BTC and ETH Price, Celsius Bankruptcy, USDC Reserves, OpenSea Layoffs
We would like to remind you that interesting and important things happened in the cryptocurrency market last week.
The first cryptocurrency, Bitcoin, showed a positive growth trend last week and overcame $22,000. According to CoinMarketCap, the asset has risen in price by 8% in 7 days. This also affected the overall market capitalization — the figure again exceeded $1 trillion.
Ethereum Price Surpasses $1,400 Amid Upcoming PoS Switch
Ethereum, the second largest cryptocurrency by capitalization, broke through the $1,400 level, showing a record growth of 29% for the week for this bearish trend. This jump is due to the fact that the leading developers of the project have previously approved the migration of the blockchain to the Proof-of-Stake (PoS) consensus algorithm on September 19, 2022.
Celsius Bankruptcy : Debt Exceeds $1 Billion By far the biggest news of the past week was the Article 11 bankruptcy of crypto lending platform Celsius. This means that the company expects to “get back on its feet” again, and there is no talk of liquidating assets yet.
Nevertheless, investors suffered a serious loss. As of July 13, the company had $4.3 billion in assets and $5.5 billion in liabilities to customers and creditors, according to new documents. The hole in its balance sheet is $1.2 billion. Celsius owes $439 million.
Circle provided a report on USDC collateral . Amid the collapse of Terra’s UST, stablecoin issuers are working hard to keep customers. Last week, Circle provided a collateral report for the second-largest stablecoin , USDC . According to the released report, $42.12 billion of the $55.7 billion in reserves is held in US Treasury bills and $13.58 billion is cash in regulated banks. The company plans to issue such reports on a daily basis, as well as expand their detail.
OpenSea will cut staff by 20% . Mass cuts in crypto continue: following Robinhood, Crypto.com and Coinbase, the largest NFT marketplace OpenSea announced a 20% reduction in staff. The CEO of the company, Devin Finser, said that such a decision is a combination of the influence of the crypto winter and the difficult macroeconomic situation. He also noted that layoffs will allow the company to operate for about 5 more years, at current trading volumes.
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