Your Favorite Crypto Digest From TradeCrypto.com

Market is green. BTC is now trading around $19 950, ETH is trading above $1 050.

💪 Bitcoin dominance: 44,42%

📉 Total Cryptocurrency Market Cap: $0,860 tr

😲 Fear and greed index: 9 (Extreme Fear)

🚀 Gainers(Top-100)

Maker (MKR) +20.72%

STEPN (GMT) +18.89%

😭 Losers(Top-100)

USDD (USDD) -1.01%

TRON (TRX) -0.55%

Antoni Trenchev, the co-founder and managing partner of crypto lending platform Nexo, has likened the current crypto 📉crash to the 😬Panic of 1907 the first global financial 📉📉📉crisis of the 20th century, during which wealthy Wall Street institutions were forced to come to the rescue of their struggling peers.

“This reminds me, quite frankly, of the 1907 bank panic where JP Morgan was forced to step in with his own funds and then rally all those guys that were solvent to fix the situation,” Trenchev told Bloomberg TV on Friday. "That was pre-Federal Reserve, so there was no lender of last resort." He added that “the situation right now is very similar” to those events, emphasizing that the firm is committed to being part of the solution that will result in a consolidation of the broader crypto space.

As the current crypto rout continues, Bitcoin and Ethereum are both 📉down 30% over the past week and the entire crypto market cap 📉fell to $830 billion. But Elon Musk declared he will "keep supporting Dogecoin."

😮That was enough to make DOGE spike 8% to $0.058.

Do Kwon, the 💔"heartbroken" co-creator of Terra, headlines a raft of defendants named in a class-action suit filed Friday in U.S. District Court in Northern California.

Kwon is joined by a group that includes Terraform Labs, Jump Crypto, and Three Arrows Capital. Plaintiff Nick Patterson is alleging, among other accusations, that Terra tokens were sold as "unregistered securities," and that the "Defendants made a series of false and misleading statements regarding the largest Terra ecosystem digital assets by market cap, UST and LUNA, in order to induce investors into purchasing these digital assets at inflated rates."

Elon Musk shared further details of his plans for how crypto could be used on Twitter in a leaked ⁉️Q&A session with employees of the social media company.

Per a transcript of the 🤝🏻meeting released by Vox, the billionaire Tesla CEO expounded on how payments, including crypto, are a "critical area" for Twitter, and highlighted the ongoing ❗issue of crypto ⚠️scams on the social media platform.

Global crypto 💱 exchange Binance suspended deposits and withdrawals in Brazilian reals through the government's payment system Pix on Friday.

On its platform, Binance informed users that deposits via Pix are experiencing 👎 instability due to a policy change made by the Central Bank of Brazil (BC), without providing further details.

Panama’s "Crypto Law" came to a grinding halt today after President Laurentino Cortizo partially ❌vetoed the bill.

President Laurentino Cortizo made the move on the grounds that it “requires adaptation to the norms that regulate our financial system,” according to local media La Prensa. The bill will now go back to the country’s National Assembly for debate.

Although the liquidity situation in financial markets will remain😈 “brutal” for the next 6 to 12 months, the “planting season” for asset allocators is now, before central banks bring their droplets of liquidity, the former BitMEX CEO, Arthur Hayes, ✍️wrote in a new essay.

It is during this "brutal" period that "we shall discover what multiple the market ascribes to what the faithful believe is game-changing tech,” Hayes 📢 said in his analysis of the current market conditions, titled Floaters.

Conclusion: Elon Musk reappears in the news feed. Disassembly with Terra is gaining momentum. The crypto market remains very volatile.

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