🏓 Banks, stables and exchanges
Hey guys. The fire is just starting. In the spotlight: Binance, Circle, Signature, Credit Suisse, Arbitrum, and FTX. Almost forgot to mention Brazzers adult metaverse. Enjoy and stay strong.
Weekly Digest From TradeCrypto.com #7
Daily statistics update:
Today's market is green. BTC is trading at $26,067; ETH is around $1,741.
💪 Bitcoin dominance: 45.00%
📉 Total Crypto Market Cap: $1.12B
😲 Fear and greed index: 51 (Neutral)
🚀 7d Gainers (Top-100)
• Conflux (CFX) +96.18%
• Stacks (STX) +90.23%
• ImmutableX (IMX) +63.25%
😭 7d Losers (Top-100)
• Maker (MKR) -7.34%
• PaxDollar (USDP) -0.29%
• XRP (XRP) -0.16%
🔮 Doom Cat: Will crypto exchanges displace banks?
Binance to convert 1B BUSD to BTC, ETH, BNB
What a rollercoaster ride this week. 🧨 One might ask where CZ's decision to back the crashed BUSD comes from? It seems other cryptos need more rescue, so CZ has put his paws into the industry recovery fund created after FTX's collapse to convert $1 billion worth of BUSD into bitcoin, ether and BNB tokens. When this was announced, BTC and ETH rose. But the funds have still not been deployed. To add, Coinbase officially paused BUSD trading on the same day due to liquidity concerns. 😅
Brazzers's adult metaverse
The Joi.city metaverse, as Brazzers calls it itself, is an adult immersive playground 🥸where people can interact with digital content in a new way. If you're interested, you should sign up now to be among the first to experience the metaverse. Not much is known so far, except that some features like VR and voice chats are included in the package. It's also mobile-friendly, and you'll be able to buy and sell content on its marketplace. Well, I'll just give you the link. 😇
Signature Bank buyers to give up crypto
As many suspect and still say, the closure of 3 crypto-friendly banks is a sign of a war on crypto. 🤬Now the FDIC is covering Signature, and its potential buyers reportedly must agree to give up the crypto business, or go away empty-handed. As a reminder, before the collapse, a quarter of Signature's business came from crypto, so the change is indeed quite large. However, the Fed says it's not a war action 🤫, but a simple mistrust of the bank's execs. Time will tell.
SNB backs Credit Suisse
Credit Suisse has agreed to a $53 billion loan from the Swiss National Bank after shares in Switzerland's second-largest bank hit a record low. Credit Suisse shares fell 30% on March 15 and its partner, the Saudi National Bank, decided not to support the bank. 🙅You might be wondering what this has to do with crypto. Well, it happened shortly after 3 crypto-friendly US banks collapsed. That's a banking crisis. Do you remember why bitcoin was created? Right after the 2008 crisis, it was created to provide an 🚀alternative.
Investors pull back from Bitcoin funds
As the crisis is unfolding before our eyes, bitcoin funds are seeing the outflow of coins. 🧐 Data collected by ByteTree Asset Management shows that coins held by bitcoin funds in the U.S., Europe and Canada have fallen by 16,560 BTC, or $409 million, this month. All this while the Fed isn't aggressively raising interest rates, which is usually a plus for cryptocurrencies. 👺Yet, we see the opposite with bitcoin funds, now at a 17-month low of 826,113 BTC.
Arbitrum to drop governance token
The largest Ethereum l2 is finally getting its own token, $ARB, which will be distributed among users to vote on the future of Arbitrum. 🏓 This also means an automatic transition to DAO. The largest part of ARB will be distributed among investors and core contributors - 44%, the other chunk will go to mere mortals, 😆 as Arbitrum is supposed to be more decentralized than its competitors. ARB total supply is limited to 10 million, and it's used only for governing, not for paying fees, unlike ether.
Ledger launches browser extention
Update on time. Just dope🔝, pay no attention to my language. With this update you can use Dapps as if it were a hot wallet like Metamask, while it's a cold one connected to apps via Bluetooth, not the internet! Right now it's only available on iOS and Safari, but it's supposed to be available on Windows, Google, Opera, etc. as well. If you're an iOS user, you can connect your Ledger to OpenSea and Curve, among others. A big step for the mass adoption of not only the crypto space 🚀, but also self-custody and cold wallets.
KuCoin and Circle back Chinese offshore stablecoin
We're just getting started. In the same week that Circle saw a scary depeg of USDC due to exposure to SVB, the company led a $10 billion investment round with KuCoin in the offshore stablecoin Chinese-yuan project CNHC. This is an important piece of news, slowly suggesting that stablecoins pegged to USD may lose their supremacy due to bank collapses and poorly hidden war on stablecoins, exchanges, and the industry. CNHC is a Cayman-registered cross-border payment service provider, and Circle's move to establish some presence in the East could be a good hedge.
Conclusion: Can't remember such a hot and controversial week with banks, stables and exchanges all over the place. The FTX court hearings are giving comfort in the fact that SBF is a constantly exposed fraudster. Despite the fact that banks have gone under and cryptocurrencies have held, the behavior of investors in bitcoin funds isn't reassuring. Yet, the market is green, and the top cryptos gain is gold. And things like those Ledger and Arbitrum have managed to do are great.
See you next week, folks! Thanks for being with us.Brought to you by Maksym, Yana, and Aleksandar :)
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What is Crypto Ping Pong digest?
TC lads here are working quite hard and from time to time we gotta chill. Recently, we got ourselves a ping pong table to complete our lazy-bag-stuffed chill zone. As you all know our main hobby is Crypto, so even while we play we don’t really shut up about it. Ever.
So memes, leaks, gossips naturally come about – we collect them and share them with you in this interstellar space on our site we like to call Crypto Ping Pong digest.