The digest is available here:

• Tesla’s CEO has announced that he will not be selling his cryptocurrency holdings, causing assets to rally.

• Socios CEO accused of price manipulation stemming from his failure to pay the platform’s advisers.

• Japan warns cryptocurrency exchanges that Russian entities are trying to bypass sanctions. The Russians have their eyes on the UAE for an exit strategy.

• While the EU votes on legislation that would ban Europe from being banned, New York debates similar laws.

• Creators of BAYC acquired the IP rights to CryptoPunks. Individual holders will be offered commercial licenses.

Musk Won’t Sell His Crypto, Causing BTC, ETH, and DOGE Surge

Elon Musk said that he would not sell cryptocurrency after giving advice to Twitter followers (NYSE:). The Tesla (NASDAQ:) boss disclosed the information after soliciting the opinion of his followers on the “probable inflation rate over the next few years.”

After stating that they had no plans of selling their assets, prices for the currencies related to him soon soared. BTC (USDGE) traded at $0.122 after climbing 10%, and ETH trades at $2,592 and $39094, respectively.

U.S. inflation is currently at 7.9%. Michael Saylor, responding to Musk, stated that his prediction of asset inflation being twice that of consumer inflation was correct. According to the Bitcoin maximalist, this will lead to weaker currencies collapsing and more capital flowing into scarce properties like Bitcoin.

Here is the Bitcoin Price Chart for 1 Day (BTC). Source: CoinMarketCap

This is the 1-day price chart of Dogecoin (DOGE). Source: CoinMarketCap

Flipsider:

• Elon Musk has admitted that inflation and rising prices for commodities are making his company vulnerable.
• According to Musk’s Financial Times report, global commodity prices may rise further and mark the greatest upswing in fifty years.

What You Need to Care About

Elon Musk’s statements typically have an extraordinary effect on the prices of cryptocurrencies, for better or worse. Dogecoin’s prices have been wild-ridden by his statements and memes on Saturday Night Live.

Socios accused of price manipulation

The soccer token platform Socios has been accused of manipulating the prices. The claim came to light based on the platform’s refusal to pay its advisors their share for endorsing the cryptocurrency.

According to an internal memo from Alexandre Dreyfus, the project’s CEO, making a payment out to investors would result in the decline in the value of Chiliz. The message read, “When you give free tokens, people can sell at any price – it doesn’t matter for them.”

Quickly, the company responded and apologized for not paying their advisers on time. The company claims that it has fixed this by offering a new contract to the affected parties, and stated that the reason for the delay in payments was in fact because “the company was in pre start up” and CHZ was not listed in any of the exchanges.

Flipsider:

• Chiliz responded to the report saying that the claims “do not reflect the truth of the matter.”
• Chiliz (CHZ), fell 7.71% in 24 hours after the release of this press release.

What You Need to Care About

The entire cryptocurrency industry is being affected by allegations of price manipulation. Increased regulation might help to reduce these incidents.

Japan Demands Crypto Exchanges To Enforce Sanctions, as Russians Go to UAE

Japan asked that cryptocurrency exchanges comply with G7 sanctions against Russia. According to an official at the country’s Financial Services Agency, the declaration made to all cryptocurrency exchanges was to “keep the G7 momentum alive.”

They imposed a maximum of 3 years imprisonment or 1 million yen penalty to support their demand for exchanges. There has been increased talk of Russian entities using crypto currencies to circumvent sanctions since their imposition. This led the U.S. Department of Justice (USA) to create a task force that is dedicated to monitoring such instances.

Russians are attempting to sell billions in cryptocurrency assets, and they’re contacting crypto firms across the United Arab Emirates. As tight sanctions continue to loom for the Russian elites, some have turned their attention to real estate.

Flipsider:

• Although governments are calling for crypto exchanges to ban Russians from accessing cryptocurrencies in general, the exchanges remain hesitant to do so. Leading platforms claim that it would be against blockchain technology’s integrity.

What You Need to Care About

It is increasingly important that regulatory agencies have a greater influence on crypto companies, particularly for those that are centralized.

EU Will Vote On PoW BAN As New York State Hits Pause on Crypto Mining For 3 Years

On Tuesday, the European Union will vote whether to ban Proof-of-Work. It is called the Markets in Crypto-Assets framework. The bill has been in existence for close to two years.

The bill would make it illegal to use Proof-of-Work cryptocurrency like Bitcoin in member countries of the European Union. The rationale behind the bill is largely based on environmental concerns about the mechanism’s energy usage, and the belief that Bitcoin leaves an unacceptable carbon footprint that does not comply with the EU standards.

Over the Atlantic, New York senator Kevin S. Parker proposed a bill which would temporarily suspend cryptocurrency mining in New York for three years. The bill currently sits on the Environmental Conservation Committee’s desk, which makes it an exciting moment for Bitcoin miners all over the globe.

Flipsider:

• Bitcoin transactions are still being made despite bans in New York City and Europe.
• Last month’s hashrates were at 248.11 millions terahashes per minute, which is a 20% increase over June 2021.

BAYC Creators buy the rights to CryptoPunks and NFTS

Yuga Labs, the creators of ‘Bored Ape Yacht Club‘, announced over the weekend that they had purchased the IP rights to the CryptoPunks NFT collection from Larva Labs. Meebits NFTs were included in the deal. 24 hours later, both NFT collections activity was at high levels.

CryptoPunks’ secondary trading activity soared by over 1,000% in less than a day to over $18 million, while Meebits recorded impressive activity. With the floor price for CryptoPunks increasing significantly, MAYC and BAYC came in second and third place.

The deal includes Yuga Labs’ intention to grant full commercial rights to CryptoPunks holders. This has been an issue since CryptoPunks was founded. Yuga Labs broke the news on Twitter, claiming that it intends to “grow the pie, not fight over slices.”

Flipsider:

• Yuga Labs stated that their BAYC ecosystem would remain at the core of their universe. This implies that CryptoPunks could be second to BAYC when it comes to commitment.

What You Need to Care About

Together, CryptoPunks and Bored Ape Yacht Club have an estimated value of more than $3.6 billion. They are the world’s largest NFT collection.

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