Your Favorite Crypto Digest From TradeCrypto.com #86

The statistics:

Market is green. BTC is now trading above $22,800, ETH is trading around $1,450.

💪 Bitcoin dominance: 43.55%

📉 Total Cryptocurrency Market Cap: $1 tr

😲 Fear and greed index: 34 (Fear)

🚀 Gainers(Top-100)

• Stacks (STX)+1.03%

• Lido DAO (LDO)+0.62%

• Decred (DCR)+0.56%

😭 Losers(Top-100)

• ApeCoin (APE)-1.21%

• Convex Finance (CVX)-1.18%

• Arweave (AR)-0.61%

No news about Elon for a long time? Tesla sold 75% of its Bitcoin, worth approximately $936 million, according to its Q2 earnings report.

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In its after-market earnings announcement 💬, the electric car manufacturer founded by Elon Musk said in a shareholder presentation that “Bitcoin impairment” had a negative impact on its profitability during the second quarter, when it posted $2.5 billion in operating income.

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NFT registration platform Premint, which over the weekend suffered a hack that saw over 300 NFTs stolen from users’ wallets, announced🔉 today that it intends to repay the hack’s victims.

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Over the course of this week, every associated crypto wallet on that list will receive a payment in Ethereum (ETH) equivalent to the collection floor price of every stolen NFT as of 10:00 a.m. PST this morning. Mulligan told that the total sum that Premint will repay to defrauded customers will amount to around 340 ETH, or just over $525,000. Not a small amount.

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“You might feel like this compensation isn’t enough. But I don’t think there’s any other scalable and objective way to do this,” said the Premint CEO. Unexpected, isn't it?

The Microsoft-owned studio today shared a news post📲 regarding upcoming changes to its Minecraft usage guidelines, and they’re all about NFTs. Minecraft will soon ban blockchain tech on game servers, which are run independently by fans and creators, plus it will prohibit the use of Minecraft imagery to create NFT projects.

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Be careful when you're minting!) “To ensure that Minecraft players have a safe and inclusive experience, blockchain technologies are not permitted to be integrated inside our client and server applications, nor may Minecraft in-game content such as worlds, skins, persona items, or other mods, be utilized by blockchain technology to create a scarce digital asset,”💬 the post reads. Are there fans of the game, will this news affect anything?

Hardly anyone expected this to happen. Offices of Upbit and several other cryptocurrency exchanges💱 were raided on Wednesday by a team of investigators probing a fraud case in connection with the collapse of Terraform Labs' sister tokens TerraUSD (UST) and LUNA, according to a report by Yonhap News Agency. We wonder who will be remembered more, Michael Jackson or the moon?

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Per the report📑, the Seoul Southern District Prosecutors Office began seizing transaction records and other materials from Upbit, Bithumb, Coinone, and four other local exchanges around 5:30 p.m local time.

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What were they hoping for? Since 2018, the Japan Virtual Currency Exchange💱 Association (JVCEA), a self-regulation entity, has been tasked with creating guidelines for the country’s crypto industry, with arguments at the time that the entity could be better placed to cope with crypto regulation than a government body.

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However, speaking💬 with the Financial Times (FT) on Monday, an unnamed source “close to both industry and government” said that the current model of crypto regulation is faltering:

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America is the luckiest of all. They already have a digital cryptocurrency ready) The Financial Services and Markets Bill was introduced🔉 into the United Kingdom's Parliament on Wednesday. The comprehensive bill, which was meant to preserve the U.K.’s leading place in the financial world post-Brexit:

• repealed retained EU laws;

• reformed certain insurance laws;

• supported victims of financial fraud and established new growth and competitiveness objectives;

• The bill also regulated stablecoins.

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The bill📑 extended the Banking Act of 2009 and Financial Services (Banking Reform) Act of 2013 to cover “digital settlement assets” (DSAs) and authorized the Treasury to regulate DSAs, payments made with DSAs, DSA service providers and DSA insolvency arrangements. Do you think it would be helpful?

El Salvador’s Bitcoin (BTC) bet has somewhat backfired, with the top cryptocurrency currently📉 trading at a 70% discount from its top. At a time when the Latin American nation is struggling with its debt, Morgan Stanley has given a buy call for the battered eurobond. We will see the report on how many of them were purchased at morgan stanley)

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Simon Waever, global head of emerging-market sovereign credit strategy at Morgan Stanley, told💬 investors in a Tuesday note that El Salvador’s bonds are overly punished by the market conditions, despite the country having better financial metrics than many of its peers, reported Bloomberg.

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💬“Markets are clearly pricing in a high probability of the autarky scenario in which El Salvador defaults, but there is no restructuring.” Do you think there will be many people willing to buy?

Conclusion: Elon is once again going against the tide. His impact on the market is shown by the correction of growth in recent days. Buckle up. It gets interesting from here on out.

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.