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Supporting the economy in BTC
Here it comes! The new TradeCrypto.Com digest is on your way! Let's see what has been going on :)
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Your Favorite Crypto Digest From TradeCrypto.com
Here it comes! The new TradeCrypto.Com digest is on your way! Let's see what has been going on :)
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)
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🚀 Gainers(Top-100)
TerraClassicUSD (USTC)+24.51%
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%
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OpenSea lays off 20% of its staff, citing ‘crypto winter’
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.
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CleanSpark scoops up 1K+ mining rigs at 'substantially discounted price'
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.
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Tencent shuts down NFT platform as gov policy makes it impossible to thrive
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.
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CoinFLEX Opens Limited Withdrawals Amid Dispute With Bitcoin Evangelist Roger Ver
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.”
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SEC Chair Gary Gensler: Crypto Lenders Offered 'Too Good to Be True' Returns
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.
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Bitfinex donates 36 BTC to Salvadoran businesses to support economic development
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👥.
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Bill Murray's biographical NFT project set to be premiered by Coinbase
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”.
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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,
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