Crypto Weekly Roundup: China’s Crypto Crackdown, Marvel NFTs, And Africrypt Scam

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With the crackdown in China tightening up against crypto mining, Bitcoin especially has had a rough week. So let’s do a quick roundup of everything else that happened this week. 

Bitcoin

Cathie Wood of ARK Invest and Jack Dorsey of Square, Inc, will head up “The B Word” event this July, which will seek to raise awareness and demystify the world of crypto. 

In the aftermath of the mining ban in Sichuan, which shut down over 90% of the country’s crypto mining, Chinese miners are moving their operations to other, more crypto-friendly nations like the US, Kazakhstan, Canada, and Russia. 

Business intelligence firm Microstrategy has announced today that it has purchased an additional 13,005 Bitcoin worth $489 million in cash at an average price of $37,617 per unit.

Ethereum

Infura has announced that it is now live with support for the Optimism Layer-2  solution. The announcement comes in time for the launch of Optimism on Uniswap.

DeFi

Decentralized exchange SushiSwap announced today that it will be integrating its full suite of products on Harmony Protocol’s blockchain to introduce yield farming, liquidity mining rewards for Sushi, rewards for Kashi borrowing and lending, as well as rewards for Sushi-specific hackathon challenges, among others.

Terra and the Secret Network have announced that they are collaborating to provide programmable privacy and DeFi opportunities for Terra Assets through the Secret Terra Bridge.

Business

The cryptocurrency investment platform Africrypt has fallen victim to a scam. Investors lost a total of $3.6 Billion when the two brothers, Ameer Cajee and Raees Cajee, disappeared with the assets.

Major League Baseball Players inc. has teamed up with cryptocurrency exchange FTX in the sports league’s first crypto partnership. The long-term global partnership will see the cryptocurrency exchange holding group player rights, which means the company can use players’ highlights for content creation.

Technology

Kyber is building the Kyber DMM analytics page using a subgraph by The Graph to provide accurate data regarding liquidity and transaction.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has announced the launch of a new transaction management platform to provide “instant and frictionless end-to-end transaction” management at a global scale.

Regulation

Eric Rosengren, a senior official in the U.S. Federal Reserve, identified Tether’s stablecoin, USDT, as a risk to the stability of the current monetary system.

China’s first cryptocurrency exchange, BTCChina, has now exited the Bitcoin business to protect itself from the country’s ongoing crackdown on crypto mining.

NFT

Globally iconic entertainment brand and studio, Marvel has recently partnered up with VeVe to offer popular MCU characters and comics as digitally collectible NFTs. 

Rapper and serial entrepreneur Jay-Z recently announced that he will be selling an NFT based on the album cover of “Reasonable Doubt” – his 1996 debut album.

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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