Crypto Weekly: bonfire of the NFTs 

From why NFTs seem to be going out of fashion, to an EU crackdown on crypto trading, we round up the week's big stories in the world of virtual money. Olivia Zollino reports.

1 min read

NFTs look to be out of fashion.

Sales of the digital assets plunged to $700 million in June on the OpenSea marketplace.

That’s a far cry from January’s peak of nearly $5 billion.

Values have plunged along with the downturn in cryptocurrencies.

Skeptics say that proves the folly of investing in digital art and the like.

The EU is moving to tame the crypto market.

Companies will soon need a licence to issue and sell tokens there.

the rules would actually be a boon, providing certainty and raising standards.


But the crypto collapse continues to claim victims.

Lender Voyager Digital is the latest to suspend withdrawals.

The move came after it issued a default notice to ailing hedge fund Three Arrows Capital over missing loan payments.

Voyager now says it’s exploring ways to stay viable.

And the value of digital assets managed under crypto investment products took a record tumble in June.

Data from CryptoCompare show a near -37% slide to $21.6 billion.

That’s the steepest fall since the firm started tracking such data. Via Reuters

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