Weekly Crypto Market Update Reports (July 2nd- 8th, 2022): Crypto companies race to bankruptcy

Another week filled with news surrounding the Three Arrows Capital and Celsius aftershocks as Voyager also filed for bankruptcy; BlockFi finally announced $400 million in debt from FTX; Vasil Hard Fork is in the process of launching on Cardano; Big companies like Circle are also under pressure from rumors and the NFT market is still quite active. Let’s review what happened last week with CoinCu through market statistics and outstanding news.

Market figures for the week

The crypto market’s capitalization is still up but hasn’t reached $1,000 billion yet: The market’s capitalization recorded a peak on July 8 but only at $973 billion. The average market cap for the week stood at $908 billion.

Trading activitydropped significantly: The market trading volume peaked on July 2 at $70 billion, but the following days only recorded at between $38 billion and $64 billion. The trading volume of the market per week is $387 billion, down 23% compared to the previous week.

The Cryptocurrency Fear & Greed Index: The index recorded a significant improvement from 11 points on July 3 to 20 points on July 8.

Bitcoin’s volatility is down to 5.43% from last week’s 6.98%.

Interesting news of the week

BlockFi Admits To Borrowing $400 Million From FTX

After denying the information of selling BlockFi to FTX for $25 million, the company’s CEO Zac Prince on July 2 revealed details of this loan deal. Lending company BlockFi has finally provided details of a loan agreement from billionaire Sam Bankman-Fried FTX.US exchange, known for a loan of up to $400 million.

Three Arrows Capital Filed For Chapter 15 Bankruptcy In New York

Crypto hedge fund Three Arrows Capital has filed for Chapter 15 bankruptcy in a New York court.

The US Bankruptcy Court for the Southern District of New York received the petition of 3AC. The Friday news comes as the crypto hedge fund’s financial issues continue to worsen. A British Virgin Islands court has designated advisory firm Teneo to handle liquidation. Last Thursday, financial regulators sharply criticized the company.

Voyager Digital Files For Bankruptcy

Cryptocurrency lender Voyager Digital filed for bankruptcy on July 5, 2022, becoming the second company after 3AC to declare bankruptcy in recent times. The company filed for Chapter 11 bankruptcy protection in the United States District Court for the Southern District of New York on the evening of July 5, 2022 (US Eastern Time).

Cardano’s Vasil Hard Fork Set to Launch on Testnet

According to recent updates shared by Cardano’s IOHK, the Vasil hard fork is expected to happen on the ADA testnet on Sunday, July 3.

The countdown for the Vasil mainnet upgrade began when IOHK revealed it has submitted an updated proposal to hard fork the ADA testnet during the week. The tentative timing of the Vasil mainnet hard fork is the last week of July because exchanges and SPOs (stake pool operators) require at least four weeks of testing following testnet deployment.

Crema Finance On Solana Was Hacked, Losses Amounted To $8.7 Million

Crema Finance – the liquidity aggregator platform on Solana has recently become a victim of hackers when attacked. The initial amount of damage was estimated at $8.7 million.

However, according to recently recorded news the attacker to the Crema Finance protocol returned most of the funds to the project and kept a small amount as a reward.

CEO Jeremy Allaire Denies FUD About Circle

According to CEO Jeremy Allaire, Circle – the world’s second-largest stablecoin issuer USDC is in “the strongest financial position”.

The statement comes amid increased scrutiny of stablecoins following the failure of the UST in May, and observers calling for more transparency on assets that support the US dollar-pegged cryptocurrency.

Jeremy Allaire said Circle has strong liquidity and capital base, helping to allay market concerns about the company losing millions of dollars in revenue as a result of paying certain banks a certain percentage to hold its assets surname.

Celsius Pays Off Maker Loan, Freeing Up $449 Million Of Collateral

The Celsius lending platform on the afternoon of July 7 closed a huge loan on Maker and withdrew all collateral. This lending company completed the return of $41.23 million of stablecoin DAI to Maker and closed the vault borrowing money from this DeFi protocol.

At its peak at the end of June, the loan order on Maker amounted to 224 million DAI, collateralized by 23,962 WBTC, which is Bitcoin tokenized on Ethereum.

Ethereum Name Service (ENS) Registrations Spike 216% In One Week

Secondary sales on OpenSea meanwhile exceeded $7.9 million over the same period. The Ethereum Name Service (ENS) saw registrations spike over the weekend, with 64,000 .eth names created on the 2nd and 3rd of July.

Reddit Launches NFT Avatar Marketplace On Polygon

After nearly half a year of testing the feature to set NFT as an avatar, the day has finally come for Reddit’s NFT marketplace to be launched.

Social network Reddit’s Polygon-based collectible avatar marketplace – allowing users to purchase blockchain-based profile pictures for a fixed rate – is open for business, the company said Thursday.

Bitcoin seems to be holding its ground above its $20,000 level, or it could be said that some platforms like Celsius have bolstered confidence in the market as it strengthens its assets. Whether the market will continue to favor the bulls, let’s follow CoinCu and stay up to date with the latest news.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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Harold

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