🏓 Crypto banks on fire
Hey. How many weeks in a row have you had Binance on your mind? Don't miss this week's details. More on the agenda: crypto banks Signature and Silvergate. And also Coinbase; Ethereum; and Twitter killer? Bluesky.
Weekly Digest From TradeCrypto.com #6
Daily statistics update:
Today's market is red. BTC is trading at $22,438; ETH is around $1,572.
💪 Bitcoin dominance: 42.07%
📉 Total Crypto Market Cap: $1.03T
😲 Fear and greed index: 50 (Neutral)
🚀 7d Gainers (Top-100)
• Maker (MKR) +22.79%
• yearn.finance (YFI) +13.89%
• ssv.network (SSV) +13.12%
😭 7d Losers (Top-100)
• Conflux (CFX) -29.95%
• Klaytn (KLAY) -19.79%
• Hedera (HBAR) -19.69%
🔮 Doom Cat: Is Silvergate bankrupt?
Bluesky debuts in App Store
Currently, the app is only available for private beta testers, but things are about to change soon, as the app is already available in the App Store 🤌. What are we talking about here? It's Jack Dorsey's twitter alternative - the decentralized social network Bluesky. Bluesky was originally a byproduct of Twitter and was founded in 2019. After Jack stepped down as CEO, he said on Twitter that he'd focus on Bluesky because a decentralized app was needed. However, those who received an invitation to Bluesky say the app is strongly reminiscent of Twitter. Funnily enough, Twitter sparked outrage the same day the app was dropped in the App Store💥.
Binance presents Bicasso
Elon Musk with his attempts to build an alternative to ChatGPT, CZ with his attempts to build an alternative to Midjourney or Dall-e... Yep, the new AI image generator is welcome 👾. Am I the only one who finds the name "Bicasso" a bit cringey? You may be wondering what CZ is now trying to bring to this highly competitive and trendy AI niche. Well, it's an NFT generator, released in beta on Wednesday, that lets users mint their NFTs on the BNB chain. The free mint is limited to 10,000 NFTs. This way, Binance saves users a few steps: they don't have to use multiple tools before dropping their creations on preferred marketplaces 💪. One shop is always comfier than several. I suggest you try it out for yourself.
Binance and its floating 1.8B USDC
Fat FUD as we all like it. The mainstream media is feeding us again about how we should actually be careful with Binance. Sometimes they're just stories. But this time, Binance's answers to the press are contradictory😅, as Coindesk's journalist wisely noted. It all started with an investigation by Forbes: they claim that Binance conducted an unauthorized transaction of b-USDC tokens on August 17 last year and the funds were distributed between Cumberland DRW, Alameda, and Justin Sun. The hole in b-USDC, the reduction in the circulating supply of b-USDC, was never reported. This all fits with the mainstream media's research that discovered Binance's 1:1 peg of b-assets, which Binance admitted was true. However, I recommend you read an interesting article on Coindesk and draw your own conclusion 🤛.
Silvergate stock plunges
Any time a report is delayed, it's a tough time. Especially for a crypto bank that has been through a lot in recent months 🥵. Right after Silvergate said it needed two more weeks to complete the annual report, the company's shares fell nearly 30% and are continuing to decline. You may not understand what we're talking about, why such a sharp drop. Let's get the story straight. First, this reminder. Then the aftermath of the collapse of its customer, FTX. Then everyone: Coinbase, Circle, Paxos, Crypto.com, Bitstamp, Cboe Digital Markets, Galaxy Digital and Gemini declared that they'll leave Silvergate for reasons of caution. Only Kraken remained still 😥. Rumors Sivergate may be bankrupt are spreading. Draw your own conclusions, and we'll keep our hands on the pulse.
Coinbase pauses BUSD trading
Well, you have to conform to the U.S. big brother 💪. As Brian Armstrong himself said, SEC and Coinbase are working together and looking in the same direction. The BUSD token will no longer be available through any Coinbase products as of March 13. SEC is constantly investigating whether the exchange offers unregistered securities, and the authority sees BUSD as just that, so it's a precautionary move by Coinbase. Paxos, the issuer of BUSD, plans to defend the token🙏, but U.S. exchanges prefer not to deal with the disgraced stablecoin.
Ethereum deploys ERC-4337
Don't be afraid of the numbers, we'll explain it to you in a sec. ERC-4337 is a feature known as account abstration, a key enhancement that will make it easy for us if we lose private keys 🔐 for an online wallet. It'll be possible to restore access to the wallet, and add or remove devices with the help of a trusted group of people. Although, if you're in for a deep dive, there's an article by Vitalik on Medium. 🤓
Kraken ditches Signature bank
Recently, Signature announced that it'll no longer support transactions for crypto customers amounting to over $100,000. 💇♀️ Therefore, Kraken's move to prohibit non-corporate customers from using Signature for dollar deposits and withdrawals is understandable. Considering that many customers are turning their backs on Signature's competitor Silvergate, this may not be a bad time. 🧐 Still, the bank said it's distancing itself from the crypto industry. Are there other options?
Binance to re-enter Singapore
Last year, Binance hit a wall and left Singapore. 🏃Now the company seems to be returning to the country, shifting its focus from retail clients to corporate ones. Binance's custodian arm Ceffu, formerly known simply as Binance Custody, is applying for a license in Singapore. The head of law enforcement training at Binance commented on the news, saying we're going to see plenty of law enforcement and regulatory experience 🤓 in Binance's recent and upcoming hires. He said this in light of the apparent US pressure on Binance and Binance's apparent turn towards Asian markets.
Conclusion: There are weeks when you get tired. This is not one of them. As we said, there's a lot of Binanсe in the headlines, but this week's updates are kinda special. There was even time for a joke. But of course, the spotlight of the week is Silvergate Bank. As Doom Cat told us, the bank is hiding its bankruptcy. But personally, I'm kind of sure it'll somehow manage to make ends meet. We'll know for sure in a few weeks. For now - wish you a good weekend.
See you next week, 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.