Your Favorite Crypto Digest From TradeCrypto.com

BTC is now trading around $20,500, ETH is trading above $1,150.

💪 Bitcoin dominance: 43.47%

📉 Total Cryptocurrency Market Cap: $0,903 tr

😲 Fear and greed index: 15 (Extreme Fear)

🚀 Gainers(Top-100)

Quant (QNT)+24.11%

Compound (COMP)+15.63%

😭 Losers(Top-100)

PAX Gold (PAXG)-1.04%

Neutrino USD (USDN)-0.22%

Pax Dollar (USDP)-0.09%

Nonfungible token🪙 (NFT) marketplace💱 OpenSea announced🔈 mass layoffs on Thursday, joining other crypto companies in reducing headcount during one of the most volatile periods📉 in the industry’s history.

Co-founder and CEO Devin Finzer took💬 to Twitter Thursday afternoon to disclose🗒 that his company was laying off❌ up to 20% of its staff. In a long💬 message conveyed to employees👥, Finzer blamed “an unprecedented combination of crypto winter❄️ and broad macroeconomic instability📉” for the layoffs. "We need to prepare the company for the possibility of a prolonged downturn,”💬 he said.

Crypto mining⚒ firm CleanSpark announced🔈 the purchase of more than 1,000💰 Bitcoin miners amid the market downturn📉, reporting a💬 “substantially discounted price” compared to that earlier in 2022.

In a Thursday blog spot📲, CleanSpark said💬 it had acquired 1,061 Whatsminer M30S rigs⛓ currently mining Bitcoin (BTC) at the Coinmint facility in New York🇺🇸, whose space the company shares💱 with Riot Blockchain. The mining firm said💬 it had purchased the machines for far less📉 of price than that “just a few months ago,”💬 hinting the recent bear market was responsible. CleanSpark also bought💰 1,800 Antminer S19 XP rigs in June following the market downturn📉. “We are seeing unprecedented opportunities in this market,”💬 said CleanSpark president and CEO Zach Bradford.

China’s🇨🇳 internet giant Tencent has reportedly shut down❌ one of the two nonfungible token 🪙(NFT) platforms owing to declining sales💰 aided by the regressive monetary policies 📉of the Chinese government.

The primary reason🔈 for the slow down in sales💸 and ultimate closure of Tencent’s digital collectible platform is being blamed🔈 on flawed government policy that prohibits❌ buyers from selling💰 their NFTs in private transactions🔄 after purchase, which makes these NFTS not so lucrative💸. The lack of a secondary market kills❌ any chance of making a profit💰 on these digital collectibles.

Trading platform💱 CoinFLEX today announced 🔈limited withdrawals 💸for customers after freezing❄️ them last month amid a dispute with prominent crypto investor Roger “Bitcoin Jesus” Ver.

The company said 💬in a Thursday blog post📲 that users can now take out 10%❗️ of their funds—but not the platform’s stablecoin🪙, flexUSD, until further notice.💬 “We will enable limited withdrawals 💸for all users this week and continue to work with a laser focus🎯 on our recovery plans,” the company said. CoinFLEX last week said💬 it was entering arbitration in Hong Kong🇭🇰 to recover $84 million💰 in losses—which it blamed on one👤 “large individual customer.”

The SEC Chair claimed🔈 the behavior of some lending platforms💱 is impractical and risky📉 for investors. Securities and Exchange💱 Commission Chair Gary Gensler called out 💬cryptocurrency lending companies for offering unrealistic❌ yields.

💬“If it’s too good to be true, then maybe it is,” Gensler said, referencing 🔄yields on crypto deposits💰 ranging anywhere from 4% to 20% that were offered by numerous🌐 companies and marketed towards investors👥 as safe. 💬“There may be a lot of risk❌ embedded in that.” His comments🔈 come amid a market crash📉 in crypto that has sent multiple🌐 lending platforms filing for bankruptcy❌, including Voyager Digital and most recently.

Cryptocurrency exchange💱 Bitfinex has donated💸 36 Bitcoin (BTC) and $600,000💰 worth of Tether (USDT) to small businesses in El Salvador🇸🇻 as part of a broader pledge to support🤝 economic development in neighborhoods that have struggled with gang-related violence.

The funds💰 are being distributed in the socially-deprived communities👥 of Ilopango, Soyapango and Apopa, where gang🔫 violence and extortion of small business owners⚔️ are the most common, Bitfinex announced🔈 Thursday. The donations💸, which will be funded🔄 through recipients’ Bitcoin wallets, including the state-sponsored Chivo wallet💳, will support environmentally-friendly🤝 business initiatives that employ local workers👥.

American actor, writer and comedian Billy Murray is a globally🌐 known figure within the entertainment🎞 industry following an acclaimed and on-going📉 career that spans six decades. In his latest venture⏱, the 71-year-old has inked a partnership🤝 with Coinbase’s beta NFT marketplace, entertainment📽 site theCHIVE and e-commerce platform💱 Project Venkman to release🔈 a collection of unique, one-of-one NFTs.

An official blog📲 post from Coinbase details the specific behind the 1000-piece drop💰, noting that it💬 “offers 100 story NFTs containing anecdotes, observations, advice, memories, Murray-isms, and more”.

Conclusion: Known to all exchange helps the state of El Salvador donate in crypto. It sounds amazing. I wonder how many countries with cryptocurrency backed economies will be next,