Hi Guys!
We are back with the fourth edition of our top 10 crypto news and update series. As you know, this series includes the most popular and must-know crypto news to keep you updated about the crypto market.
So, let's get going!
Lender turned Bankrupt Celsius Network
Celsius Network, which spurred controversy for halting withdrawals and transfers on June 12th, 2022, has reportedly planned to file for bankruptcy. The lending firm recently shifted to a new law firm involved in the bankruptcy paperwork of other similar institutions. Interestingly, this bankruptcy news surfaced just a few hours after the platform repaid its debt and reclaimed its collateral from Compound, Aave, and Maker. Amid the many uncertainties in the Celsius platform, the fate of funds deposited by its users is still unclear. It is still doubtful if the depositors will get their funds or not. Many American states have already initiated investments against the platform.
Playboy entering into Sandbox
The craze of web3 and Metaverse is more than ever, and now it has taken over Playboy company. The Playboy Mansion, the famous party house of Playboy, is about to get a digital version on The Sandbox platform. This Mansion will host gaming, social events, and future NFT collectibles. Playboy has been building its web3 offering for a few years that involves bunny avatars sold for $800 in the past year. The bunny avatars will enjoy an exclusive experience in the Meta mansion of Playboy in the upcoming time. The popularity of SAND, the native token of "The Sandbox", may rise after this project completes.
The Merge resulting a surge
The next up in our list of Crypto news is the Merge update of Ethereum that will shift its consensus from Proof-of-work to proof-of-stake is coming closer. It indicates that the professional investors seem to have huge hopes for this shift as the Ethereum-based products are experiencing more inflows than outflows for the past three weeks. The surge has been linked directly to the much-anticipated Merge of Ethereum and its excitement among professional Ethereum investors. If this Ethereum update goes as planned, it will significantly boost the scalability of the Ethereum network.
The Twitter deal could not Seal
The famous Twitter takeover of Elon Musk has been a piece of popular crypto news in India for the past few months. In the third part of the top 10 latest crypto news and updates, we mentioned that Twitter shareholders unanimously agreed to this deal with Elon. But recently, he pulled out of this deal due to the lack of information provided by the Twitter team about bots accounts. After the Tesla CEO cancels this deal, the Twitter board may file a lawsuit against him. It would be interesting to see the result of this lawsuit and its impact on the price of coins like SHIBA, DOGE, and BabyDoge, which have Musk as their biggest supporters.
Mastercard to master the crypto payments
Famous financial service firm Mastercard has collaborated with a crypto gateway provider to encourage crypto adoption in Indonesia. This collaboration will focus on the goal of financial inclusion in the country by helping local citizens to connect with digital technology. This project will cover about 92 million people in Indonesia who are not connected to banks yet. This deal can be the game changer in taking crypto adoption to the next level. Along with Mastercard, Visa card has also expressed interest in including crypto as a payment in their network.
No Silver lining for Crypto Mining
While the demand for cryptocurrencies is swinging wildly this year, the supply also does not look very promising. Kazakhstan, considered the best destination for crypto mining, will soon impose higher taxation on crypto miners. According to the bill passed by the Kazakh president, the tax amount will depend on the energy consumed during the tax period. This amount can lie anywhere between 1 Kazakhstani tenge and 10 Kazakhstani tenges. The country has already shut down a few mining firms and has restricted its energy supply for them in winter. Not just Kazakhstan, but Texas, a preferred mining destination, is shutting down mining operations. According to some reliable news sources, the state is expecting a heat wave that will possibly use the maximum energy supply of its power grid. Hence, to avoid overloading, it has halted crypto mining operations temporarily.
Despite the problems associated with the market and mining, Bitcoin is becoming more scalable every day. The latest data shows that the Lightning network capacity of Bitcoin reached a new ATH of over 4200 BTC.
Shiba Doge exchange touching 600M range
While the leading coins are touching new lows every day, meme coins were on a roll. The most popular meme coins, Shiba Inu and Dogecoin, are now becoming the new interest of investors in the bear market. Both these coins crossed over $600 million in 24-hour trading volume combined. It is way higher than any other available meme coin. The social presence and support of a local community are the key reasons for the surge in the hike in SHIBA and DOGE prices.
Polygon makes it to the world of Disney
Disney is making its way into web3, NFT, and Metaverse this year, and Polygon joins it. A total of six companies are joining Disney in its accelerator program, which is a yearly investment to keep Disney at the forefront of technological advancements. This year, the platform is focussing on the Web 3 experience and has chosen Polygon blockchain for this purpose. MATIC, the native token of Polygon, experienced a small rally after this crypto news forecast.
NFT spreading warmth in Crypto Winter
The downward trend in the crypto market has been making headlines for months. But it seems like the craze for NFT has lots of sparks left. A crypto punk #4464 NFT got sold for 2500 ETH, making a whopping $2.6 million. This sale of an NFT at a multi-million dollar price tag made headlines amid the prevailing crypto winter rumours. This NFT is one of 24 apes NFTs.
Saylor is shopping more Bitcoin
The CEO of Microstrategy, Michael Saylor, is super bullish on Bitcoin amid the harsh crypto winds. Saylor bought 480 more bitcoins for $ 10 million at an average cost of $20,817 per coin. It happened when Bitcoin traded in the $18,000-$21,000 range. Now Microstrategy holds 129,699 bitcoins bought at an average cost of $30,664. Saylor has been a devoted supporter of Bitcoin for years and keeps buying Bitcoin dips.
With this update, our fourth crypto news update comes to an end. We will come up with the next part soon.
