- Crypto Ping Pong Digest
- 🏓 FTX Firesale
🏓 FTX Firesale
Hey TC folks. FTX gets the green light to sell companies, Polygon to upgrade, Crypto.com lays off 20% of employees, Alameda loses money on Aave, and Samsung to open ETF in HK.
Your Favorite Crypto Digest From TradeCrypto.com #210
Daily statistics update:
Today's market is green. BTC is trading at $18,848; ETH is around $1,409.
💪 Bitcoin dominance: 39.48%
📉 Total Crypto Market Cap: $883.80B
😲 Fear and greed index: 30 (Fear)
🚀 Gainers (Top-100)
• Aptos (APT) +23.43%
• Frax Share (FXS) +13.13%
• Fantom (FNT) +9.91%
😭 Losers (Top-100)
• Nexo (NEXO) -4.86%
• Fei USD (FEI) -2.80%
• TonCoin (TON) -1.30%
We have our eye 👁 on the story. You'd ask, how would FTX pay customers' debts? Simple! By selling the solvent businesses (unfortunately not FTX.US, as that company was involved in SBF's dirty dealings). FTX proposed to sell the businesses a month ago and now has a judge's approval. The Europe, Ledger, Embed, and Japan units are looking for a new daddy. Who might that be? As a reminder, CZ said he'll definitely look 👆at the solvent units once the pass is cleared. Given that competitors are shrinking and selling their businesses, we may see Binance among the potential buyers.
Polygon plans a hardfork
Next week, an Ethereum sidechain plans a "never come back" upgrade to reduce gas fee spikes and address reorgs. A hard fork is when all network nodes are upgraded simultaneously. In the update, fees will be reduced ❤️🔥, cause now when the transaction fees are bigger/smaller than the chain target gas, it spikes. As for reorgs, the chain now splits in two due to a chain error or attack🚨, which eventually leads to the loss of duplicate transactions and even greater vulnerability of the chain (a nod to hackers). Polygon plans to reduce the sprint length, which will shorten the transaction processing time and thus reduce the occurrence of reorgs.
Crypto.com lays off 20% staff
Another crypto exchange is in hard times. After starting on a high note in 2022, Crypto.com is now laying off 🚪about 900 employees due to the collapse of FTX. However, this isn't the first time in this crypto winter cycle. After 3AC and Terra's bankruptcies, the company also said goodbye to some good employees. On top of that, Crypto.com's native token, CRO, has dropped by 96% 📉. Now, these layoffs aren't an exception. Almost all players in the industry are affected.
Alameda liquidators lose on Aave
Alameda liquidators got liquidated on Aave and lost $75,000 trying to return assets to FTX customers. In doing so, they made a mistake💩. The liquidators first eliminated additional collateral that supported the position, leading to two liquidations within nine days. The total loss 🕳 was 4.05 aWBTC, equivalent to about $75,000 based on prices at the time of the transactions. They tried to get money from Lido by taking some LDO without seeing that some of them were still vested.
Samsung to open ETF in HK
If Hong Kong authorities support the plan, Samsung Investment Arm will open a BTC spot trading ETF 🙌. In spot trading, participants buy and sell contracts immediately, unlike in the futures market, where you have to wait. Grayscale, and Barry Silbert in particular, is biting itself in the butt right now for failing to open an ETH in the US. Samsung has already started trading BTC futures in Hong Kong, and the game will change 🔝 if Hong Kong allows it.
Conclusion: The market is green today, and where we slept, BTC started to reach $19k. Who knows how the market will behave today, we may just see it rise, which seems to be a positive exception compared to the past months. Thanks to SBF, of course. As for today's news, it's especially interesting to follow how Hong Kong is rising again as a crypto hub. Turning point. We recommend you follow our Tradecrypto.com news today as we have prepared interesting topics.
See you after the weekends, folks! Thanks for being with us.Brought to you by Maksym, Yana, and Aleksandar :)
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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.