Crypto News: A Weekly Review

In the ongoing discussion of whether digital assets would continue to correlate with stocks, particularly from the IT sector, bitcoin, the most valuable cryptocurrency by market capitalization, ether, and the majority of other big altcoins declined more gradually. Recently, BTC was trading around $19,400, about where it was 24 hours prior after bouncing back after an early morning decline.


A little more than a percentage point lower than at the same time yesterday, ether was recently trading slightly around $1,330. With a little red tinge, other major cryptocurrencies traded sideways. ATOM and UNI fell 4% and 3%, respectively. But recently, the prices of XRP and XLM increased by about 7% and 6%, respectively.


The Nasdaq fell over 3% and the S&P 500 fell more than 2% on a day when investors were shaken by the latest bond market turmoil and a U.S. According to a report from the Commerce Department, which uses the conventional definition of two consecutive quarters of negative gross domestic product(GDP), the United States was in a recession. The 10-year Treasury yield has risen to nearly 3.74%, not far from its highest settlement date, while two-year rates remain well above 4%. Let’s take a look at what happened in the crypto world.


Related Article | Bitcoin & Ethereum Market Overview


Why Public Bitcoin Miners Have Generally Performed Poorly Throughout Their Lives


Bitcoin public mining companies have been struggling along with the rest of the crypto market. With the decline in the price of bitcoin, these companies have seen their cash flow decline, driving comes to the brink of bankruptcy. Most public bitcoin miners have been unable to retain any of their net earnings since they were founded. Some public bitcoin miners have been able to go against the grain and have their retained earnings in the green even during these troubled times. Argo is listed as the only public BTC miner with positive retained earnings of $26 million. Most of the companies had significant deficits of varying degrees throughout their lifetimes.


The Importance of NFT Attorneys is Highlighted by Disney’s Latest Web3 Move


The Walt Disney Company is looking to hire a corporate attorney who will provide legal advice and support for global NFT products. This is the latest sign that major corporations are taking notice of what Web3 offers. As the NFT and DeFi industry grows, it will become increasingly crucial for NFT companies to have skilled legal representation. GemSet, a premium NFT company, recently onboarded a team of NFT attorneys in their advisory panel. Attorneys Gai Sher and Eric Galen will be the pillars to hold the legal framework of GemSet. The lawyers will also best advise the Web3 companies on ways to avoid expensive lawsuits.


The same day, a hack causes MEV Crypto Bot to lose $1 million


MEV bot, an Ethereum arbitrage trading bot, amassed a whopping $1 million as a jackpot prize. The joy of its gains was short-lived as events turned out negatively for it some hours later. The bot leveraged a considerable arbitrage opportunity from trader sales. The MeV bot gained about 1,101 ETH after a hacker discovered a vulnerability in its code. This served as the loophole for the exploit through which the hacker approved an arbitrary address for spending. Another exploit on a vanity wallet address just a week after that of Profanity resulted in the loss of some Ether.


Taro has arrived at a lightning speed! Lightning Labs has released the Alpha version of The Code


The initial version of the Taro protocol is available on GitHub, and it enables “developers to mint, send, and receive assets on the bitcoin blockchain”. This is the first step of many and it’s mainly aimed at developers. The feature everyone is excited about is the fusion of stablecoins with the Lightning Network. A developer mints a new Taro asset by making an on-chain transaction that commits to special metadata in a Taproot output. When minting a new asset, the Taro daemon will generate the relevant witness data and assign the asset to a private key held by the minter.


The Year 2022 Will Be Remembered As The Year When Extreme Fear Overtook The Crypto Market


Crypto Fear And Greed Index Continues To Point At “Extreme Fear”. According to the latest weekly report from Arcane Research, the market has continued to be fearful without any breaks for 178 days now. The “fear and greed index” is an indicator that tells us about the general sentiment among investors in the crypto sector. Crypto investors have been fearful for 178 consecutive days now, the longest streak since the metric was created back in 2018. Prior to the relief rally in prices of coins like Bitcoin back in August, the sector saw a record extreme fear run. The current value of the indicator is 20, which means the market sentiment is that of extreme fear at the moment.


