Your Favorite Crypto Digest From TradeCrypto.com

Market is down. BTC is now trading above $29000, ETH is trading around $1900.

💪 Bitcoin dominance: 45.01%

📉 Total Cryptocurrency Market Cap: $1,276 tr

😲 Fear and greed index: 13 (Extreme fear)

🚀 Gainers(Top-100)

TRON (TRX) +1.48%

😭 Losers(Top-100)

Kadena (KDA) -16.26%

Waves (WAVES) -14.78%

IOTA (MIOTA) -14.15%

The industry-wide unrest generated by Terra’s 📉 collapse last week continues to reverberate this time within the company’s own walls.

General counsel Marc Goldich, chief corporate counsel Lawrence Florio, and regulatory counsel Noah Axler all left their positions shortly after Terra’s algorithmic stablecoin UST collapsed last week, bringing Terra’s native token LUNA down with it and wiping out $40 billion in value in the process.

Billionaire investor Bill Ackman expressed his 😶 views on the collapse of the Terra ecosystem, calling it “the crypto version of a pyramid scheme.” 

“Investors were promised 20% returns backed by a token whose value is driven only by demand from new investors in the token,” Ackman tweeted. “There is no fundamental underlying business.” In a series of tweets, the founder and CEO of Pershing Square Capital Management also 🤬 criticized LUNA for creating artificial demand by limiting the supply through a vesting schedule.

Kadena (KDA), the native cryptocurrency of the eponymous proof-of-work (PoW) blockchain network, is 📉 down more than 10% over the last day, trading at $2.89 by press time, per CoinMarketCap.

Kadena was founded by two former JP Morgan employees–Stuart Popejoy and Will Martino who both led JP Morgan’s Blockchain Center for Excellence, the American investment bank’s in-house blockchain team.

Bitcoin's Underlying Value «Is to Do Ransomware»: Former Fed Chair Bernanke

In an interview with CNBC’s Squawk Box this week, former Federal Reserve Chair Ben Bernanke dished out some heavy crypto criticism, opining that “they were intended to be a substitute for fiat money and in that respect, they have not succeeded.”

The American economist added that crypto’s appeal 🤥 lies with the fact that it’s “successful as a speculative asset,” but with recent price crashes likely to result in seven consecutive weeks of decline, Bernanke says we’re “seeing the downside of that right now.”

Tesla CEO Elon Musk didn’t rule out that should he proceed with his Twitter acquisition, the social media platform could become sort of a 💪 super app similar to the Chinese WeChat that would also support payments.

"One of the interesting things that came up in your product roadmap was the possibility of Twitter becoming kind of a super app with payments included, maybe perhaps even dogecoin," said All-In podcast host and panelist Jason Calacanis.

Coinbase Launches Global «Think Tank» for Crypto

As the crypto industry 🙂 faces growing scrutiny from politicians and the media, Coinbase is trying a new tactic to shape the debate: a "global crypto-native think tank."

Aave Launches Decentralized, NFT-Based Twitter Rival on Polygon

Popular DeFi lending protocol Aave is going a very different route for its latest Web3 project, today 🗣️ announcing the public launch of Lens Protocol, a decentralized social graph that uses NFT assets to power social media platforms.

Lens Protocol is built on Polygon, a sidechain scaling solution for Ethereum, the leading blockchain platform for decentralized apps (dapps) and NFTs. Polygon enables 💨 faster, 🤑 cheaper, and less ⚡ energy-intensive transactions than Ethereum’s own mainnet, making it more viable for a social network built around a potentially large number of NFT assets.

Conclusion: It seems that the history of Terra is coming to a logical conclusion. It's still unclear when Elon will complete the deal with Twitter. But it seems that this social network has direct competitors already now.

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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.