Weekly Digest From TradeCrypto.com #18

Breaking news:

🤬 SEC sues CZ and Binance for multiple securities violations

🤯 SEC sues Coinbase for violation of securities laws

Daily statistics update:

Today's market is flat. BTC is trading at $26,491; ETH is around $1,836.

💪 Bitcoin dominance: 46.67%

📉 Total Crypto Market Cap: $1.11T

😲 Fear and greed index: 50 (Neutral)

🚀 7d Gainers (Top-100)

• Terra Classic (LUNC) +13.24%

• Lido DAO (LDO) +3.20%

• Stacks (STX) +2.39%

 😭 7d Losers (Top-100)

• Sui (SUI) -21.26%

• Conflux (CFX) -21.07%

• Filecoin (FIL) -19.03%

SEC has dropped a very heavy hammer on both the largest exchange in the world - Binance - and the very trustworthy one - Coinbase.🔨 Nevertheless, the mass sentiment isn't fear. Quite the contrary, because the community has decided to unite. Quick note: More players are facing lawsuits as SEC calls some prominent tokens securities. Stand With Crypto NFT collection was originally dropped by Coinbase in April. It's an open addition mint depicting a shield 🛡️, a symbol of the desire for regulatory clarity. Over 138,000 pieces have already been minted.

Although Coinbase's staking services are the red rag to federal and state regulators, Brian Armstrong said they'll wind down them. 💪 As he said, staking accounts for around 3% of the exchange's revenue. He also said that business continues as usual and the community need not fear a bank-run-like rush of withdrawals. Everything is backed up 1:1. Take his word for it or not, it's up to you to decide. 👈 Kraken is smoking in the background, that cracked under SEC’s pressure and discontinued staking.

Once in 4 years, a halving takes place to lower the inflationary pressure on Bitcoin. As always, the reward for successfully minting the block will be cut in half. Currently minting costs 10-15 thousand, after halving it'll be 20-30.🤪 If the BTC price doesn't go up, most miners will continue their work with losses. Only those who have the lowest energy costs and the most efficient equipment will survive. 🥶

Animoca is a Hong Kong-based company, a parent of the Sandbox, which has invested heavily in U.S. companies over the past year. However, when SEC named SAND with a bunch of other crypto tokens as securities, Animoca decided to take steps🚪 towards other markets, such as Europe, Asia and Latin America. However, they added that they'll be happy to come back if SEC changes its mind about blockchain and NFTs. Your bets? 🧐

Conclusion: Perhaps we should ask ourselves why there is no incredible fear this time, despite the incredible pressure. Maybe because they're attacking the most complacent crypto exchange. Maybe because we have been demanding for years to determine which cryptocurrencies are securities and finally got an answer in the form of lawsuits. Maybe because more than 61 coins are counted as securities with SEC, having a combined market capitalization of more than $100 billion.🤯 Perhaps the portrait of the inconsistent Gary Gensler has long since been blown up into a meme. But the big players like Animoca Brands want nothing more to do with the United States. Will we see more runaways jump ship next week? 🧐

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