This Week in Crypto – 11 June To 17 June 2022

With hundreds of new cryptos and NFTs constantly popping up, it's really hard to keep up with all the news and major updates. From 99.99% falls in price and 1000% gains, to updates about crypto regulations in different countries and the latest NFT sales, find the most recent news on the market right now.

Celsius info
Image credit - celsius.network

Trending Coin of the Week - Celsius (CEL)

Celsius is a cryptocurrency loan firm that claims to return 80% of its profits to consumers in the form of rewards. To take out loans, we need to deposit crypto as collateral. Alex Mashinsky, an engineer who was involved in the invention of VoIP, S. Daniel Leon, and Nuke Goldstein formed Celsius. Lenders that donate money to Celsius are paid out of a "Lending Stake Pool" of funds. The interest received from borrowers is allocated among the lenders based on the amount lent and the number of days they participated for in the Lending Stake Pool.

This Week in Crypto - Digital Wallets News
Image credit – Freepik | Digitalwallets.news

After making mistakes, Celsius froze withdrawals. Stakehound overlooked the private keys of more than 38000 ETH, resulting in a 35000 ETH loss for Celsius. Then, after making a mistake, Celsius lost $22 million in reparation money from the Badger DAO breach.

Crypto News
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General

Ethereum Merge To Happen Between August and November

The widely awaited Merge will take place between August and November, according to Ethereum developer Tim Beiko, and only a catastrophic incident or failure will prevent it from happening this year. The Ropsten testnet successfully completed its merging earlier this month.

IOWA State Fines BlockFi

BlockFi Lending LLC has been ordered by the state of Iowa to pay a fine and stop making deceptive representations about the securities it provides. Following an inquiry of its lending products, Iowa ordered BlockFi to pay a $900,000 administrative charge. Contrary to claims made in ads, the authorities revealed that only a tiny fraction of BlockFi’s loans were overcollateralized.

Elon Musk Sued For Ponzi Scheme With DogeCoin

Keith Johnson, a millionaire investor, is presently suing Elon Musk for a Ponzi scheme. Johnson is suing Musk for $258 million, alleging that Musk was involved in a pyramid scheme using the meme cryptocurrency Dogecoin, which he describes as a “fraud that fools the great fools.”

Jack Dorsey Presents Web5

Former Twitter CEO and current CEO of Block, Jack Dorsey, has outlined an innovative plan for a decentralized web based on Bitcoin. Web5, as he calls it, is a decentralized web platform. He claims that Web3 has dead and wishes to behold the birth of Web5.

Celsius Network Suspends All Withdrawals

Celsius, a lending platform that is said to be experiencing a severe liquidity difficulty, has temporarily halted all customer withdrawals. The decision was made just hours after the company’s CEO, Alex Mashinsky, appeared to dismiss any concerns.

Jake Paul Blames Joe Biden for ‘Plummeting Crypto Prices’

Jake Paul, a serial crypto scammer, has blamed US President Joe Biden for a slew of economic woes, including soaring inflation and falling cryptocurrency prices. The fifth allegation was leveled at Biden, who Paul said had “created [a] new incomprehensible language.”

Ethereum Drops Below $1000

Several causes, ranging from the UST/LUNA crash to the general crypto market performance, are likely to blame for the decline in ETH value. The price of Ethereum has dropped more than half since the UST meltdown, and weekly candles have been red for the previous ten weeks.

Fan Token News

Paris Saint Germain Fan Token Surpasses $15 Billion in Volume

Thanks to the worldwide soccer players who represent the French club, Paris Saint-Germain is the most popular global fan token, with double the volume of the second. The signing of worldwide soccer superstar Lionel Messi from FC Barcelona to PSG in August 2021, together with the club’s strong performance in April and May of that year, resulted in a surge in token purchases.”

Global Fan Tokens Surpass $80B in Sales

Despite the severe collapse of cryptocurrencies, Fan Tokens continues to hit new highs, with their all-time sales volume reaching new milestones. In June, total sales were over $80 billion.

NFT

MasterCard Announces New Partnership Pushing Deeper Into Web3

Mastercard joins together with a number of important partners to facilitate NFT purchases without the need for crypto. While Mastercard’s goal is to make it possible to buy NFTs without using crypto, clients will still require a crypto wallet to keep their NFTs. Visa joined the Web3 last year after acquiring a CryptoPunk for $150,000.

Seth Green Buys Back Stolen BAYC for $260K

After paying a $260,000 ransom, actor Seth Green was able to get back his stolen Bored Ape Yacht Club NFT. After a hacker refused to return one of Seth Green’s stolen NFTs, he had to buy it back. He can now return to work on the television show.

