Your Favorite Crypto Digest From TradeCrypto.com #190

Daily statistics update:

Today's market is green. BTC is trading at $17,833; ETH is above $1,323.

💪 Bitcoin dominance: 39.31%

📉 Total Crypto Market Cap: $872.55B

😲 Fear and greed index: 30 (Fear)

🚀 Gainers (Top-100)

• TonCoin (TON) +11.26%

• Fantom (FMT) +10.55%

• Neutrino USD (USDN) +10.12%

😭 Losers (Top-100)

• GMX (GMX) -8.75%

• Stacks (STX) -7.70%

• Bitcoin SV (BSV) -2.94%

That is pretty good news, on the one hand. We covered the events as they unfolded on tradecrypto.com. CZ assured it would happen, and it happened 🙌. But don't think it's enough for users. If the most trusted crypto exchange holds funds previously saying it won't, it's a red flag. To add massive FUD in the media... A big crowd of users just took their USDC and left the platform🚪. $1,14b-ish withdrawals, as CZ reported yesterday. It didn't break him. He said this wave was not even in the top 5. The times of Terra LUNA collapse were worse 😡. And he adds all CEXs should experience stress tests sometime. So, answering the question, will Binance survive another wave of stress - yes, it will. The question is, at what cost?

Sam Bankman-Fried's attorneys asked a judge to release him on $250k bail. Failed. SBF will stay in prison till Feb 8 🥶, when the extradition hearing will happen. Of course, SBF will fight hard to stay in the Bahamas, but we're pretty sure he's not gonna win at this stage. The reason behind bail is that SBF is vegan and needs to take allergic medication. Nothing against vegans, but I guess those questions can be managed behind bars 🤔. If the Bahamas granted bail, it would crack the US-Bahamas extradition treaty. Did SBF think they would make an exception for him? What's his next step? Waiting for the hearing.

No more lending funds from its reserves 🙌! We've heard many times how its reserves are overcollateralized and covered by "highly liquid assets," but this step is indeed big. Don't the reserves exist so that no one can stick their paws in them 🐾? Seems like Tether is starting to understand that. And tries everything to stop the media FUD. Except for the publication of reserves we've been craving for. Let's wait a little longer.

Galaxy apparently aims to become bigger. During Celsius's bankruptcy proceedings, it managed to buy a self-custody platform G8. Of course, with a significant discount 💸from Celsius's initial offering, but the sum was not disclosed. Apart from new services, the Galaxy team is welcoming +40 new members from G8. And geography! With G8, it expands to Tel Aviv, Israel.

All well remember a refusal to post a Coinbase wallet upgrade on iOS as Apple wanted to have 30% of gas fees. All cause of Apple's policy to collect 30% of funds if any firm is making money via iOS apps. But with crypto, it quite doesn't work 😅 this way. So as not to miss out, it won't change its policy, but we will soon be able to download apps not from the Apple store but from the net 😍. Due to the EU's Digital Markets Act, all tech companies must follow the same rules, no exception for Apple. So the update will primarily happen in the EU and might expand.

Conclusion: Green is my favorite color, sure you like it as much. Won't you miss SBF while he's waiting for extradition in the Bahamas? After all, we've been covering the collapse for a month. Joking. You probably know that, even without SBF, it won't stop. Moreover, the industry keeps growing. But not everyone does with grace.

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.