Mark Cuban predicts that cryptocurrency projects that do not have a valid business model will likely fail. "In stocks and crypto, you will see companies sustained by cheap, easy money — but didn't have valid business prospects — will disappear." More: - Cuban referenced Warren Buffet, who once said, "when the tide goes out, you get to see who is swimming naked."
- The crypto industry was hit hard as investors lost billions when Terra's algorithmic stablecoin UST lost its dollar peg in May.
- This week, Celsius Network paused withdrawals on its platform, and the ongoing rumors of insolvency caused further damage to the crypto industry. Bitcoin dropped to $20,000, and Ethereum touched the $1,000 mark.
- Coinbase and BlockFi announced layoffs, and MicroStrategy, a manufacturing firm, faced a possible margin call.
Innovation is the key to success. - Cuban compared the current state of the crypto industry with the dot-com era.
- He believes that innovative companies will rise to the top during the crypto turmoil and adds: "disruptive applications and technology released during a bear market, whether stocks or crypto or any business, will always find a market and succeed."
- The opportunity lies in commercial smart contract platforms that will eventually replace software as a service (SAAS).
Decrypt 
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Circle is launching a fully reserved stablecoin pegged to the euro as the demand for stablecoins continues to rise despite the recent downturn. More: - Circle Internet Financial will release its Euro Coin, or EUROC, on June 30 on the Ethereum blockchain as an ERC-20 standard token.
- The company has also issued the USD coin (USDC) in the past and believes that there is a high demand for stablecoins fully backed by reserves.
- Every EUROC in circulation will be backed by the euro and have an equivalent euro-dominated reserve held in custody at financial institutions regulated by the U.S.
- Silvergate Bank is listed as the initial custodian for the new token, designed to give businesses broader access to euro liquidity that can be used for payments, trading, lending, or borrowing.
- The purpose of creating stablecoins was to give crypto traders access to liquidity due to banking restrictions on digital assets.
- However, stablecoins found a unique application that involves serving the unbanked and underbanked populations where access to dollars is restricted due to sanctions or capital control.
Coin Telegraph
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MicroStrategy will continue to buy more Bitcoin despite the market crash. Michael Saylor says, "Now it's a great time to buy Bitcoin," and restated his commitment to purchasing the digital asset at a low price. More: - The crypto industry has entered a period of complete chaos recently; however, this does not stop the ultimate BTC bull, Saylor, who still believes that adopting a Bitcoin strategy was the best decision out of all possible options.
- Saylor believes that Bitcoin alone has performed better than gold, oil, the Nasdaq index, or any primary option available during that time.
- He affirmed that MicroStrategy would continue purchasing more Bitcoin at the current price, and the short-term volatility does not impact its long-term potential.
- Bitcoin is a risk-off store of value in a 10-year frame, and within four years, regardless of market conditions, it will lose money.
- The moving average for Bitcoin rests at the $21,000 mark, making it an "absolutely a great buying opportunity," he says.
Crypto Potato
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The Texas State Securities Board is investigating Celsius Network for suspending user withdrawals, swaps, and transfers between accounts. In Sept. 2021, the Texas authorities also filed an action against the company for selling securities in a state they were not registered. More: - The regulator expressed concerns over Celsius' decision to suspend withdrawals. The move affected many retail investors since they could not access their investments, leading to financial consequences.
- A Wall Street Journal report also states that two firms that backed Celsius — WestCap Group and Canadian pension fund Caisse de dépôt et placement du Québec — led the $750M Series B round but did not plan to provide more funds due to the potential risks.
- This week, Celsius has hired new lawyers to find solutions to its financial woes. CEO Alex Mashinsky took to Twitter on Wednesday and wrote:
- "Celsius Network team is working non-stop. We're focused on your concerns and thankful to have heard from many. To see you come together is a clear sign our community is the strongest in the world. This is a difficult moment; your patience and support mean the world to us."
- The company also did not register as a dealer under the Texas Securities Act and sold securities in a state where it was not permitted.
- The New Jersey Bureau of Securities also issued a cease and desist order against the company for violating securities laws.
Coin Telegraph
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 A message from INCOGNIA How to achieve the right balance between friction and fraud in crypto mobile apps? Current fraud prevention methods in crypto apps are not effective against the increasing fraud scams in crypto, which hit losses of $14 Billion in 2021. On the other hand, users hate the friction imposed by authentication methods. Incognia has analyzed twenty-one major cryptocurrency mobile apps for a complete review of the login authentication, password reset and device change process. This report includes an investigation of the level of friction that security measures, designed to keep out fraudsters, introduce for all users. Download this report to: - Learn which apps provide the lowest friction for password reset and device change.
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OpeanSea is migrating to the Seaport protocol to reduce Ethereum gas fees by 35% and enhance the overall user experience. The move comes after Kraken announced that its NFT marketplace will no longer charge gas fees. More: - The popular NFT marketplace's move to the open-source Web3 marketplace protocol will allow users to save 35% on gas fees, eliminate initiation fees, and enhance the user experience by allowing them to make wallet signatures "easier to read and understand."
- Improving signature quality is a security measure on the platform to reduce scams and fraudulent transactions. The company estimates to save $460M on gas fees this year alone.
- OpenSea previously used the Wyvern protocol and claimed that the new protocol is more efficient, which will enhance the user experience and save cost.
- NFT listings will no longer be added to the Wyvern after June 21, and by July 13, data will no longer be visible on the website.
- Seaport is an open-source and decentralized protocol that has undergone security checks and audits by third-party firms, including Web3, OpenZeppelin, and Trail of Bits.
- OpenSea will also release a new tool that will allow NFT holders to list multiple NFTs and only pay once for a batch of listings, and in the future collection, owners will also add more than one payout address for sales and royalties.
Bitcoin.com
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Mike Novogratz, the founder of Galaxy Digital, believes that "Bitcoin will lead the markets back out of this Fed hike." Bitcoin took a nosedive this week, hitting the $20,000 mark and bouncing back to $22,900 at the time of writing; Novogratz said that cryptocurrencies are closer to a "bottom" than the stock market. More: - Novogratz says that investors are unlikely to turn to risky investments during the current economic environment. He adds: "Lots of guys I talk to are saying the next time they're going to get engaged is when they start sensing the Fed's going to pause."
- Citing the Luna collapse and Celisus' pause on withdrawals, he admits that the current downturn is more painful than previous market cycles, and investors will be cautious due to fears of a looming recession.
- The bullish crypto investor believes that a bottom is likely near for Bitcoin and other cryptocurrencies: "We've gone to the level that should be close to a bottom: $21,000 bitcoin $1,000 Ethereum," he says.
CNBC
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- Is it the right time to buy the Bitcoin dip?
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 |  | Gia Mattu is based in Calgary, Alberta. She is an entrepreneur with experience in climate technology, drones, AI, machine learning, and blockchain technology. When she's not working, she loves to hike the Canadian Rockies, try new cuisine, and travel. | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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Incognia is a privacy-first location identity company that provides frictionless mobile authentication for reduced fraud. | |
