Your Favorite Crypto Digest From TradeCrypto.com #91

The statistics:

Market is green. BTC is now trading above $23,000, ETH is trading around $1,600.

💪 Bitcoin dominance: 42.61%

📉 Total Cryptocurrency Market Cap: $ 1 tr

😲 Fear and greed index: 32 (Fear)

🚀 Gainers(Top-100)

• Lido DAO (LDO)+43.40%

• Bitcoin Gold (BTG)+27.20%

• Synthetix (SNX)+26.95%

😭 Losers(Top-100)

• Pax Dollar (USDP)-0.23%

• USDD (USDD)-0.04%

• Dai (DAI)-0.08%

El Salvador’s crypto king 🤴🏻 president is trying to show investors the country’s finances are in order. El Salvador’s president wants to buy back $1.6 billion in sovereign debt as the country’s finances look increasingly strained after a series of mistimed bets on Bitcoin.

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Nayib Bukele said 💬 he was sending two bills to Congress to authorize funding for the buybacks. Wondering if that will convince anyone?

Expected, but unpredictable. The U.S. central bank continued raising interest rates in attempting to get inflation 💸 under control. The Federal Reserve delivered an interest rate hike of 75 basis point today, lifting the target range of its benchmark interest rate to between 2.25% and 2.5%.

Algorand CEO Steven Kokinos has resigned to pursue “other interests,” but plans to continue 🔁 as a senior adviser until mid-2023. Kokinos shared in a statement that he’ll be moving on to “focus on key projects in the Algorand ecosystem that will help scale adoption.”

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Algorand COO Sean Ford has been named interim CEO. “Honored to be stepping in,” 💬 Ford wrote on Twitter. It's a little too sudden and mysterious, don't you think?

Cathie Wood’s investment firm ARK Investment Management is the third-largest shareholder of Coinbase, reportedly holding nearly $9 million 💰 as of late June.

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One of the largest stockholders of the Coinbase cryptocurrency exchange 💱 has dumped a massive amount of shares as regulators reportedly probe the firm for alleged insider trading. Opps, not sure that this will save their situation.

Looks like someone got pissed off? The CEO of crypto exchange 💱 KuCoin says it is launching an “Anti-FUD Fund” to track down and potentially take legal action against “FUDers” and educate crypto users on identifying misinformation.

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Not a week without layoffs. The Australian-based studio Immutable let go ❌ of developers working on the popular crypto game Gods Unchained. Immutable Games Studio is letting go of multiple employees, including one of its senior game designers, amid a slump in crypto prices.

The company said 💬 that users have registered over 2.5 million nonfungible token domains through its platform so far. On Wednesday, nonfungible token (NFT) domains platform Unstoppable Domains announced that it closed a $65 million Series A funding round at a valuation of $1 billion.

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Unstoppable said 💬 it will use the fresh capital to fuel product innovation and grow partnerships in the Web3 space. Not a bad result for the current conditions.

Conclusion: Surprisingly, interest rate hike crypto has only strengthened. This once again confirms the manipulation of the market on seemingly obvious things. Could this be the bottom?

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.