Your Favorite Crypto Digest From TradeCrypto.com

BTC is now trading around $21,450, ETH is trading above $1,400

💪 Bitcoin dominance: 43,5%

📉 Total Cryptocurrency Market Cap: $0,970 tr

😲 Fear and greed index: 20 (Extreme Fear)

🚀 Gainers(Top-100)

Theta Fuel (TFUEL)+21.00%

Ethereum Classic (ETC)+14.33%

Kadena (KDA)+14.22%

😭 Losers(Top-100)

UNUS SED LEO (LEO)-3.50%

Lido DAO (LDO)-1.95%

TerraClassicUSD (USTC)-1.57%

The United States Securities and Exchange Commission (SEC)⚖️ obtained the final judgment for an initial coin🪙 offering (ICO) promotion scheme🔀 against late entrepreneur👤 John McAfee and accomplice🗣 Jimmy Gale Watson, Jr., filed on October 5, 2020. In the original complaint📄, the SEC alleged that McAfee and Watson promoted🔊 ICO investments💰 on Twitter without disclosing that they were paid💸 for them. Watson allegedly assisted🤝 McAfee in negotiating promotional deals💰 with ICO issuers and cashing out the crypto payments💸, among other pump-and-dump charges.

The U.S. District Court⚖️ for the Southern District of New York🇺🇸 found Watson guilty of violating the law and imposed a cumulative fine of $375,934.86💰. In addition, Watson has been barred from participating in ICO-related issuance, purchase, offer or sale❌.

The president🤴🏻 of Ava Labs sees an increased📈 interest in DeFi among institutional investors👥, and turning assets like bonds into tokens🪙. Wu said💬 companies like JPMorgan Chase & Co. and Société Générale-Forge, a subsidiary of one of France’s🇫🇷 largest investment banks🏦, are examples of how financial💸 institutions are still innovating during crypto winter❄️ and paving the way for broader crypto adoption.

💬“The institutions who are trying to apply the blockchain⛓ technology to either streamline or to do new tokenization🪙 of real world assets, their interest has absolutely not waned,” 💬Wu told at Avalanche House in Brooklyn.

The platform💱 will only be open to owners👥 of Otherside land🏝 plots in its first phase. The fact that Otherside is currently only❌ accessible to its digital landowners👤 distinguishes it from other leading metaverse platforms💱, which are open to all internet users. The cheapest💸 Otherdeeds on the market are currently selling for 2.8 ETH💰, or just shy of $3,800, according to data from CoinGecko.

Regardless of how many new users it could attract, Binance isn’t interested in offering users👥 the ability to trade stocks❌. CEO Changpeng Zhao💬 told on the latest gm podcast that cryptocurrency exchanges💱 offering the feature are neither right nor wrong, but he emphasized that swapping equities doesn’t align with his company’s philosophy🌐.

💬“We don’t ❌have any plans on doing stock trading,” 💬said CZ, drawing a line between Binance and at least one sizable peer. 💬“We just think that we’re not running a fiscal broker👤 store anytime soon.” And while stock trading📈 has proven a lucrative market for many retail investment platforms💱, such as Robinhood and Webull, CZ said he’d rather see Binance focus on building⚒ more Web3 tools.

Early Friday morning, Punk #4156—whose rare🔍 traits include an “ape” appearance💬 and a blue bandana—was sold💸 for 2,691 ETH, roughly $3.3 million💰 with ETH currently trading📈 for around $1,200. 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.

If the former owner👤 of Punk #4156 writes off the sale💸 as a $7 million loss on their taxes, it could end up being a financially beneficial💰 move. While, for tax purposes, the IRS may consider those losses realized at the moment of the NFT's sale, the seller doesn’t ❌have to convert that ETH into USD in order to write off the loss.

The drastic move comes after mixed signals🔉 from Russia’s🇷🇺 leaders and regulators. Russian President Vladimir Putin today signed📄 into law a national ban❌ on using digital assets for payments. The action comes after🔁 the Russian government and central bank have long debated💬 what to do about cryptocurrency⛓.

Following a recent agreement🤝 between the two crypto exchanges💱, Bit2Me announced🔉 plans to onboard 2gether’s 100,000 crypto investors👥, who were recently blocked❌ from trading due to the exchange’s💱 inability to operate amid unfavorable market conditions.

On July 10, Spanish🇪🇸 cryptocurrency trading platform💱 2gether shut down❌ its free trading services, citing its inability to justify its related operational costs💰 due to crypto winter❄️. Instead, the users were being charged 20 euros as maintenance fees💸. Providing relief to the recently displaced crypto investors, Bit2Me reached an agreement🤝 with 2gether to onboard its users without❌ imposing any fees — allowing users to move over🔁 their holdings and resume their trading activities.

Conclusion: Russia will put crypto in the shadows. CZ being the richest cryptocurrency exchange owner, stays loyal and does not trade for other financial instruments

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