🏓 Celsius is like a hotcake

Hey TC folks. SBF has signed extradition papers, and Celsius may soon be up for sale. Core Scientific files for bankruptcy, and Coinbase shares hit new lows. Gemini-Genesis saga for dessert. Let's dive in.

Your Favorite Crypto Digest From TradeCrypto.com #195

Daily statistics update:

Today's market is flat. BTC is trading at $16,839; ETH is around $1,212.

💪 Bitcoin dominance: 40.01%

📉 Total Crypto Market Cap: $809.55B

😲 Fear and greed index: 26 (Fear)

🚀 Gainers (Top-100)

• XDC Network (XDC) +6.26%

• OKB (OKB) +3.81%

• Decred (DCR) +2.63%

  😭 Losers (Top-100)

• Neutrino USD (USDN) -6.85%

• Mina (MINA) -6.81%

• Chain (XCN) -5.64%

SBF signs extradition papers

Alas, Sam balked to the last. He didn't want to go to the United States, where he was convicted of eight crimes, more time in prison than a lifetime. Nevertheless, he eventually signed papers and will soon be in the United States ✈️. Perhaps the conditions in prison in the Bahamas weren't very good. The extradition hearing will take place today and after that SBF will change jails. However, he'll probably apply for bail🚪once in the US. We'll see how tough the prosecutors are there. As a reminder, he was denied bail in the Bahamas, but that's mainly cause of the international extradition treaty.

Celsius soon to be on sale 

We were swearing at Celsius yesterday, saying they have not returned frozen funds 🥶 to their customers in more than five months. We compared it to BlockFi, which already filed for retrieving customers' funds, and went bankrupt just a month ago. Yet, the bankruptcy court approved Celsius's motion for auction. Celsius announced around 30 bidders, and the sale will take place in mid-January. That said, some customers will have their funds back 👏. Who will be the buyer is a mystery yet. We'll keep an eye.  

Core Scientific files for bankruptcy 

How many times have we talked about tough times for mining? However, Core Scientific is the first 🥇 company to publicly declare that business is over. One of the mining industry's largest players CORZ is filing for bankruptcy today. They tried to save the company with restructuring advisors and fresh capital but eventually failed. The company's stocks fell 98% 🆘 this year. They won't stop mining Bitcoin for now. 

Coinbase stocks hit a new low

Hurray, records, new level achieved. Last year, Coinbase went public. Since then, it has fallen 87.04% 📉. From December 2021 at $268.15 to now $35.00. Good news for Ark Invest's Kathie Wood, though, as she loves to buy Coinbase's deep 🧐, with a recent acquisition of 297,000 shares. Let's face it, Coinbase's situation is not an exception in the crypto industry. Read at least the last news about Core Scientific. Yet, if miners went bankrupt, Coinbase is optimistic and will keep building, simultaneously laying off staff. 

 Gemini proposes a plan to Genesis

As a member of Genesis's creditors' committee, Gemini proposed a plan to its big brother to resolve liquidity 😵‍💫 issues. I wonder how many times Gemini regretted opening the Gemini Earn program with Genesis, which is still frozen? All updates can be found here. Stock up on popcorn 🍿. When will Genesis start up again? And when will Gemini Earn resume? And what is this plan exactly? No one posted it. I hope it will be public information soon. And that no malicious schemes are involved. 

Conclusion: The market is neutral today, yet again - it's nothing big to worry about. Let's congratulate both Voyager and Celsius on becoming Christmas gifts. And Sam Bankman-Fried on going to the freedom country in cuffs. Stay vigilant and keep an eye on Gemini, Genesis, and DCG.

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.