The crypto winter continues. Crypto lender Voyager became the latest large company to file for bankruptcy. This Coindesk report says, “The Toronto-based Voyager filed for Chapter 11 bankruptcy protections Tuesday in the U.S. Southern District Court of New York, estimating that it had more than 100,000 creditors and somewhere between $1 billion and $10 billion in assets. It also recorded the same range for its liabilities.” The filing says, “funds will be available for distribution to unsecured creditors.”
India, with the highest number of crypto investors in the word, continues to tighten tax laws around crypto. This Mint report says, “India has tightened the bolt on trading in cryptocurrency assets with the latest tax deducted at source (TDS) of 1% being the latest addition to the tax rules for the platform.” The government’s measures have already knocked down trading volumes by 60-70% thanks to a burdensome regulatory regime and a 30% digital income tax.
Singapore-based crypto platform Vauld suspended its withdrawals, trading and deposits. In June, Vauld fired 30% of its staff. On Tuesday, Vauld said that Nexo a lender in the digital finance space, could acquire it.
Meanwhile, Jason Fung, former head of TikTok’s gaming division has said, “…he is launching a blockchain gaming startup called Meta0 to allow the transfer of non-fungible tokens (NFTs) between different blockchains.” He describe MetaO like this, “Right now, if you look at any developer when they implement NFTs or blockchain in their games, they have to choose a single blockchain, be it Polygon or Solana or Binance Smart Chain. But imagine a more interoperable option.”
Analyst Corner
Just because winter has set up shop in markets, doesn’t mean you need to give it space in your portfolio. As @The Stock Father says, “our analysts are fighting against the market and WINNING! Anything over 50% winrate is profitable as long as you are keeping your risk:reward good. Find that anywhere else in this market!” Crypto Dads was ranked #1 by #investing as the best crypto trading alert service.
This chart proves what’s happening in the markets doesn’t have to cause your portfolio to crash. As long as you are a good reader of the markets and know your boundaries, you can make money!