Weekly Digest From TradeCrypto.com #1

Don't miss the news:

• First hearing scheduled in Genesis bankruptcy case

• BlockFi to sell bitcoin mining loans, retain talent

• Celsius may issue a new token to compensate creditors

• Binance stablecoin circulating supply continues to decrease

Daily statistics update:

Today's market is flat. BTC is trading at $22,943; ETH is around $1,577.

💪 Bitcoin dominance: 42.38%

📉 Total Crypto Market Cap: $1.04T

😲 Fear and greed index: 55 (Greed)

🚀 7d Gainers (Top-100)

• Threshold (T) +120.94%

• Aptos (APT) +117.00%

• Fantom (FTM) +52.20%

😭 7d Losers (Top-100)

• Casper (CSPR) -4.73%

• EthereumPoW (ETHW) -2.89%

• Kava (KAVA) -1.97%

In short, we shift perspective for you guys 🚀. Knowing how hard it can be to follow the daily news, we decided to squeeze the week-events' juices. We also introduce you to our guest writer - Doom Cat. He's been with us for quite some time now, and one of our staff members could not stop chatting about his oracle cat companion while we played ping pong and gossiped about the crypto industry. Doom Cat 🧙‍♀️ is indeed special, he is a fortune teller. From now on, Doom Cat will answer all your prayers and take responsibility for difficult decisions.

We have kept your favorite daily stats to balance Doom's influence ⚖️. However, we have changed the daily list of top winners and losers to a weekly one, as the performance of the coins in a 7-day period is also an important metric. Everything else has remained the same. Just more of it and better ❤️‍🔥.

An important case from last week. The Hong Kong crypto exchange linked to the Kremlin and the dark web narcotics platform Hydra was accused by the DOJ of processing more than $700 million 💰 in illicit funds in recent years. The case caused a stir because it was the first case to fall under the Special Program to Combat Illicit Russian Financial Flows 9714 📍and not under OFAC sanctions. The French followed and pressed on Bitzlato's local offices. The founder of Bitzlato and four other inner circle members were arrested. We'll certainly not see the last of the 9714, as the U.S. has proven that it can successfully fight the Kremlin's dirty deals 👊.

For some, it's just a long list of names to brag and gossip about 🥱. For others, it's troubling because when they see a name on the list, they know this fella could go down as FTX isn't going to pay back anytime soon. Coinbase, Circle, Galaxy, and Yuga are among the crypto players, and the big tech companies such as Apple, Amazon, Meta, and Google. Japan, US IRS, Australia, and Hong Kong, as well as banks 🏦 such as JP Morgan and Goldman Sachs, are on the list also. Lawyers have noted this list doesn't actually say anything 🧐 . Whether it's true or not is hard to say, but Goldman Sachs has jumped on it, saying to prominent media, "I'm not an FTX creditor!!!". I'm sure we'll see the next chapter of this story very soon.

Remember the sensational sale of 75% 😱 of bitcoin holdings in July 2022? And the hysteria around how Musk, such a crypto-influencer, can do this to Bitcoin. At the time, Musk said it had nothing to do with cryptocurrency. It was just a precautionary measure because Tesla wasn't doing well. After the fourth quarter, bitcoiners can rest easy because Tesla has decided to hold what remains 🫂. In addition, the company is still in a downward trend, so no announcements for adding more BTC to the balance sheet.

Porsche announced an upcoming mindblowing mint of exceptional NFT cars. But they didn't deliver. They stopped minting after users complained that the minting price was too high - 0.991 ETH 😡. The total supply was 7,500, but Porsche cut it 2/3 and made 2,363. Buying an NFT car on the secondary market was cheaper, and some collectors made a profit. In the end, however, it was unclear whether the Porsche team really knew the Web3 space or just wanted to make a profit of $11 million 😎.

Roger Ver, aka Bitcoin Jesus, feels victimized by Genesis. Last summer, Roger found himself in a similar situation with the collapsed Coinflex, which claimed Roger owed them a large sum 💸. Roger defaulted on the debt, and everything was settled. This time, Genesis says Roger owes the company $20 million and has 20 days to respond. He hasn't commented in court yet, but he has said on the internet that he owes them nothing. Apparently, that's not enough 🤡.

The Dutch Central Bank isn't happy that Coinbase was offering services to citizens without having a license 🤠. The amount Coinbase now owes the central bank is high, but it said Coinbase is an established company and should therefore pay. Coinbase, of course, disagrees and is considering an appeal. Now the crypto exchange has until March 2 to do so 🔜.

The companies in DCG's crypto portfolio are taking a hit 😖. Crypto exchange Luno laid off 35% of its workforce, DCG itself laid off 13%, and Genesis Companies said goodbye to 115 employees. All of them say the same thing: market conditions are pretty brutal. Only one person remains silent: DCG CEO Barry Silbert 😶‍🌫️. Not only did he say that DCG has nothing to do with Genesis' bankruptcy proceedings, which is its wholly owned subsidiary, but he's shockingly silent compared to the vocals at the time of FTX's collapse.

If you buy Bitcoin on the first day of Chinese New Year (January 22) and sell it 10 days later, you can earn 9% on average 📈. This statistic dates back to 2015 and has never been wrong (with the exception of the 2018 crypto cycle). Jump on the bandwagon before it's too late, or take it for the next year 📝.

Conclusion: Barry Silbert got no mercy from our Doom cat 😼, and you have to believe he's not going to have an easy fate. So what's next for the market: does it pretend to be a bull, or can we celebrate already? The trend is toward litigation, and it's no longer possible to track who owes what to whom. It's good that lawyers get a lot of money💰.

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.