CRYPTO MARKET WEEKLY WRAP: Latest from the cryptocurrency world 

How did the crypto world fare across the globe last week? Despite the market meltdown, there was news of innovation in payments, subscriptions and more.  

Highlights: 

Celsius Network filed for bankruptcy 

Celsius Network filed for bankruptcy this week. The crypto lending platform owes users $4.7 billion, as per the declaration filed by CEO Alex Mashinsky in the bankruptcy court. The platform’s native token, $CEL fell over 48 per cent after filing for Chapter 11 bankruptcy, as per data from CoinMarketCap . 

Opensea lays off 20% employees 


OpenSea, the largest secondary marketplace for Non-Fungible Tokens, has laid off 20 per cent employees blaming the general economic downturn. The NFT marketplace witnessed a 70 per cent drop in sales in June 2022 as compared to June 2021. 

CoinPayments stops USA operations 

Crypto payments gateway CoinPayments has ceased operations in the USA. In a twisted turn of events, they advised users to withdraw funds before July 19. The platform was deeply impacted by the crypto crash. 

Three Arrows Capital faces insolvency 

A US bankruptcy court approved a legal administrator to manage Three Arrows Capital assets and subpoena its founders this week.

Bitcoin production cost drops 

Investment banking giant JPMorgan reported that the cost of Bitcoin production dropped from $24,000 at the start of June to $13,000 presently.

Web3 has lost $718 million in 48 attacks in 3 months 

A report by Beosin and Footprint Analytics revealed that Web3 has lost a whopping $718 million in 48 major attacks in the second quarter of 2022, from April to June.

Bitfinex donated 36 Bitcoin and 600,000 $USDT to El Salvador 

In some positive news, crypto exchange Bitfinex donated 36 Bitcoin and 600,000 USDT to support economic development in El Salvador. Interestingly, El Salvador’s President Nayib Bukele is an ardent advocate of cryptocurrencies, especially Bitcoin. In September 2021, the country passed a law to adopt Bitcoin as their legal tender. 

Binance completes 20th quarterly burn 

Binance has completed its 20th quarterly burn. During the burn, 1.96 million $BNB tokens were taken out of circulation.  The cryptocurrency was worth $444.6 million. 

NYDIG partners with New York Yankees for payments 

NYDIG partnered with the New York Yankees to become the team’s official Bitcoin Payroll Platform. 

Also Read: Web3 platform Revuto offers Spotify and Netflix subscriptions via NFT  – BusinessToday

Also Read: Ether rallies as Ethereum’s shadow fork 9 goes live  – BusinessToday