Your Favorite Crypto Digest From TradeCrypto.com

Market is down. BTC is now trading around $36,500, ETH is trading above $2,700.

💪 Bitcoin dominance: 41.71%

📉 Total Cryptocurrency Market Cap: $1,736 tr

😲 Fear and greed index: 22 (Extreme fear)

🚀 Gainers(Top-100)

Anchor Protocol (ANC) +13.92%

😭 Losers(Top-100)

STEPN (GMT) -24.71%

Zilliqa (ZIL) -20.21%

ApeCoin (APE) -18.92%

Bitcoin Drops 10% as Fed-Fueled Market Rally Fades

After briefly mounting a recovery yesterday to nearly 💲40,000, Bitcoin has today since 📉 dropped by nearly 10%, according to data from CoinMarketCap. The largest cryptocurrency by market cap is now trading hands at right around 💲36,000. The market's biggest losers include the popular Bored Ape-adjacent governance token 🦍ApeCoin, the native asset powering the Near Protocol, and the fast-growing "walk-to-earn" token STEPN, among others. The market volatility comes amid hawkish action from the 🇺🇸 U.S. Federal Reserve.

When the Fed raises rates, it increases the cost for institutions and individuals to borrow money. It also has the knock-on effect of incentivizing people to save their 💰 cash. When put all together, this rate hike is meant to curb rising inflation in the economy a figure that's been steadily rising amid supply constraints and the ongoing conflict in 🇺🇦 Ukraine. Typically, rate hikes also add bearish pressure to the stock market, cryptocurrencies included.

Energy Funders will issue monthly payouts in Bitcoin or 🇺🇸 U.S. dollars, saying returns could top 100% if the Bitcoin price stays in the 💲45,000 range. According to an SEC filing submitted yesterday, the company will sell equity in Bitcoin mining operations attached to off-grid natural gas mining rigs for 💲5,000 per share. The company said in the filing it will sell up to 💲10 million worth of shares.

If Bitcoin stays within the 💲45,000 price range, EnergyFunders estimates investors will see returns “above 100%.”  The mined Bitcoin will be distributed among investors each month, in either 💵 U.S. dollars or ₿ Bitcoin.

Iconic fashion brand Gucci will begin ✔️ accepting cryptocurrency in some of its 🇺🇸 U.S. locations later this month, with plans to roll out the program to other North American stores. The first locations to accept crypto are Wooster Street in New York, Rodeo Drive in Los Angeles, Miami Design District, Phipps Plaza in Atlanta, and The Shops at Crystals in Las Vegas. Other high-end brands most recently, Off-White have already begun ✔️ accepting crypto.

"Gucci is always looking to embrace new technologies when they can provide an enhanced experience for our customers," Marco Bizzarri, Gucci's president and CEO, tells Vogue Business. "Now that we are able to integrate cryptocurrencies within our payment system, it is a natural evolution for those customers who would like to have this option available to them."

Binance, the world's largest cryptocurrency exchange, has committed 💲500 million to Elon Musk's 💲44 billion bid to acquire Twitter, according to an updated 13D filing with the SEC. The filing indicates that Sequoia Capital (💲800 million), Andreessen Horowitz (💲400 million), Qatar Holding (💲375 million), Fidelity (💲316 million), DFJ (💲100 million), and other notable investors also committed funds to the Tesla chief's acquisition plans. The largest investor, Larry Ellison, put in 💲1 billion.

The total backing is roughly 💲7.1 billion from this list of investors. "Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated," Musk said in a statement following the accepted offer, adding: "Twitter has tremendous potential I look forward to working with the company and the community of users to unlock it."

One year ago, crypto giant Galaxy Digital announced it would acquire BitGo, a firm best known for storing customers' Bitcoins, for 💲1.2 billion in cash and stock. The Wall Street Journal described it as "the first 💲1 billion deal in the cryptocurrency industry," while other news outlets called it the biggest M&A deal in crypto history. One year ago, crypto giant Galaxy Digital announced it would acquire BitGo, a firm best known for storing customers' Bitcoins, for 💲1.2 billion in cash and stock. The Wall Street Journal described it as "the first 💲1 billion deal in the cryptocurrency industry," while other news outlets called it the biggest M&A deal in crypto history.

Galaxy says the delay in closing the acquisition is related to an ongoing wait for the company to receive approval to list on the Nasdaq stock exchange an event that will trigger an obligation to issue new shares to BitGo. Today, the 🤝 deal still hasn't closed.

Luna Foundation Guard Buys Another 💲1.5B in Bitcoin to Back Terra Stablecoin

The Luna Foundation Guard (LFG) made the biggest Bitcoin purchase yet: 37,863 coins, worth 💲1.5 billion at the time of 📝 writing. This purchase brings Terra’s total reserves to more than 💲3 billion, the bulk of that in Bitcoin. It holds smaller shares of LUNA, AVAX, and USDT and USDC stablecoins.

Kwon said that he expects Terra to raise reserves up to its long-term goal of 💲10 billion by the end of the third quarter. With its current holdings alone, Terra is already within the ranks of the ❗ top 10 largest Bitcoin addresses.

Opera Crypto Browser Integrates BNB Chain and Unlocks Access to Its Ecosystem of dApps

BNB Chain is the largest smart contract blockchain in terms of daily active users (DAU) and host to a plethora of community-driven and decentralized applications (dApps). The integration will allow you to buy the BNB token with fiat, as well as to send and receive it using the built-in Opera crypto wallet, and access dApps on the BNB Chain. BNB Chain boasts over 4+ Million Weekly Unique Active 👨 Users, 36 Million weekly transactions on average and more than 💲13 billion in total value 🔒 locked (TVL) within its Decentralized Finance (DeFi) ecosystem  making it one of the most popular blockchain ecosystems in the industry.

With today’s announcement of BNB Chain integration, Opera continues to streamline mainstream access to Web3 and beyond. With the Opera Crypto Browser, existing users of BNB Chain dApps and token holders alike can now join the hundreds of millions of 🖥️ Windows, 📱 Android, and 💻Mac users worldwide in having unique Web3 access functionality at their fingertips.

Conclusion: Bitcoin and other cryptocurrencies have become a bit volatile. Despite this, there are companies such as Terra that buy out the low. We also see that more and more companies are introducing cryptocurrency into their system.

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What is Crypto Ping Pong digest?

So all the TC lads here are working quite hard and from time to time we gotta chill.

That’s why 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.

During the game, we have a rule not to discuss serious topics like analytics, predictions, etc.

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.