- Crypto Ping Pong Digest
- 🏓 Bitcoin The Dominator
🏓 Bitcoin The Dominator
Hey TC people. Long line of bitcoin ETFs. This week's stars are ARK and Fidelity. FTX's reboot and Binance's big exodus - all covered today. Jump in.
Weekly Digest From TradeCrypto.com #20
Daily statistics update:
Today's market is green. BTC is trading at $30,747; ETH is at $1,881.
💪 Bitcoin dominance: 50.16%
📉 Total Crypto Market Cap: $1.19T
😲 Fear and greed index: 56 (Greed)
🚀 7d Gainers (Top-100)
• Bitcoin Cash (BCH) +114.76%
• Compound (COMP) +81.40%
• Bitcoin SV (BSV) +40.77%
😭 7d Losers (Top-100)
• Conflux (CFX) -19.23%
• Sui (SUI) -12.71%
• BitDAO (BIT) -10.02%
🔮 Doom Cat: Will SEC lawsuit against Coinbase be dismissed?
2x leveraged bitcoin futures ETF opened
Unexpectedly for mere mortals, the SEC has accepted and approved Volatility Shares' application for 2x ETF. It's the first leveraged fund in the US and trading began this Tuesday. 📈 A 2x leveraged ETF (BITX) allows customers to profit from bitcoin by investing only half of its value. Despite Wall Street's enthusiasm and obvious attention to bitcoin, there weren't many buyers and sellers on the first day BITX opened. Compared to the ProShares Bitcoin Strategy ETF (BITO), which was the first to trade bitcoin futures contracts in the U.S., there was only about half a percent of activity. BITO was launched in October 2021 and saw many more trading participants.
Binance big exodus
Binance has pulled back from many places this week. Let's count on our fingers: Cyprus, the Netherlands, the United Kingdom, Belgium and Austria.Then the exchange was canceled for registration in Germany. Then it said it'll change its euro banking partner. By the way, the lawsuit against Binance in the US is still ongoing. To clarify FUD, we add that Binance apparently needs only one country in the EU to operate throughout the Union in times of the upcoming MiCA.😎 Whether you need to worry or not is up to you.
Fidelity files for bitcoin spot ETF
Rumors aside, Fidelity has officially applied to register a bitcoin spot ETF. The company manages 4.3 trillion in assets.😎 Last week, Fidelity and co. also launched the EDX crypto exchange. Handy. Two weeks after Blackrock, then WisdomTree, VanEck and Invesco. However, WisdomTree's application has already been denied. And let's not forget Grayscale, which is in dispute with SEC because the regulator rejected its application. And 2 weeks ago Bitcoin was trading at only $26,000, now it's at $30,700. 🧨
ARK files for bitcoin spot ETF
Cathie Wood's company, ARK Investment Management, claims it could be the first to receive approval to create a new bitcoin spot ETF.🚀 Some believe another firm, BlackRock Inc, could get approval first. But ARK has made changes to its application, including a deal between the Chicago Board Options Exchange (CBOE) and likely Coinbase. These changes make ARK's application similar to BlackRock's, and ARK could be approved first because it applied earlier, in April. 🤓
FTX to reboot
Just as we were cleaning up the news that FTX had already returned about $7 billion (out of $8.7 billion) in liquid assets to customers, more came in. FTX is officially in talks to relaunch as an international crypto exchange. In this way, John Ray III hopes to compensate some customers by offering them a stake in FTX 2.0. FTT token +39%.🤪 Opinions differ, of course, especially considering how badly the crypto market was screwed up by ex-CEO Sam Bankman-Fried. Meanwhile, the court has denied Sam's application to dismiss most of the criminal charges. So if he's convicted on all counts, he'll have to serve more than 100 years. 🥶
Conclusion: Bitcoin the dominator dominates the market with 50.16%. There are a lot of predictions, a lot of attention from TradFi, but we have a feeling that something will happen and bitcoin will lose its position. Although the market is quite stable. In our opinion, it's now very interesting to follow the fate of Binance. The exchange is very firmly holding its PR position despite not very positive news and the lawsuit.
See you next week, folks! Thanks for being with us. Brought to you by Yana and Aleksandar :)
Let us know how you would rate today's digest:
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