Your Favorite Crypto Digest From TradeCrypto.com

Market is green. BTC is now trading above $20,700, ETH is trading around $1 150.

💪 Bitcoin dominance: 43.52%

📉 Total Cryptocurrency Market Cap: $0,909 tr

😲 Fear and greed index: 10 (Extreme Fear)

🚀 Gainers(Top-100)

Chiliz (CHZ) +13.96%

Icon (ICX) +9.07%

😭 Losers(Top-100)

XDC Network (XDC) -12.50%

Uniswap (UNI) -7.69%

NEAR Protocol (NEAR) -7.33%

Dogecoin (DOGE), the popular meme coin, 📈rose nearly 10% over the past day. DOGE is currently trading at $0.077 according to data from CoinMarketCap.

DOGE, the tenth-largest cryptocurrency with a market capitalization of $10.2 billion, is now well ahead of Polkadot (DOT). Despite today's double-digit 📈rise, DOGE is still 📉down 89% from its all-time high of $0.73 ❗recorded in May 2021.

Banxa, a crypto payments operator, 📢announced that it would ❌lay off 30% of its staff to reduce operating costs amid the ongoing bear market.

"Banxa must take decisive actions to reduce costs now, or else our company won't be able to succeed over the long run," wrote Holger Arians, Banxa's CEO, in a letter to employees as reported by The Australian Financial Review.

Galaxy Digital CEO Mike Novogratz has 📢said that although he was “worried about the macro environment,” he was hoping bitcoin (BTC) “would stay in the USD 30,000 to USD 50,000 range.” At the same time, he argued that the model his once-favorite crypto Terra (LUNA) was built on was 📈📉 unsustainable.

Despite the above-stated comment, Novogratz argued that things need to be placed in perspective: between buying Zoom stock and buying bitcoin at the beginning of the COVID-19 pandemic, he said, "today you would have doubled your money on bitcoin and you’d have made nothing on Zoom." 

XCarnival, a platform based on the Ethereum blockchain that acts as a lending aggregator for NFTs (non-fungible tokens), has ✔️recovered 50% of the $3.8 million it lost in an exploit.

The XCarnival team offered the hacker a 1,500 ETH 💰bounty, an offer that seemingly been ✔️accepted after a wallet tagged as "XCarnival Exploiter" sent 1,467 ETH to the affected wallet, according to Etherscan.

If Ethereum moves to proof-of-stake (PoS), as planned, it will 🗑️remove the need for miners, slow demand for graphics processing units (GPUs) and dramatically reduce ⚡energy requirements, Morgan Stanley 📢said in a report Monday.

GPU demand should slow but Nvidia (NVDA) is less exposed to cryptocurrency mining demand than it was in 2017-19, the note said.

Goldman Sachs (GS) cut Coinbase’s (COIN) rating to “sell” from “neutral” and 📉slashed its price target to $45 from $70, the bank 📢said in a report on Monday.

The 📉📉downgrade was due to the continued 📉fall in crypto prices and the ensuing 📉fall in industry activity levels, Goldman 📢said. Coinbase shares dropped 5.7% to $59.40 in pre-market trading.

Tribal, a B2B financing and payment platform focused on emerging markets, 📢said on Monday it is ✔️joining the Blockchain Association, a crypto-industry lobbying group.

“We support the development of a flexible, innovation-forward regulatory framework for blockchain and crypto, and we look forward to advancing that as a member of the Blockchain Association,” Tribal CEO Amr Shady said in a statement.

Conclusion: Prices for GPU will probably fall soon. Companies continue to cut their staff.

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