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Bitcoin price climbed above $24,000, Vauld crypto lending platform owed $402 million to creditors, Tesla sold 75% of its BTC and other highlights of the week leading up
Bitcoin price climbed above $24,000, Vauld crypto lending platform owed $402 million to creditors, Tesla sold 75% of its BTC and other highlights of the week leading up to it.
On July 19, the bitcoin exchange rate crossed $23,000 and the next day it hit its highest level since the start of summer above $24,000. More than $1,600.
According to Glassnode analysts, after the waves of capitulations in May-June 2022, bitcoin prices remained below the realized price for a month. Experts noted that this is a sign of bottom formation.
At the time of writing, Bitcoin price is around $22,731 while Ethereum is at $1,595.
All digital assets in the top 10 by market cap closed the week in green. Ethereum showed the best dynamics – in seven days the price of the cryptocurrency rose 17.5%.
The total capitalization of the cryptocurrency market has exceeded $1 trillion. Bitcoin Dominance Index dropped to 39.9%.
According to the report, by the end of the second quarter of 2022, electric car maker Tesla has cashed out about 75% of its own bitcoins, clearing $936 million.
According to Elon Musk, the sale of the cryptocurrency was due to the need to increase liquidity during the era of anti-covid restrictions in China. The company continues to hold Dogecoin.
Bankrupt hedge fund Three Arrows Capital (3AC) owed $3.5 billion to dozens of investors, according to a court filing. The Genesis OTC platform was the largest creditor with $2.36 billion.
Other investors include Digital Currency Group, Voyager, Algorand, DeFiance Capital, Celsius Network, BlockFi, Moonbeam Network, Galaxy Digital, BitGo, SBI Crypto, CoinList, 3AC co-founder Su Zhu ($5 million) and corporate subsidiary Three Arrows Capital. . Limited ($25 million).
In an interview with Bloomberg, 3AC co-founders Su Zhu and Kyle Davis attributed the hedge fund’s collapse to overconfidence and what caused the problems. Both are planning to move to Dubai due to death threats.
Under the Celsius Network reorganization plan, creditors will be paid out of profits from mining subsidiary Celsius Mining. At the hearing, Celsius lawyers asked the court to approve the additional cost of more than $5 million to complete the construction of a cryptocurrency mining facility in Texas. According to them, it will take another two months.
Celsius CEO Alex Mashinsky said the company had $4.3 billion in assets as of July 13. His debts to customers and creditors totaled $5.5 billion.
Credit platform Vauld, which has ceased its operations, disclosed in court documents the amount of outstanding debt. Retail investors accounted for $363 million of the total $402 million, with the firm returning no more than $34 million to one of them and no more than $10 million to the other three.
At the annual EthCC community conference in Paris, Vitalik Buterin presented the long-term prospects for the development of the project after the transition to the Proof-of-Stake (PoS) algorithm.
Other updates include implementing sharding and expanding the use of Aggregations, which will increase network throughput to 100,000 transactions/second in the future. Other aspects include changes in monetary policy, security model and transaction execution.
This week, analysts pointed to the popularity of the second-largest cryptocurrency, with capitalization among retail and institutional investors. JPMorgan attributed the market recovery to the growing interest in Ethereum in anticipation of the transition to the PoS algorithm. The Cumberland OTC platform has confirmed institutional customers’ interest in the asset.
On July 20, Thai cryptocurrency exchange Zipmex suspended the withdrawal of funds. The company showed “coincidences” beyond its control, which arose as a result of volatile market conditions and financial difficulties for key business partners.
But a day later, the platform announced a partial resumption of withdrawals.
On July 24, the platform said it had received an offer for a deal in which an unnamed third party would help the company “save” the business.
Galaxy Digital CEO Mike Novogratz said that “greed, ignorance and inept risk management” has led to the crypto market’s decline. According to him, the collapse of the Terra ecosystem and the problems of the Celsius Network, Voyager Digital and 3AC made the entire industry look like “a bunch of idiots”.
Mojang Studios, the studio behind Minecraft, said it “does not support or allow” the integration of blockchain technology and NFT into the game, as collectible game items create “scarcity and privilege.” This is against Minecraft principles which aim to provide the same content to all players regardless of the server used.
Epic Games CEO Tim Sweeney took the opposite stance. He stated that the digital video game store has no plans to abandon projects that use NFT. According to him, developers should decide for themselves how to build their products.
In June, public mining companies sold a total of about 14,600 BTC, representing 23% of total Bitcoin holdings. From January to April, the norm was the sale of 20% – 40% of the mined cryptocurrency, in May for the first time miners sold 100% of the digital gold produced. In June, this figure exceeded 400%.
This week, North American public miners and other industry participants (45 in total), who are part of the Bitcoin Mining Council organization, released a quarterly report on the status of the segment.
According to them, in April-June 2022, the computing power of the network increased by 137% and energy consumption by 63%. Mining efficiency increased by 63% during the year. The share of green energy in miners’ consumption increased by 6% during the year, reaching 59.5% (compared to 66.8% for BMC participants).
The media reported that since July 19, cryptocurrency exchange Coinbase has temporarily closed its influencer marketing program in the United States.
Gemini, the Winklevoss brothers’ trading platform, took a second wave of cuts to 7% of its employees.
Exchange and cryptocurrency wallet operator Blockchain.com laid off ~150 employees (~25% of the total) and cut salaries of top executives. The company will also end a number of initiatives.
Also on ForkLog:
Not all crypto projects will survive the bear market. Some will leave the top 100 forever with capitalization, and the industry will quickly forget most of them. We have prepared for you an informative quiz that will help you remember or recognize the logos and labels of cryptocurrencies.
Education cards explained what Curve Finance, Etherscan and GameFi are. They also explained how to use the Hash Ribbons indicator.
Traditional recaps gathered the week’s main events in the areas of cybersecurity and artificial intelligence.
The cryptocurrency industry is attracting a growing number of institutional players. This is evidenced by new investments in infrastructure and the growing interest of companies in bitcoin as an asset class. The most important events of the last weeks are in the ForkLog review.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
