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[Link to FM] Court documents show that Celsius balance sheet gap is about 1.2 billion US dollars, and OpenSea has laid off about 20% of its staff

【Data Intelligence】

The 7-day average of Ethereum Gas median cost fell to 23.97gwei, a new low in nearly 12 months

News on July 15, according to Glassnode data, the 7-day average of the median gas cost of Ethereum fell to 23.973gwei, a new low in the past 12 months. The indicator had previously fallen to 24.012gwei on July 25, 2021.

OpenSea has laid off about 20% of its staff

Devin Finzer, co-founder and CEO of NFT marketplace OpenSea, announced Thursday that the company has laid off about 20 percent of its staff. OpenSea said it would offer "generous severance packages, full-year health insurance through 2023, and accelerated equity vesting" for laid-off employees. Finzer wrote, "Everyone who left has played a key role in OpenSea's journey, and the reality is that we have entered an unprecedented combination of crypto winter and macroeconomic instability, and we need to prepare the company for the possibility of a prolonged downturn." be prepared". According to Finzer, this round of layoffs will enable OpenSea to maintain normal operations for five years in the crypto bear market.

Regulatory News

SEC chairman: Congress may need to weigh in on stablecoins

Gensler, chairman of the US Securities and Exchange Commission, said: Congress may need to weigh the issue of stablecoins, and the SEC can use the exemption authorization to regulate cryptocurrencies.

【Industry Trends】

The Celo blockchain has resumed block production, and the official has released an updated version to solve the downtime problem

On July 15th, Celo officially stated on Twitter that the 1.5.7 and 1.5.8 versions released by GitHub have been shared to solve the interruption problem. The next step is to reach a quorum of validators adopting 1.5.8. All funds are safe. After checking the Celo Explorer, the Celo blockchain has resumed block generation. According to previous news, Celo stopped producing blocks at block height 14035109.

Itaú Unibanco, Brazil's largest private bank, plans to launch an asset tokenization platform

Itaú Unibanco, Brazil's largest private bank, plans to launch an asset tokenization platform to convert traditional financial products into tokens and provide crypto custody services to its clients. The new division, Itaú Digital Assets, will initially be available to institutional clients, with a retail version expected by the end of the year. The company said it did not rule out providing cryptocurrency trading services to retail customers in the future, but did not provide further details for the time being. Itaú is one of nine partners chosen by the Central Bank of Brazil to help it develop a central bank digital currency (CBDC)

Circle reveals $55.7 billion worth of cash, treasury reserves

Circle released its first monthly report detailing its reserves for the dollar-backed stablecoin, showing $55.7 billion in cash and three months of U.S. Treasury bonds at the end of June. It disclosed in an unaudited report that it held $13.58 billion in cash in regulated U.S. banks. These banks include. Bank of New York Mellon, Citizens Trust, Customer Bank, Community Bank of New York, Signature Bank, Silicon Valley Bank, Silvergate Bank, and US Bancorp. Circle, which describes USDC as well backed, reported $55.57 billion in USDC in circulation as of June 30. The company also launched a euro-backed stablecoin called EUROC in June. The weighted average maturity of these securities is 43.9 days. Additionally, Circle disclosed holdings of $42.12 billion in three-month Treasury bills. The list shows that 19 securities will expire between July 5 and September 29 this year.

Bankruptcy filings reveal Celsius claims $40 million from Three Arrows

According to news on July 15, bankruptcy documents show that the encrypted lending platform Celsius claimed $40 million from the bankrupt Singaporean hedge fund Three Arrows Capital.

Robinhood Lists Uniswap Token UNI

Online brokerage platform Robinhood announced support for Uniswap (UNI) token trading on Thursday, bringing the number of cryptocurrencies supported by the platform to 13.

Ethereum's ninth mainnet shadow fork "Shadow Fork9" goes online

Ethereum's ninth mainnet shadow fork "Shadow Fork9" has gone live, and no major glitches have been reported in the hours since the shadow fork took place. Unlike full testnet merge hard forks like the Sepolia hard fork, the shadow fork is a smaller test fork that focuses on one or two small changes that will be needed when the ethereum merge eventually happens. Parithosh, a DevOps engineer at the Ethereum Foundation, explained that in Shadow Fork 9, developers focused on testing the update and the version used in the recent Sepolia hard fork.

【Elite Viewpoint】

Mizuho stock analyst: Coinbase's market share is less than 3%

According to news on July 15, Dan Dolev, a stock analyst at Mizuho, said in a report to clients that Coinbase’s trading volume in July is expected to be about $1.2 billion, up from a high of nearly $7 billion in November 2021. That's down nearly 83 percent, and its market share has fallen to 2.9 percent from 5.3 percent in the first quarter. According to Dan Dolev, Coinbase ranked 14th in average transaction volume in July, compared to 4th in November last year. Dan Dolev has a Neutral rating on Coinbase stock and lowered his price target to $42 from $45.

Glassnode: $20,000 Region Is an Important Trigger for New Bitcoin Buyers

According to data from the blockchain analysis company Glassnode, during the course of May-June this year, the trading price of Bitcoin fell to the $20,000 region, which became an important trigger point for investors to capitulate and new buyers, so it became the Bitcoin market. Nodes that change hands. Bitcoin, which has just been resold, is now in the hands of holders of higher conviction and needs to go through a process to mature, and while many signals of a bottom formation are in place, the market will still take time and pain to build a resilient Bitcoin investors are not out of the woods yet.

【What to watch today】

Court documents show Celsius balance sheet shortfall of about $1.2 billion

Crypto lending platform Celsius Network has a $1.19 billion hole in its balance sheet, according to a new court filing by Celsius consulting partner Kirkland & Ellis. Celsius holds $4.3 billion in assets and $5.5 billion in liabilities, the filing shows. In its asset list, Celsius claims to have around $600 million in its CEL tokens. However, the filing noted that as of July 12, CEL had a total market capitalization of approximately $170.3 million.

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