Month: July 2022

Negative CPI Report Causes Bitcoin Market Cap To Lose $15 Billion In 10 Minutes

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For the month of June 2022, the US Bureau of Labor Statistics published its Consumer Price Index. The Negative CPI was found to be 9.1%, the largest inflation increase in the US in the previous 40 years. The Federal Reserve’s monetary policy is determined by the CPI, which is a reliable indicator of inflation. Negative CPI Report Causes Bitcoin To Tumble Prior to the release of U.S. inflation statistics on July 12, the price of Bitcoin (BTC) settled into a solid holding pattern, which ultimately added more negative volatility. According…

UK court allows lawsuit to be delivered via NFT

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According to a Tuesday notice from U.K. law firm Giambrone & Partners, a case brought by Fabrizio D’Aloia against Binance Holdings, Poloniex, gate.io, OKX, and Bitkub over allegations someone was operating a fraudulent clone online brokerage has resulted in a legal precedent offering a digital solution to serving someone. On June 24, the judge in the case allowed parties to be served by airdropping NFTs into wallets originally held by D’Aloia but stolen by unnamed individuals. Until now, Civil Procedure Rules in the U.K. allowed lawsuits to be served by…

Axie Infinity Sales Record A Massive Slump, Losing Over $120 Million

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Before now, Axie Infinity had maintained a solid foothold in the non-fungible token (NFT) space. Through massive sales, it stood as one of the leading and most successful NFT collectibles. The network had recorded almost $4.08 billion in sales volume. But June 2022 sales seem to be a mockery of its feats over the past year. Sky Mavis, a Vietnamese studio, launched Axie Infinity in March 2018. It’s an online video game based on NFTs. The platform has gained popularity from using Ethereum-based tokens through its gaming economy. The gaming…

Former Crypto Adviser Michael Barr Confirmed as Federal Reserve Vice Chair

Barr, who is currently the public policy school dean at the University of Michigan Law School, will also arrive at the Fed with a significant crypto background, having served on the advisory board at Ripple Labs. When he took that job in 2015, he said that he thought “innovation in payments can help make the financial system safer, reduce cost and improve access and efficiency for consumers and businesses alike.” Source

How Bitcoin’s strong correlation to stocks could trigger a drop to $8,000

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The Bitcoin (BTC) price chart from the past couple of months reflects nothing more than a bearish outlook and it’s no secret that the cryptocurrency has consistently made lower lows since breaching $48,000 in late March. Bitcoin price in USD. Source: TradingView Curiously, the difference in support levels has been getting wider as the correction continues to drain investor confidence and risk appetite. For example, the latest $19,000 baseline is almost $10,000 away from the previous support. So if the same movement is bound to happen, the next logical price…

The Fed Can’t Whip Inflation Alone

But financial markets, whether crypto or equity, are generally less worried about inflation’s direct impact on Main Street than about the Federal Reserve’s response via the money supply, aka its overnight interest rate. The muted equities drop so far, even on higher-than-expected numbers, reflects that the Fed has already announced an aggressive schedule of interest rate hikes, plans that have already pushed equity markets down nearly 15% since their January peak. In the parlance, even a higher-than-expected CPI result was to some extent already “priced in.” Source

Founder of Three Arrows Capital Nowhere To Be Found According To Liquidators 

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According to a filing by consulting firm Teneo, which is anticipated to sell the remaining assets of the struggling cryptocurrency hedge fund, the founders of Three Arrows Capital are nowhere to be found. As a result of the dramatic selloff in digital currencies, Three Arrows filed for Chapter 15 bankruptcy in the British Virgin Islands late in June. The move was meant to protect the assets of foreign corporations from US creditors. Three Arrows, co-founded by Kyle Davies and Zhu Su, declared bankruptcy after failing to repay a $670 million…

Exchange Whale Ratio Is Trending Up

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On-chain data shows the Bitcoin exchange whale ratio has been going up recently, something that may be bearish for the price of the crypto. Bitcoin Exchange Whale Ratio Has Been Going Up In Recent Weeks As pointed out by an analyst in a CryptoQuant post, the current BTC whale ratio value suggests whales are still selling large amounts. The “exchange whale ratio” is an indicator that measures the ratio between the sum of the top ten Bitcoin transactions to exchanges and the total exchange inflows. In simpler terms, what this…

Playboy to launch in The Sandbox metaverse: Nifty Newsletter, July 6–12

In this week’s newsletter, read about Playboy’s upcoming virtual mansion in The Sandbox. Check out how a startup is offering lifetime Netflix and Spotify access through nonfungible tokens (NFTs) and how NFTs can bridge gaming and blockchain. Additionally, learn how game company GameStop launched its own NFT marketplace. And, don’t forget about this week’s Nifty News roundup featuring an “Ape Now, Pay Later” scheme from a decentralized finance (DeFi) platform.  Playboy to launch first ‘MetaMansion’ in The Sandbox Metaverse platform The Sandbox announced that it has partnered with lifestyle company Playboy…