractions of digital assets by pooling funds and sharing ownership. Link.
- Bloomberg Terminal will now cover 50 cryptocurrencies including bitcoin, ether, binance coin, and solana among others. Link.
- DCG is launching a wealth management subsidiary, HQ Digital which will offer private investments, estate planning, risk mitigation, insurance, among other services. Link. Website.
- The ApeCoin community voted to keep building within the Ethereum ecosystem, rather than move the token to its own blockchain. The vote was close, with 3.8 million APE voting for the proposal and 3.3 million voting against it. Link.
- An Optimism exploiter sniped 20 million Optimism (OP) tokens meant for crypto market maker Wintermute. The attacker sent 1 million coins to Ethereum co-founder Vitalik Buterin. 18 million tokens remain in the attacker's wallet. Link. Link.
- Yuga Labs removed its ability to mint an infinite number of Bored Ape Yacht Club NFTs by revoking the contract owner on the smart contract. Link.
- Samsung US launches a Discord server to support its Web3 plans and NFT distributions. Link.
- Jack Dorsey and Jay-Z are launching The Bitcoin Academy at Marcy Houses, the public housing complex in Brooklyn. The academy will provide education on crypto, with an emphasis on bitcoin, through in-person and online classes. Link.