While investors are still reeling from the recent #cryptomeltdown, the market appears to have stabilized (for now). This unusual lull offers crypto enthusiasts a chance to step back and catch up on the latest crypto and NFT news from a safe distance, while Bitcoin remains (fairly) stable at around 20,000. , readers should be prepared for a healthy dose of damage assessment as the aftermath hits the markets. Are you ready for this week’s crunch? Let’s dive!
Ringo is the first Beatle to release an NFT collection
Julien’s Auctions presented an exclusive auction featuring a collection of original and unique digital artworks, accompanied by their exclusive signed canvas prints created by Ringo Starr, the first Beatle to ascend in the NFT galaxy. The “Ringo Starr NFT Collection – The Creative Mind of a Beatle” auction took place online on Monday, June 13, with a portion of the proceeds going to the Lotus Foundation.
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Conceptualized and composed in Ringo Starr’s last studio in the Metaverse, “The Creative Mind of a Beatle” took fans on a virtual tour of Starr’s digital gallery experience “RingoLand”.
Pieces in the collection include an original animated painting with a custom drum composition recorded and played by Starr – beating his drums to time to flash animated images through each NFT – and beaten with a special audio/visual pattern of that time. when Starr starred as part of the Fab Four, as well as hints at his current and future creative journeys.
Billions of crypto stuck in lending platforms
Billions of dollars of cryptocurrency are currently “stuck” in crypto lending platforms such as Celcius, Anchor and Voyager Digital. Falling token prices forced platforms to temporarily suspend or restrict withdrawals, trapping customers’ funds for more than three weeks.
Celsius continues to advertise on its website during the current solvency crisis with an annual return of 18.63%. While traditional banks offer deposit insurance, there is no formal system for DeFi consumers to recoup their investments.
However, US tax law may provide such investors with some relief through an obscure deduction.
If the funds become worthless and uncollectible, investors may be eligible to write them off as a non-commercial bad debt on their taxes, according to CPA and head of tax strategy at CoinTracker.io, Shehan Chandrasekera. Cancellation won’t cover all debt, but could soften the blow to hard-hit investors.
Coinbase Stock Coupons
Coinbase Global, a popular crypto trading platform, fell 3.8% in premarket trading on Wednesday. The stock’s decline was accelerated by Atlantic Equities analyst Simon Clinch, who downgraded the cryptocurrency exchange firm from Overweight to Neutral over concerns about its ability to attract trading talent.
Clinch also expressed concern about the spread of false information about the company’s financial strength and assets.
“Our hopes for some stabilization in crypto prices and volumes have shattered, with both paths much weaker than expected,” Clinch wrote in a note to customers.
Voyager Files for Bankruptcy
After suspending all transactions, deposits and withdrawals on its platforms last week, crypto lending company Voyager Digital has filed for Chapter 11 bankruptcy. The announcement was made Tuesday night and Voyager admitted in a statement to have debts on the order of $1. up to $10 billion.
Voyager is the second company to file for bankruptcy after the recent crypto crisis, along with top hedge fund Three Arrows Capital, which filed for Chapter 15 bankruptcy on Friday.
Three Arrows Capital defaulted on a loan to Voyager last week, demonstrating the knock-on effect in the industry.