Crypto Ping Pong. Elon and Twitter again

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Another TradeCrypto.Com digest is coming your way! Let's see what has been going on :)

Market is red. BTC is now trading around $29 000, ETH is trading above $1 700.

💪 Bitcoin dominance: 46.98%

📉 Total Cryptocurrency Market Cap: $1,215 tr

😲 Fear and greed index: 15 (Extreme Fear)

🚀 Gainers(Top-100)

eCash (XEC) +10.26%

Tezos (XTZ) +2.63%

Gala (GALA) +1.38%

😭 Losers(Top-100)

Avalanche (AVAX) -13.58%

Internet Computer (ICP) -12.13%

Aeve (AAVE) -11.35%

At Least $2.4B in Crypto Has Been Laundered Through Binance: Report

A new 📝 report from Reuters estimates that at least $2.35 billion in illicit funds have been 💱 laundered through Binance between 2017 and 2021. The news agency analyzed court records, spoke with law enforcement, and worked with blockchain 📊 analysis firms Chainalysis and Crystal Blockchain to track illicit funds on the 💱 exchange.

As of Monday morning, Binance was the largest crypto exchange, accounting for $10.5 billion in spot and $41.4 billion in derivatives volume over the last day, according to CoinMarketCap.

Twitter May Not Get Its Crypto-Friendly Owner: Elon Musk Seeks Exit From Deal

😪 The latest chapter of Elon Musk's Twitter acquisition may be the saga's last: A new letter to Twitter's general counsel alleges that the company hasn't met its obligations in closing 🤝 the deal.

The Tesla and SpaceX CEO said he's been eager to gather precise data on spam and bot activity on the platform. In May, Musk said that the $44 billion acquisition was "temporarily on hold" until he could ✔️ verify that fewer than 5% of Twitter users were fake.

Bitcoin Ends Record-Long Losing Streak

☺️ As bitcoin (BTC) ended a 9-week-long losing streak on Sunday, when a 🟢 green weekly candle finally appeared on the bitcoin chart. The positive weekly close kicked off a green start of the new week on Monday, with 💪 gains across the board in the crypto market.

Monday’s rally was broad in the market, with both bitcoin, ethereum (ETH), and many altcoins seeing 24-hour gains of more than 5%. Among the top 10 coins by market capitalization, the strongest performer was cardano (ADA), which at 15:00 UTC was up by 9% for the day to a price of USD 0.611. 📈 The gains came as the bitcoin chart on Sunday printed its first green candle in 10 weeks, ending a record-long losing streak for the coin.

ApeCoin Whales Vote Against Proposal to Stay on Ethereum

Several apecoin (APE) whales have 🗳️ voted against the proposal by the ApeCoin decentralized autonomous organization (DAO) that suggested staying on Ethereum (ETH), giving the majority support to migrating to another chain - at least for now.

🤷‍♂️ However, at least three ApeCoin whales who have submitted their ballots so far have voted against the proposal, each submitting APE 404,000, APE 153,000, and APE 151,000, respectively, out of the supply of APE 1 billion. One, with APE 150,000, voted in favor of the proposal. Courtesy of whales voting against the proposal, as of now, the AIP 41 has nearly 53% of votes against and 47% in favor, meaning the majority is currently supporting a migration.

USA Real Estate Firm Puts New York Building for Sale as NFT

🔍 Exploring innovative ways to use non-fungible tokens (NFT) in real estate 🤝 deals, the US real estate firm Okada & Company has listed its first commercial property as an NFT on the OpenSea marketplace with an ETH 15,000 tag price (USD 28.7).

Okada & Company is selling a 46,299 sq. feet property in the USA, in New York City’s prestigious Chelsea neighborhood which is located on the West Side of the borough of Manhattan. It is a seven-story office and retail 🏢 building in close proximity to Madison Square Park and other NYC landmarks. There is one token for this deal, and this NFT will be minted on the Ethereum blockchain, according to the realtor.

Indian Terra Investors Brace for Another Blow After LUNA 2.0 Airdrop Under New Tax Laws

🌐 Terra network coin holders in India are facing 👎 a “double whammy” following the LUNAC and UST 💥 crash last month – and could be hit with 30% tax bills from the recent LUNA 2.0 airdrop. The genesis airdrop was made on May 30, with LUNAC holders distributed tokens now known as LUNA. However, investors in India aren’t as 😥 fortunate, due to new tax laws that came into force in April.

Although the text of the law does not specifically address airdrops, and contains “vague” passages – Jay Sayta, a technology and gaming lawyer, was quoted as saying by Bloomberg – this would likely ❌not stop the taxman. In fact, this very ambiguity could work in the tax body’s favor, he opined. The law states that the “transfer” of what lawmakers termed “virtual digital assets” should be taxed at a flat rate of 30%. Tax officers are, the lawyer added, likely to see any coin distribution as income – and thus subject to taxation.

Epic Games Store’s First NFT Game Is Gala’s Wild West Shooter GRIT

When leading 💻 PC gaming marketplace Steam decided to ban Web3 games with NFT or crypto hooks last October, rising rival Epic Games Store claimed that it would remain 🟢 open to such games.

Today, Gala Games 📢 announced that its Wild West-themed battle royale shooter GRIT would be the first NFT-powered game to 🚀🚀🚀 launch via the Epic Games Store. GRIT will be a free-to-play online multiplayer game for Windows PC players, and it will feature user-owned NFT assets that can be purchased, resold, and utilized within the game.

Conclusion: It is not completely clear how the story of the acquisition of Twitter by Elon will end. Bitcoin has finally begun to strengthen. The world is gradually starting to introduce NFT into everyday life.

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