20th July, What's Happening In Crypto? Quick Updates

Key Takeaways

• Indian central bank (RBI) wants Crypto to be prohibited

• Celsius Network Reveals $1.19 Billion Hole In Crypto Lender's Bankruptcy Protection Filing

• Ethereum price spikes after the merge announcement and Price Prediction

• GameInfinity’s Gamer Airdrop is finally here.

Indian central bank (RBI) wants Crypto to be prohibited

The Reserve Bank of India (RBI) Wants Crypto to be banned in India. 

Nirmala Sitharaman, Finance minister of India informed parliament in writing, that RBI wants Crypto to be prohibited as it could affect the Indian economy unfavorably.

The RBI has also mentioned that cryptocurrencies are not a currency because every currency needs to be issued by the Central Bank or Government, said Sitharaman.

Also recently, the government has announced the tax on gains from virtual assets (Crypto, NFTs, etc). The 30% tax rate on virtual currency assets has come into effect from April 1 2022 and the government has also introduced 1% TDS from July 1, 2022.

“According to RBI, The value of fiat currencies is anchored by monetary policy and their status as legal tender, however, the value of cryptocurrencies rests solely on the speculations and expectations of high returns that are not well anchored, so it will have a de-stabilizing effect on the monetary and fiscal stability of a country," said Sitharaman in a reply.

Celsius Network Reveals $1.19 Billion Hole In Crypto Lender's Bankruptcy Protection Filing

Celsius Network reveals a $1.19 billion deficit on its balance sheet in a bankruptcy court filing on Thursday, a day after the cryptocurrency lender filed for Chapter 11.

Celsius a New Jersey-based Crypto lending platform paused all withdrawals from its platform last month after the extreme sell-off in the market.

In the filing at the U.S. Bankruptcy Court for Southern District of New York on 14th July, 2022, Celsius also alleged $40 million in claims against Three Arrows Capital, a Singapore-based crypto hedge firm that filed bankruptcy earlier this month.

As of July 13, it has around 23,000 outstanding loans to retail borrowers totaling $411 million in collateral with a market value of $765.5 million in digital assets Celsius added.

Voyager Digital Ltd, Another U.S. crypto lender firm, filed for bankruptcy this month after freezing withdrawals and deposits.

Ethereum rally after the merge announcement

Ethereum (ETH) rallied almost 55% after the developers announced the date of ‘Merge’ upgrade.

ETH surged from $1030 to the month high of around $1600 in 4 days, after Tim Beiko Ethereum foundation member suggested Sept, 19 as the provisional launch date for the Merge. Where the world's biggest smart contract blockchain transition from the proof-of-work consensus mechanism to the proof-of-stake mechanism.

Since Beiko's announcement, ether has rallied more than 55% from $1030, gaining a market cap of $189 billion.

The staked ether's (stETH) discount relative to the price of ether has surged to 0.98 from 0.93 in may which declined due to the extreme market condition of the last few months and the collapse of Terra Luna.

Ethereum price analysis:
After breaking the Tripple bottom pattern ETHUSD is moving in a healthy rally creating higher highs and higher lows. The $1650 level is acting as a Strong resistance to the price.

We can expect a small correction in the price this week, to continue the uptrend Ethrerum needs to remain above $1400 and break out of the $1650 resistance, where we can see ETH price around $2000 levels.

ETHUSD Chart- Trading view

GameInfinity’s Gamer Airdrop is finally here

The most hyped crypto gaming project GameInfinity has finally announced its Airdrop for Web3 gamers. 

If you love to play games or want to try blockchain gaming (web3 Gaming ), GameInfinity is your place to Switch. Fun and play-to-earn (P2E) games, all loaded with NFT’s and exciting rewards. 

The Airdrop: Create your Gamer profile and play a game in the www.gameinfinity.io to be eligible and claim your 250 free GAMEIN tokens. Additionally, rewards are also available.