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Celsius changes legal team, pays off $20M in Aave debts

Crypto lending platform Celsius has reportedly hired lawyers from Kirkland & Ellis LLP to advise on its restructuring options — the same firm that assisted Voyager Digital with its bankruptcy filing last week. According to a report from the Wall Street Journal on Sunday, the company has hired lawyers to advise on options, including a bankruptcy filing in place of the previously hired law firm Akin Gump Strauss Hauer & Feld LLP. Kirkland & Ellis LLP describes itself as an international law firm that serves clients in private equity, M&A, and other corporate transactions, having been founded in 1909. The law firm has also been tapped as general bankruptcy counsel for Voyager Digital in its bankruptcy proceedings, which it filed in the Southern District Court of New York on July 5, days after pausing trading, withdrawals and deposits on liquidity issues. Despite ongoing concerns that the crypto lender may follow a similar path, Celsius has continued to wind down its debts to decentrali..

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Terra projects band together in migration to Polygon ecosystem

More than 48 different crypto projects formerly based on the failed Terra ecosystem have found a resurgence by migrating over to Polygon. Polygon Studios CEO Ryan Wyatt expressed delight at his network’s ability to onboard many projects to the ecosystem in a Saturday tweet. He hinted that Polygon’s multimillion-dollar Terra Developer Fund has been effective in attracting the talent that was unexpectedly flung into limbo when Terra collapsed in May. Polygon is a network that serves as a layer-2 scaling solution for the Ethereum network. Among the higher-profile projects to move to Polygon are the Lunaverse (LUV) metaverse platform, the OnePlanet nonfungible token (NFT) marketplace and the Derby Stars play-to-earn (P2E) game. OnePlanet has been instrumental in helping other NFT projects migrate to Polygon. It has become a platform dedicated to assisting NFT projects from Terra with its Ark*One initiative. OnePlant’s Saturday blog post outlines how Ark*One has helped “A total of 48 NF..

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Volumes surge 205% in Axie revival as co-founder claims project is ‘healing’

Play-to-earn (P2E) metaverse game Axie Infinity appears to be on the mend, with its nonfungible token (NFT) sales volume pumping 205% over the past seven days. The project’s co-founder Jeff Zirlin echoed such sentiments via Twitter on Friday after he stated that the project was “healing” in reference to the strong adoption of NFT land staking, the Ronin bridge being back up and a notable uptick of game downloads and NFT sales. According to data from CryptoSlam, Axie infinity generated $1.3 million worth of sales over the past seven days from a total of 23,100 buyers, marking a 205% increase for the week. One of the contributing factors to the sudden increase appears to be the surging appetite for Axie Infinity Land NFTs following the launch of staking support on July 4. The staking feature enables Land owners to earn weekly rewards in the game’s native Axie Infinity (AXS) token. At the time of writing, roughly 91% of the 16,794 circulating supply has been staked, according to data ..

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CoinFLEX to begin arbitration for $84 million recovery and open limited withdrawals

Crypto investment platform CoinFLEX is moving forward with its plan to reclaim $84 million in funds by starting arbitration procedures in Hong Kong against an individual account holder. Co-founders Sudhu Arumugam and Mark Lamb acknowledged in their Saturday announcement that the judgment would provide access to the individual’s “worldwide assets” and that their lawyers were “very confident” they could enforce the award: “We have commenced arbitration in HKIAC for the recovery of this $84m as the individual had a legal obligation under the agreement to pay and has refused to do so.”The firm, however, noted the process could take 12 months to get a judgment in Hong Kong. “Thereafter, we will be able to enforce that judgment against his worldwide assets,” it added. Though the “large individual customer” was not named in the Saturday announcement, Lamb has previously publicly stated that Bitcoin Cash (BCH) proponent Roger Ver was the defaulting customer in question. Ver, however, has den..

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Twitter lawyers up to force through Musk deal. Will it work?

Social media platform Twitter is reportedly looking to file a lawsuit as early as this week against Telsa CEO Elon Musk after he announced his intention to pull out of the $44 billion deal to acquire the social media giant on Friday. Bloomberg reported on Sunday that the company has hired corporate law firm Wachtell, Lipton, Rosen & Katz and will bring the case to the Delaware Court of Chancery, a non-jury trial court that deals with corporate law in the state of Delaware. However, it’s unclear whether the potential lawsuit will eventually end up with Musk purchasing the platform, either at the previously agreed price, at a re-negotiated price or not at all. Last week, Twitter chairman Bret Taylor pledged to pursue legal action against Musk for trying to pull out of the deal, stating the board is “committed to closing the transaction” as previously agreed and planned to pursue legal action “to enforce the merger agreement.” However, some believe that Musk’s move to terminate the dea..

