🏓 FTX sues SBF
Hey folks. Coinbase and Binance aren't experiencing the best of times, stablecoins are going decentralized with Ethereum, FTX is suing SBF, and SEC recognizes Bitcoin ETFs.
Weekly Digest From TradeCrypto.com #23
In case you’ve missed our guide on crypto marketing:
Daily statistics update:
Today's market is flat. BTC is trading at $29,863; ETH is at $1,890.
💪 Bitcoin dominance: 48.27%
📉 Total Crypto Market Cap: $1.2T
😲 Fear and greed index: 50 (Neutral)
🚀 7d Gainers (Top-100)
• Synthetix (SNX) +30.69%
• XDC Network (XDC) +24.73%
• Maker (MKR) +22.91%
😭 7d Losers (Top-100)
• Rocket Pool (RPL) -20.38%
• Fantom (FTM) -18.06%
• Lido DAO (LDO) -14.38%
🔮 Doom Cat: Will SEC approve Bitcoin ETFs?
Binance celebrates 6 years
Binance turned 6 🥳, but the celebration was spoiled by a price drop on Binance US due to low USD liquidity and FUD in the media about the layoff of 1,000 employees. But on the other hand the exchange didn't leave any country for the second week in a row. 😎
Coinbase pauses staking and lending
Local regulators found leverage on the exchange, which the SEC couldn't.😡Now staking isn't available in California, New Jersey, South Carolina, and Wisconsin until further notice. In other states, staking is available as usual. Coinbase's other service, Borrow, which allowed users to obtain fiat loans up to $1 million against 30% of their bitcoins, will be discontinued in November 2023. Although the latest decision has nothing to do with the lawsuits filed by SEC and the states, as Coinbase announced in May that it would reevaluate its services, the situation seems tense. 🥲
SEC acknowledges Bitcoin ETFs applications
SEC officially... (admittedly, I cringe every time I see a message begin with those three letters)..has accepted updated spot bitcoin ETF applications from BlackRock, VanEck, Invesco, Galaxy, Fidelity, WisdomTree and Bitwise.💪 Of course, the review of applications can go on for a long time. Don't forget Grayscale, which has long been battling SEC for a Bitcoin ETF license. Grayscale GBTC has generated $183 million in daily trading volume this year. GBTC's price discount has been 25% at times - a low since the spring of 2022. Institutional players are also reading the news and returning to trading bitcoin. 🤑
Ethereum-backed stablecoin rocks
Arthur Hayes’s essay on bitcoin-backed stablecoin NakaDollar has led the developers of Portugal to create a startup called Ethena to create an algorithmic stablecoin (nothing like Terra, exhale, my friends)😎 backed by Ethereum. This coin will keep its value by using the collateral of its users. To keep its price stable, it'll use this collateral to make a kind of bet against Ethereum with a tool called perpetual swaps. So far, $6 million has been raised, led by Arthur Hayes, his family office Maelstrom, Dragonfly and some crypto exchanges. The token is scheduled to launch in 2023 Q3. And as some have said, we're about to enter a golden era of decentralized stablecoins. 💡
FTX sues SBF
How many trials did you count for Sam? Add another one! We recently told you that FTX had collected $7b (out of $8.7 billion) and was ready to relaunch. But there's still a hole in the debt. FTX is suing founder Sam Bankman-Fried and other former cryptocurrency exchange executives to recover more than $1 billion they allegedly misappropriated before FTX went bankrupt.👹 FTX claims that SBF and co. used the money for things like fancy apartments, money for politicians, risky deals and other pet projects. According to FTX, this is one of the biggest money scams ever. 🤡
Conclusion: The market has calmed down a bit, and the general sentiment has dropped to 50 neutral. The focus is still on the same names. It's like a thunderclap is about to happen. Ethena deserves attention, the vector further from banks remains. Is cryptocurrency getting stronger?
See you next week, folks! Thanks for being with us. Brought to you by Yana and Aleksandar :)
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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