@cryptocracy 20 August 2022 more from that month

What's Causing the Crypto Crash? God Only Knows. Crypto is crashing again and **no one seems to know why**, although Protocol says it’s **bad bets on “safe” tokens**. Bitcoin’s at a **three-week low**. Experts are saying there could be another big crash coming, and it **could get nasty**. *You know, like Janet Jackson nasty. I say bring it on.* https://www.fastcompany.com/90780822/bitcoin-and-other-cryptocurrencies-are-crashing-sending-coinbase-stock-down-too https://www.protocol.com/fintech/steth-staked-ether-3ac https://www.financialexpress.com/digital-currency/sudden-cryptocurrency-drop-sends-bitcoin-to-three-week-low/2636813/ https://time.com/nextadvisor/investing/cryptocurrency/eth-btc-prices-to-fall-further/ If you haven’t figured this out yet, Ethereum Merge is about to put crypto miners **out to pasture**. The Merge will also make a big impact on **Ethereum mempools**. Miners and mining pools are going to have to **make a choice**. *Life is all about choices, even in crypto.* https://arstechnica.com/tech-policy/2022/08/the-merge-the-biggest-change-in-ethereum-history-explained/ https://www.coindesk.com/layer2/2022/08/19/how-the-merge-will-change-the-weird-world-of-ethereum-mempools/ https://cointelegraph.com/news/ethereum-merge-prompts-miners-and-mining-pools-to-make-a-choice Tether reserves **fell $16 billion** in Q2, due to redemptions. Meanwhile, the stablecoin slashed commercial paper holdings by **58 percent**. *Don’t be skeptical, or cynical. The reduction in commercial paper was confirmed by an auditor. And, for the record, these reductions could mean a more competitive USDT. It could mean USDC’s climb to overtake the leading stablecoin could get steeper, but, ultimately, I believe USDC is going to win.* https://www.reuters.com/technology/stablecoin-tethers-reserves-fall-by-16-billion-second-quarter-2022-08-19/ https://www.coindesk.com/business/2022/08/19/new-tether-auditor-confirms-slashing-of-commercial-paper-holdings/ Ripple heads to Brazil, **teams up with Travelex** on remittances. https://dailyhodl.com/2022/08/19/ripple-launching-xrp-fueled-payments-service-in-brazil-in-partnership-with-latin-american-bank/ Celsius says it “likely” **has enough cash** to get through the end of the year. The crypto lender spent **$40 million on crypto mining** in the first two weeks of bankruptcy. https://www.coindesk.com/business/2022/08/19/bankrupt-crypto-lender-celsius-now-says-it-likely-has-enough-cash-to-last-through-end-of-year/ https://www.wsj.com/articles/celsius-spent-40-million-on-crypto-mining-in-first-two-weeks-of-bankruptcy-11660945275 Shopify CEO **buys Coinbase stock**. What’s the **most alarming number** from the exchange’s latest earnings report? https://www.barrons.com/articles/bitcoin-coinbase-stock-shopify-51660930748 https://www.fool.com/investing/2022/08/19/most-alarming-number-coinbase-q2-report/ DeFi total value locked loses **$5.7 billion in five days**. https://news.bitcoin.com/value-locked-in-defi-loses-5-7-billion-in-5-days-smart-contract-tokens-shed-7-8-in-24-hours/ Hodlonaut slices **80 percent of staff**. https://www.moneycontrol.com/news/business/cryptocurrency/crypto-lending-platform-hodlnaut-axes-80-of-staff-9056991.html Netgear and SuperRare **partner on NFT project**. Competition is heating up in the Bored Apes market as Rarible jumps in with a planned **ApeCoin NFT marketplace**. *When Magic Eden announced a marketplace for Bored Ape NFTs, I thought it was a move instigated by Solana’s top-ranking NFT platform. Maybe I was wrong. Could it be BAYC making the moves?* Nearly $55 million worth of **Bored Apes and CryptoPunks** risk liquidation. https://www.tomorrowsworldtoday.com/2022/08/19/netgear-partners-with-superrare-for-nft-project/ https://www.investing.com/news/cryptocurrency-news/rarible-becomes-the-third-contender-seeking-to-build-a-free-nft-marketplace-for-apecoin-dao-2876509 https://cointelegraph.com/news/nearly-55m-worth-of-bored-ape-cryptopunks-nfts-risk-liquidation-amid-debt-crisis **Illicit crypto activity has declined** 15 percent year-over-year along with the rest of the market. *Not a huge surprise. Less market activity means fewer people involved. Criminals make up a certain percentage of the market in any market. However, there is one category where illicit activity is rising.* https://blog.chainalysis.com/reports/crypto-crime-midyear-update-2022/

