Your Favorite Crypto Digest From TradeCrypto.com

Market is green. BTC is now trading above $20,000, ETH is trading around $1,100.

💪 Bitcoin dominance: 43.83%

📉 Total Cryptocurrency Market Cap: $0,874 tr

😲 Fear and greed index: 18 (Extreme Fear)

🚀 Gainers(Top-100)

Aave (AAVE)+12.56%

😭 Losers(Top-100)

TerraClassicUSD (USTC)-11.71%

UNUS SED LEO (LEO)-2.62%

Amp (AMP)-2.53%

Troubled crypto lending platform💱 Celsius has paid💸 off its last major outstanding debt👏. According to data from Etherscan, Celsius paid back🤝 $50 million in DAI—MakerDAO’s dollar-pegged stablecoin🪙—to decentralized finance (DeFi) lending💱 protocol Compound. In return↩️, Celsius received its collateral for the loan💸: almost $200 million worth of wrapped Bitcoin💰, or WBTC.

The loan had been over-collateralized🔐, meaning Celsius originally had sent📲 Compound digital assets in excess of the loan to help🤝 cover potential losses. The 10,000 WBTC🪙 returned to Celsius, as of this writing, was worth💰 about $198 million. (WBTC is a version of Bitcoin🪙 modified to function on the Ethereum blockchain⛓.)

A recently published📃 policy brief from the United Nations🇺🇳 recommended📣 developing nations take action against crypto🪙, warning of risks associated with leaving the industry unregulated❌.

In the document titled 💬“All that glitters is not gold,” first published in June, the United Nations🇺🇳 Conference on Trade and Development (UNCTAD) stated the disadvantages❌ posed to these nations by cryptocurrencies⛓ far outweigh the benefits they may bring to individuals👥 and financial institutions🏦. And the document📑 goes as far as to suggest developing nations require the mandatory❌ registration of all crypto wallets and ban❌ advertisements related to cryptocurrencies💸.

Late last month, Yuga Labs—the $4 billion💰 company behind prominent NFT collection Bored Ape🙊 Yacht Club—attempted to silence🔕 a vocal critic by suing him in federal court⚖️. The critic in question, internet📲 provocateur and conceptual artist🧑‍🎨 Ryder Ripps, has hired🤝 Louis Tompros of law firm Wilmer Hale to serve as lead trial counsel📣 in Yuga Labs’ suit⚖️ against the artist.

For months, Ripps has claimed💬 that Bored Ape Yacht Club is secretly run by a conspiracy of Nazi trolls🙊, who knowingly laced Bored Ape NFT images📸 with racist and white supremacist symbols🔎. BAYC’s owners👥, Yuga Labs, dismissed❌ the whole thing as a “💬disinformation campaign” from a “demented troll.” Despite❌ the fact that Yuga’s suit⚖️ does not touch the issue of defamation❌, legal experts👥 believe its unspoken🔇 purpose is to put a stop⛔️ to Ripps’ public, incessant trashing of their brand.

💬“This order is a noteworthy development in the area of service of court⚖️ documents and a welcome example of a court⚖️ embracing new technology⛓,”💬 said the law firm.💬 “This judgment paves the way🔀 for other victims of cryptoasset fraud❌ to pursue persons👥 unknown who have misappropriated their cryptocurrency🪙 in situations where they otherwise would not be able to.”

Demetri Bezaintes, 💬an associate at Giambrone & Partners, added: 💬“I am confident that this latest judgment using NFT💎 service has the potential to show the way📈 to digital service📲 over the blockchain⛓, with all the benefits of immutability and authentication, becoming the usual🌐 practice in the future on legal matters related to the digital📲 world It is clear that this method of service has a far greater level of success over conventional means of service, such as post, in this sector.”💬

Bitcoin’s🪙 blast off to becoming “space money💰” takes one giant leap with a satellite📡 full node in Brazil🇧🇷. A Bitcoiner in Brazil🇧🇷 has beamed the blockchain⛓ from space. Alessandro Cecere,💬 product manager at Ledn and a Venezuelan national, has established the purported first Bitcoin (BTC) satellite📢 full node in Brazil.

The full satellite🔬 node that Cecere has established downloads😰 the Bitcoin blockchain⛓ directly from the Blockstream Satellite Network📡, negating the need for a reliable internet🌐 connection. It’s a small step for Bitcoin’s web of nodes but a giant leap for Bitcoin adoption📈, evincing that those in remote or hard-to-reach areas could run nodes.

The municipal government pledged to support🤝 the enterprises that are discovering the nonfungible market🌐. China's🇨🇳 biggest city Shanghai💰 officially intends to boost📈 the development of innovations such as blockchain⛓, nonfungible tokens🔬 (NFTs), the Metaverse 🌐and Web3🔎 during its next five-year plan📰.

On July 13, Shanghai's🇨🇳 Municipal Government published🗒 a draft of its 💬"14th Five-Year Plan for the Development of Shanghai's Digital Economy." The document📄 sets its mission of 💬"promoting the deep integration of digital technology and the real economy," with💬 "scientists🔎 judging technology prospects" and "entrepreneurs👥 discovering market demand." The plan suggests supporting🤝 the enterprises that plan to construct the NFT trading💱 platforms and "research and promote the digitization of NFT and other assets👥.

The Treasury Committee of the United Kingdom’s🇬🇧 House of Commons has called🔉 on the public to submit evidence🔎 related to the role of crypto’s risks and opportunities💰.

In a Tuesday notice, the committee 💬said it had opened an inquiry allowing people to write📲 in about the role of crypto assets in the United Kingdom🇬🇧. The Treasury Committee💬 said it would be exploring how the U.K. government, the Financial Conduct Authority, or FCA, and the Bank of England could balance⚖️ regulation💬 “to provide adequate protection for consumers and businesses without stifling innovation” 💬as well how cryptocurrencies⛓ and distributed ledger technology could impact individuals, businesses and financial institutions.

Conclusion: As we can see, there are no new projects now. The old projects are either retiring or trying to hold on to their positions. Definitely when the bull cycle comes, we will see new trends or we will remember the old ones.

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