Crypto in Play Newsletter 2022 July Week 2

Crypto exchanges, hedge funds, finance companies pause withdrawals and file for bankruptcy

U.S crypto lender Voyager Digital with assets between $1 billion and $10 billion has filed for chapter 11 bankruptcy protection, stating liquidity pressures and huge losses from the default of crypto hedge fund Three Arrows Capital to which it had loaned $650 million. Voyager has paused all withdrawals.
Singapore-based hedge fund Three Arrows Capital that had managed US $3bil worth of investments will be be liquidated after suffering US $200 million losses when Terra Luna tokens they had invested to collapsed in May
Hong Kong-based crypto lender Babel Finance, Singapore-based crypto exchange Vauld, and US-based Celsius Network are also among the platforms that have also paused withdrawals with Babel reaching an agreement with debt holders to restructure its debt, Vauld in talks to be acquired by Defi player Nexo, and Celsius leaving its depositors in limbo.
Links

Solana labs , representing founders and contributors to the Solana blockchain network, announced the launch of the Solana Mobile Stack (SMS) S/W ecosystem and their android smartphone called Saga
set for release in early 2023, Saga is expected to retail around $1000 with early buyers receiving a limited NFT
SMS is an open-source software kit designed to enable development of android apps around the Solana network. Kit which includes things like a crypto key phrase vault, Solana pay, and a new Solana decentralized application
Polygon has partnered up with tech startup Nothing to launch the Nothing Phone on July 12th, allowing users access to Polygon apps, games, payments, and proof-based identification
HTC launches its Desire 22 Pro which comes with a digital asset wallet, allowing users to manage NFTs and cryptocurrencies on Polygon and Ethereum blockchains
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Reddit will be launching a new collectible avatar marketplace using NFTs from the Polygon blockchain – avatars will only be available for purchase in US dollars and cannot be auctioned off on another NFT marketplace like Open Sea
Facebook starts testing featuring of NFTs on user profiles, enabling users to showcase them and get reactions, comments, likes, shares
link
- https://decrypt.co/104623/reddit-to-launch-nft-avatars-built-polygon
- https://decrypt.co/104205/facebook-begins-testing-ethereum-and-polygon-nfts-on-profiles

The price of Bitcoin faces a potential black swan event as users of the collapsed crypto exchange Mt.Gox prepare to receive their lost BTC.
The concern is that account holders may sell the BTC that were out of reach for the past 8 years
Out of the initial 850,000 BTC lost by Mt. Gox’s decline, only a reported 150,000 BTC has been recovered
link
- https://cointelegraph.com/news/bitcoin-faces-mt-gox-black-swan-as-trustee-prepares-to-unlock-150k-btc

On July 13, the monthly US Consumer Price Index (CPI) and data relating to inflation will be released
On July 26-27, a decision will be made as to whether to hike interest rates further, 50 or 75 basis point hike expected
On July 28, the United States Q2 2022 GDP estimates announced, a second consecutive negative GDP growth would mean recession
link
- https://cointelegraph.com/news/crypto-community-eyeing-three-macro-events-to-tip-crypto-scales-in-july

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