This Week In Crypto – 30 July To 5 August 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.

Harvest Finance info
Image credit - harvest.finance

Trending Coin of the Week - Harvest Finance (FARM)

Harvest Finance is a DeFi protocol that allows us to receive high yields by farming. Through farming their token, FARM, we can receive high APYs. It provides automated farming and allows us to use DeFi pools such as USDT, WBTC, DAI and RENBTC. After we invest in these, we get an fAsset and earn yields through them. If a user votes, they can get back 5% of the fees that they pay.

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

Harvest Finance offers high yields and low transaction fees, and is also trusted and secure. It has been audited by PeckShield and other auditing firms. A FARM token currently has a price of $56.18 and a market cap of $38m. The TVL of Harvest Finance is $30m, which means it has a Market Cap / TVL Ratio of 1.25. Harvest Finance is one of the emerging cryptos that enhances DeFi through its powerful functionalities.

Crypto News
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General

CME Group To Launch Euro Crypto Futures

Two new futures contracts based on cryptocurrencies will be available, according to an announcement made by the proprietors of one of the biggest derivatives exchanges in the world. Futures have gained in popularity amid the volatile crypto markets by allowing traders to hedge their cash investments in digital currency. “Euro-denominated cryptocurrencies are the second highest traded fiat behind the US dollar,” according to the global head of equity and FX products at CME.

Otherdeed quickest NFT collection to surpass $1B in all-time sales

Despite a decline in monthly sales, Otherdeed has continued to set new records, most recently being the non-fungible token with the quickest sales of $1 billion overall. It still ranks 7 in all time volume though.

Michael Saylor resigns as CEO following a $1 billion loss on the company's Bitcoin holdings.

After losing $1 billion on its Bitcoin holdings, MicroStrategy names Michael Saylor as executive chairman. Phong Le, company president, will take over. A $917.8 million impairment charge resulted from the company’s holding of 129,699 Bitcoins losing value.

White Hat Hackers Recover $9 Million After $200 Million Nomad Bridge Exploit

$9M of the stolen crypto tokens for the Nomad bridge have been returned by white hat hackers. On August 1, about $200 million in WETH and WBTC tokens were the focus of the breach. Six ethical hackers who had gone to protect a portion of the stolen money had been discovered by PeckShield.

Luxury Watch Prices Fall as Pressure on Crypto Wealthy Increases

During COVID-19 and the cryptocurrency bull market, the price of luxury watches increased; however, prices are presently falling. Luxury furniture retailer RH said that their sales were down 2–5 percent from the previous year as of July 1, 2022.

Due to risky trading, Babel Finance lost more than $280 million in customer money.

Babel Finance, a troubled cryptocurrency lender, lost almost $280 million as a result of reckless trading methods. The cryptocurrency lender, which ceased allowing withdrawals last month, lost $56,000 in ETH and 8,000 Bitcoins last month as a result of liquidation brought on by the fall in the market at the time. But this isn’t the first time that Babel has been charged with misusing consumers’ money.

Instagram Rolls Out NFT Feature in 100 More Nations

The NFT function, along with the integration of Coinbase Wallet, Dapper Wallet, and Flow blockchain, will now be accessible “in 100 additional countries,” according to a statement from Meta-owned Instagram. Users must link their account with a digital wallet in order to display an NFT.

Metaverse

Facebook's attempt at a metaverse, according to Vitalik Buterin, will fail.

Corporate efforts to create the metaverse, in the opinion of Ethereum co-founder Vitalik Buterin, will fail. Facebook’s metaverse will “misfire,” according to Buterin. Since changing its name to Meta, Facebook has concentrated on expanding the metaverse. However, Vitalik doesn’t believe the decision will be profitable for the business. “Anything Facebook builds today will misfire,” he said, mentioning the business.

Exchange News

Binance partners with Mastercard to offer a crypto rewards card.

