This Week In Crypto – 23 July To 29 July 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.

Fantom info
Image credit - fantom.foundation

Trending Coin of the Week - Fantom (FTM)

Fantom is a platform for smart contracts that uses its own aBFT consensus algorithm, Lachesis, and boasts high transaction speeds. The time and sequence of the transactions taking place can be agreed upon by the nodes in asynchronous Byzantine Fault Tolerant networks. This Layer 1 blockchain technology has the ability to resolve the blockchain trilemma. Scalability, security, and decentralization are all features that it can provide. Fantom offers excellent security to their network by utilizing the leaderless Proof-of-Stake consensus technique. The ability to create dApps and compatibility with the EVM is also made possible by Fantom's mainnet, Opera, which is secured by Lachesis.

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

Fantom’s token, FTM, serves as both a governance token and a prerequisite for users who want to join the network. It is available as a native token, an ERC-20 token and a BEP-20 token. We may become a validator node by staking 3.175m FTM (about $1M) and through having technological expertise. Additionally, transaction fees and other costs, such as those for deploying smart contracts, building new networks, etc., are paid using FTM. The exceptionally cheap transaction cost in Fantom, which shows the platform’s many benefits, is a mere $0.0000001. Fantom has a total supply of 3.175B tokens, in which 2.1B are in circulation. This is so that the remaining tokens can aid in distributing staking rewards for the network. To stake in Fantom, we can use their own wallet, Fantom fWallet.

Crypto News
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General

For alleged sanctions violations, Kraken is under investigation.

According to the New York Times, the Office of Foreign Assets Control of the United States Treasury is looking into whether Kraken violated sanctions. The agency is looking into whether users in nations subject to sanctions were able to purchase and trade cryptocurrency. Lawmakers are getting more and more worried about how cryptocurrency may help people escape penalties.

Rumors suggest that FTX is in talks to acquire Bithumb.

Bithumb is a well-known South Korean exchange that FTX may be purchasing. Uncertainty surrounds whether any purchase by FTX would result in antitrust problems. Bithumb ran afoul of antitrust regulators last year when it was named as one of twelve South Korean cryptocurrency businesses with exclusionary reasons, exempting them from paying out penalties to customers.

Barclays puts millions of dollars into Copper, a cryptocurrency custody company

Barclays PLC, a leading global provider of financial services, declared that it will invest millions of dollars in cryptocurrency company Copper. This is at least Barclay’s second investment in a business involved with cryptocurrencies. In May 2022, Barclays made a prior investment in Elwood Technologies, a developer of cryptocurrency trading software.

Crypto-related stocks see inflows of nearly $1 billion dollars

Due to a rebound in retail investing, equities tied to cryptocurrencies experienced inflows of around $1 billion last week, according to a VandaTrack analysis. Retail investors have gravitated toward mining equities in particular as a result of their return to Bitcoin.

Tesla reveals a $170 million bitcoin impairment loss in its 10-Q filing

Tesla, an electric vehicle manufacturer, took an impairment charge of $170 million on the carrying value of its bitcoin holdings. This came after it was revealed that the corporation had liquidated 75% of its assets in bitcoin last week. In order to improve its cash situation following the closure of its Shanghai manufacturing while China deals with an increase in Covid-19 cases, Tesla sold $936 million worth of bitcoin last week.

By 2030, Boston Consulting Group forecasts 1B cryptocurrency users

By 2030, there will be one billion crypto users, according to the Boston Consulting Group. They say, the rise of cryptocurrency acceptance depends on crypto exchanges becoming more widely used. Retail investors’ portfolios continue to be dominated by investments in conventional assets.

Lido DAO votes against selling Dragonfly Capital 10 million LDO tokens.

The community of Lido Finance, a third-party staking pool operator and decentralized finance (DeFi) platform for Ethereum (ETH) 2.0, voted against a plan to sell LDO 10 million tokens to Dragonfly Capital for DAI 14.5 million.

Harmony Wants to Mint Billions of ONE Tokens to Pay Users Affected by the Hack

Harmony, in order to compensate the victims of the Horizon bridge attack, which saw around USD 100 million in user cash stolen, has offered to mint billions of its ONE tokens.”The amount of ONE distributed will be based on the USD value of tokens lost across impacted wallets from the time we perform a snapshot,” the team said.

Metaverse

FTC Sues Meta Over Purchase of VR Fitness App

To prevent Meta from acquiring the virtual reality fitness app Supernatural, the Federal Trade Commission filed a lawsuit. According to the FTC, Meta is attempting to buy its way to the top. It opposes CEO Mark Zuckerberg buying Supernatural in order to gain market dominance.

Regulations

Voyager ordered to remove false statements by US regulators

Voyager had made “false and misleading claims” about FDIC insurance and coverage, according to the authorities. It demands that Voyager take down all associated statements and submit documented proof of compliance. Voyager has not yet made an official remark about the development.

Regulation Across the EU Encourages Crypto Exchanges to open shop

Cryptocurrency exchanges have been rushing to open in anticipation of EU-wide rules harmonizing the union’s approach to digital assets. Over the last week, officials in Italy granted registrations to both Crypto.com and Coinbase as virtual asset providers.

US Senators Introduce a Bill to Exempt Cryptocurrency Purchases Under $50 from Taxes

Senators from the US have submitted a new plan to exclude minor cryptocurrency transactions from taxes. The goal of the Virtual Currency Tax Fairness Act is to do away with capital gains tax on transactions worth under $50. Recently, a number of bills pertaining to cryptocurrencies have been presented.

Geo-based updates

Beginning in August, Brazil's Biggest Brokerage Will Let Customers Trade Crypto

The biggest brokerage in Brazil, XP, has declared that it would provide select clients access to its Xtage cryptocurrency trading platform in August. Only Bitcoin and Ethereum will be accessible at first, but by the beginning of 2023, 10 different digital assets will be. In Brazil, a number of banks are starting to provide cryptocurrency services.

Santander Brazil announces the launch of its cryptocurrency trading platform

In the upcoming months, Banco Santander subsidiary Santander Brazil will provide institutional and private clients with services relating to cryptocurrencies. Due to competition, Brazil is seeing lenders enter the cryptocurrency market.

Bank Board of Central African States Calls for Adoption of Standard Digital Currency

The regional financial regulator has been encouraged by the board of the Bank of Central African States to develop a standard digital currency for the area. Despite the obstacles preventing cryptocurrency proliferation on the continent, Africans have continued to utilize it.

NFT and Metaverse Stats of the Week

Top NFT Sale of the Week – CryptoPunk #8595 – Ξ145 ($237.81k)

CryptoPunk NFT
Image credit – opensea.io

Top NFT Collection of the Week – Otherdeed for Otherside – Volume – Ξ2886.82 (~$4.8M)

Otherdeed for Otherside stats
Image credit – opensea.io

Top Gaining Metaverse Token – LOCGame (LOCG) +64.34%

LOCGame Price
Image credit – coinmarketcap.com

This Week’s Gainers and Losers

Gainers

#
COIN
PRICE
CHANGE
91
Optimism
$1.78
 101.00%
89
yearn.finance
$11,640.97
   73.42%
19
Ethereum Classic
$39.29
   46.85%
71
Bitcoin Gold
$33.96
   45.49%
81
QTUM
$4.64
   39.61%

Losers

#
COIN
PRICE
CHANGE
67
Huobi Token
$4.46
   9.17%
80
Convex Finance
$7.45
   5.04%
20
UNUS SED LEO
$5.13
   1.95%
59
Fantom
$0.3431
   1.90%
37
The Sandbox
$1.33
   1.85%

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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