This week in crypto was not the kindest to investors, as the market saw a massive retraction to levels not seen in years. Other news includes Elon Musk getting hit with a lawsuit over Dogecoin and Meta running metaverse experiences in Hong Kong.

Highlights:

  • The market has taken a huge beating in the past week, with significant drops in prices all across the board. Bitcoin briefly breached the $20,000, though it has risen since.
  • Celsius Network is considering undergoing financial restructuring to see it through its difficult position. The company has hired insolvency experts and Citibank as an advisor.
  • Elon Musk has been hit with a $258 billion lawsuit that also targets Tesla and SpaceX. The lawsuit claims that Musk and the companies promoted Dogecoin as a legitimate investment “when it has no value at all.”
  • Christie’s NFT executive will be leaving the auction house to become the Brand Lead for CryptoPunks at Yuga Labs.
  • Meta will organise metaverse experiences at Hong Kong cafes, schools, and art institutions. The company wants to showcase how the metaverse can play a role in day-to-day lives.

This Week in Crypto

Bitcoin Struggles Around $20K

BTC Price: TradingView

There’s only been one real headline this week: that of the market, seeing a big slump that’s affected every asset. Bitcoin is hovering close to the $20,000 mark, while Ethereum is sitting above $1,100. These are far cries from their all-time highs, but ardent believers will, of course, stick with the asset class.

Several liquidations are also likely as many entities are struggling to keep up financially. The downside of this is that regulators might step in and enforce new measures on the market, which could have negative short-term consequences. The upside is that this should benefit the market in the long term, appeasing would-be investors through some checks and balances.

Celsius Network Might Undergo Financial Restructuring

One of the most affected companies during the market crash has been Celsius Network, which has paused all withdrawals as it struggles to keep itself afloat. The company has hired insolvency experts to help deal with the situation and may undergo financial restructuring.

Celsius has also hired the Citigroup Bank as advisors to help find solutions. The company’s recovery plans are still in the earliest stages, so there hasn’t been a concrete outline laid out yet. In any case, it is going to experience difficulties going forward, as many other companies have also been battered by the crash.

Musk Hit With $258 Billion Lawsuit

Elon Musk is no stranger to controversy, and this goes for his declarations in the crypto space as well. This time, however, it appears to have landed in more serious trouble as one Dogecoin investor has filed a $258 billion class-action lawsuit against him, Tesla, and SpaceX.

Investor Keith Johnson said in the complaint that Musk and the companies claimed that Dogecoin was a legitimate investment “when it has no value at all.” He is seeking $86 billion in damages, further damages of $172 billion, and an order that stops Musk and the companies from promoting Dogecoin. Musk has said that he will keep supporting Dogecoin.

Christie’s NFT Executive Now Leading CryptoPunks

Auction house Christie’s NFT specialist Noah Davis has revealed that he will be assuming the position of Brand Lead for CryptoPunks at Yuga Labs. Davis was involved in the sale of Beeple’s Everydays: The First 5000 Days NFT, which sold for $69 million.

Davis also said that he would bring any major alterations to the way CryptoPunks operated and that he would see eye to eye with CryptoPunks holders. He also invited CryptoPunks owners to talk about the future of the NFT collection at the NFT NYC event.

Meta Will Run Metaverse Experiences in Hong Kong

Tech giant Meta will run VR and AR experiences in Hong Kong schools, cafes, and art institutions. The objective is to both test metaverse experiences and showcase how the novel technology can impact daily life. It wants to offer first-hand experiences and has been focusing on this increasingly in the past few months.

The company will also use NFTs in the experiment, working with local creators so that their creations can be shared on Instagram. This will not be Meta’s last announcement related to such initiatives, as it becomes a metaverse-first company.

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