While investors are still reeling over the latest #cryptomeltdown, the market appears to have stabilized (so far). This unusual pause gives crypto enthusiasts a chance to step back and catch up on the latest crypto and NFT news from a safe distance, while Bitcoin remains (fairly) stable around the 20,000 mark. , readers should be prepared for a healthy dose of harm calculation as the consequences hit the markets. Are you ready for this week’s crunch? Let’s dive!
Ringo is the first Beatle to release an NFT collection
Julien’s Auctions presented an exclusive auction featuring a collection of original and unique digital artwork accompanied by their exclusive signed canvas print created by the first Beatle to take off in the NFT galaxy, Ringo Starr. The auction ‘Ringo Starr NFT Collection – The Creative Mind of a Beatle’ took place online on Monday 13 June, with part of the profits going to the Lotus Foundation.
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Conceptualized and composed in Ringo Starr’s last studio in Metaverse, “The Creative Mind of a Beatle” took fans on a virtual tour of Starr’s digital gallery experience “RingoLand”.
The pieces in the collection have an original animated painting with a tailor-made drum composition recorded and played by Starr – with his drums hammering in time to flashing live images through each NFT – and hit by a special audio / visual pattern from the time. en Starr played as part of the Fab Four, as well as suggesting his current and future creative journeys.
Billions of cryptocurrencies trapped in lending platforms
Billions of dollars in cryptocurrency are currently “trapped” in cryptocurrency lending platforms like Celcius, Anchor and Voyager Digital. Falling token prices forced platforms to temporarily suspend or limit payouts, resulting in cash being tied up for more than three weeks.
During its current solvency crisis, Celsius is still announcing an annual return of 18.63% on its website. While automated banks allow insurance on deposits, there is no formal system in place for DeFi consumers to recover their investments.
However, US tax law can provide some relief to such investors through an obscure deduction.
If the funds become worthless and irrecoverable, investors may be eligible to write them off as a non-commercial bad debt on their taxes, according to CPA and head of tax strategy at CoinTracker.io, Shehan Chandrasekera. Cancellation does not cover the entire debt, but can mitigate the blow to hard-hit investors.
Coinbase Stock Slips
Coinbase Global, a popular crypto-trading platform, fell 3.8% in pre-market trading on Wednesday. The fall in stock prices was triggered by Atlantic Equities analyst Simon Clinch, who downgraded the cryptocurrency exchange firm to Neutral from overweight due to concerns about its ability to attract long-term trading.
Clinch also expressed concern about the spread of false information about the company’s financial strength and assets.
“Our hopes for some stabilization in cryptocurrencies and volumes have been shattered, with both tracks much weaker than expected,” Clinch wrote in a note to customers.
Voyager filed for bankruptcy
After suspending all trades, deposits and withdrawals on its platforms last week, crypto-lending firm Voyager Digital filed for bankruptcy in Chapter 11. The announcement was made Tuesday night, and in a statement, Voyager admitted to having liabilities in the order of $ 1 to $ 1 billion.
Voyager is the second company to file for bankruptcy after the recent cryptocurrency crisis, along with top-ten hedge fund Three Arrows Capital, which filed Chapter 15 on Friday.
Three Arrows Capital defaulted on a loan to Voyager last week, revealing the domino effect in the industry.