- Crypto Ping Pong Digest
- 🏓 USDC Treasuries free
🏓 USDC Treasuries free
Hi folks. Prompt issue. Circle abandons US government bonds, Texas halts mining bill, SEC revises charges against former Coinbase employee, Genesis and Gemini strike back, and Trezor wallet sales soar 900%.
Weekly Digest From TradeCrypto.com #18
News to follow:
Daily statistics update:
Today's market is red. BTC is trading at $27,092; ETH is around $1,888.
💪 Bitcoin dominance: 45.98%
📉 Total Crypto Market Cap: $1.14T
😲 Fear and greed index: 50 (Neutral)
🚀 7d Gainers (Top-100)
• Injective (INJ) +26.83%
• Quant (QNT) +21.27%
• XDC Network (XDC) +17.24%
😭 7d Losers (Top-100)
• Optimism (OP) -12.65%
• Pepe (PEPE) -10.00%
• Flare (FLR) -9.91%
🔮 Doom Cat: BTC to break the ceiling in 2023?
Trezor breaks records
Sales of the hardware wallet Trezor increased by 900% last week. Of course, this is no coincidence. The hype comes from Ledger's PR failure. 👀 Last week, Ledger added a tool to recover a secret seed phrase to access devices. Ledger users, as expected, have switched to Trezor wallets, which don't have such an option and therefore seem more reliable and secure at this stage. Team Ledger or team Trezor? 💪
Gemini and Genesis ask to be dismissed
A new chapter in the saga.👣 Gemini and Genesis have asked the court to dismiss the suit filed by SEC. As a reminder, SEC believes that they offered unregistered securities through the Earn program and made a lot of money without protecting creditors. Genesis argues that they offered loans, not securities. Now, you'd ask why. But when the lawsuit was pending, Gemini immediately said they'd fight this "manufactured parking ticket." 👈
Texas bill stopped
Congrats, miners.🏅 The bill that would have cost them a lot of money by participating in demand response programs has been stopped. Recap: in April, a bill that would have barred miners from receiving credits for shutting down their equipment when the power grid is overloaded. It also would have eliminated taxes for the industry. But Texas chose not to pass it. So Texas remains the largest mining hub with good regulations and cheap energy. 💸
SEC goes backwards on Coinbase
Famous insider trading case ended abruptly.🧐 While the former Coinbase product manager was sentenced to 2 years in prison and his brother is already serving 10 months for wire fraud conspiracy, the SEC has decided to drop the securities violations charges. Happened because the two agreed to give back their profits and pay interest. While SEC said what the brothers did was clearly insider trading, the community wanted to know from SEC if these assets were securities. But SEC backed down and neither Coinbase nor the issuers of these tokens will be prosecuted. 🙁
Circle ditches U.S. Treasuries
Don't want to get caught up in the debt ceiling drama.🧐The stablecoin issuer now holds only cash and repurchase agreements that back USDC value. As recently as April, Circle held 30 billion in U.S. Treasuries. Just a few weeks ago, when questions arose about whether the U.S. should default on its debt, Circle said it would exchange Treasury bills maturing beyond June. So they have made a big move and all USDC holders can sleep easy. 😴 The USDC reserve fund is managed by Blackrock, and Blackrock's CEO said that the debt ceiling drama has worsened global confidence in the U.S. dollar, which also suggests rising confidence in crypto, especially Bitcoin. The question is whether Circle rival Tether will also move away from U.S. government bonds.
Conclusion: This is quite a mess. SEC endlessly dodges a clear answer to the question of what securities are. The crypto industry is critical of the dollar and takes every opportunity to avoid going down with the ship. Ledger chides failure on a cash basis. But at least the miners are sleeping peacefully. In any case, very interesting news awaits us next week.
See you next week, folks! Thanks for being with us. Brought to you by Yana and Aleksandar :)
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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