This Week In Crypto – 6 August To 12 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.

Flow info
Image credit - flow.com

Trending Coin of the Week - Flow (FLOW)

Dapper Labs, the company behind NBA Top Shot and Dapper, launched Flow, a blockchain that is user-friendly for developers. Furthermore, Dapper Labs produced Cryptokitties, which later clogged Ethereum. This led to the development of the Flow blockchain. Flow employs a Proof of Stake consensus and offers a platform for developers to create NFTs and games. With their own smart-contract programming language, Cadence, Flow wants to streamline the development process. It's an excellent blockchain for developers to switch from Ethereum because it has a tonne of SDKs and a testing environment for new features.

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

The blockchain’s native token is called Flow. It is utilised for transaction fees as well as for nodes to take part in the consensus. It works to develop a new digital economy and makes improvements to the issues with conventional blockchains like Ethereum. The market worth of Flow, which was introduced in 2019, is $3 billion at the moment. FLOW currently has a supply of 1.04 billion and a 24 hour volume of $77 million.

Crypto News
Click arrow to expand

General

For Autism Awareness, Polygon collaborates with popular Netflix series

Together with the creators of a popular Netflix series, Polygon is working to increase public understanding of autism spectrum disorder (ASD). The next NFT production, “Extraordinary Whales Club,” is based on the television programme about an autistic lawyer who finds inspiration in whales. The business intends to create a decentralized autonomous organization (DAO) in addition to the NFT community to promote autism awareness.

Celsius retracts its request to rehire former CFO

The move to rehire Rod Bolger at a monthly salary of $92,000 was withdrawn by Celsius. He was the former Chief Financial Officer of the Royal Bank of Canada and other Bank of America subsidiaries. At the beginning of the month, the firm submitted a move to employ Bolger, claiming that it had need his expertise to assist them in the bankruptcy process.

New Coin Dejitaru Tsuka's Creator, According to SHIB Army, is Ryoshi

Some people in the Shiba Inu community paid special attention to Ryoshi’s string of “cryptic messages.” And they’ve concluded that a brand-new cryptocurrency project is being driven by the enigmatic creator. In May 2022, the founder of Shiba Inu entirely vanished from social media. The developer of Tsuka utilized similar mysterious messages to his fans before disappearing.

FTX Integrates Reddit Community Points Into Its Payment Solution

Reddit, a social networking site, has partnered with FTX, one of the largest cryptocurrency exchanges, to integrate FTX Pay, a payment method, with Community Points. They contend that these points promote greater content, enable customisation, and unlock exclusive features.

Arbitrum Introduces Layer 2 Chain Arbitrum Nova, Focused on Social and Gaming Apps

Solution for scaling Ethereum The Layer 2 chain Arbitrum Nova, aimed towards social games and applications, has been made available to the general public by Arbitrum. The community point systems for Reddit have previously utilized the chain. The chain is designed for high transaction volume projects that are searching for secure, affordable solutions. According to Arbitrum, it has given access to more than 100 development teams.

Ken Griffin, hedge fund tycoon, explains why he outbid ConstitutionDAO

Ken Griffin, CEO of Citadel, discusses what drove him to outbid ConstitutionDAO for a rare copy of the US Constitution last year. Griffin outbid more than 17,000 ConstitutionDAO members the previous year. Over a few days, this independent decentralized group gathered $40 million to submit a bid for the document. Griffin raised doubts at the time about the DAO’s capacity to safeguard the material. Because he had these doubts, he outbid ConstitutionDAO.

According to a report, Ripple Labs may be considering buying Celsius

According to a business spokesperson quoted by Reuters on Wednesday, Ripple Labs Inc. may be interested in purchasing the assets of the now-defunct cryptocurrency lender Celsius Network. The firm was “interested in learning about Celsius and its assets and whether any may be relevant to our business,” the representative said when asked if Ripple was interested in buying Celsius outright. In the meantime, Ripple’s legal dispute with the U.S. Securities and Exchange Commission (SEC) over claims of an unregistered securities offering is still ongoing.

Ethereum Merge

After Ethereum merges, Chainlink only intends to support PoS.

After Ethereum merges to proof-of-stake, Chainlink has said that it would not support any proof-of-work splits. Chainlink is performing a rigorous quality audit to guarantee the least amount of disturbance. The community was reassured by Chainlink that the protocol and its services will continue to be available both during and after the Ethereum merge.

Circle and Tether, two major stablecoins, support Ethereum's upcoming switch to PoS

As Ethereum gets closer to The Merge in September of this year, the creators of the two biggest stablecoins, USDT from Tether and USDC from Circle, have pledged their support. In its blog post, Circle emphasized that “USDC is the largest dollar-backed stablecoin issued on Ethereum and, as the issuer of USDC, Circle intends to fully and solely support the Ethereum proof-of-stake (PoS) chain post-merge,”

Final Testnet Trial of the Ethereum Merge is Completed on Goerli

As Ethereum advances toward its proof-of-stake Merge switch next month, it has achieved yet another significant milestone. On August 11, the last trial before the main event in September was concluded when the Merge’s last testnet went live on the Goerli testnet. Around 1:45 AM UTC, Goerli and the other federation merged. Because of the Goerli integration, the price of the Ethereum token has increased significantly, rising by 12.6% over the previous 24 hours.

Geo-based updates

South Korea Approves Crypto.com After Local Acquisitions

Crypto.com, a cryptocurrency platform, has acquired two businesses in South Korea, enabling it to function as a virtual asset service provider. The release neglected to reveal information about the transactions’ dollar amounts and whether there are any other obstacles preventing the cryptocurrency platform from providing a complete range of services in South Korea.

