🏓 This is Rektober
Hey TC folks. Cointelegraph has lost it, but Bitcoin remains. SEC has lost the battle with Ripple and Grayscale, but Coinbase and Binance are still holding on. How are you holding up? Hopefully today's edition will bring something. As always, free of Fake News and with lots of humor.
Weekly Digest From TradeCrypto.com #34
Daily statistics update:
Today's market is green. BTC is trading at $29,284; ETH is at $1,584.
💪 Bitcoin dominance: 51.48%
📉 Total Crypto Market Cap: $1.11T
😲 Fear and greed index: 53 (Neutral)
🚀 7d Gainers (Top-100)
• Bitcoin SV (BSV) +59.20%
• Stacks (STX) +36.88%
• MX TOKEN (MX) +24.52%
😭 7d Losers (Top-100)
• Conflux (CFX) -8.07%
• Sui (SUI) -7.04%
• Bitget Token (BGB) -5.74%
🔮 Doom Cat: $REKT is to become big?
Bitcoin: pump and dump?
On 16 October, Cointelegraph has lost it big time. News that SEC had approved BlackRock's iShares Bitcoin ETF caused a craze.🤑 This news drove the BTC up (< 30k) as everyone thought that bitcoin would skyrocket after the ETF was approved. However, The Block denied the information, citing a source within BlackRock. The company has not yet received any notification from SEC whatsoever. 😰
Then that happened: Cointelegraph admitted its mistake and apologized. They said that it was their intern who posted the message to be the fastest of all. He, of course, was fired after this epic mistake. 🤡
⚡️Then the CEO of BlackRock came forward and said that despite the fake news, it was a great culmination of the actual high and unmet demand for Bitcoin.
🚨Someone made money out of it. Most lost it. And we've seen once again how susceptible the cryptocurrency market is to fake news, especially now when trading volume is at an all-time low.
That fake pump earlier in the week was pretty painful. Yet do you see where Bitcoin is now? The explanation is yet to come. 🔎
Why Bitcoin is at $29K?
When this whole fake news happened, SEC said once again that the market is full of shit and you can’t believe anything you’re told, but only believe official pronouncements from reputable sources. Such as SEC. 👹
Then SEC lost in court to Grayscale, so Grayscale is free to file an ETF application. They did that yesterday. A new application to convert GBTC into a spot bitcoin ETF! 🚀
Then BlackRock renewed their application to avoid being rejected. Fidelity's renowned application followed this.
Market confidence in Bitcoin grew as it was not dumped due to fake news but supported by major trading players. 👀 All eyes are now back on the applications.
SEC dismisses lawsuit against Ripple
🔸 Stuart Alderoty: "This is a surrender on the part of SEC!"
🔸 James Seyffart: "The SEC is no longer specifically after Ripple executives"
🔸 Eleanor Terrett (FOX): "Ripple will likely be able to reduce the fine, but the SEC will still ask for a significant amount so there will be a reason to brag... Lawyers say they 'expect a big fight'"
🔸 Eleanor Terrett (FOX): "This is a big win for Ripple and the crypto industry as a whole, and another defeat for SEC."
$XRP to skyrocket? 👍 👎
(Seems like someone is losing the war…)
Are you ready to get $REKT?
😃 Arthur Hayes took part in developing an obscure token with the great name REKT.
It promises to be a mixture of gaming, Telegram, and Unibot.
Conclusion: How do you hold it there? It's Rektober. When there's no more energy, something good happens, like trade today. Is it just me, or is SEC losing the war? And the next thing we will hear is that they lost it to Coinbase. And what about Binance?
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.