Cryptocurrency Explained for Beginners

Crypto in Play News 2022 July Week 4

cryptocurrency news

The latest cryptocurrency news curated on a weekly basis.

Covered topics include regulation, user adoption, macroeconomy, and technology announcements.

Table of Contents

Elon Musk’s Tesla Sells 75% of its Bitcoin Holdings 

  • Electric car maker Tesla (TSLA) sold $936 million worth of bitcoin (BTC), or 75% of its holdings, in the second quarter
  • CEO Elon Musk said that the company sold the majority of its bitcoin to maximize its cash position, “given the uncertainty of the COVID lockdowns in China and Tesla’s need to improve its cash position, especially on business related to its Shanghai Gigafactory
  • Musk also said that the selling should not be characterized as a “verdict” on Bitcoin and also said Tesla had not sold any of its dogecoin.
  • Link

Hackers Steal Around $1.1M Worth of Tokens From Decentralized Music Project Audius Blockchain

Celsius Reveals Mining-Focused Reorganization Plan at First Bankruptcy Hearing Plus Other Updates

  • On June 12, the company announced it was pausing all customer withdrawals and filed for chapter 11 bankruptcy protection last week
  • Celsius has approximately 500,000 depositors, most of which are average retail investors
  • Company has blamed market conditions and misleading social media commentary that had triggered a run on its deposits
  • On Monday, U.S. Bankruptcy Court judge Martin Glenn allowed the company to spend $5.2 million in construction and import costs for its bitcoin mining business
  • Lawyers argued that Celsius could sell parts of its bitcoin mining business or even repay customers from bitcoin earned through its operations
  • Even if Celsius’ promises to mine 10,100 BTC this year are accurate (difficult to independently verify), at current market prices this would only yield approximately $225 million, a fraction of what is needed to make Celsius’ solvent
  • How much Celsius customers are able to receive back in terms of what they deposited may be determined by how the court rules in terms of ownership of those assets (Celsius lawyers claimed that users had forfeited their crypto to Celsius as stated in the terms and conditions)
  • U.S Trustee is currently in process of forming a committee to represent creditors and help the court to formulate a reorganization plan for the company’s debt 
  • Second day” hearing for the bankruptcy case of Celsius Network for August 10 at 11 a.m. New York time.
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Final Fantasy NFTs Coming to Polkadot in Square Enix, Enjin Alliance

  • One of the most successful video games of all time, Final Fantasy franchise will now feature NFTs, digital products connected to physical action figures and trading cards based on the came
  • Final Fantasy Creator, Square Enix has announced that it will first release trading cards costing $4 for a six-card pack along with a code used to redeem a single NFT trading card
  • The NFT will be minted (produced) by Enjin on its Efinity platform, which runs on the Polkadot blockchain as one of its parachains
  • Polkadot is a blockchain that seeks to rival but distance itself from Ethereum through its proof of stake consensus model
  • Link

Fed interest hike and Publishing of Official U.S GDP Numbers Among Possible Movers of Cryptocurrency Price This Week

  • There is anticipation that the U.S Federal Open Markets Committee (FOMC) will decide to increase U.S interest rates by 75 or 100 basis points, considering the U.S economy numbers
  • Interest rate decision is due July 27 at 2:00 pm EST
  • Earnings releases of major tech companies like Microsoft, Google, Meta, Apple, Amazon if bad may also lead to a sell off
  • U.S GDP figures to be released this Thursday July 28th, which if growth numbers are negative will put the U.S officially in a recession
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