Alex Vinnik extradited to US after money laundering

The operator of BTC-e, Alex Vinnik, was returned to the United States by Greece. Vinnik, who ran the BTC-e cryptocurrency exchange with offices in Bulgaria, has already faced several legal accusations. Despite his denials, he was charged after allegedly laundering $4 billion.

United States Treasury Department sanctions Cryptocurrency mixing service Tornado Cash

United States Treasury Department sanctions Cryptocurrency mixing service Tornado Cash Tornado Cash is under US Treasury Department sanctions. The agency claims that since the mixing service was established in 2019, it has been accountable for the illegal financial flows of $7 billion. The mixer was used to channel more than $455 million that the Lazarus Group, a North Korean cyber group, had stolen.

Bitcoin is to credit for our rise in tourism says Nayib Bukele

The president of El Salvador, Nayib Bukele, recently discussed the increase in visitors to the nation despite the Bear Market. According to Bukele, this is mostly because Bitcoin (BTC) has been accepted as legal cash and activities like surfing are being promoted. He said “Only a handful of countries have been able to bring their tourism back to pre-pandemic levels… The reasons behind it are mainly #Bitcoin and surfing. But domestic tourism is growing even more, mainly due to our crackdown on gangs.”

For three years, the Philippines will not issue new virtual asset licenses

The Central Bank of the Philippines said in a letter dated August 10 that the usual application window for new licenses for Virtual Asset Service Providers will close in September and be subject to review based on recent market trends for three years. Current VC exchange regulations seek to reduce financing for terrorism. The bank’s licencing process will continue for applications that cleared stage 2.

Iran's First Crypto-Based Import Raises Questions About Sanction Evasion

This week, Iran placed its first formal import order using bitcoin, a move that would enable it to evade U.S. sanctions. The $10 million order might allow the country to trade using digital assets, escape the dominance of the U.S. currency in the global financial system, and avoid agreements with other sanctioned nations like Russia, according to Reuters. Iran is able to avoid trade sanctions and generate hundreds of millions of dollars in cryptocurrency assets that can be used to buy imports and get over the nation’s economic constraints. Elliptic estimated last year that 4.5% of all Bitcoin mining took place in Iran.

Exchange news

Coinbase hit by lawsuit regarding misleading statements from them

In a complaint filed against Coinbase, Bragar Eagel & Squire, P.C. said that the firm had made misleading claims about the company. Regarding a delayed disclosure, Coinbase had previously faced many legal actions. The 40 platforms under investigation include Coinbase as well.

CEO of Binance refutes assertion that exchange owns WazirX

Changpeng Zhao refuted the assertion that Binance is the owner of WazirX by claiming that Binance has no stock in Zanmai Labs, the firm that houses WazirX. Zhao’s remarks did not, however, put a stop to the debate. A few hours following Zhao’s article, Nischal Shetty, the creator of WazirX, said plainly that “WazirX was bought by Binance.” He further stated that Binance “owns the WazirX domain name,” “has root access of AWS servers,” “has all the crypto assets,” and “all the crypto revenues” while pointing to the exchange’s terms of service.

CoinSwitch Launches Web3 Venture Fund for Early-Stage Indian Startups

As part of its corporate venture capital programme, the Indian cryptocurrency investment platform CoinSwitch has announced the launch of a Web3 Discovery Fund. Early-stage business owners creating blockchain solutions for the Web3 environment will get financing from the fund as part of the programme.

Coinbase records a $1 billion loss as cryptocurrency trading volume declines

The largest cryptocurrency exchange by volume in the United States, Coinbase, has reported a second-quarter loss of more than $1.1 billion. The exchange’s trading volumes were severely impacted, and in Q2, there were only 9 million monthly active users, a significant decrease from the previous quarter. The business attributed the underwhelming results on the decline in the cryptocurrency markets.

NFT and Metaverse Stats of the Week

Top NFT Sale of the Week – Bored Ape Yacht Club #7863 – Ξ344 ($654.18k)

Bored Ape Yacht Club NFT
Image credit – opensea.io

Top NFT Collection of the Week – 8liens NFT – Volume – Ξ4599.33 (~$9.2M)

8liens NFT stats
Image credit – opensea.io

Top Gaining Metaverse Token – UFO Gaming (UFO) +65.03%

UFO Gaming Price
Image credit – coinmarketcap.com

This Week’s Gainers and Losers

Gainers

#
COIN
PRICE
CHANGE
63
Celsius
$3.78
 198.36%
98
Ankr
$0.04602
 38.03%
82
Nexo
$0.9699
 28.92%
65
Huobi Token
$5.25
 19.67%
12
Avalanche
$29.87
 19.11%

Losers

#
COIN
PRICE
CHANGE
87
Decred
$35.40
 28.22%
33
Filecoin
$8.70
 6.83%
34
Apecoin
$7.05
   5.59%
96
Holo
$0.00262
   4.70%
84
Kusama
$61.47
   4.22%

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.

5 4 votes
Article Rating
guest
0 Comments
Inline Feedbacks
View all comments

Trending Cryptocurrency Topics

Trending Digital Wallets Topics

Digital Wallets

Love This Facebook Twitter Pinterest LinkedIn WhatsApp Viber Telegram Skype Email Facebook MessengerWhat are Digital Wallets? Due to blockchain technology, …

Novi Logo

Love This Facebook Twitter Pinterest LinkedIn WhatsApp Viber Telegram Skype Email Facebook MessengerLogo changes and problems Logo change One major …

Amazon Pay Logo

Love This Facebook Twitter Pinterest LinkedIn WhatsApp Viber Telegram Skype Email Facebook MessengerHow to sign up There is no separate …

Cash App Logo

Love This Facebook Twitter Pinterest LinkedIn WhatsApp Viber Telegram Skype Email Facebook Messenger$Cashtag in detail $Cashtag is just like a …

Send this to a friend