A prepaid crypto rewards card has been introduced in Argentina by the leader in card payments, Mastercard, and Binance, the biggest cryptocurrency exchange in the world. The card is presently under beta testing and should become accessible in the next few weeks. With their national ID card users can make purchases in cryptocurrency, including Bitcoin and Binance Coin both online and offline at “nearly 90 million Mastercard merchants globally.”

Asset Manager BlackRock Partners With Coinbase

To provide access to cryptocurrency for its institutional clientele, BlackRock has collaborated with Coinbase Global. Through the partnership, Coinbase Prime and BlackRock’s Aladdin software tool suite will be connected. The statement noted, “Coinbase Prime will provide crypto trading, custody, prime brokerage, and reporting capabilities to Aladdin’s Institutional client base who are also clients of Coinbase.”

Robinhood reduces workforce by 23% as markets decline

In response to the market slump, Robinhood is currently actively reducing expenses and terminating personnel by 23% after increasing operations quickly. At the beginning of the year, Robinhood had already reduced its employment by 9% in order to “better cost control.” “This change will flatten hierarchies, reduce cross-functional dependencies, and remove redundant roles and positions,” Tenev said.

Binance delists Amp after SEC declares it to be a security.

Binance. The US has stated that it would remove Amp (AMP) from its platform of trading. The withdrawal was justified by the exchange using the SEC’s classification of the token as a security. There are worries that additional digital currencies may be deemed securities and come under the SEC’s jurisdiction.

Geo-based Updates

ED raids and freezes WazirX's account as trouble deepens

According to reports, WazirX’s bank account has been suspended by the Indian Enforcement Directorate (ED). Following a raid by the agency in Hyderabad, bank assets worth more than $8 million (64.67 crores) were frozen. After claiming non-cooperation, the raid was carried out in accordance with the Prevention of Money Laundering Act (PMLA). ED is said to be looking into money laundering claims of Rs 2,790 crore ($350 million +). Exchange co-founders reportedly moved to Dubai with their families back in April.

3-Month Moratorium Imposed on Vauld by Singapore High Court

Vauld has been given a three-month moratorium on creditor payments by the High Court of Singapore. Half of the company’s required six months, or until November 7, would be covered by the moratorium. The corporation will be effectively protected from any potential litigation from creditors during that period.

Regulations

$30 million fine for Robinhood's Crypto Trading Unit in Important Case

The New York State Department of Financial Services (DFS) has penalized the crypto trading division of Robinhood $30 million. The multi-million dollar penalties was imposed for breaking cybersecurity and anti-money-laundering laws; this was the DFS’s first legal action against a corporation with a connection to cryptocurrencies.

Law Commissions in England and Wales Want to Recognize Crypto as a New Type of Property

In a consultation document, the Law Commission of England and Wales suggests creation of a new type of property to grant legal rights to cryptocurrencies and other digital assets. The consultation paper focuses on private law ideas and rules governing private property for cryptocurrencies and NFTs.

NFT and Metaverse Stats of the Week

Top NFT Sale of the Week – CryptoPunk #6874 – Ξ300 ($513.2k)

CryptoPunk NFT
Image credit – opensea.io

Top NFT Collection of the Week – CryptoPunks – Volume – Ξ3503.2 (~$6.0M)

CryptoPunks stats
Image credit – opensea.io

Top Gaining Metaverse Token – MILC Platform (MLT) +77.66%

MILC Platform Price
Image credit – coinmarketcap.com

This Week’s Gainers and Losers

Gainers

#
COIN
PRICE
CHANGE
72
Decred
$43.04
 49.22%
30
FLOW
$2.61
 30.91%
32
Filecoin
$9.34
 26.95%
85
Trust Wallet Coin
$1.17
 18.94%
92
Oasis Network
$0.08829
 13.77%

Losers

#
COIN
PRICE
CHANGE
82
Bitcoin Gold
$29.26
 17.47%
95
Qtum
$4.12
 12.11%
9
Solana
$40.35
   8.49%
88
Convex Finance
$7.13
   7.53%
78
Stepn
$0.9383
   6.92%

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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