Blockify **raises $2.2 million**. https://beincrypto.com/smart-and-social-web3-platform-blockify-raises-2-2m/ SBI Holdings is **shutting down bitcoin mining** operations in Serbia. https://decrypt.co/107792/sbi-holdings-cut-bitcoin-mining-operations-russia-citing-sanctions-concerns Can crypto mixers and privacy coins **resist censorship**? https://blockworks.co/crypto-mixers-and-privacy-coins-can-they-resist-censorship/ Mark Zuckerberg says the **metaverse won’t be as bad** as his selfie. Slate says there’s a reason the **metaverse looks stupid**. MTV has added a Metaverse category to its MTV **music video awards**. Hiring slows at Google and Facebook, so **metaverse jobs disappear**. Just because I know you want to know: Here’s **what artificial intelligence thinks** humans look like in the metaverse. https://techcrunch.com/2022/08/19/mark-i-sure-hope-it-isnt/?guccounter=1&guce_referrer=aHR0cHM6Ly93d3cuZ29vZ2xlLmNvbS8&guce_referrer_sig=AQAAAFqxdwXVXdLQYPDM7bZs4Br8BAocmCYDGkYruSc_PcSX66-W-_RpTrvbPLGxUw9OPpLRib9PG1Y-CYH0WPXKF0QwskKV3KSy9zoCr5jNPsUZvjfJmHADS6rjRYoVm_2cWRqs_WRk0nmIGGQE2-GFOe5n2nkFPBf_7XvwC36PDybm https://slate.com/technology/2022/08/mark-zuckerberg-metaverse-horizon-worlds-facebook-looks-crappy-explained.html https://fortune.com/2022/08/19/mtv-metaverse-concerts-video-music-awards-roblox/ https://www.latimes.com/business/story/2022-08-19/metaverse-jobs-are-disappearing https://www.dailymail.co.uk/sciencetech/article-11127253/Meta-mutants-AIs-creepy-images-thinks-humans-look-like-metaverse.html One crypto trader takes aim at the IRS with a **lawsuit over John Doe summons**. *I predict he’ll lose.* https://metfabtech.com/crypto-news/crypto-trader-can-sue-irs-over-john-doe-summons-over-coinbase-registrations-court-hears/ The Securities and Exchange Commission **sets sight on Dragonchain**. https://coingeek.com/dragonchain-in-trouble-with-sec-over-14m-ico-in-2017/ Why Web3 is a **huge opportunity for brands**. Is Web3 being **used by extremists**? *If you own a business, you’ll have to read the first article. You’ll want to be out front of Web3. When it hits mainstream internet users, it will wash over them like a tsunami. Business owners will prefer a slow and steady integration and the best time to start is now.* https://www.socialmediaexaminer.com/why-web3-is-a-big-opportunity-for-brands/ https://www.grid.news/story/technology/2022/08/19/web3-has-been-criticized-for-being-used-by-extremists-thats-not-quite-the-case-yet/ Is crypto **mass adoption imminent**? https://innotechtoday.com/is-mainstream-adoption-of-cryptocurrencies-imminent/ How Loot managed to **survive the crypto crash**. https://www.theverge.com/23312790/loot-dom-hofmann-nft-project-developer-community GameFi is a relatively new market segment in crypto. Where are the most gamers congregating? It appears to be on the **WAX and Hive blockchains**. Here’s **an analysis** by Hiver user uyobong. https://coinmarketcap.com/alexandria/article/coinmarketcap-and-footprint-analytics-2022-gamefi-industry-report https://hive.blog/hive-167922/@uyobong/hive-ranks-high-in-coinmarketcap-s-gamefi-analysis-for-h1-2022

**5 Discord bots** every DAO should know about. https://www.bakercityherald.com/ae/entertainment/the-5-discord-bots-every-web3-community-dao-should-have/article_1da02bb3-57b8-5246-992f-6abc6350f365.html The Law Commission of England and Wales proposes bill to **define crypto ownership**. *In every country, the definitions of crypto ownership belongs in the wheelhouse of legislators, not regulators.* https://techcrunch.com/2022/08/19/uks-law-commission-proposes-revolutionary-rules-for-ownership-of-crypto-tokens-and-nfts/ *Snark and commentary in italics.* Cryptocracy is a decentralized newsletter published several times a week. I curate the latest news and crypto analysis from some of the brightest minds in crypto, and sometimes offer a little insightful and snarky commentary. Always fresh, always interesting, and always crypto. *First published at* *Cryptocracy**. Not to be construed as financial advice. Do your own research.* https://cryptocracy.substack.com/p/whats-causing-the-crypto-crash Image credits: Chainalysis and CoinMarketCap