Crypto weekly roundup, 27th June – 3rd July!
Weekly Summary
Voyager joins the likes of CoinFlex and Celsius, as it is forced to suspend all withdrawals and trades on the platform. Voyager entered a liquidity crisis as Three Arrows Capital missed a loan repayment and drew on $75 million of its credit line. This rippled throughout the wider market, as 9% of the overall market cap was lost through the week.
Market Recap:
The overall crypto market cap dropped to under 900 billion USD again this week. A weekly loss of around 9% reflects the large downward pressure on the market by the liquidation of Three Arrows Capital.
XRP dropped to being the 7th biggest coin by market cap this week, as its price dropped by 10% and investors continue to flock to stablecoin. The other currencies all dropped significantly with BTC dropping once again below $20,000, having its worst month in 11 years.
In the News:
META begins testing NFT’s on Facebook.
META began experimenting with NFT’s on Instagram in May.
They are now beginning to test Polygon and Ethereum based NFT’s among certain Facebook accounts.
The idea is to enable users to present their NFT’s in a “Digital Collectables” tab.
Over half of Latin American’s have used Cryptocurrency to make a purchase, according to a recent Mastercard survey.
Three Arrows Capital, a crypto hedge fund, has been ordered into liquidation by a Virgin Islands court.
Voyager Digital issued a default notice to Three Arrows Capital this week as the fund failed to make loan repayments.
As a result, Voyager drew $75 million out of its $200 million credit line to cover the short falls.
Its stock price dropped by 26% on the American market in response to the news, and it was forced to halt trading and withdrawals on its platform.
CoinFLEX has launched a recovery token to solve its withdrawal issues.
CoinFLEX has issued a brand-new currency to solve its liquidity issues and enable withdrawals again.
The ICO will total $47 million.
To incentivise people to buy the coin, it will include a 20% APR paid daily in rvUSD.
Sources
https://coinmarketcap.com/charts/
https://coinmarketcap.com/historical/20220626/
https://www.coindesk.com/business/2022/07/01/meta-begins-testing-nft-integration-on-facebook/
