Your Favorite Crypto Digest From TradeCrypto.com #89

The statistics:

Market is red. BTC is now trading above $21,100, ETH is trading around $1,400.

💪 Bitcoin dominance: 42.53%

📉 Total Cryptocurrency Market Cap: $ 0.948 tr

😲 Fear and greed index: 26 (Fear)

🚀 Gainers(Top-100)

• Trust Wallet Token (TWT)+3.83%

• OKB (OKB)+1.49%

• Qtum (QTUM)+0.44%

😭 Losers(Top-100)

• Lido DAO (LDO)-11.05%

• Synthetix (SNX)-10.67%

• Convex Finance (CVX)-10.58%

As usual, the news starts with riddles and schemes from Musk and company. Tesla’s offload most of its Bitcoin treasuries💰. It's netted the company a hefty profit in the second quarter.

💸💸💸

The main reason was that Tesla recorded $170 million of impairment losses of its Bitcoin holdings, according to an official Form. Perhaps the company was pursuing tax optimization goals. After selling 75% of its BTC stash for dollars in the second quarter, the company netted a realized gain of $64 million.

Study, study and study again. The University of Tokyo is set to offer a range of study programs 📑 later this year that will take place in the Metaverse.

👨‍👨‍👨‍

Todai’s project has been launched to address the lack of skilled personnel 👥 working on “digital transformation” and “advanced technologies.” Seems like a good idea. Do you like such type of studying?

Zipmex stopping withdrawals last week, local financial regulators are stepping in to look into potential losses by investors. Hmmm. Is that all they can help with?

☎️☎️☎️

The SEC has received a number of complaints from people affected by Zipmex after the crypto exchange temporarily suspended withdrawals of the Thai baht and digital assets on Wednesday. In fact, they could have been more useful.

The show goes on. The price of Bitcoin, Ethereum, and other major cryptocurrencies slumped on 📉 Monday as the Federal Reserve is expected to increase its benchmark interest rate by 0.75%, the largest hike in nearly three decades.

📉📉📉

The latest price 💰 action comes ahead of the two-day long Federal Reserve meeting kicking off on Tuesday. More bad news. It'll probably be wrapped up with the U.S. central bank raising interest rates by another 75 basis points.

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Fed officials have already upped benchmark short-term borrowing rates by 1.5% this year, including a 75 basis point increase in June—the largest such increase in nearly three decades.

It seems that you can count on the fingers of crypto-enthusiasts who save the market. Unexpected performance. Sam Bankman-Fried’s FTX may have been hailed as the savior of the crypto winter ❄️, but in the latest twist in its acquisition streak, the company has been accused of low-balling one of its rescue offers.

🔉🔉🔉

Bankrupt crypto brokerage 💱 Voyager Digital has called a rescue deal proposed by FTX “a low-ball bid dressed up as a white knight rescue” in documents filed to bankruptcy court. That's the way to do good things.

Can't make a deal? Lawmakers in the United States House of Representatives have reportedly pushed back ❌ the timeline for considering a bill addressing the potential risks of stablecoins.

⚖️⚖️⚖️

You should be careful with this kind of news. You need to understand what kind of stabelcoins you own and what their collateral is. In the real world, USDT and USDC are not to be feared.

And even in times like these, miracles happen. Such sums used to be unworthy of our attention, but now they are a phenomenon. Layer-1 blockchain ⛓ developer Aptos Labs has closed a $150 million funding round to further its ambitions in the Web3 space.

💰💰💰

According to Bloomberg, the funding round more than doubled the startup’s valuation 💸, which was over $1 billion as of March. We can congratulate them.

Conclusion: As we see Tesla even earlier recorded its losses on bitcoin. Perhaps the company was pursuing tax optimization goals. Universities launched courses in meta universes, so most likely the future of meta universes will be bright. We just need to wait a little bit.

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.