While investors are still reeling from the recent #cryptomeltdown, the market seems to have stabilized (for now). This uncharacteristic lull is providing a chance for crypto enthusiasts to step back and take in the latest crypto and NFT news<\/a> from a safe distance while Bitcoin remains (fairly) stable around the 20K mark. Having said this, readers should be prepared for a healthy dose of damage calculation as consequences become baked into the markets. Are you ready for this week\u2019s crunch? Let\u2019s dive in!<\/p>\n Julien\u2019s Auctions<\/a> presented an exclusive auction offering a collection of original and one-of-a-kind digital works of art with their accompanying exclusive signed canvas prints created by the first Beatle to lift off into the NFT galaxy, Ringo Starr. The \u201cRingo Starr NFT Collection \u2013 The Creative Mind of a Beatle\u201d auction took place Monday, June 13th online, with a portion of proceeds benefiting The Lotus Foundation.<\/p>\n Conceptualized and composed in Ringo Starr\u2019s latest studio in the metaverse, \u201cThe Creative Mind of a Beatle\u201d invited fans on a virtual tour of Starr\u2019s digital gallery experience \u2018RingoLand.\u2019<\/p>\n The collection pieces feature an original animated painting with a custom-made drum composition recorded and played by Starr \u2013 with his drumming striking to the beat of the moving images flashing throughout each NFT \u2013 and minted with a special audio\/visual motif of the time back when Starr played as part of the Fab Four, as well as signposts of his present and future creative journeys.<\/p>\n Billions of dollars in cryptocurrency is currently \u201ctrapped\u201d in crypto lending platforms like Celcius, Anchor, and Voyager Digital. Plunging token prices have forced platforms to temporarily suspend or limit withdrawals, leaving customers\u2019 cash tied up for over three weeks.\u00a0<\/p>\n Celsius, during its current solvency crisis, is still advertising an 18.63%<\/a> annual yield on its website. While traditional banks offer insurance on deposits, there is no formal system in place for DeFi consumers to recoup their investments.\u00a0<\/p>\n However, the U.S. tax code may provide some relief to these investors by way of an obscure deduction.<\/p>\n If funds become worthless and irrecoverable, investors may be eligible to write them off as a nonbusiness bad debt<\/a> on their taxes, according to CPA and head of tax strategy at CoinTracker.io<\/a>, Shehan Chandrasekera. The write-off will not cover the entire debt, but can soften the blow of hard-hit investors.\u00a0<\/p>\n Coinbase Global, a popular crypto trading platform, dropped 3.8% in pre-market trading Wednesday. The drop in stock price was precipitated by Atlantic Equities analyst Simon Clinch downgrading the cryptocurrency exchange company to Neutral from Overweight on concerns over its ability to attract talent in the longer term.\u00a0<\/p>\n Clinch also expressed concerns over the spread of misinformation about the company\u2019s financial strength and assets.\u00a0<\/p>\n \u201cOur hopes for some stabilization in crypto prices and volumes have been dashed, with both tracking much weaker than expected,\u201d Clinch wrote in a note to clients.<\/p>\n After pausing all trading, deposits, and withdrawals on its platforms last week, crypto lending company Voyager Digital has filed for chapter 11 bankruptcy. The announcement was made late Tuesday, and in a statement, Voyager admitted to having liabilities in the range of $1-10 billion.\u00a0<\/p>\n Voyager is the second firm to petition for bankruptcy after the recent crypto meltdown, with prominent hedge fund Three Arrows Capital, filing for chapter 15 Friday.\u00a0<\/p>\n Three Arrows Capital defaulted on a loan to Voyager last week, showing the domino effect playing out in the industry.<\/p>\nRingo is the First Beatle to Release an NFT Collection<\/strong><\/h2>\n
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<\/div>\nBillions in Crypto Trapped in Lending Platforms<\/strong><\/h2>\n
Coinbase Stock Slips<\/strong><\/h2>\n
Voyager Files for Bankruptcy<\/strong><\/h2>\n
Brutal Crypto Market Consolidation<\/strong><\/h2>\n