Your Favorite Crypto Digest From TradeCrypto.com #108

Daily statistics update:

Today's market is green. BTC is now trading above $21,400, ETH is trading around $1,600.

💪 Bitcoin dominance: 40.04%

📉 Total Cryptocurrency Market Cap: $ 1 tr

😲 Fear and greed index: 29 (Fear)

🚀 Gainers(Top-100)

• EOS (EOS)+9.77%

• Synthetix (SNX)+8.37%

• Lido DAO (LDO)+7.17%

😭 Losers(Top-100)

• Celsius (CEL)-11.54%

• XDC Network (XDC)-3.72%

• Decred (DCR)-1.58%

An unexpected statement. The CEO of crypto exchange 💱 Binance, Changpeng ‘CZ’ Zhao, raised concern for traders after learning about the infamous phenomenon of trade jitters on other crypto exchanges.

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While CZ’s concerns against jitters did not explicitly target any particular exchange, the crypto community 👥 on Twitter assumed it was a dig at FTX. Responding to the community’s reaction that suggested ‘jitters’ as a well-known and accepted situation, CZ added: “All of you guys knew and didn't say anything. We need to fight the bad players.”

A stablecoin’s price is climbing? Sounds like an oxymoron, but in the case of crypto exchange Huobi’s stablecoin HUSD, it’s back up 💪🏻 to its $1 peg today after destabilizing Thursday. But if the Terra UST debacle was any indication, it’s clear that just about anything can happen in crypto, even to assets widely thought of as “stable.” Many will be pleased by this.

FTX has reportedly begun blocking ❌ accounts that have sent coins through zk.money, a private layer-2 chain provided by the Aztec Network on Ethereum. According to Twitter users, FTX has identified the DApp as a mixer — a service it deems a “high-risk activity” prohibited by the exchange.

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Twitter users noted that blocking transactions connected to the protocol may imply a ban with far-reaching effects, similar to the sanctions imposed ⚖️ by the United States Treasury Department on Tornado Cash users. One wonders how it will turn out.

What will be the reaction? Scott Beck, chief executive officer of United Texas Bank, called on members of the state’s blockchain working group to recommend policy for leaving stablecoins to banks rather than crypto firms. 💬“Bringing stablecoin activities into the banking sector and prohibiting non-banks from issuing stablecoins will enhance consumer protection and attract additional resources and capital to this emerging area of economic activity” said Beck.

The Federal Deposit Insurance Corporation (FDIC) has issued cease and desist letters 📩 to five companies for allegedly making false representations about deposit insurance related to cryptocurrencies.

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FDIC issued a Friday press release disclosing cease and desist letters for cryptocurrency exchange 💱 FTX US and websites SmartAssets, FDICCrypto, Cryptonews and Cryptosec. “These representations are false or misleading,” the FDIC said in regard to “certain crypto-related products”. Oh, what's going to happen?

Really? According to the HUSD team, the depeg was caused by a decision to close the market maker accounts in some regions to comply with regulations. The team explained that the time ⌛️ difference in banking hours had created a gap that led to a liquidity problem, leading to HUSD falling from its peg. Huobi then assured its customers through an announcement that the issue had been completely taken care of.

FTX was among the many crypto exchanges 💱 with a front-row seat to witness the crypto hype of 2021, back when Bitcoin (BTC) and other cryptocurrencies hit their all-time highs. Driven by massive customer onboarding, partnerships, sponsorships and other factors, FTX’s revenue reportedly grew 1000% in 2021 — revealed internal documents.

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Audited financials of FY 2020-2021 show FTX witnessing a 1000% increase 📈 in revenue — growing from $90 million in 2020 to $1.2 billion in 2021, claimed CNBC alleging access to the documents. Solid numbers.

Conclusion: If stablecoin deviations had not been so frequent, maybe no one would pay attention to what happened to the HUSD. Now, it's very much in the spotlight. Huobi's position is clearly shaken. While Musk is silent, CZ makes loud statements and becomes number 1 on Twitter.

What is Crypto Ping Pong digest?

TC lads here are working quite hard and from time to time we gotta chill. Recently, 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.

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.