Weekly Digest From TradeCrypto.com #18

Breaking news:

👻 Binance.US temporarily suspends fiat operations

🤜 Solana, Polygon, Cardano push back against SEC accusations

😜 U.S. judge rejects SEC’s immediate asset freeze request for Binance.US

Daily statistics update:

Today's market is green. BTC is trading at $25,588; ETH is at $1,670.

💪 Bitcoin dominance: 47.75%

📉 Total Crypto Market Cap: $1.04T

😲 Fear and greed index: 47 (Neutral)

🚀 7d Gainers (Top-100)

• KuCoin Token (KCS) +4.34%

• Maker (MKR) +3.53%

• Stacks (STX) +2.39%

 😭 7d Losers (Top-100)

• Sui (SUI) -21.26%

• Conflux (CFX) -21.07%

• Filecoin (FIL) -19.03%

Rep. Warren Davidson, who supported Coinbase CTO on Twitter a few months ago, saying SEC needs to find other ways to regulate and not through threats and enforcement, has finally introduced the "SEC Stabilization Act" in the House of Representatives. The main provision of the bill is the firing of SEC chair, Gary Gensler. 😎Although cryptocurrencies weren't specifically mentioned, Davidson is actually a vice chair of the House Subcommittee on Digital Assets, Financial Technology and Inclusion. As the name implies, this is pretty much the opposite of what "tyrannical" Gary Gensler does at SEC. 🤬

The timing is interesting, as the "SEC stabilization act" was introduced a day before SEC said in court it hasn't yet decided whether it'll respond to Coinbase's petition. The situation is even more complicated as SEC has filed a lawsuit against Coinbase alleging the exchange had violated several securities laws. Although Coinbase believes that the petition is de facto denied, SEC said that they'll make a recommendation on the petition within 4 months. You can read between the lines - SEC probably just wants to buy time and has no intention of issuing new rules.

Remember how Solana was the first to integrate ChatGPT to raise awareness of its NFTs? Bybit has followed suit by integrating ChatGPT into its trading pools. Basically, new tools make it easier to analyze markets, for example, traders can analyze price trends based on data and technical indicators fed to AI. No more gut decisions and easier than ever to trade. Who's next?

Cross-chain bridge DeBridge has just unveiled the DLN app, which allows trading across Ethereum, Arbitrum, Polygon, Fantom, BNB Chain, and Avalanche. 🚀 DLN is powered by a global liquidity engine that creates a defi order book. This allows any asset on one chain to trade directly with any asset on another chain, without the bottlenecks and risks of liquidity pools. The guarantee for trade is not the pool on the exchange, but a peer with whom you trade. 🤝

As someone told CoinDesk, the world's largest asset manager is close to launching a bitcoin ETF (exchange traded fund).🤯 They'll use Coinbase for the ETF and crypto spot market data for pricing. At the time of writing, it's not clear if this is true or not, nor is it clear if the exchange is for futures or spot trading. Keep in mind that SEC hasn't yet approved a bitcoin spot ETF. 🤜

Conclusion: This is really a mess. The ups and downs of the markets this week have us all shaking. A lot of speculation, fud and red numbers. Yet, we're still standing. Whether Gary Gensler will survive this cycle is questionable. All eyes are on the US because it's fun to watch the battle. If we were OGs, we would suggest you buy the dips.

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