Bitcoin Crash Hasn’t Harmed Global Financial Stability, Says IMF - Top Crypto Updates

Bitcoin crash hasn’t harmed global financial stability: IMF

In its ‘World Economic Outlook Update: Gloomy and More Uncertain’ report, the International Monetary Fund (IMF) said the Bitcoin bear market hasn't impacted global financial stability yet. The largest crypto by market cap is down nearly 70% from its all-time high last November of over $69,000. Despite the massive sell-off, "spillovers to the broader financial system have been limited so far," the IMF said.

Crypto prices today: Bitcoin rises 0.8%, ETH up 1%

Bitcoin is currently trading at $21,237.28, an increase of 0.84% over the previous day. Ethereum rose 1.04% over the last 24 hours to $1,463.51. Solana rose 0.68% to $37.06, while Cardano is trading higher by 0.71% at $0.470. Polygon (MATIC) is up 1.6% to $0.815. The global crypto market cap stands at $985.01 billion, a 1.8% increase over the previous day.

NFT projects lost $22M to hackers on Discord: Reports

Two Web3 security firms have issued reports focused on the recent hacks targeting non-fungible tokens (NFT) projects. The attacks are likely by a linked group of hackers using compromised Discord server administrator accounts. Cyber attacks against NFT collections have steadily risen in 2022, costing the NFT community over $22 million in May alone. NFT minting scams deployed through compromised Discord accounts increased by 55% in June 2022 compared to the previous month.

U.S. consumer watchdog to scrutinize crypto payments

The U.S. Consumer Financial Protection Bureau (CFPB) plans to scrutinize the use of cryptos for real-time payments and ramp up oversight of Big Tech companies as they expand into the traditional financial sector. Cryptocurrencies have come under scrutiny in recent months after the market crashed, leading to financial troubles for some crypto companies.

Crypto startup VC funding reaches $17.5B in H1 2022: Report

As per a PitchBook report, venture capitalists (VCs) invested at least US$17.5 billion into the crypto and blockchain industry in the first half of this year (H1 2022). Investments in blockchain and crypto startups topped US$26.9 billion in 2021. North American startups were at the center of most deals, bagging US$11.4 billion in H1 2022.