🏓 Coinbase to prevail?
Hi TC folks. Let's jump right in. Hong Kong is thriving as a crypto honey spot; fake ChatGPT tokens appearing daily. Billions of BUSD burned; Arbitrum rocks; Сoinbase to fight if needed; Voyager stuck again with SEC; and SBF hit with more charges.
Weekly Digest From TradeCrypto.com #5
Don't miss the news:
Daily statistics update:
Today's market is red. BTC is trading at $23,855; ETH is around $1,652.
💪 Bitcoin dominance: 42.14%
📉 Total Crypto Market Cap: $1.09T
😲 Fear and greed index: 53 (Neutral)
🚀 7d Gainers (Top-100)
• Stacks (STX) +142.33%
• Confux (CFX) +89.40%
• Ankr (ANKR) +50.58%
😭 7d Losers (Top-100)
• Looping (LCR) -13.56%
• dYdX (DYDX) -12.87%
• Render Token (RNDR) -12.12%
🔮 Doom Cat: SEC will crush Coinbase?
Huobi heads to Hong Kong
While Hong Kong tries to return to the top of the crypto sky, companies are also making a move. This time, Justin Sun said his crypto exchange Huobi (he's not actually the owner, but that's just on paper) is planning to get a trading license and open a local shop called Huobi Hong Kong. Moreover, Sun said, the exchange aims to support individuals and institutional investors because Huobi is trustworthy and cool. However, trading won't be allowed till June, according to local regulators. Not to mention that at the same time there is a kind of war on crypto in the US, but Hong Kong and Huobi are minding their own business.
Fake ChapGPT tokens in spotlight
These hundreds of issued tokens have nothing to do with the GPT 🤡. They just say they have it behind them. Despite all the reg flags, these tokens running mainly on the BNB chain show one hell of a trading run. Our most popular pump and dump rides. The most popular ChapGPT token on Ethereum has $271 million, while the second most popular token on the BNB chain has $29.4 million. Pay attention, folks. 🤌
Cardano, Polygon flip Binance USD
Team MATIC and ADA. Billions of BUSD have been burned since regulators put pressure on Paxos, the issuer of Binance USD, BUSD. Since then, even OKB has overtaken BUSD in terms of market cap, and now ranks 10th 🧐 by market cap, according to CoinGecko. In mid-November, $23.5 billion circulating in the market, and now BUSD is at $12.5 billion.📉 As mentioned earlier, you don't have to worry if you hold BUSDs: they're backed 1/1, but Paxos won't issue anymore. So the market has decided to get rid of them. Doge is breathing down the back of Binance USD. No wonder by the time you're reading this, DOGE has stepped up.
Arbitrum overtakes Ethereum in daily transactions
The dominance of L2 continues to increase🔝, especially Arbitrum. In the first quarter, Arbitrum not only overtook Ethereum in daily transactions, but the number of unique addresses also reached a new record. Such a breakthrough from the previously reported Optimism+Arbitrum overtake of Ethereum. 590% increase 😍 in the last two months, no joke. Because Arbitrum is building cool apps and users are bragging that Arbitrum may soon drop a token, although the developers never said anything. If that were the case, the hype would be huge.
Sequoia, Multicoin lead round for TipLink
TipLink aims to develop technology that is both the link through which you can send NFTs and cryptos and the wallet itself 🔝. The $6 million seed round was led by Sequoia and Multicoin. TipLink aims to solve the biggest dilemma of mass adoption and frictionlessness. You don't have to create a wallet to get an asset, just scan the QR code, for example. This is really a promising UX for cryptocurrencies 😇. That being said, other wallet developers have already done a good job with UX design and it seems to be a no brainer task for anyone who installs any web2 app on their devices.
Coinbase staking differs from Kraken
We all tucked our tails and ... exhaled 😅. A Coinbase representative said during the Q&A session that Coinbase staking is fundamentally different from Kraken's recently burst yield product. First, users remain in possession of these assets all the time. Second, they're always entitled to the returns. Third, Coinbase is public, and its finances are transparent. As you may have guessed, SEC, when they banned the Kraken product, said exactly the opposite. Coinbase is now being investigated by SEC, and Brian Armstrong again stated that the staking services they offer aren't securities. He added that they'll defend themselves 💪 in court if necessary.
SEC objects to Binance.US's Voyager deal
Ffffight. Hey SEC, you have something on your teeth 🤌. Ah yes, the unfortunate Voyager, can't transit into new hands for so long. At first, everyone was questioning the idea that Binance.US could actually afford the $1b deal, now SEC says the deal should be paused until they further investigate whether Voyager is selling unregistered securities. In focus: Voyager's VGX token. And they allegedly failed to provide detailed information on whether Binance.US will have direct access to Voyager's wallets. They still believe they missed something and Binance.US actually broke laws. What more is there to add 🧐 if last week the deal was moving pretty fast and the companies were happy about things.
SBF hit with more charges
Everything is constantly changing on the SBF front 🧨. The Ex-FTX CEO has just received additional bank fraud charges. The total number of criminal charges is now 12. SBF's extensive political donations have also been cleared up. According to the indictment, Sam and others circumvented donation restrictions by using straw men as donors. The document calls for seizing Bankman-Fried's hundreds of millions worth of assets, most of which have already been seized by the government. As a reminder, the trial is set 📌for October.
Conclusion: Of course, a lot changes in a week. It's funny that the market is down today, but if you compare it to the previous week, Friday, it's up. Tip: Always shift perspective. SBF on the full program gets the payback, but a lot can happen during the actual trial. An interesting topic is Binance and its complicated relationship with US SEC. And Coinbase, the answer to the Digest question, will prevail. Read our news today, we have prepared something else about Coinbase.
See you next week, folks! Thanks for being with us.Brought to you by Maksym, Yana, and Aleksandar :)
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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.
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