BIS Announces CBDC For Cross-Border Transactions Successful Completion


The Bank of International Settlements (BIS) has announced the successful completion of the pilot for the multi-jurisdictional central bank digital currency. The test lasted five weeks with $12 million worth of real-value transactions, facilitating over 160 cross-border payments. Central banks of China, Hong Kong, Thailand, and the UAE participated in the pilot. The Bank for International Settlements (BIS) has completed its first pilot study of the CBDC for cross-border payments. The pilot was conducted on the mBridge platform and involved only Thailand and Hong Kong Central Banks. The BIS will release a detailed report on the project in October.


Sam Bankman-Fried Sets His Sights on Celsius Assets


Celsius allowed users to deposit different crypto assets while offering a percentage yield as a reward. The company could not survive the heat of the prolonged bearish trend. Subsequently, it became bankrupt, stopped all withdrawals on its platform, and filed for bankruptcy. SBF To Bid For Celsius Assets. Following insolvency, a source disclosed that Celsius assets are up for bidding.


The native token of Celsius, CEL, surged by 10% following the SBF statement. However, the token dipped after a few trading hours. SBF had a deal with BlockFi, one of the struggling crypto lending companies. There are reports of SBF’s possible acquisition of Robinhood.


What Will the Ethereum Merge Mean for Trading?


The merge has been a long-awaited upgrade of the digital framework of the world’s second-biggest cryptocurrency, The Merge. By swapping proof-of-work (PoW) for proof-Of-stake (PoS), The Merge has now achieved energy efficiency and scalability. This transformation is equal to the country of Finland closing down its national power grid, according to Digiconomist. The merge has arguably made advances to secure the Ethereum network. In 2022, losses stemming from crypto hacks have skyrocketed by 60% to a staggering combined value of $1.9 billion.


Users who use it can earn rewards through their participation in the network, thereby securing it in the process. Staking, or ‘staking’ a coin on the public chain, provides the chance for holders to earn passive income automatically. APY rates are currently between 3% and 3.8% on most major platforms. Many are hoping that The Merge will lead to more collaboration between the crypto industry and global governments, which will hopefully have a massively positive effect on the value of crypto overall. This is because mainstream adoption of cryptocurrencies is becoming increasingly considered by the highest levels of government. Gas fees – the obligatory fee that comes with any form of transaction carried out on the Ethereum network – often rise dramatically if there is an increased demand for processing transactions.


A Potential Trigger For The Price Surge Of Terra Tokens, According To Do Kwon


The collapse of the algorithmic stablecoin Terra and its ecosystem in May 2022 created a massive crisis in the crypto space. As a result, billions of dollars were lost, and many investors lost faith in crypto. However, the space is experiencing a revival as several crypto assets and firms are picking up their shackles. There has been a previous report that Do Kwon may return to South Korea. This report caused the previous collapsed prices of Terra Classic (LUNC) and the recently released Terra (LUNA). The global leading crypto exchange, Binance, indicated its support for the Terra burning mechanism.


FTX Wins Auction For Voyager Digital Assets Worth Over $1 Billion


FTX has long sought a growth-by-acquisition model with mixed results. The flagship exchange was reportedly in the bidding mix with competitors Binance and CrossTower. FTX’s U.S. division is looking to acquire BlockFi, and can now add Voyager Digital to its list of new assets. Voyager Digital (VOYG) is traded on the OTC market, TSX, and has seen value dilution commensurate with the platform’s downfall. FTX will finalize the acquisition of Voyager’s assets, but the timeline around these processes is still murky. Voyager can still move forward with its Chapter 11 filing and reconcile debtors and former customers.


China reports an all-time low in GPU prices following the Ethereum Merge


The price of graphics processing units (GPUs) in the crypto mining industry has dropped drastically after the release of the latest version of the open source code for the Ethereum platform, proof-of-stake consensus. A Shanghai trader told SCMP that the price of an RTX 3080 card dropped by over 37% in the last three months. China Reports GPU Price Fall To All-Time Low Post Ethereum Merge. Traders noticed a slump in GPU prices as the merge drew near. Analysts estimated that the average price drop of GPUs per week is about 10%. Some reports show that NVIDIA, a large GPU manufacturer, is reducing the price of their GPU for board partners.



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