Your Favorite Crypto Digest From TradeCrypto.com #158

Daily statistics update:

Today's market is red. BTC is now trading above $20,400, ETH is trading around $1,550.

💪 Bitcoin dominance: 40.66%

📉 Total Cryptocurrency Market Cap: $ 0.966 tr

😲 Fear and greed index: 31 (Fear)

🚀 Gainers (Top-100)

• Chiliz (CHZ)+12.72%

• The Sandbox (SAND)+6.51%

• Trust Wallet Token (TWT)+6.12%

  😭 Losers (Top-100)

• Dogecoin (DOGE)-13.21%

• Shiba Inu (SHIB)-11.36%

• Waves (WAVES)-11.97%

No one doubted it. Binance, the world’s largest crypto exchange, confirmed its participation as an equity investor in Elon Musk’s $44 billion deal to purchase Twitter. Earlier this week, CZ confirmed Binance would stick to its earlier promise to commit  💰 $500 million towards Musk’s bid to buy Twitter, emphasizing that the deal would present a chance to help bridge social media and news into Web3.

“We're excited to be able to help Elon realize a new vision for Twitter. We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology,” 💬 Binance CEO Changpeng ‘CZ’ Zhao told in an emailed statement. Binance first revealed plans to back Musk’s acquisition of Twitter in an SEC filing in May this year, with the exchange’s CEO describing the move as "a small contribution to the cause" at the time.

Congresswoman Johanna Obando of Costa Rica introduced a bill to regulate the crypto market in the country, which would allow the use of Bitcoin and other cryptocurrencies as a means of payment. The document also envisages that banking institutions will be able to act as a counterpart to crypto-exchanges 💱 for their clients and offer them custodial services for digital assets. Obando, also added that the bill does not oblige anyone to accept cryptocurrency as payment, and it simply establishes the possibility of doing so if both parties to the transaction agree to its use. A reasonable approach to the issue.

A surprising partnership. El Salvador and the city of Lugano, Switzerland, have signed a Memorandum of Understanding on economic cooperation 🤝 aimed at spreading Bitcoin adoption. El Salvador will also open a “Bitcoin office” in Lugano to spread the adoption of cryptocurrency in Europe.

The partnership between the Latin American country and the Swiss city will support “initiatives to drive the adoption of Bitcoin and other cryptocurrencies across their respective regions” as well as “fostering the exchange of students and talents between El Salvador and Lugano,” a Friday announcement 📢 by stablecoin issuer Tether said.

Musk acquired the social network platform at $54.2 per share price, bringing the total value of the deal close to $44 billion. Musk is also taking the company private as part of the deal, resulting in the delisting of the company’s stock, taking it out of the hands of public shareholders. Almost nine years after being listed on the New York Stock Exchange in 2013, Twitter is no longer ❌ a public company. The NYSE website noted that trading in Twitter shares will be frozen on Oct. 28. Apart from NYSE, crypto-friendly trading platforms like eToro and Robinhood also delisted Twitter shares from their platform. Is the same fate awaiting Tesla?

More trouble? In a lawsuit filed in Singapore’s high court ⚖ , 359 individuals allege Kwon, Platias, the LFG and Terra made fraudulent claims, including that Terra’s stablecoin, TerraUSD (UST) — now TerraUSD Classic (USTC) — was not “stable by design” and unable to maintain its U.S. dollar peg.

The claimants are seeking compensation for roughly $57 million worth of “loss and damage” combined based on the value of UST tokens they purchased and held or sold amid the market downturn in May. They also request an order to pay 💸 for “aggravated damages.” According to the individuals filing the lawsuit, the four parties tied to Terra “knew or ought to have known that the Claimants wished to buy and hold cryptocurrency stablecoins that were not subject to the volatility of the wider market and earn a decent passive return.”

The show has started. With the world’s richest man—and chief Dogecoin enthusiast—now in charge of Twitter, the platform’s biggest crypto influencers are nothing short of ecstatic. Twitter's new "Chief Twit," as Musk now refers to himself in his Twitter bio, has made his plans for the platform 🔍 clear. And the new CEO’s commitment to free speech, plus his opposition to permanently banning users, have proven particularly popular within crypto circles. Spam bots, which are especially prevalent on crypto Twitter, are another issue that Musk has promised to combat. Some users have already claimed that crypto-related hashtags are experiencing significantly less spam since Musk’s takeover.

Binance CEO Changpeng “CZ” Zhao has warned that Google Search results are still promoting crypto phishing and scamming websites. Despite Google’s strict policies on crypto marketing for its ads service, scammers 🕵️‍♂️ have still been slipping through the cracks over the past few years. At times, scam websites have even been displayed higher than legitimate crypto and blockchain projects.

In a tweet, CZ warned that when searching CoinMarketCap on Google, phishing sites with an “ad” tag were showing up in front of the actual website. 📲 «Google displays phishing sites when users search CMC. This affects users adding smart contract addresses to MetaMask using these phishing sites. We are trying to contact Google for this, and in the meantime alerting users about this through social channels.

Conclusion: No word yet of the bull market, although the overall news backdrop is quite positive. Bitcoin has consolidated above $20,000. We're watching and keeping our finger on the pulse. The stock market, with which cryptocurrencies are compared, is doing much worse.

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.