Crypto Market Insight Jul 2022 | Ewpple

 

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Ewpple - Crypto Market Insight Jul 2022

• As part of its debt repayment, Crypto mining giant, Core Scientific sold 7K Bitcoin (BTC) at approximately $23K each for nearly $167M (79% of its holdings).
• Ethereum (ETH) Merge trial on the Sepolia test network mostly went smoothly with only a few minor hiccups. Prior to becoming a proof-of-stake (POS) token, a final test will be conducted on the Goerli network.
• The Celsius Network has paid Maker (MKR) DAO $120M of its Bitcoin loan through DAI transactions. Celsius' liquidation risk is decreasing as its' stETH re-pegs to ETH.
• The recent gains of Convex (CVX) & Curve (CRV) tokens can be attributed to relocking CVX tokens and depositing CRV tokens into Convex Finance. Both tokens have surged more than 50%.
• Circle’s USD Coin (USDC) may surpass Tether (USDT) as the top stablecoin in 2022 as its market capitalization reaches $55B against USDT's decreasing $66B. As a US FinCEN-registered money service business, Circle reports its reserves to the government.
• Crema Finance, a Solana-based DeFi protocol, had recovered roughly $7.6M worth of stolen crypto. Sadly, Harmony's $100M theft by North Korea government's Lazarus Group didn't end well.
• A bankruptcy filing by Voyager Digital was triggered by its exposure to bankrupt Singapore hedge fund Three Arrow Capital.
• Despite a decrease in investor interest in the last two months, Meebits, a collection of 20K 3D voxel characters, has exceeded $500M in NFT sales.

Ewpple DeFi Crypto Index Fund (EWD) dropped -4%.
Benchmark index dropped -23% in the same period.
Benchmark index = S&P Cryptocurrency MegaCap Index (SPCMC) 50% & Decentralized Finance Index (DEFX) 50%

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