Crypto Trends Weekly July 9 – 15

    18 Jul 2022

    Breaking crypto news from the last week (July 9 – 15, 2022):

    July 9: The UAE has signed a memorandum of understanding with blockchain intelligence firm Chainalysis. The agreement will see Chainalysis train employees of government institutions in the areas of blockchain technology and digital assets.

    July 10: Around 50 projects built on Terra, including the NFT marketplace OnePlanet and metaverse game Derby Stars, have begun migrating to Polygon, while more are on the way. Recent Terra’s collapse wiped out billions of dollars in value. It also left dozens of projects homeless.

    July 11: Bitcoin is more likely to plummet to $10,000 than soar again above $30,000 following the recent downturn in the market, said the results of the latest MLIV Pulse survey of 950 investors.

    July 12: Multicoin Capital, the crypto investment firm known for its backing of multiple Web3 and DeFi projects, announced its latest fund, Venture Fund III, with commitments of up to $430 million. The fund will be used for investments in projects based on a “proof of physical work” model, permissionless data aggregation, and offering creator monetization.

    July 13: Crypto exchange KuCoin released its ‘Into The Cryptoverse’ report exploring the penetration and adoption of digital currencies in Saudi Arabia. Among others, the survey revealed that about 14% of adult Saudis become crypto investors, while another 17% are likely to invest in crypto over the next six months.

    July 14: Celsius Network, a crypto lending services provider, has filed for Chapter 11 bankruptcy. The bankruptcy filing says the platform made “certain poor asset deployment decisions” when the platform grew faster than it anticipated. It also confirms its liabilities outweigh its assets by $1.2 billion.

    Cryptocurrency platform OKX has received a provisional virtual-asset license from the Dubai authority. The exchange plans to set up a regional hub in the city.

    July 15: Circle Internet Financial released a detailed breakdown of its reserve assets for the firm’s USD Coin (USDC), showing $42.1 billion in short-term US government bonds and $13.6 billion in cash. Lately, crypto firms and their finances are under increasing scrutiny in the ongoing crypto credit crisis.

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