🏓 Binance won't save Genesis
Hey y'all! The market is in a liquidity crisis, "Alameda gap" term has emerged. Winks to SBF. Genesis has no plans for imminent bankruptcy, and Binance won't invest in it. At last, Cardano released a clip with Snoop Dogg. Let's break it down.
Your Favorite Crypto Digest From TradeCrypto.com #174
Daily statistics update:
Today's market is red. BTC is trading at a 2-year low of $15,700; ETH is around $1,080.
💪 Bitcoin dominance: 38.66%
📉 Total Cryptocurrency Market Cap: $781.44B
😲 Fear and greed index: 22 (Extreme Fear)
🚀 Gainers (Top-100)
• Huobi Token (HT) +7.05%
• Binary X (BNX) +3.32%
• Chainlink (LINK) +2.41%
😭 Losers (Top-100)
• Chiliz (CHZ) -10.22%
• Arweave (AR) -10.12%
• NEM (XEM) -12.74%
Genesis has no plans to file for bankruptcy
Genesis representatives bend the line. ✅ Quick take: last week, Genesis Trading paused clients' redemptions. The firm needs more cash 💵. It plans to find it externally to fill the gap of $1B with fresh capital for its lending unit. Now to a 😝 fun part . Genesis execs told Bloomberg they wouldn't file for bankruptcy unless they find funding. It would be nice to picture a white knight 🐴 galloping to save them all. But SBF lost it. And CZ of Binance doesn't position himself as either a knight or a Jedi. Binance said no to the investment cause of the potential conflict of interest over Genesis's business model. What model could that be 🤔? Genesis execs have cut the needed funding from $1B to $500M. Who will be the savior🕵️♀️?
Drying liquidity or Alameda gap
Until recently, FTX and Alameda were among the key 🔝 players in providing liquidity to the crypto market. Better said, their users, as we know whose money it was 🥵. Alameda left the play, and the "Alameda gap" definition emerged. Just a handful of trading firms are left on the field, including Wintermute, Amber Group, B2C2, Genesis 😵💫(yes, you're following), and Cumberland. Although the market is slightly recovering, people are still waiting to learn what comes next. Everything is interconnected ⚖️.
Grayscale reveals holdings
More accurately, Grayscale refused to provide proof of reserves, but Coinbase Custody shared the data 🧾. Grayscale customers are experiencing times of uncertainty. Grayscale holds roughly 635K BTC, now worth $10B. It also has around 3M ETH. Both appear to be segregated from the main trust 🏦. Are investors satisfied? Especially since they can now buy bitcoin at a 45% discount? The story continues 🕵️♀️.
JP Morgan registers a crypto wallet trademark
Big American bank is in crypto big time 🤓. "J.P. Morgan Wallet" is now available for all its customers. JP Morgan Wallet registration allows crypto transfer and exchange services, processing payments via cards. Also among the wallet's advantages is running the accounts digitally 🏃. It is intriguing to see how it will perform during this cycle. Everything is official and serious. You should keep records 🧾.
Cardano and Snoop Dogg released a clip
Watch it right away 😁. Clay, apes, Snoop Dogg, Champ Medici, and Charles Hoskinson, founder of Cardano. A real-time part of the video was filmed on his ranch 🤠 in Wyoming. Clay Nation, a Cardano-based NFT project, did the clay animation part. In March, Champ Medici, with a Clay Nation PFP, wrote Charles asking if he wanted to shoot a video 🎥together. They did it 💽. No doubt, more people would discover Clay Nation's NFTs.
Conclusion: Well, it seems like we've already tightened our belts. The Alameda hole will shine in the sky and our wallets for a long time. The market is red. No white knights. Business is very serious. Fun is always with us. See you.
See you tomorrow, 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.