Weekly Digest From TradeCrypto.com #11

News to follow:

💥 Circle stablecoin USDC to launch on Cosmos via Noble network

🌍 Gemini to launch overseas derivatives exchange: The Information 

👾 Coinbase CEO Brian Armstrong against AI pause open letter

🤠 Swiss government bank PostFinance to offer crypto

🗣 Coinbase supports new action to lift Tornado Cash ban

Daily statistics update:

Today's market is flat. BTC is trading at $27,948; ETH is around $1,868.

💪 Bitcoin dominance: 45.81%

📉 Total Crypto Market Cap: $1.18B

😲 Fear and greed index: 64 (Greed)

🚀 7d Gainers (Top-100)

• Solar (SXP) +32.59%

• Injective (INJ) +26.38%

• Enjin Coin (ENJ) +22.16%

😭 7d Losers (Top-100)

• Mask Network (MASK) -15.48%

• Arbitrum (ARB) -12.82%

• Stacks (STX) -11.48%

Paxful CEO Ray Youssef said that while it was a shock, the peer-to-peer bitcoin exchange can't continue to operate due to the departure of some key employees. He actually had a fight 🤬 with another Paxful co-founder Artur Schaback leaving the company and refusing to pay engineers and compliance. Ray also noted that the current crypto climate 🌋 is another reason why a P2P exchange like Paxful will never make it. They are not leaving us empty-handed: users can retrieve the funds as usual. Ray also recommended bitcoin payment company Bitnob and the new p2p marketplace Noones.

As Trump denied all criminal charges against him, his NFT collection saw a surge of 450%. 📈 We might congratulate the former president if we didn't know that compared to the initial drop of that collection, which brought in $3.53 million in sales, the current hype since Trump was indicted is worth $50,000, which is almost nothing. If you somehow missed this NFT collection, I suggest you run fast to see Trump in tights. 🦸‍♂️

The situation in the States is getting tenser and tenser.🚨 First, miners were pinned down in New York, and now in Texas, where before they had been quite successful in taking advantage of demand response programs. A new law arrived that will take away key benefits from bitcoin miners. 📍The new law limits the amount of energy mining companies can use for programs, such as demand response programs, to 10% of the total. They also lose certain tax breaks, and larger miners with more than 10 MW of computing power must register with ERCOT, the Texas grid operator.

So do Moonpay and Ramp, who partnered with the self-custody Trust Wallet to provide easy off-ramps.🚪Trust is on a mission to make the journey as frictionless as possible for its 60 million users. This partnership allows users to transfer cash to and from the wallet while retaining full ownership of their assets, i.e. without relying on centralized exchanges. Those who own at least 100 Trust Wallet tokens (TWT) can even receive a discount on off-ramp fees. 💸

At least, these are the media rumors. An unnamed source close to the matter told that Justin tried to sell his stake in Huobi to CZ from Binance. CZ said no 🎁, cause he doesn't want to be involved with China, as if he didn't have enough of these rumors himself. Justin Sun, His Excellency, denied the Huobi stake rumors and compared them to an April Fool's joke. But we know how much he loves "jokes." Binance said "no comments." 🤨 If serious, it's a tough time for Justin, with the SEC lawsuit and being kicked out of the WTO as Grenada's ambassador. But it's always hard to tell with Sun, as Grenada said when his term ended in 2022.

This is all Musk's fault. Just like that, we could have ended now with this.😎 But let's look deeper. After Elon replaced the Blue bird icon on Twitter with the crypto token Doge, the coin took off immediately. Even my non-crypto friends asked me if it was worth investing in. Some other Shiba Inu-themed coins surged multifold, 14% on average (DOGE, SHIB, KISHU etc). These prices won't hold though. 📉 So if you think this is a good investment, you should think twice. Still, this could be a little momentum of mass adoption if some think that Musk's move isn't just a joke. We'll see.

The Australian Securities and Exchange Commission (ASIC) won't give Binance a derivates license, cause they are scared it's a too risky business. Therefore, Binance Australia will cease derivatives operations to pursue a less risky approach. 😷 Do you think the fact that the US CFTC has accused Binance of dishonest behavior in the market and violations of several laws played a role in the decision in Australia? At least none of the officials alluded to it. 🤗

The U.S. is currently the largest bitcoin whale. 🐋 There were 50,000 bitcoins stored in precious Treasury drawers. Of course, the US didn't buy them. The bitcoins were seized from James Zhong last November after he pleaded guilty to stealing crypto from the dark web marketplace Silk Road. Last month, nearly 10,000 bitcoins were sold, but the remaining 40,000 are now set to be liquidated. Not in one fell swoop, but by splitting the sale into four parts. Investors are worried that even a split sale could cause bitcoin to collapse, and they're preparing not to worry. 🤓 While some of them are still confident that losses are inevitable, they could be minimal because demand could outweigh new supply.

Conclusion: The US must really be reeling from so much undigested bitcoin. Perhaps that is the main problem with this pressure on the crypto industry. It may seem that no one abroad is waiting for our favorite faces, but that's just a coincidence.

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.