Your Favorite Crypto Digest From TradeCrypto.com

Market is green. BTC is now trading below $30,000, ETH is trading around $2,000.

💪 Bitcoin dominance: 44.57%

📉 Total Cryptocurrency Market Cap: $1,290 tr

😲 Fear and greed index: 12 (Extreme Fear)

🚀 Gainers(Top-100)

Kyber Network Crystal v2 (KNC) +31.44%

Chiliz (CHZ) +10.43%

Klaytn (KLAY) +5.47%

😭 Losers(Top-100)

TerraUSD (UST) -32.19%

Kadena (KDA) -12.25%

Maker (MKR) -7.55%

$1.2 Billion in Bitcoin Was Liquidated During Last Week's Crypto Crash

From Sunday, May 8 when the TerraUSD stablecoin began 📉 losing its peg to the U.S. dollar and crypto markets began slipping to Saturday, May 14, Bitcoin derivatives traders lost over $1.2 billion in liquidations, according to data analytics site CoinGlass.

😥 That's more than double the amount for the same period of the previous week, which saw $542 million in trades liquidated.

Metatheory, a Web3 🕹️ gaming and entertainment company, has 💰 raised $24 million in a funding round led by Andreesen Horowitz, with Pantera Capital, FTX Ventures, Dragonfly Capital, and others participating.

Founded by Twitch Co-Founder Kevin Lin, Metatheory is currently developing its flagship project, DuskBreakers, a sci-fi franchise with two minigames. The project makes use of NFTs, unique blockchain-based tokens that demonstrate ownership over digital assets.

Elon Musk: Twitter Deal "Cannot Move Forward" Until CEO Shows Extent of Bot Activity

Tesla CEO Elon Musk said today that his planned 🤝 deal to acquire Twitter for $44 billion could "not move forward" until the social media company is able to provide more information as to how many fake accounts exist on the platform.

"20% fake/spam accounts, while 4 times what Twitter claims, could be much higher," tweeted the SpaceX and Tesla CEO on Tuesday.

South Korea Launches "Emergency" Inspections of Local Crypto Exchanges Amid Terra Collapse: Report

South Korea’s Financial Services Commission (FSC) and the Financial Supervisory Service (FSS) have launched ❗ "emergency" inspections into local crypto exchanges, according to a report by Yonhap citing industry sources.

The move is reportedly linked to the recent collapse of  Terra's native TerraUSD (UST) algorithmic stablecoin and its governance token LUNA and aims to ensure better 🛡️ protection for investors.

Tether Supply Plummeted $7.4B Amid Depegging Concerns, Terra Collapse: Glassnode

Amid the dramatic events surrounding last week’s TerraUSD 📉 collapse, Tether (USDT), the crypto industry’s largest stablecoin, has dropped more than $7 billion.

Tether’s market capitalization plummeted from an all-time high above $83 billion on May 11 to $75.6 billion today.

Robinhood Plans Ethereum Wallet With DeFi, NFT Trading And No User Gas Fees

Robinhood is wading deeper into the world of crypto, announcing on Tuesday that the company is building a standalone, non-custodial wallet that will give customers full control over their crypto assets.

The company is currently in the process of rolling out 👛 wallets to millions of users, but those wallets so-called custodial wallets are managed on the back-end by Robinhood. The new product, by contrast, will be akin to Web3-focused products like MetaMask and Coinbase Wallet that give users ✔️ full control but also require them to manage their own private keys (essentially a password that unlocks access to their crypto stash).

The Justice Department has filed criminal charges against an unnamed defendant who allegedly sent more than $10 million worth of Bitcoin in an attempt to skirt economic ❌ sanctions.

In an opinion published on Friday, U.S. Magistrate Judge Zia M. Faruqui of Washington, D.C., explained his approval of the Justice Department’s criminal complaint. This is the first time the U.S. has filed charges in a sanctions case involving cryptocurrency.

Conclusion: The market is stormy. Musk is backing out of the deal. Projects are shutting down. At the same time, Robinhood launches new products. During such periods, you should be as cautious as possible and refrain from taking high risks

Let us know how you would rate today's digest:😍 Loved it🤨 Could have been better🤮 Better luck next time

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.