CoinMarketCap News, July 14: Three Big Threats for Bitcoin on the Horizon

CoinMarketCap News, July 14: Three Big Threats for Bitcoin on the Horizon

4 months ago

Also today, Celsius Network has filed for bankruptcy — one month after the crypto lender suddenly suspended withdrawals.

CoinMarketCap News, July 14: Three Big Threats for Bitcoin on the Horizon


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Celsius files for bankruptcy 🚨

One month after suddenly suspending withdrawals, Celsius Network has filed for bankruptcy. The company's hoping that the Chapter 11 proceedings will help "stabilize its business." CEO and co-founder Alex Maskinsky says the voluntary move is "the right decision for our community and company." In terms of what comes next, Celsius Network says it will "put forward a plan that restores activity across the platform, returns value to customers, and provides choices." Withdrawals remain suspended for now, and any plans for them to resume may need court approval. Celsius has attempted to put a brave face on the bankruptcy by pointing out many well-known companies have survived Chapter 11 proceedings, but this isn't guaranteed.

U.S. inflation surges again 📈

The latest inflation figures have been released in the U.S. — and they were worse than what economists feared. Data for June shows the Consumer Price Index surged by 9.1% year on year — setting a new 40-year high in the process. Bitcoin sank to lows of $18,999.95 as markets digested the news — but the slump was short lived. The shock surge has prompted renewed speculation that the Federal Reserve may increase interest rates by one whole percentage point later this month. Analysts believe such a drastic move is now more likely than not, fueling fears that a recession in the U.S. is now a real risk. All of this could create headaches for BTC.

CryptoPunk sells for $2.6M 💰

Think the days of NFTs selling for millions of dollars are long gone? Think again. A rare CryptoPunk has gone under the hammer — selling for a whopping $2.6 million… that's about 2,500 ETH. The transaction was completed on Tuesday, and in ETH terms, is tied in fifth place for the most-expensive sale since the collection launched. CryptoPunk #4464 is a particularly rare one — the 32nd rarest available, in fact. Out of the 10,000 NFTs in this collection, it's among just 24 that are apes. Accessories include an eye mask and a vape. Data from CryptoSlam reveals it's the biggest NFT transaction that's been seen over the past 30 days.

Skatepark comes to metaverse 🏂

"The world's biggest skate park" is being built in the metaverse. Legendary skateboarder Tony Hawk has teamed up with The Sandbox for the project, which will span 36 plots of virtual land. Gamers will be able to create their very own ramps — and place them in the metaverse to generate bespoke skating challenges. It'll also be possible to snap up new gear so your avatar looks good. Confirming his involvement, Hawk said: "I've been a fan of new technology all of my life — from the first video games to home computers with CGI capabilities — so I’m fascinated by the metaverse."
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