NFTs Take A Non-Fungible Beating

Cryptoverse: The bonfire of the NFTs

The NFT dream isn’t dead, but it’s taken a big non-fungible beating.

The market shone gloriously last year as crypto-rich speculators spent billions of dollars on the risky assets, pumping up prices and profits. Now, six months into 2022, it’s looking ugly.

Monthly sales volume on the largest NFT marketplace, OpenSea, plunged to $700 million in June, down from $2.6 billion in May and a far cry from January’s peak of nearly $5 billion.

By late June the average NFT sale sunk to $412, from $1,754 at the end of April, according to NonFungible.com, which tracks sales on the Ethereum and Ronin blockchains.

Meme Stocks: The Redditors Should Know When They Are Conquered

As the pros suspected would happen, fundamentals did eventually take over and the meme stocks have mostly returned to something akin to fair value. The only thing that the Redditors proved was that an army of novices acting concert can exploit short-term liquidity constraints to push prices around, but in the long run the stock market does an efficient job of separating winners and losers. Some people have framed the era as a war between Main Street and Wall Street, but the only way retail investors can win that war is by conservatively investing for the long term.

And yet, it seems they’re still trying….

Statement on Decision in Jury Trial of Bradley C. Davis

After a six day trial, a jury in the Central District of California found Bradley C. Davis, a former Vice President of Nordson Corporation, liable for insider trading in Nordson stock and options contracts.

El Salvador’s Bitcoin Bet Isn’t Paying Off

But nearly a year after the country’s president, Nayib Bukele, shocked the financial world by making its most popular digital coin a national currency, his bet appears to be backfiring, highlighting the gap between the utopian promises of cryptocurrency’s proponents and economic realities.

The government’s bitcoin holdings have lost about 60 percent of their presumed value during the recent market plunge. The use of bitcoin among Salvadorans has collapsed and the country is running out of cash after Mr. Bukele failed to raise fresh funds from cryptocurrency investors.

Crypto Broker Voyager Digital Files for Bankruptcy Protection

The company said that it has initiated Chapter 11 restructuring in New York, where it is based, and will seek recognition of the case in Canada, where it is listed.

The voluntary filing comes after Voyager was caught up in the problems of Three Arrows Capital Ltd., a crypto hedge fund that suffered heavy losses from multiple cryptocurrencies since May. Three Arrows Capital recently defaulted on a large loan from a unit of Voyager.

Brazil Gets Crypto-Dedicated Investigation Unit to Expedite Probes, Stir Awareness

Brazil is taking active measures to ensure that crypto-related crimes in the nation are tackled with dedicated precision. The public prosecution office of Brazil’s central-western Federal District is behind the launch of this cryptocurrency investigation unit. The newly formed wing will also contribute in driving education and awareness around the crypto sector in the nation. The development comes at a time when the virtual digital assets (VDA) industry is undergoing expansion in the Latin American country.

The name of this new investigation unit is ‘Crypto’. The division will be roping in members of the public ministry, judiciary, and the police to impart education on digital assets.