🏓 PEPE goes wild
Hi TC folks. SUI and PEPE took a hype, with one traveling to Goblintown. Coinbase sees foreign countries as an opportunity, while SEC must answer their petition. In the background, Sotheby's is selling luxury NFTs. You won't be bored.
Weekly Digest From TradeCrypto.com #15
News to follow:
Daily statistics update:
Today's market is green. BTC is trading at $29,098; ETH is around $1,896.
💪 Bitcoin dominance: 47.21%
📉 Total Crypto Market Cap: $1.19B
😲 Fear and greed index: 61 (Greed)
🚀 7d Gainers (Top-100)
• Casper (CSPR) +11.26%
• Rocket Pool (RPL) +6.44%
• Tron (TRX) +5.82%
😭 7d Losers (Top-100)
• Sui (SUI) -71.82%
• Injective (INJ) -15.82%
• Immutable (IMX) -15.47%
🔮 Doom Cat: Will PEPE overtake DOGE?
Sotheby's deep in NFTs
The renowned luxury art auction house just can't get enough of NFTs. 😎 Or money that goes with them. Whatever, in this case. Because Sotheby's has launched a secondary NFT marketplace curated by experts. Entirely on-chain on Ethereum and Polygon networks. If you needed some guidance, here's your chance. To honor creators, Sotheby's Metaverse will enable loyalties that artists can set for themselves. Not long ago, Sotheby's helped sell the ill-fated collection of hedge fund 3AC. It probably went well.😜
Coinbase launches International Exchange
Amid the SEC crackdown on US crypto companies, Coinbase decided that shouldn't stop them from moving forward. So they packed their bags and flew to Bermuda. 🧳Bermuda is a safe place with clear regulatory rules, so they opened the Coinbase International Exchange (CIE) there, a new platform for derivatives trading. All trading on the CIE is done with the Coinbase-backed stablecoin USDC, which doesn't require fiat on-ramps. However, retail investors aren't yet included, only big institutional investors. A nod to Gemini, which did exactly the same thing on May 1. And if you're from the US, you aren't welcome there either. Sorry. 👺
Pepe in Goblintown
Yes, sometimes everything is very mixed up in the web3 space. Pepe the frog on his way to the goblins. 🐸 In case you somehow missed the Goblintown NFT collection, here's the link. As for $PEPE. Season 2 mint of the Goblin NFTs is coming soon, and it's even catchier. Namely, they're looking for the "worst traders in NFT land" and will prioritize them. Resonates? Those willing to pay in PEPE will get a discount. What a nice boost to the skyrocketing tokens. At least you're welcome somewhere, so there's some world utility, even if it's Goblin's one. Depends on how you look at it. 😜
Pepe beats Doge on daily basis
Sky flight of $PEPE continues, and it's apparently on the rise. They came out of nowhere and said they'd make meme tokens great again. 🙌 The community bought it. And now Pepe is traded more than Doge and Shiba, the biggest meme coins on the market. Much of this activity may be coming from buy and sell trading bots, but that can't be all. As token analysts say, buying activity is still strong, with much of it focused on buying rather than selling. Maybe they all want to be in Goblintown? 😉
SEC going backwards
You can't hide from the crypto community. In 2022, SEC included a definition of digital assets in its proposal to revise hedge fund disclosure requirements. But this week, it removed the definition from the paper. ⚡️The agency said immediately afterwards that it needs more time to figure out what that means. That could be a good thing. Better safe than sorry. But it's a little hypocritical as Gary Gensler keeps using those words. And the entire agency keeps prosecuting without clear guidance. 😵💫
No more Borrow from Coinbase
There used to be a platform where you could borrow up to $1 million fiat against 30% of bitcoin holdings. So, there will be no new loans. 🙅♀️ An understandable move given the unclear situation in the US. And that Coinbase has received a Well's Notice from SEC. Yet they say there is no connection. While flying to Bermuda and forcing SEC to provide clear rules for the crypto industry. 💁♀️
Court pushes SEC to the wall
The Ring. U.S. Court calls the SEC. "You must respond to Coinbase's 2022 rulemaking petition, or you'll be... in 10 days." 👻 We won't gloat or tip our hats in glee. First, Coinbase asked for SEC's guidance a long time ago, and yep, the court's intervention and some movement in that direction is cool. But what the response will be and what Coinbase's response will be, no one knows. 🧐 We'll continue to monitor the situation, we have at least 10 days. SEC must say on what legal basis they have been silent all this time.
Sui hiccup launch
A layer 1 designed proof-of-stake (dPoS) blockchain Sui was launched on the mainnet this Wednesday. The protocol uses a modified version of the language used by Meta before it winded down the Diem project. The project was highly anticipated and received $300 million in the Series B round, and reached a $2 billion valuation. A good story, right? Recheck weekly top losers on top of the digest. 🥸 The community fears that a crazy amount of Sui was put on the market. After the coin went public, it fell sharply and continues to decline. Some say it's vaporware. Hard to say, but it's worth following. 🤡
Conclusion: The fire has started. Several stories will follow. First: SEC vs. Coinbase, a battle that could affect the entire industry. Second, SUI and PEPE are in the spotlight, and no one knows what will come next. We suggest you follow the news closely.
See you next week, folks! Thanks for being with us.Brought to you by Yana and Aleksandar :)
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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.