🏓 Genesis: Debt Drama
Hey folks. Roller coaster week. Bitcoin's ups and downs due to Grayscale's victory over SEC. Pepe drops 16 trillion coins. Binance discontinues $BUSD. And the cherry on top - creditors stuck in Genesis' dubious bankruptcy plan.
Weekly Digest From TradeCrypto.com #28
🔥 TRADERS ALERT: 10 Best crypto Telegram groups
Daily statistics update:
Today's market is red. BTC is trading at $25,986; ETH is at $1,644.
💪 Bitcoin dominance: 48.38%
📉 Total Crypto Market Cap: $1.05T
😲 Fear and greed index: 40 (Fear)
🚀 7d Gainers (Top-100)
• Toncoin (TON) +22.40%
• Maker (MKR) +14.65%
• XDC Network (XDC) +8.22%
😭 7d Losers (Top-100)
• Hedera (HBAR) -14.08%
• Astar (ASTR) -12.61%
• WOO Network (WOO) -9.48%
Grayscale wins in court against SEC to launch spot ETF. The market immediately went through the roof. 🚀 The industry was celebrating as it was everybody's victory. The court said, "Grayscale has presented undeniable evidence that there is a 99.9% correlation between the spot market and the CME futures price." Add to that the fact that SEC actually did not explain why it approved the listing of the two futures funds but not Grayscale’s. What a candle we saw in Bitcoin. Yet it went down and now is trading at $26,000. 🧐
Binance dumps BUSD
Binance will discontinue its BUSD stablecoin in 2024. In fact, they have already kinda removed it, as Paxos stopped minting new BUSDs earlier this year under pressure from regulators ❌ No worries if you have some BUSDs, you still convert it into other stables. In the background, SEC has filed 35 pieces of evidence against Binance under seal. Rumors are circulating everywhere, to the point that the SEC has kept the evidence under wraps so as not to let the crypto market collapse 😳
The token just plummeted 24%.📉 More than 16 trillion coins were sent from the project team's wallet on CEXs: Bybit, Binance etc. Someone took notice and the charts bled. The team then explained the token outflow - there are disagreements and disputes within the team, some of its members stole PEPE 16 trillion and drained it through the market, then they removed themselves from multi-sig and deleted their social media accounts. As officially announced on Twitter, everything is fine now and they are terribly sorry for your losses. ☹️
Genesis proposes a dubious plan
My personal fav saga continues (GenesisxGeminixDCG). Genesis' bankruptcy had been controversial for months because of DCG. DCG agreed to repay Genesis $600 million in May 2023 and $1.1 billion in 2032. That didn’t satisfy any of Genesis' creditors, who say that doesn’t even cover the undisputed amounts.🤬 They also disagreed that DCG and Barry Silbert (DCG's CEO) would be released from future legal claims. And then Gemini, who held on to this bankruptcy (because of the famous Earn program) and DCG despite the obvious bad relationship with Barry, called the bankruptcy plan woefully inaccurate. 🤡
"Debtors have repeatedly promised that a plan that resolves claims against DCG is right around the corner, as they seek extension after extension of mediation periods, hearing dates, and bid deadlines," the Gemini filing said. The harm to Gemini is made worse, it added, as DCG "has "not paid any of the approximately $630 million in loans that were due to the Debtors in May 2023."
⚡️ Disclaimer: Just go through all of our digests and Trade Crypto news via search to refresh how this story unfolded.
Conclusion: I do hope you enjoyed the candle and didn’t lose much on BTC this week. I was hoping the price wouldn’t fall back to where it was, but yeah, Grayscale’s win doesn’t necessarily mean bitcoin ETFs will be approved soon. And SEC has delayed filings for all spot BTC ETFs until mid-October... So buckle up and read our list of Telegram groups for traders.
See you next week, folks! Thanks for being with us. Brought to you by Yana :)
Let us know how you would rate today's digest:
What is Crypto Ping Pong digest?
We work pretty hard, and from time to time we need to relax. Recently we got a ping pong table to complete our chill zone. As you all know, our biggest hobby is crypto, and even when we play, we don’t shut up about it. Ever.
So memes, leaks, and gossip happen – we collect them and share them with you. We like to call Crypto Ping Pong digest.