Your Favorite Crypto Digest From TradeCrypto.com

BTC is now trading around $21,000, ETH is trading above $1,100.

💪 Bitcoin dominance: 45.77%

📉 Total Cryptocurrency Market Cap: $0,902 tr

😲 Fear and greed index: 7 (Extreme Fear)

🚀 Gainers(Top-100)

Kyber Network Crystal v2 (KNC) +10.48%

Helium (HNT) +7.75%

Kusama (KSM) +2.89%

😭 Losers(Top-100)

TRON (TRX) -20.04%

Nexo (NEXO) -16.49%

Quant (QNT) -13.57%

El Salvador’s Minister of Finance Alejandro Zelaya says he is 😂“laughing off” international media reports that claim the nation’s bitcoin (BTC) adoption plans could scupper the economy and that they have left a USD 40 million hole in national finances.

The minister was 📢speaking at a press conference, where 👨journalists asked him about a 📝report from the German media outlet Deutsche Welle that claimed that the economy was being “dragged down by fiscal risk to the tune of USD 40 million.”

Coinbase Global (COIN) is 🚫laying off around 1,100 employees as part of a cost ✂️cutting plan, the company said in a filing on Tuesday. Coinbase initially said in May it was paring back its hiring plans and then later said it would rescind new job offers.

The latest plan involves ✂️cutting the workforce by around 18% as of June 10, after which it will have around 5,000 total employees as of the end of the current quarter, the company said, adding that it expects the plan to be executed by the end of the second quarter. Coinbase estimated it would incur $40 million to $45 million in total restructuring expenses.

According to Fortune magazine, Binance is making the most of the crypto winter its CEO said the exchange was “expanding hiring right now.” “If we are in a crypto winter, we will leverage that, we will use that to the max,” Changpeng Zhao was 📢quoted saying at the Consensus 2022 conference in Austin, Texas last week. Binance's co-founder Yi He even said in an interview with the magazine that there were currently 2,000 roles for “engineers, product, marketing to business development.” 

Global digital asset fund outflows totalled $102 million last week, as bears continued to hold sway over the cryptocurrency market, according to a CoinShares report.

Bitcoin ❌outflows last week stood at $57 million, taking the month-to-date outflows to $91 million. Ethereum also saw ❌outflows totalling $41 million last week.

New York City's Bitcoin-friendly mayor Eric Adams is 💪strongly ❌opposing a recent bill passed by the New York State senate to impose a two-year moratorium on new fossil fuel-powered proof of work (PoW) crypto mining operations.

📢Speaking to Crain’s on Monday, Adams told interviewer Brian Pascus that he plans to ask Governor Kathy Hochul to “consider vetoing the bill that is going to get in the way of cryptocurrency upstate.”

Amid Monday's crypto market crash, Tron's recently 🚀launched algorithmic stablecoin USDD lost its dollar peg, 〽️slipping to a low of $0.9764 according to data from CoinMarketCap.

Bitcoin Slips Below $21,000 Amid Rising Inflation Rates

The price of Bitcoin (BTC) briefly 📉slipped below $21,000 in the early hours of Tuesday morning, 😮 a 52-week low for the world’s largest cryptocurrency by market capitalization.

Bitcoin 📉dropped to lows of $20,950, according to data from CoinMarketCap, before ✔️recovering to its current price of around $22,620, down over 6% on the day.

Conclusion: It looks like Binance has a good plan to recruit fired staff from other crypto exchanges. Cryptocurrency remains very volatile. It looks like we'll be remembering these days for a long time to come.

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