Your Favorite Crypto Digest From TradeCrypto.com #183

Daily statistics update:

Today's market is green. BTC is trading at $17,336; ETH is around $1,299.

💪 Bitcoin dominance: 38.29%

📉 Total Crypto Market Cap: $871.42B

😲 Fear and greed index: 26 (Fear)

🚀 Gainers (Top-100)

• Axie Infinity (AXS) +20.47%

• Cronos (CRO) +10.03%

• LiteCoin (LTC) +9.06%

😭 Losers (Top-100)

• Сelo (CELO) -3.63%

• Kava (KAVA) -1.83%

• Nexo (NEXO) -1.69%

DSG and Genesis owe $900M to Gemini users. Now imagine those angry faces 😡. Reminder: Genesis and Gemini are partners in Gemini Earn crime, which paused the same day as Genesis. While Genesis is restructuring, Gemini officials placated users "we are working on restoring the funds". Meanwhile, another group of Genesis creditors added $900M to lender debt totaling $1.8B 😱. The story unfolds, and the Genesis hole keeps widening.

The trial turned out to be interesting. The liquidators are not happy that the 3AC founders are talking to the media and not to them. They seized $35.6M from the firm's bank account and $2.8M from forced redemptions of investments and NFTs. Still not enough, though, keep in mind a sum of $3.5B debt 😱. The $50M yacht, which the 3AC founders bought with company money, was not forgotten. It is now being sold for $30M. From the beginning, neither Kyle Davies nor Zhu Su really cooperated. Cameras and microphones off on Zoom calls with liquidators. Maybe now, with Su's enlightenment, something will change 😵‍💫.

You probably know Sweat Economy, the move-to-earn giant with 120M users on board 🔝. My colleagues were lucky enough to talk to Oleg, and you and I can read the interview. It's exciting to hear from a man who believes in business, health, and web3. Oleg shares his immediate plans, including the NFT game "Sweat Hero" and his global outlook on how web3 fitness-related 🏃 businesses can cooperate with countries and healthcare to infuse more value in one another. He also gives tips to entrepreneurs. A lot to think about.

And the crypto winter continues 🥶. And the bear market is deepening. So Dubai-based crypto exchange firm is trying to refocus by laying off, as they say, 30% of dear Bybuddies 😵. As we've said many times before, this kind of thing is not a red flag. If only because layoffs happen more and more often. But 30% seems kinda painful.

Apparently, to keep the Ape fan's wrist busy. Or to accidentally show your BAYC PFP in a bar 😋. Luxury watchmaker Timex partnered with BAYC to bring the first 500 customers watches via a $2.5K invitation. How much the watches will cost - no idea. I think it depends on the Ape's appetite. After all, one can customize the watch oneself. Well, let's congratulate them 🙌!

Conclusion: The market is growing today. We won't point fingers at those probably soon-to-be bankrupt companies, but those certainly are looming, and it's hard to ease up and rejoice. Will Bitcoin last at $17.3K? We're inside a very heads-up game. So ease up a little bit.

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.