Amidst a dip in NFT sales this year compared to the highs of summer 2021, brands like Casio and celebrities such as Caitlyn Jenner are demonstrating continued faith in the potential of digital collectibles. Statistics show that NFT transactions are significantly lower this year. In addition, once valuable NFTs are now being sold for much less than what they were purchased for a few years ago. For example, CryptoPunk #5822, which holds the record for the most expensive CryptoPunk sale, sold for 8,000 Ether in 2022, valued at around $23 million at the time. On August 19, the NFT was transferred to an anonymous crypto wallet for an undisclosed amount. However, this downward trend hasn’t deterred everyone from engaging with NFTs.
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Celsius granted Tether‘s request, but the collateral was again threatened. The lawsuit says that while the lending platform was raising funds during the period specified in the contract, the USDT issuer liquidated the entire collateral within hours. According to the lawsuit, “amidst the chaos,” on June 13, 2022, then-former Celsius CEO Alex Mashinsky allegedly permitted Tether to liquidate the collateral in an orderly manner. However, the platform noted that the lender never received written consent: Tether’s efforts, of course, are now subject to intervening federal bankruptcy law. Thus, these preferential and fraudulent transfers of Bitcoin should be avoided, and the Bitcoin or its value should be recovered for the benefit of Celsius’s estate.
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Digital asset manager Grayscale has confirmed its two spot Ether exchange-traded funds (ETFs) have officially started trading on the NYSE Arca, marking a “milestone” moment for its investors and the wider ETF market. The launch comes one day after the United States Securities and Exchange Commission (SEC) signed off on the final approval for spot Ether ETH tickers down $3,461 ETFs, allowing several issuers to launch their products for trading. In a July 22 X post, Bloomberg analyst James Seyffart reported that the Grayscale Ethereum Trust (ETHE) had not yet received official effective documents from the SEC, but expected it to come on the morning of trading commencing. ETHE is currently the world’s largest Ether-based exchange-traded product, with $9.19 billion worth of ETH in its holdings. ETHE will charge investors a 2.5% management fee.
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