Crypto Weekly Roundup, 11th July – 17th July!

Oliver Moon von Team UMushroom

18 Jul 2022

Weekly Summary

The markets seem to be calming after a very destructive bear run. Celsius may have filed for bankruptcy, but governments all over the world have doubled down on their efforts to regulate the market, which appears to be restoring investor confidence. China announce big plans for Shanghai.

Market Recap

It appears the market could be beginning to stabilise. There was plenty of good news this week for the crypto space (and some bad). Reflecting this, the overall crypto market cap recovered by 3.3%, remaining at just over $950 million.

BTC finished the week again above $20,000. In general, it was a mixed bag for the top 10. Again, reflecting the news, some tokens performed well (ETH is up 14.5%) and some performed not so well (DOGE is down 6.2%).

In the News

Celsius reveals $1.2 billion hole in its balance sheet and files for chapter 11 bankruptcy in New York. This comes after weeks of frozen withdrawals, and several poor investments culminating is millions in lost capital in the LUNA crash.
- $5.5 billion in liabilities, £4.3 in assets.
- Process will help all debtors receive most of their money back, rather than just those quick to withdraw.
- Has $167 million cash in hand to support restructuring process, by paying off some of its debt to Aave and reclaiming staked ETH tokens.
Shanghai announces plans to grow a $52 billion Metaverse industry by the end of 2025.
- China plans to turn Shanghai into a Metaverse powerhouse. The local government announced plans to fund over 100 Metaverse focused companies in the city.
The G20 has announced its intention to propose international regulation for crypto in October.
- The Financial Stability Board, a G20 body focused on monitoring international financial systems and markets, will submit its own crypto policies in October. These policies would aim to standardise international crypto regulation.
Paraguay’s government has pushed forward new legislation focused on digital assets as it pushes to become a crypto hub.
- The government announced legislation to limit electricity spending and taxation around crypto, as well as to introduce financial and legal guarantees for business and individuals alike.