No more margin calls for miners

Good morning. Unstoppable Domains reaches unicorn status in a bear market, Ledger launches their NFT marketplace, and one company brings new financing strategies to the mining community. All that and more today in the CT5!

Market Update (as of 8:02am ET):

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Top 5:

1. Unstoppable Domains hits unicorn status with $65M series A. The company, which provides domains (Joe.eth) in the form of NFTs, raised a $65 million funding round led by Pantera Capital. Typically customers use their domains to replace crypto wallet addresses in an effort to make transactions more user friendly. The company has registered more than 2.5 million domains to date and is compatible with 150 different web3 applications. Unstoppable plans to use the funds to grow web3 partnerships and improve their product.

2. Crypto wallet maker Ledger sells NFTs, becomes top OpenSea project. The hardware wallet manufacturer successfully launched their own NFT marketplace this week with a focus on serving luxury brands, charities, and financial institutions. As part of the launch the company sold [Ledger] Market Pass Genesis Edition NFTs on OpenSea topping the trading volume charts at more than 1,500 ETH. The new marketplace called [LEDGER] Market can be accessed through the Ledger Live application that connects to the Ledger Nano devices.

3. Crypto transactions under $50 may soon be exempt from capital gains tax. In the latest bi-partisan crypto legislation sponsored by Sens. Pat Toomey (R-PA) and Kyrsten Sinema (D-AZ) a bid is being made to prevent capital gains taxes on crypto assets being used as payment. The law, known as the Virtual Currency Tax Fairness Act, would prevent capital gains taxes on transactions less than $50 and on cryptocurrency trades in which the buyer earned less than $50. The idea of eliminating taxes from low-level crypto transactions also appears in the comprehensive crypto bill from Sens. Cynthia Lummis (R-WY) and Kirsten Gillibrand (D-NY) who set a proposed threshold of $200. The bill aims to allow people to "use cryptocurrencies more easily as an everyday method of payment by exempting from taxes small personal transactions like buying a cup of coffee."

4. Bitmain partner Antalpha unveils lending products for miners. As the price of bitcoin has dropped miners have seen capital dry up and margin calls come in. That is where Antalpha steps in. The financial services company is offering novel lending products for crypto miners. The products include co-lending with other financiers, financing to offload electricity costs, loans collateralized by hash rate, and loans without margin calls. Loans from Antalpha come with a 6.6% to 8% annual interest rate and the company has about $700 million of client's assets on its balance sheet.

5. Big loss for Cathie Wood and ARK.    

Updates and other stories:
- Crypto market contracts as the Fed's next interest rate decision looms...Read More
- Crypto lender Celsius files to retain former CFO to advise on bankruptcy proceedings...Read More
- Is crypto sports betting ready for the big leagues?...Read More

Top Sharers of the Crypto Top 5:
1. Donna Y. - Nashville, TN
2. Jake Y. - Greenville, SC
3. Forrest H. - Evansville, IN

External Resources:
1. Cryptopedia from Gemini - if you see a word, acronym, or phrase in this newsletter that you don't understand, there's a good chance you can find an explanation here
2. Crypto Explainer+ - intro level courses on Bitcoin, Ethereum, decentralized finance, NFTs, and more
3. Crypto Jobs! - looking for a new job? Check out this page from Anthony Pompliano with hundreds, if not thousands of listings

Disclaimer: The information contained in this newsletter shall not be understood or construed as financial advice. I am not an attorney, accountant, or financial advisor, nor am I holding myself out to be, and the information provided is not a substitute for financial advice from a professional who is aware of the facts and circumstances of your individual situation.