A rare CryptoPunks NFT just sold for $3.3 million—a $7 million loss for the seller when you factor in the falling price of Ethereum. But when tax season comes around, that loss could end up saving the former owner millions if they play their cards right. Early Friday morning, Punk #4156—whose rare traits include an “ape” appearance and a blue…
There’s no rest for the weary during a bear market, and the Crypto Fear and Greed index shows that investor sentiment has been stuck in a state of “extreme fear” for a record 70 consecutive days. As the market looks for a catalyst to reverse the trend, there is little on the horizon besides the Ethereum (ETH) Merge that seems…
Welcome to Finance Redefined, your weekly dose of key decentralized finance (DeFi) insights, a newsletter crafted to bring you some of the major developments over the last week. This past week, the DeFi ecosystem saw several new developments despite a bearish phase brought on by the lending crisis in the crypto market. Another crypto lender, Celsius, with high stakes in…
Circle, the payments company behind the USDC stablecoin, has released a full asset breakdown of the reserves backing its growing dollar-pegged token. The level of detail provided by Circle in its Thursday report, while unaudited, is a first for the company and a notable display of transparency given the scrutiny stablecoins currently face from regulators around the world, which recently…
Many respondents from major banks said the technology would likely be unimportant for liquidity management practices until 2027. Source: https://cointelegraph.com/news/56-of-banks-say-dlt-and-crypto-are-not-a-priority-in-near-future-fed-survey
The recovery in the cryptocurrency markets is being led by Bitcoin (BTC), which has risen above the $21,000 level. However, BlockTrends analyst Caue Oliveira said that on-chain data shows a decline in “whale activity” since the month of May, barring the flurry of activity during the Terra (LUNA) — since renamed Terra Classic (LUNC) — collapse. A survey conducted in…
The largest non-fungible token (NFT) marketplace by trade volume, Opensea, has announced the company has let 20% of its staff go after CEO Devin Finzer said the layoffs were due to a combination of “crypto winter and broad macroeconomic instability.” Opensea’s decision follows the startup surpassing $31 billion in all-time NFT sales volume, and the company adding a variety of…
Traditional financial services company EquitiesFirst owes bankrupt crypto lending firm Celsius $439 million, the Financial Times reported Friday. Two unnamed sources told FT that the Indianapolis-based EquitiesFirst, which specializes in loans secured against company stock, is the unnamed debtor listed in the crypto lender’s bankruptcy filing. The company first started doing business with Celsius back in 2019, according to the…
At the moment, liquidity is hard to come by, but crypto traders and protocols still need inflow and revenue to remain functional. As the crypto winter drags on, savvy crypto investors have realized that one of the reliable sources of passive income that still exists can be found on protocols that generate revenue and share some of it with their…
Robinhood listing brought UNI some of its recent gains but it doesn’t guarantee an extended bull run. Source: https://cointelegraph.com/news/uniswap-price-risks-45-crash-by-september-despite-robinhood-listing
