Your Favorite Crypto Digest From TradeCrypto.com #117

The statistics:

Market is green. BTC is now trading above $20,100, ETH is trading around $1,600.

💪 Bitcoin dominance: 39.97%

📉 Total Cryptocurrency Market Cap: $ 0,964 tr

😲 Fear and greed index: 25 (Extreme Fear)

🚀 Gainers (Top-100)

• Celsius (CEL)+33.54%

• Decred (DCR)+13.93%

• EOS (EOS)+12.11%

😭 Losers (Top-100)

• UNUS SED LEO (LEO)-7.42%

• Synthetix (SNX)-3.91%

• Helium (HNT)-3.18%

And sadly, the dominoes collapsed. Babylon Finance is winding down 💣, distributing the remaining treasury holdings, and its founder is sharing a few lessons about how the DeFi project went belly up.

Though the reasons for its demise are myriad, the project’s founder Ramon Recuero was quick to point out how damaging the Rari Capital hack in April had been for Babylon, which will shutter its Discord channel and website on November 15. “The Rari exploit was the domino that kickstarted a series of unfortunate events,” 📲 he wrote, announcing Babylon’s shuttering.

How cool. The government of Indonesia returned to its plan to set up a digital assets 💱 exchange, publicly announced for the first time back in 2021. The so-called “crypto bourse” is planned to be established by the end of 2022. Indonesian Deputy Trade Minister Jerry Sambuaga that the country is still planning to launch the crypto bourse, but the whole project has been delayed due to additional preparations: 💬 “We will make sure that every requirement, procedure and the necessary steps have been taken.”

Hong Kong tech giant Meitu made headlines in April 2021 after it reported nearly $100 million in crypto holdings. However, with the onset of the bear market, the tech firm has lost 📉 nearly half of the valuation of its crypto holdings. Meitu reported an impairment loss of over 300 million yuan ($43.4 million) on its crypto holdings.

The financial filing revealed that the impairment loss has more than doubled from the last quarter, something the firm had anticipated. The tech giant has said that its crypto holdings could impact the net loss 📑 of the company by the end of the first half of the year. Whoops, that's unpleasant.

Jill Sommers, who served as a commissioner at the United States Commodity Futures Trading Commission, has joined the board of directors for FTX US Derivatives. According to Sommers, FTX US Derivatives aimed to become “the most regulated digital asset exchange 💱 in the world.” She said the board would work closely with regulators, suggesting discussions with the CFTC and others within the United States government. A fine team strengthening.

A group of hacktivists called the Belarusian Cyber Partisans have been attempting to sell 💸 a nonfungible token (NFT) featuring the purported passport info of Belarus president Alexander Lukashenko. The Belarusian Cyber Partisans say the move is part of a grassroots fundraising campaign to fight “bloody regimes in Minsk and Moscow.”

The members claim to have hacked into a government database that has the passport info of every Belarusian citizen, allowing them to launch 🔈 an NFT collection called Belarisuan Passports, which includes a digital passport that supposedly features Lukashenko’s actual information. Did anyone really want to buy it?

Sounds useful. Dutch blockchain startup Triall announced that it has partnered with American nonprofit medical center Mayo Clinic to optimize clinical trial design and the management of study data. The software will support activities such as data capture, document 📑 management, study monitoring and consent. As told by Triall, the purpose of the collaboration is to demonstrate an immutable public ledger audit trail through its blockchain technology to boost the integrity of clinical trials.

A new trial is coming. The bankrupt cryptocurrency lender Celsius Network is facing more legal issues as disgruntled clients are taking action to recover their funds after the platform froze ❄ withdrawals in June.

Conclusion: There are serious liquidity outflows on the exchanges. This suggests that large funds and investors are not planning to participate in trading in the short term. Lawsuits are being filed again. The level of law regulation in crypto will absolutely grow.

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.