The entire cryptocurrency market is still struggling to come in this week, and this stems from last week's continued decline in which several coins saw it plummeting topping this week's CryptoWatch round-up. It is also followed by the massive scrutiny that OpenSea now faces as various US agencies are now investigating the company and its operations.
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It was also followed by NAVER and Chiliz's latest partnership which now launched a new crypto wallet for the Korean market, with massive freebies available.
Crypto Decline Continues with BTC, ETH, and MORE Seeing Drops
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Following a supposed comeback of the industry, cryptocurrency is still seeing a decline in the market which started last week and is continuing this early September. One of the many reasons behind this decline was because of multiple liquidations taking place on various crypto exchange platforms like Bybit, with investors turning in their digital assets.
According to an analyst from Swan Bitcoin (via CNBC), this continued drop was influenced by Ethereum's "material drop," influencing other coins in the market and leading to "leverage-driven liquidations."
Moreover, ether liquidations alone now reached as much as $93.52 million, with ETH doubling its decline percentage over the past week, now down by 7.93 percent (via CoinMarketCap).
OpenSea Faces Regulatory Probe from SEC, FTC, Tax Authorities
OpenSea is facing an ocean of scrutiny with the US federal government agencies, as well as waves of tax inquiries from local and global authorities. The once-largest NFT marketplace in the world is also seeing massive struggles not only from these issues but also with the token's performance in the market.
According to The Verge, OpenSea is seeing troubles with the US Securities and Exchange Commission (SEC), Federal Trade Commission (FTC), and tax agencies worldwide, where all of these are separate cases.
It was also revealed by its employees that there were dubious happenings within the company, including the onboarding of various Big Tech executives. Moreover, the NFT industry is also seeing massive struggles and has only recorded $430 million in total monthly sales in July 2024 compared to January 2022's $6 billion.
NAVER x Chiliz: New NAVER Pay Wallet Centers on Crypto
The South Korean search giant, NAVER, and Malta-based sports crypto, Chiliz, announced their latest collaboration which transforms the web company's NAVER Pay into a cryptocurrency wallet. Now called the NAVER Pay Wallet, it now allows its users to buy, manage, and trade various digital assets in the market.
Both companies also promised that this would be a non-custodial wallet where Korean users would be able to have control over their assets and get private keys that they could only see.
In this latest availability, the companies are now giving select users who will register to the service a special, commemorative NFT which has been recently minted on the Chiliz Chain. Additionally, it is also offering 50 Korean users a chance to go on an all-expense paid European football tour.
