Your Favorite Crypto Digest From TradeCrypto.com #184

Daily statistics update:

Today's market is red. BTC is trading at $17,037; ETH is around $1,263.

💪 Bitcoin dominance: 38.33%

📉 Total Crypto Market Cap: $854.03B

😲 Fear and greed index: 25 (Extreme Fear)

🚀 Gainers (Top-100)

• Synthetix (SNX) +6.56%

• Axie Infinity (AXS) +6.47%

• UNUS SED LEO (LEO) +3.24%

😭 Losers (Top-100)

• DogeCoin (DOGE) -9.03%

• GMT (GMT) -6.24%

• Cronos (CRO) -5.39%

Sam tried to use the innocence card yesterday, but there it was. Maxine Waters is like a flint🗿. Skipping the hearing isn't an option when you're CEO of a multibillion-debt company. No one really believes it was an accounting error. It looks like Maxine Waters is on the same team. The invitation to the hearing isn't a subpoena yet, just a firm ✊ urging that he come. She stressed that it's important not only for Congress but for the American people. Very true.

UK crypto lender Nexo has been unable to find common 🤝 ground with US regulators. After 18 months of honest talks, Nexo is slowly leaving one state at a time. Nexo said regulators couldn't provide a path 🛣 for blockchain companies. U.S. customers can no longer sign up for the Earn program. However, access to accounts and withdrawals is open.

Winks to FTX. After Maple Finance's funds were frozen 🥶 on the collapsed exchange, Orthogonal Trading dropped a bombshell by defaulting $36 billion on crypto lender Maple. Orthogonal was once a major player in Maple, and the default affected about 30% of all active loans. Maple responded by kicking Orthogonal out 🚪 as a partner in the company. The majority of the defaulted funds, about $31 billion, were in the M11 Credit pool, so members of the M11 USDC pool were the hardest hit. Maple's other pools are safe and sound.

In simple words, users are minting more ether than burning it 🔥. As many previously believed, the trend after the Merge would be just the opposite. Of course, after the collapse of FTX, the inflation rate fell below zero🔻, but it stabilized with a market recovery. Don't forget that the separate mechanism of EIP-1559 burns the transaction fees. The mechanism is neither purely inflationary nor deflationary, but rather creates a robust and stable supply of ETH and ensures greater adoption of Ethereum L2 networks.

The more miners work, the higher the difficulty 🔝. As the bear market continues and miners shut down their machines, bitcoin mining difficulty has dropped by 7.5%. The drop can only be compared to the times when China banned mining 📵. However, it's still far above the latter. Profit from mining has also fallen sharply. On top of that, energy prices have gone up.

Conclusion: The market is falling today. There's a lot of talk, rumors, and speculation. The good thing is that SBF will still come to the hearing on December 13, but that's not certain. In any case, we're watching everything online. Stay tuned as well.

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.