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According to local reports, 7 large brokerage firms have filed applications to roll out cryptocurrency exchanges in South Korea come 2023. These companies include tech giant subsidiary Samsung Securities and Mirae Asset Securities. Domestic Firms Pursue Approval to Establish Crypto Exchanges The release stated that the companies have their sights set on the first half of next year to start operations. Hence, they have begun to work towards obtaining approval from the relevant authorities before 2022 comes to an end.…

NFT-focused lending platform BendDAO is currently facing an insolvency crisis, having run out of funds to pay depositors. This comes shortly after predictions of mass NFT liquidations to reclaim the platform’s loans.  BendDAO is currently witnessing a bank run as several of the platform’s lenders withdrew their assets over the weekend. At writing the platform has roughly 425 wETH in its reserve and still owes its depositors about 13K ETH.  As analyst NFTStatistics.eth explained in a Twitter post, BendDAO’s debtors…

Get the weekly summary of crypto market analysis, news, and forecasts! This Week’s Summary The Crypto Market ends the week at a total market capitalization of $1,024 trillion. Bitcoin has dropped by over 12% this week. Ethereum lost almost 19% over the past seven days. XRP is down by nearly 11% this past week. Almost all altcoins are trading in the red, with virtually no exception. The DeFi sector increased the total value protocols (TVL) to around $47 billion. Crypto…

The Ethereum community – and market – have reached a fever pitch in anticipation of the long-awaited “Merge” update in September.  However, despite the tremendous excitement surrounding the event, there are critics who would hardly call it an “upgrade.” Among them is James Check – the lead on-chain analyst for Glassnode, a blockchain intelligence provider.  On August 7, the analyst unveiled a video presentation calling the protocol change a “monumental blunder”. He outlined how the merge will create systemic risks…

KPMG Canada’s Director of Digital Assets believes the recent crypto decline is necessary if the sector will mature properly.   Kunal Bhasin of KPMG Canada has offered some insight into the recent slump in the crypto sector. In a statement at the Blockchain Futurist Conference in Toronto, the Director opined that the current crypto winter could just be what the market needs. Bhasin added that this year’s market struggle is just the market correcting itself. According to Bhasin, before the…

FTX US – one of the United States’ leading cryptocurrency exchanges – has received a cease and desist order from the Federal Deposit Insurance Corporation (FDIC). The regulator has accused the exchange of making false and misleading claims about its customers’ FDIC coverage.  In the letter issued on Thursday, the FDIC took issue with claims made by FTX US President Brett Harrison on Twitter.  Harrison claimed that when employers make direct deposits to FTX US, they are stored in FDIC-insured…

Several BAYC and CryptoPunks collectors who put up their tokens as collateral backing for Ethereum loans have been unable to settle their dues. Crypto analysts believe this could mark the onset of the first major liquidation crisis in the NFT industry.  BendDAO Loans and Possible Risks Rumors of a liquidation spiral began earlier this week following a post about NFT lending platform BendDAO. BendDAO is a web3 protocol that allows users to take out loans in Ethereum using their non-fungible…

After months of private beta testing, football-focused NFT marketplace NFL All Day has finally opened its doors. NFL All Day is the first of its kind for football fans, and is similar to the marketplace NBA Top Shot which is targeted at a basketball audience. The new NFT platform emerged via a collaboration between the National Football League (NFL), the NFL Players Association (NFLPA), and blockchain company Dapper Labs. NFL All Day Now Open to Traders Dapper first shared plans…

Over the past day, the leading NFT collection, Bored Ape Yacht Club has seen its gross sales volume rise considerably. The project has also experienced a corresponding increase in the number of traders despite the ongoing crypto/NFT winter.  Bored Ape #5383 Sells for $1.45 Million According to reports from data analysis platform DappRadar, BAYC sales have jumped 100% since yesterday. The NFT project witnessed 16 transactions as the overall number of traders grew by 125%, making for a total of…