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Ethereum’s failure to close above $1.3K prompts analysts to predict more downside

The Ethereum network moved one step closer to completing its transition to proof-of-stake (PoS) this week after the successful completion of its second-to-last major Merge trial on the Sepolia public test network. Data from Cointelegraph Markets Pro and TradingView shows that following the Sepolia Merge on July 6, the price of Ether (ETH) rallied to a high near $1,280 on July 8 but has since trended down to hit a daily low of 1,153 on July 10. ETH/USDT 1-day chart. Source: TradingViewWith the Ethereum network nearing the home stretch in its shift to PoS, here is what analysts are saying could happen with its price in the short term. Look out for a pullback to $1,020The recent price action for Ether that followed the successful Merge on Sepolia “is giving more clarity than $BTC atm [at the moment]” according to crypto trader and engineer Crypto Feras, who posted the following chart outlining the rejection at $1,280. ETH/USDT 2-hour chart. Source: TwitterCrypto Feras said: “PA is stil..

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A brief history of Bitcoin crashes and bear markets: 2009–2022

Bitcoin (BTC) experienced one of its most brutal crashes ever in 2022, with the BTC price plummeting below $20,000 in June after peaking at $68,000 in 2021. June 2022 has become the worst month for Bitcoin since September 2011, as its monthly losses mounted to 40%. The cryptocurrency also posted its heaviest quarterly losses in 11 years. However, the current market sell-off doesn’t make Bitcoin crashes and bear markets exclusive to 2022. In fact, Bitcoin has survived its fair share of crypto winters since the first Bitcoin block, or the genesis block, was mined back in January 2009. As we zoom out the Bitcoin price chart, Cointelegraph has picked up five of the most notable price declines in the history of the seminal cryptocurrency. Bear market No. 1: Bitcoin crash from $32 to $0.01 in 2011Time to retest previous high: 20 months (June 2011–February 2013) The Bitcoin price broke its first major psychological mark of $1.00 back in late April 2011 to start its first-ever rally to hit $32..

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Top 5 cryptocurrencies to watch this week: BTC, UNI, ICP, AAVE, QNT

Bitcoin (BTC) has given up ground over the weekend as investors remain cautious about the United States consumer inflation data to be released on July 13. Analysts anticipate June’s consumer price index to be higher than May’s 8.6% level. Due to the macro uncertainty, investors are not confident that Bitcoin’s correction is over. However, Fidelity Investments’ director of global macro, Jurrien Timmer, said that Bitcoin is back at the 2013 bull market levels “if the price per millions of non-zero addresses“ is considered for valuing it. That implies that “Bitcoin is cheap.” Crypto market data daily view. Source:Coin360The readings on the Reserve Risk indicator, which shows long-term holder sentiment, plunged to a new all-time low in July. Commentator Murad said this meant that “we are in the high timeframe bottoming zone” or the indicator may be broken. Could Bitcoin turn around and start a new rally or will it continue lower? Are altcoins showing signs of bottoming out? Let’s study the..

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Bitcoin eyes best weekly gains in 3 months as BTC price slips below $21K

Bitcoin (BTC) hit three-day lows into the July 10 weekly close as $21,000 gave way as short-term support. BTC/USD 1-hour candle chart (Bitstamp). Source: TradingViewTrader eyes bullish divergences across marketsData from Cointelegraph Markets Pro and TradingView showed BTC/USD giving up some of its gains from earlier in the week while still looking to cap its best weekly gains since March. The pair circled $20,850 at the time of writing, around $1,600 below the week’s peak at the 200-week moving average. Despite no continuation of the breakout, Bitcoin gave some commentators cause for cautious optimism ahead of the new week beginning. “The markets are showing higher timeframe bullish divergences and the sentiment is the same as on a funeral,” Cointelegraph contributor Michaël van de Poppe summarized: “A recipe for a reversal is there, and it can accelerate quite fast. Invest when nobody is interested. Sell when everyone is interested.”Popular trader Crypto Tony, meanwhile, entertained ..

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AI will help realize the true vision the Metaverse hopes to achieve

The metaverse space is moving rapidly in terms of hype and the volume of new projects being launched — so much so that the industry market size is projected to grow from $100.27 billion in 2022 to $1,527.55 billion by 2029. But how many of these new projects are even remotely capable of realizing the actual vision set out? We’re a long way from seeing a true metaverseMany of the metaverse projects that have been launched are in the world of gaming. However, more often than not, these projects simply consist of standard gaming features combined with virtual reality and NFTs. A true metaverse, in the sense of a digital parallel universe to our analog world, a digital simulated reality in which participants can take part in diverse social, economic, entertainment and artistic activities in a variety of self-organized groupings and environments, has yet to be realized. Realizing this full vision requires easy portability of users, numerous wildly diverse metaverse shards, and simple user ..

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