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.
Trending Coin of the Week - Solana (SOL)
By combining the Proof-of-History and Proof-of-Stake consensus algorithms, the Solana smart-contract platform was created to be quicker and accommodate more transactions per second. As a result, processing times are extremely fast. Anatoly's Loom, subsequently called Solana, can expand to 50,000–65,000 TPS, while typical blockchains like Ethereum and Bitcoin can only handle an average of 15 tps (transactions per second).
Solana launched the world’s first Web-Scale decentralized network as it completed its $20 million raise. Solana announced this as soon as the Series A round that was led by Multicoin Capital, with also from Distributed Global, Blocktower Capital, Foundation Capital etc finished.
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FTX CEO: Fed Interest Rate Increase Was the Primary Cause of the Market Crash
Sam Bankman-Fried, the CEO of FTX, said this in an interview with NPR. He asserted that the market fall was mostly caused by the Federal Reserve’s decision to raise interest rates quickly. He acknowledges that the Fed is in a tough situation, but he does not condemn it.
Tether Prepares For a Full Audit.
With $68 billion in assets, Tether is the largest stablecoin in the world. In order to increase the transparency of its USDT reserves, it will conduct a thorough audit with a top 12 accounting firm. It happens at a time when USDT has been progressively losing market share as a result of several redemptions in recent weeks.
Crypto Lender BlockFi Secures $250 Million Credit Line from FTX
As it tries to boost liquidity and stave off the fellow lender Celsius, crypto lender BlockFi has temporarily received a $250 million revolving credit line from FTX with access to extra capital. The necessity for the credit line resulted from BlockFi’s recent investment round, which had difficulty raising $100 million.
To Help With Liquidity Amid Market Downturn, Bitfarms sells 3000 BTC
In response to a recent market crash that is eroding miners’ revenue, the world’s largest cryptocurrency mining company, Bitfarms, has abandoned its hodling strategy and is instead selling 3,000 bitcoins for $62 million. Less miners are now active, according to recent stats from Blockchain.com, as smaller miners struggle with market challenges and rising energy costs.
Polygon Asserts They are Carbon Neutral
On the path to being carbon negative, the milestone was reached. By permanently retiring $400,000 worth of carbon credits, they’re heading towards achieving this. In an endeavor to reduce greenhouse gas emissions by 104,794 tonnes. Since the blockchain’s inception, this much has been released.
According to a Study, Criminals and Terrorists have used Dogecoin
The meme coin has becoming more widely used as a form of payment globally, according a recent research by the blockchain analysis company. Sadly, it has also been applied to a number of illegal acts. While fraud, swindles, and Ponzi schemes make up the great bulk of this activity, Elliptic observes that it also contains some of the most serious forms of criminal conduct, such as funding for terrorism and the distribution of materials depicting child sexual abuse (CSAM).
Mark Zuckerberg launches Meta Pay
As a “first step” toward developing a wallet for its own version of the metaverse, Meta has renamed its Facebook Pay digital wallet as Meta Pay. Users will be able to buy things in the metaverse using the digital wallet. Recently, open metaverse standards were released by Meta and numerous other businesses.
Ronin Hack Victims to Receive Compensation from Axie Infinity Developer
The play-to-earn game Axie Infinity’s creator, Sky Mavis, has said that it will compensate the Ronin bridge hack’s victims and reopen the bridge the next week. One of the most important events this year was the hack of the Ronin bridge. Despite the onslaught, Axie Infinity and Ronin have maintained their success well.
New Short-Bitcoin Strategy ETF to be Released by ProShares
To mirror the opposite behavior of the S&P CME Bitcoin Futures Index, ProShares will launch a short Bitcoin futures exchange-traded fund on the New York Stock Exchange tomorrow. Michael Sapir, CEO of ProShares, is optimistic that futures markets will continue to closely follow asset prices.
Harmony (ONE) Falls After $100 Million Hack
The Horizon bridge was the scene of a theft, according to a statement by Harmony. The hacker’s Ethereum address received about $100 million in various crypto assets as a result of the attack. All things considered, Harmony’s native token, ONE, has not sustained much harm.
Binance and Cristiano Ronaldo Agree to an Exclusive Partnership
Ronaldo and Binance will develop NFT collections as their partnership progresses. Only the Binance NFT platform will offer these. Later in 2022, the first collection will go live. It will have artwork made in collaboration with Ronaldo.
Crypto Casino Stake Signs Record Deal With Everton Football Club
Everton FC of the English Premier League is said to have secured a multi-year agreement with the casino and sports betting firm Stake.com in another crypto-sports relationship. “The most valuable front-of-shirt agreement in the club’s 144-year history” is how the relationship is referred to. Stake previously collaborated with pop musician Drake and held a $1 million Bitcoin giveaway.
NFTs Can Now be Displayed on Your Apple Watch Face
Apple Watch wearers may now use their preferred NFTs as their watch face thanks to American business Zelf. By tomorrow, 50 million Americans may have NFT watch faces. ZELF say that 100 million Apple Watch wearers worldwide “will soon be able to bridge their non-fungible token collections of digital art to their watch faces.”
With the Acquisition of KnownOrigin, eBay Delves Further into NFTs.
As it expands its push into the NFT ecosystem, the world’s largest online retailer eBay has announced the acquisition of non-fungible token marketplace KnownOrigin. In the latter part of May, eBay also debuted its own NFT line.
Bitcoin Skeptic Appointed As Sweden's New C.Bank Governor: Erik Thedéen
Erik Thedéen, the current head of Sweden’s national financial regulator and a critic of bitcoin, was selected as the central bank’s new governor. Thedéen earlier demanded that Proof-of-Work bitcoin mining be outlawed throughout all of Europe.
Bitpanda, Austrian Crypto Exchange, Reduces Workforce By A Third
As it prepares for an unpredicted crypto winter, Bitpanda eliminates nearly a third of its personnel. The business will help the impacted employees. Interest rate fluctuations and a drop in trade volume are two major challenges facing cryptocurrency exchanges.
FBI Alerts Users To Crypto Scammers On LinkedIn Posing A Serious Threat
Users of LinkedIn have been advised by the Federal Bureau of Investigation to exercise caution around cryptocurrency fraudsters because they pose a serious threat to the social media network. The police claim that these con artists utilize a variety of methods to cheat their victims. In order to reduce the usage of the site for scams, LinkedIn has disclosed that it is working with the FBI on it.”
UK Treasury Abandons Plans to Introduce KYC on Unhosted Wallets
The UK Treasury has changed its mind on requiring all crypto fund senders to provide data that identifies the receivers of such funds. Various countries are attempting to regulate unhosted wallets.
Iranian Cryptocurrency Miners will Experience Blackouts as Mining Loses
Iran’s government has declared that as of June 22, energy will no longer be available to any crypto miners working there. As the values of both assets fall, mining Bitcoin and Ethereum becomes increasingly unprofitable.
Russian Energy Giant Taps BitRiver to Mine Bitcoin Using Flared Natural Gas’
The third-largest oil producer in Russia signs a contract for the installation of mining operations on oil fields with green cryptocurrency hosting business BitRiver. On Thursday, the St. Petersburg International Economic Forum approved the alliance.
NFT and Metaverse Stats of the Week
Top NFT Sale of the Week – CryptoPunk #8531 – Ξ 825 ($873.59k)
Top NFT Collection of the Week – CryptoPunks – Volume – Ξ13292.7 (~$16.5M)
Top Gaining Metaverse Token – Medacoin (MEDA) +165.84%
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