Weekly Digest From TradeCrypto.com #31

Daily statistics update:

Today's market is green. BTC is trading at $26,961; ETH is at $1,651.

💪 Bitcoin dominance: 49.01%

📉 Total Crypto Market Cap: $1.07T

😲 Fear and greed index: 49 (Neutral)

🚀 7d Gainers (Top-100)

• Compound (COMP) +24.40%

• Pepe (PEPE) +21.11%

• Maker (MKR) +20.37%

 😭 7d Losers (Top-100)

• Immutable (IMX) -12.96%

• UNUS SED LEO (LEO) -6.22%

• Render (RNDR) -5.42%

With a twist. Binance sold its Russian business to a local company CommEX with no buyback option. The shutdown process will take about a year. The sale was cause of DOJ's pressure on Binance sanctions violations. Rumors have been circulating since then.👂 No one knows who is behind CommEx, and the company is only a few days old. It looks and feels like Binance. What if Binance or CZ are behind it? Zhao said that CommEx's UI is similar to Binance's for simplicity and that several former employees of the exchange have moved to CommEx. Which is completely normal. 👌

Emotions are running high. During a hearing before Congress, Gary Gensler said that Bitcoin is not a security. 🔥 However, he declined to specify whether it is a commodity. Gary Gensler could be sued! The reasons: Gensler failed to produce documents requested by Congress seven months ago. He also discloses information about his relationship with FTX and Sam Bankman-Fried. Moreover, Gensler does nothing to bring clarity to crypto regulation. Some members of Congress want Gensler in jail, others just want him out of a job.

👉 Meanwhile, SEC has postponed its decision on Ethereum- ETF ARK 21Shares. The new deadline is set for December 26. They can do this indefinitely.

Thanks for the Meme of the Week (Winks to Coinbase and Stand for Crypto Day on September 27) 🎉 

LUNA founder Do Kwon is glad he was arrested in Montenegro, because now he won't be interrogated in the U.S. on October 13 by SEC 😊 And he will remain in custody there for passport fraud at least until the end of the year. Kwon is wasting no time: he has asked a federal court to reject SEC's request for extradition to the United States. It would be "impossible" to bring Kwon to the U.S. because it is not clear how long the Montenegrin punishment will last. His lawyers also cannot provide written testimony to SEC, as that would violate his rights.

CoinDesk has even created a newsletter dedicated to ex FTX CEO - Sam Bankman-Fried. That's because the most anticipated trial is about to start - on October 3. 😳 The media has been full of headlines that SBF will spend 115 years in prison - however, the court will give more like 20+ because some charges are similar. In the meantime, SBF's lawyers are trying to get him out of prison to better prepare for his defense. But that is a luxury. 👑 And the judge seemed to be a little lenient in allowing SBF to use an air-gapped laptop for notes. Anyway, we should keep an eye on the story, because the latest word is that the Justice Department has 50 new witnesses. We may learn more details that are even more crisp than Sam’s parents being involved in his dirty dealings.🍿

Conclusion: Sentiment is neutral, market is green. Green light or too early? As mentioned earlier, Bitcoin Ethereum ETFs decisions may be on hold indefinitely. But the possibility of Gary Gensler leaving SEC remains. Still, it looks more like a gamble. Surely so much irritation doesn’t really put him out of a job? Anyway, next week will probably be all about SBF. Get your popcorn ready.

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.