Exchange News

Binance CEO Thinks Crypto Winter Is Best Time to Hire

Binance has declared aspirations to hire and strike profitable partnerships in order to rapidly extend its reach. This, according to the founder, is the best moment to grow operations. Due to “prevailing market conditions,” several companies have declared plans to reduce their personnel.

Binance to Cease Support for MimbleWimble-Based Litecoin Transactions

Binance will no longer handle MimbleWimble-based Litecoin (LTC) transactions, citing a growing requirement to fulfill regulatory standards as the reason for the move. Major South Korean exchanges have also said that LTC transactions would not be supported. The attempt by politicians to control the crypto sector includes privacy currencies.

Geo-Based Updates

Bank of America Reveals 90% Planning to Buy Crypto

According to a recent Bank of America study, the majority of respondents (90% of them) will be stocking up this year. 30% of survey participants are currently HODLing their crypto.

Meta To Run Metaverse Experiences in Hong Kong

To demonstrate how the metaverse may be utilized in everyday life, Meta will run virtual reality (VR) and augmented reality (AR) experiences in Hong Kong. In cafés, schools, and cultural institutions, the business will host VR and AR experiences. The business will also collaborate with local creators to use NFTs to publish their work on Instagram.

Bank of Israel, Hong Kong Monetary Authority to Test CBDC

In a pilot for a new central bank digital currency, the Bank of Israel is cooperating with the Hong Kong Monetary Authority. When the joint CBDC project starts in the third quarter, it will use a two-tiered approach. The retail CBDC is being constructed in such a way that intermediaries may manage it without exposing their consumers to financial risk.

Class-Action Lawsuit Filed Against Binance US in Northern California for UST Sales

According to Grayscale CEO Michael Sonnenshein, more pension fund providers are aiming to include cryptocurrency in their clients’ portfolios. Crypto was initially included in a state pension fund in 2021. Other volatile investments have already been used in retirement plans.

Stablecoin News

USDD Stumbles Just Months After Launch

TRON’s recently established stablecoin (USDD) may be in peril only a few months after its inception. Earlier today, the USDD was trading two cents lower than the dollar. TronDAO, however, has undertaken considerable extra reserve acquisitions to alleviate user fears.”

Do Kwon Accused of Manipulating Votes in Terra Community

Do Kwon continues to make waves in the crypto world. A fresh issue is ruining the entrepreneur’s reputation as inquiries into the Terra blockchain proceed. FatMan, one of Terra’s creative team members, continues to keep the public updated on Do Kwon’s growth while keeping a close check on his acts. FatMan sought to confront Do Kwon after discovering this, but he failed to respond.

Tether Refutes Rumors Surrounding Stablecoin Backing

Tether has flatly refuted allegations concerning its commercial paper holdings, stating that they are being propagated to create panic and profit. Tether refuted the assertion that its commercial paper portfolio is backed by Chinese or Asian commercial papers to the tune of 85%. “These rumors are completely false and likely spread to induce further panic in order to generate additional profits from an already stressed market,” the statement read.

NFT and Metaverse Stats of the Week

Top NFT Sale of the Week – Bored Ape Yacht Club #7537 – Ξ 1.02k ($1.2M)

Otherdeed for Otherside NFT
Image credit – opensea.io

Top NFT Collection of the Week – BAYC – Volume – Ξ14922.31 (~$15M)

BAYC stats
Image credit – opensea.io

Top Gaining Metaverse Token – GameCredits (GAME) +50.20%

GameCredits Price
Image credit – coinmarketcap.com

This Week’s Gainers and Losers

Gainers

#
COIN
PRICE
CHANGE
36
Helium
$10.20
 16.79%
42
Bitcoin SV
$56.94
 15.22%
28
Theta Network
$1.14
 1.38%
50
Neutrino USD
$0.9864
 0.21%
100
Gemini Dollar
$1.00
 0.17%

Losers

#
COIN
PRICE
CHANGE
83
Nexo
$0.5975
 40.18%
47
KuCoin Token
$9.13
 36.01%
29
Monero
$102.61
   35.48%
66
THORChain
$1.54
   33.92%
97
Gnosis
$101.04
   33.88%

Disclaimer: The above article has been researched with social media, news and reports. Before relying on our content, conduct your own research, examine, analyze, and verify it. Use or rely on our content at your own risk and judgment. No part of our website is intended to be a solicitation. We are not affiliated with any of the websites, crypto projects, or coins mentioned in this article or post. Digital Wallets News does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.

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