In this recap of the crypto world, let us explore the events and news that had the most significant impact in the past week. Our focus will be on the following developments:
- Bankman Family Involved in Yet Another Controversy
- German Government Continues to Dump BTC
- The Sandbox x ITV Studios
- Forgotten Runiverse Migrates to Ronin
- US Inflation Falls to 3%
Bankman Family Involved in Yet Another Controversy
Sam Bankman-Fried, the founder of FTX, finds himself in controversy again, this time amidst allegations of a $100 million political donation scandal. Recent disclosures from The Wall Street Journal suggest that company assets were potentially misused for significant political contributions, with members of Bankman-Fried’s family playing key roles.
The WSJ reports that Sam Bankman-Fried’s father, Joe Bankman, provided strategic advice on financial matters related to these political donations. Emails indicate Joe Bankman’s direct involvement in managing these funds. Furthermore, Sam’s mother, Barbara Fried, and brother, Gabriel Bankman-Fried, are also accused of channeling funds to various political causes and entities.
Based on the report, David Mason, former chairman of the Federal Election Commission, highlighted that Joe Bankman’s participation could lead to substantial legal issues under campaign finance laws. He stated that the emails reportedly show clear evidence of Joe Bankman’s awareness of the illegal straw-donor scheme. However, despite the mounting evidence, a spokesperson for Joe Bankman has denied any involvement in illegal activities related to campaign finance. Read more on this here.
German Government Continues to Dump BTC
The German government has been actively selling off its Bitcoin reserves, with assets seized earlier in Saxony being liquidated in significant amounts this week.
The government kicked off the week by executing its largest-ever Bitcoin sale, offloading over $951 million worth of the cryptocurrency within a 24-hour period. Following this massive sale, the German government has continued its liquidation efforts, transferring hundreds of millions in Bitcoin to exchanges daily.
Notably, at the start of 2024, the government held close to 50,000 BTC. However, due to these ongoing sales, the holdings have been drastically reduced to just 4,925 BTC, valued at approximately $283 million.
The announcement of these sales, which began in late June, has had a significant impact on the Bitcoin price. The cryptocurrency has experienced notable volatility, dropping over 18% in the past month. So, as these liquidations near their conclusion, it will be interesting to observe how the market stabilizes and reacts moving forward. Read more on this here.
The Sandbox x ITV Studios
In a groundbreaking collaboration between The Sandbox and ITV Studios, a new virtual neighborhood has emerged within the expansive metaverse of The Sandbox – ShowCity. This innovative venture aims to bridge the gap between digital entertainment and reality TV fandom, offering a unique blend of virtual immersion and real-world perks.
ShowCity will feature immersive experiences based on globally acclaimed shows like “Love Island,” “I’m a Celebrity…Get Me Out of Here!,” “The Voice,” and “Hell’s Kitchen.” Overall, this themed neighborhood is designed to bring fans closer to their favorite shows through interactive and engaging virtual environments.
For those looking to become part of this virtual community, The Sandbox is offering exclusive perks tied to ownership of land plots in this neighborhood. The sale includes 296 regular plots and 28 premium plots strategically located near iconic show landmarks. Notably, all landowners in ShowCity will receive special perks and utilities in the virtual world as well as physical items.
Forgotten Runiverse Migrates to Ronin
In a strategic move, Forgotten Runiverse, a free-to-play MMORPG, is transitioning from Arbitrum to the Ronin blockchain. This shift encompasses all aspects of its NFT ecosystem, including prized collections like Forgotten Runiverse Real Estate, Game Items, and Watcher’s Rings, all set to transition to Ronin.
Ronin is an ideal platform for Forgotten Runiverse due to its foundation on Ethereum’s EVM architecture. With 1.44 million daily active users and robust transaction capabilities, Ronin leads in blockchain gaming, processing over $4 billion in NFT volumes daily. Moreover, its scalability ensures fast transactions and low fees, promising innovative Web3 gaming experiences.
So, by migrating to Ronin, Forgotten Runiverse positions itself to offer enhanced gameplay experiences and greater accessibility, tapping into Ronin’s extensive user base and advanced technological capabilities.
Looking ahead, the team plans to introduce an exclusive closed beta event for its community on July 31 to kick off the launch on Ronin. Following this, a public gameplay event called ‘New Foundations’ is scheduled for August.
US Inflation Falls to 3%
Inflation in the United States has declined to 3% in June 2024, down from 3.3% in May. This continued reduction is seen as encouraging news for a market anticipating potential rate cuts by the Central Bank in September.
Notably, the Federal Reserve has maintained a firm commitment to its 2% inflation target during its tightening campaign over the past several years. This commitment has resulted in minimal actions regarding rate cuts. However, with inflation nearing the desired 2% level, the likelihood of a policy shift is increasing.
Needless to say, the news has stirred a lot of new speculations about the future of the market. Wall Street is growing more confident that the Fed will be able to reduce rates soon, thanks to the cooling inflation. Investors now see an 89% probability of at least one rate cut by the September Fed meeting, a significant rise from 50% just a week earlier. Read more on this here.
