Your Favorite Crypto Digest From TradeCrypto.com

Market is down. BTC is now trading around $29600, ETH is trading above $2000.

💪 Bitcoin dominance: 44.42%

📉 Total Cryptocurrency Market Cap: $1,225 tr

😲 Fear and greed index: 14 (Extreme fear)

🚀 Gainers(Top-100)

Arweave (AR) +15%

Cosmos (ATOM) +8.90%

NEM (XEM) +6.23%

😭 Losers(Top-100)

STEPN (GMT) -13.41%

TerraUSD (UST) -10.78%

The Graph (GRT) -10.05%

El Salvador’s Bitcoin Bet Is Down Bad: $37 Million in the Hole

😔 El Salvador's Bitcoin bet doesn't appear to be paying off. The value of the 2,301 Bitcoin purchased by the Latin American country has now 📉 fallen by $37 million as the price of Bitcoin drops to its lowest point since December 2020.

President Nayib Bukele has 💸 spent a total of $103 million on Bitcoin, according to data compiled by Bloomberg, after El Salvador made the cryptocurrency legal tender last year. Currently, El Salvador's Bitcoin treasury has a value of $65.6 million.

Twitter stock has 📉 plummeted more than 19% premarket after Elon Musk said that his $44 billion acquisition of the platform would be put "temporarily on hold."

"Twitter deal temporarily on hold pending details supporting calculation that spam/fake accounts do indeed represent less than 5% of users," he tweeted today, citing a May 2 report from Reuters regarding estimated bot activity on the social media platform.

During a recent Twitter Spaces event discussing stablecoins and the recent crypto volatility, Tether CTO Paolo Ardoino said that the stablecoin provider had cut the amount of commercial paper backing its stablecoin by 😮 half. Ardoino is also the CTO of crypto exchange Bitfinex.

"In the last six months, [Tether has] reduced 50% the size of the commercial papers (sic). Everything that was reduced from the commercial paper was rolled into U.S. Treasuries," he said. "In the next few weeks, we will have the new attestation that will show that these commercial papers are being further reduced."

Lido Warns Leveraged Traders at Risk of Liquidation as "Staked Ethereum" Loses Peg

Lido today ⚠️ warned staked Ethereum, or stETH, holders that the token’s peg to Ethereum has slipped, leaving them at ❗ risk of having their collateral liquidated, or sold, to make up the difference.

When Lido, a pooled staking protocol, initially sent its warning on Twitter, the discount was 4.2% and went up to as much as 5% before 📉 falling again.

😥 2 days ago after Kwon proposed a "Terra ecosystem revival plan" to the network's research forum, he returned to Twitter for the first time in two days to express sadness for how things have played out.

"I am heartbroken about the pain my invention has brought on all of you," he tweeted, stating that he's spent much of his time on the phone with those who "have been devastated by UST depegging."

What Happened to Terra’s Bitcoin Reserve as UST and LUNA Crashed

According to blockchain analytics platform Elliptic, on Monday, hours after LFG’s announcement of the $1.5 billion loan, a Bitcoin address associated with LFG sent roughly $750 million 💰 worth of Bitcoin to a new address. That evening, a further $930 million worth of Bitcoin was sent from multiple LFG-associated wallets to the same new address. This total, 52,189 Bitcoin, worth over $1.6 billion, was then moved from the new address to a single account at Gemini.

The transfer left 28,205 Bitcoin, worth about $875 million at the time, in LFG’s reserves. Early Tuesday morning, the whole amount was moved to an account at Binance. Whether the Bitcoin in those Gemini and Binance accounts was sold off to buy huge amounts of UST is unknown, however. It’s not possible to further trace whether those massive sums of Bitcoin were sold, or moved any number of other wallets still in LFG’s control.

YouTuber KSI Says He Lost $2.8 Million on Terra in One Day

One of LUNA’s celebrity holders is taking to social media to document his ❌ losses.

British 🎬 YouTuber and 🎤 rapper JJ Olatunji, more commonly known as KSI, shared Thursday morning that the $2.8 million he invested into Do Kwon’s cratered cryptocurrency, Terra (LUNA), had 📉 plummeted to a new valuation of less than $1,000 in a day.

Conclusion: Until now, discussions about Terra have not subsided. Due to the high volatility of the cryptocurrency, many people, including countries, have lost millions of dollars.

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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.