Weekly Digest From TradeCrypto.com #7

Hot news:

🧐SEC objection of Binance-Voyager deal questioned by judge

 🪙Tether defends itself against WSJ’s claims of fake documents

💪Privacy Pools solves Tornado Cash critical flaw

🙅Crypto bank Silvergate enters voluntary liquidation

Daily statistics update:

Today's market is red. BTC is trading at $19,923; ETH is around $1,409.

💪 Bitcoin dominance: 41.45%

📉 Total Crypto Market Cap: $929.96B

😲 Fear and greed index: 34 (Fear)

🚀 7d Gainers (Top-100)

• Kava (KAVA) +9.64%

• XRP (XRP) +1.24%

• Gemini Dollar (GUSD) +0.66%

😭 7d Losers (Top-100)

• Stacks (STX) -32.99%

• SingularityNET (AGIX) -30.20%

• Mina (MINA) -29.15%

Rescue coins soon to be sent to those waiting. 🙃All because of the exchange's co-founder Wang Li, if you might remember. If not, here are the facts: Hong Kong-based Babel fell victim in 2022 just like others such as Celsius, Voyager and Genesis. The difference may be that Wang Li was the one who resigned as CEO of Babel and was publicly accused of bearing all the responsibility. Overall, Babel owes around $524 million, and another co-founder, Yang Zhou, has unveiled a project called Hope (no kidding)🥺, a defi project that should bring the same funds to Babel creditors. So there is real hope for Babelians, my friends.

Scammers' dream, they said. The thing is that the community didn't like the auction process. If you were a participant, you had to send BTC to Yuga's wallet, and those who bid more than others won, and those who didn't, got their assets back. This is the scammers' dream, isn't it 😅? And Yuga indeed set a bad example for the community with this procedure. The creator of the Ordinals Protocol said this auction is degenerate. As we reported before, and we won't retract our words, Yuga is cool for championing Bitcoin, but this auction process is certainly not the best. 🤬

The American giant is preparing to sell NFTs on its platform. 🧨15 collections will be launched on April 24. Some time ago, Blockworks media posted an article about Amazon's attempts to enter this field, adding that the final goal of the platform isn't yet clear. Amazon is certainly a serious competitor for Blur and OpenSea. The marketplace, called Amazon Digital Markeplace, will first open in the US and then gradually expand to Europe. Details, such as which collections will be sold, are still secret. They're stirring our interest. 🤓

Long time no see, babies of Barry Silbert. Apparently Alameda is again seeking someone to pour money in to pay FTX's creditors. The accusation is that Grayscale's management fees for Bitcoin and Ethereum trusts were too high.💰 If Grayscale didn't sell the assets at a discount of about 50%, lower the fees and allow redemptions, FTX shares would be at $550m, not $250 million. John Ray III called Grayscale's dealings improper and self-serving. If you ask me, Alameda has no chance of winning here. 🤫

We're preparing for March 25, when Yuga announced the next trip to the Otherside. 🚀Up to 10,000 Otherdeed holders can enter the gamified metaverse. No-owners can watch a livestream on Yuga's YouTube channel. Overall, the effort is more than doubled this time around, and the entire experience will be led by four Otherside team captains. Also, voyagers can invite a friend to join the 2-hour trip. See you in two weeks on the Otherside. 🙃

The spiciness of this news published by CoinDesk is that Gemini denies that JPMprgan is no longer its banking partner, while CoinDesk insists on its findings. 🧐CoinDesk says that even if JPMorgan has left Gemini, the crypto firm has other banks to deal with, while Gemini says the relationship is intact. On Twitter, people are bragging that CoinDesk can't do journalism, pointing out that the media company is a child of DCG Barry Silbert (who rose to fame after the dispute with Gemini), but some also added that Reuters published the same message.😅

Cleared 😇by the judge, not by SEC, but still. The bankruptcy judge had a hard time with this deal, as SEC tried to kill the deal with unclear messages, as the regulator felt that Binance.US didn't comply with securities laws and therefore couldn't own Voyager. So the green light by the court once again, as Voyager considered the deal from the very beginning. Unfortunately, not only SEC, but also other US regulators don't agree, and without their approval, the deal cannot go through.🥸

The US war on crypto i.e. stablecoins i.e. crypto banks resulted in people looking for solutions on how to use stables, but not working with the banks. 🧐One of those people was Arthur Hayes, the co-founder of BitMEX. He proposed to create a stablecoin pegged to 1$ worth of BTC and one inverse perpetual swap of BTC against USD. The stable was named NakaDollar, or NUSD, after Bitcoin founder Satoshi Nakamoto. Unlike the major reserve-backed stablecoins tied to the U.S. dollar such as USDT and USDC, the proposed NakaDollar won't depend on USD reserves, but solely on derivative exchanges that list liquid inverse perpetual swaps. 🤓

Conclusion: Of course, the market trend is anything but pleasant, and BTC is at 19k, making rolling eyes touch the forehead. Of course, no pain, no gain, and now is a great opportunity to gain coins. The NFT market is something you should keep an eye on now, along with Bitcoin NFTs, marketplaces' competition, and Amazon's impending entry into the game. Be sure to look for emerging alternatives to the US market as well because there is a financial opportunity lurking somewhere.

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.