Your Favorite Crypto Digest From TradeCrypto.com

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

💪 Bitcoin dominance: 45.06%

📉 Total Cryptocurrency Market Cap: $1,228 tr

😲 Fear and greed index: 10 (Extreme Fear)

🚀 Gainers(Top-100)

Neo (NEO) +17.35%

eCash (XEC) +14.82%

Convex Finance (CVX) +13.35%

😭 Losers(Top-100)

Kyber Network Crystal v2 (KNC) -3.31%

XDC Network (XDC) -1.62%

Zilliqa (ZIL) -0.51%

The recent 📉 collapse of the stablecoin project known as Terra is one of the biggest catastrophes in the history of crypto, wiping out hundreds of billions of dollars. In response, crypto columnist David Z. Morris penned a provocative column likening Terra founder Do Kwon to Elizabeth Holmes, the Theranos founder who is awaiting a 👮 criminal sentence for fraud a fate that Morris believes should befall Kwon.

What Kwon did was very 👎 bad. But that doesn't necessarily mean it was against the law.

Don't get your hopes up too much, but Ethereum's move to proof of stake could be in the cards for this ☀️ summer. Ethereum core developer Preston Van Loon told a panel at the Permissionless conference 2 days ago that there's momentum behind finalizing the move in the next three months.

"As far as we know, if everything goes to plan, August it just makes sense," said Van Loon. "If we don't have to move [the difficulty bomb], let's do it as soon as we can."

Last week, as the crypto market tanked and Terra’s LUNA and UST tokens were in mid-freefall, a new term began circulating on Crypto 🐦Twitter: “Crypto Boy.” The phrase came courtesy of a new 🎵 song of the same name from TikToker and musician Salem Ilese and it quickly went viral.

In an interview with Decrypt, Ilese opened up about the song’s origins, and the unexpected repercussions of her first foray into the crypto world, including a plot twist that the 21-year-old singer never saw coming: the crypto boy basher is now releasing her own NFT project, one she cares about quite a bit. But Ilese isn’t planning on going full “crypto boy” either all the money from the collection will be going to ❤️ charity.

Upcoming Crypto Regulations «Need to Take Into Account» Terra Collapse: UK Financial Authority

The UK's Financial Conduct Authority (FCA) "will absolutely need to take into account" the recent instability in crypto markets when beginning its work on a new regulatory framework for cryptocurrencies later this year. This is according to Sarah Pritchard, FCA's executive director for markets, who shared her view on the dramatic 📉 collapse of the TerraUSD (UST) stablecoin and its sister token LUNA last week.

"Innovation lasts if it works well, and clearly, we've seen the consequences and some of the issues that can arise," Pritchard said in an interview with Bloomberg.

Crypto Crash Unlikely to Hurt US Economy: Goldman Sachs

Investment bank Goldman Sachs has said that it's unlikely that the 📉 drop in cryptocurrency prices will impact the U.S. economy.

In a Thursday research note, the New York City-based multinational said that "the recent decline [in cryptocurrency prices] is very small relative to U.S. household net worth" and therefore unlikely to cause serious 💢 damage.

House Bill Aims to Protect Bitcoin Retirement Accounts From Federal Ban

In the wake of last week's crypto crash, which drew the ❗ attention of regulators and government officials, a group of Republicans in Congress today introduced a bill that would 🛡️ “protect” investors' ability to add Bitcoin to 401(k) retirement plans.

If passed, the bill would prevent the U.S. Labor Department from restricting the type of investments that 401(k) account holders can select, including Bitcoin something that Fidelity plans to make available later this year.

🤔 Digital artist Beeple’s Twitter account was 🐱‍💻 hacked today as part of a phishing scam that appears to have stolen more than $70,000 in Ethereum.

The tweet shared a link to a dodgy website pretending to be a “raffle” of Beeple’s Louis Vuitton collaboration (Beeple first collaborated with the fashion brand back in 2019). But when people clicked on the link, one Ethereum was automatically 👏 drained from their wallets, according to Denley.

Conclusion: Cryptocurrency is still subject to hacks. More and more countries are talking every day about the regulation of stablecoins. Can Do Kwon escape punishment?

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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.