There is still no light at the end of the tunnel in the world of digital currency as difficulties persist for businesses caught up in recent market volatility.

Loan company Celsius Network may be preparing for the worst. The Wall Street Journal reports that the company has hired restructuring consultants to advise on a potential bankruptcy filing.

It comes after Celsius Network froze withdrawals and transfers in June due to “extreme” market conditions.

The company has lost more than half the value of its assets since last year, falling from around US$25 billion in October to US$11.8 billion in May.

Meanwhile, shares of digital currency company Coinbase (NASDAQ: PIECE OF MONEY) fell even further after Goldman Sachs analysts downgraded the company to a “sell” rating amid the so-called crypto “winter”.

Coinbase started the last week of June with an 11% drop, bringing its total decline this year to 78% as of June 27. Goldman Sachs analyst William Nance explained the reason for the downgrade in his report.

“We believe Coinbase will need to make substantial reductions in its cost base to stem the resulting cash burn as retail activity dries up,” Nance commented.

Along the same lines, traditional hedge funds are increasingly selling Tether stablecoin.

According to a separate Wall Street Journal report, short positions against Tether are now worth hundreds of millions of dollars, with some investors shorting the stablecoin for at least a year.

Interest from short sellers increased further after the dramatic collapse of stablecoin Terra in May.

Tether CTO Paolo Ardoino spoke on Twitter after the WSJ report was published. He claims that some hedge funds are simply trying to create panic in the market, tweeting: “It really seemed, from the start, a coordinated attack, with a new wave of FUD, armies of trolls, clowns, etc. “

1/
I have been open about the attempts of some hedge funds trying to create panic in the market after the TERRA/LUNA collapse.
It really looked like a coordinated attack from the start, with a new wave of FUD, troll armies, clowns, etc. https://t.co/hhcsgHV1Ow

—Paolo Ardoino (@paoloardoino) June 27, 2022

Yet despite a slowdown in the digital currency space, blockchain technology continues to advance.

The central bank of the Philippines is stepping up research into rolling out its own wholesale central bank digital currency (CBDC), aiming to launch a pilot case study within the year.

CoinGeek’s Claire Celdran spoke with Bangko Sentral ng Pilipinas Deputy Governor Edna Villa in an online interview. Villa said they are aiming for 50% digitization of financial transactions by 2023 and 70% of Filipino adults getting a financial transaction account

She adds that banks’ response to the BSP plan has so far been positive.

“There is great interest in joining BSP to understand the technology because it all starts from there,” Villa said. “You have to understand the technology first.”

Meanwhile, more countries can now top up with a debit or credit card on HandCash! The digital wallet provider announced that the feature is now available in more than 30 other countries in Europe.

These countries are: Andorra, Belgium, Bosnia, Bulgaria, Cyprus, Czechia, Denmark, Estonia, Georgia, Germany, Gibraltar, Greece, Hungary, Iceland, Ireland, Isle of Man, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, the Republic of Moldova, Monaco, Montenegro, Norway, Portugal, Romania, Sweden, Turkey and Northern Ireland.

HandCash unveiled its new top-up feature earlier this year to make it easier for users to access and use BSV through the app.

And even more good news: the BSV Blockchain Engineer Qualification Program is live!

Keyi Tech and the Chinese Software Developer Network (CSDN) collaborated on the project, with The Introduction to Bitcoin Theory course starting in June.

Those who pass the final exam will receive a “Blockchain Engineers Preliminary Qualification Certificate” from the CSDN Capabilities Certification Center in conjunction with the BSV Academy.

This week on More Than Money, join Patrick Thompson as he meets BlockQuake Co-Founder and CEO Antonio Brasse and Co-Owner and Advisor Chad Anderson. You can also listen to Bitcoin creator Dr. Craig S. Wright discuss IPv6 and its symbiotic relationship with the BSV blockchain at the Global IoT Summit in Dublin, Ireland. Watch these videos on CoinGeek YouTube Channel.

Watch the BSV Global Blockchain Convention Dubai 2022 Day 1 here:

Watch the BSV Global Blockchain Convention Dubai 2022 Day 2 here:

Watch the BSV Global Blockchain Convention Dubai 2022 Day 3 here:

New to Bitcoin? Discover CoinGeek bitcoin for beginners section, the ultimate resource guide to learn more about Bitcoin – as originally envisioned by Satoshi Nakamoto – and blockchain.