Weekly Digest From TradeCrypto.com #35

Daily statistics update:

Today's market is red. BTC is trading at $34,114; ETH is at $1,788.

💪 Bitcoin dominance: 53.04%

📉 Total Crypto Market Cap: $1.4T

😲 Fear and greed index: 70 (Greed)

🚀 7d Gainers (Top-100)

• FLOKI (FLOKI) +115.58%

• Pepe (PEPE) +85.00%

• Mina (MINA) +63.66%

 😭 7d Losers (Top-100)

• Bitcoin SV (BSV) -15.15%

• Maker (MKR) -2.47%

• Stacks (STX) -2.25%

Before you dive into this week's news, it's vital to read last week's edition:

Bitcoin climbed above $35,000 on the night of October 24, posting an 18% gain at one point. Since then, it has hovered between $33l and $35k. I realize that's a big gap and a big jump from last week, let alone the previous week. So what's the reason for that?

First, the price was hyped on news that a court has finally ruled that the SEC must review Grayscale's spot bitcoin ETF application. Note that "review" and "accept" are two different things 🧐

As if that wasn't enough, rumours started piling up that BlackRock is getting a ticker for its ETF, IBTC, and that the fund will soon be able to raise money. It was made out as if the ETF had already been approved and BlackRock was already buying BTC. In reality, that doesn't mean anything yet 😇

BlackRock's bitcoin ETF ticker initially disappeared and returned to DTCC's website, but already marked N - "not launched". Interestingly, DTCC added the IBTC ticker back in August but didn't draw attention to the story until the night before last.

Again, it has no impact on bitcoin ETF approval 😳

To add: BTC F&G index has risen to 72; and this is the highest greed score since the fall of 2021. But the altcoin season index shows only 12 points, because the main capital is directed to BTC, and its market share has already grown to 53.2% 🤑

Perhaps tomorrow no one will remember this news.

⚡️ The U.S. Department of Justice is urged to investigate Binance and Tether

▪️ Congressmen have sent a request to the Department of Justice.

▪️ Binance and Tether are suspected of engaging in "illegal activities related to terrorism"

First Binance was said to have frozen accounts of Hamas terrorists, now congressmen claim Binance supports Israeli attackers. Tether is also implicated, but only recently froze 32 addresses in Israel and Ukraine controlled by Hamas and Russia-linked organizations, lawmakers said, citing a Financial Times report. 🤡

Breaking 🚨 Someone has decided to play a stupid card.

Sam Bankman-Fried thought it was legal to take FTX deposits through Alameda. SBF took the stand first time in this criminal case. The jury was not present, so it is not entirely clear why he said he did not know he was breaking the law when he used customer funds.

Bankman-Fried testified that he spoke with Friedberg, the law firm Fenwick & West and former FTX general counsel Can Sun about the funds he took.

“I thought only to futures trading,” Bankman-Fried said when asked if he believed parts of FTX’s terms of service involved using customer funds. “And Alameda had the authority to do that.”

Conclusion: So did you buy BTC long? What are you waiting for if not? Of course you should have open positions for short, you know how fast things change in the market. But even with the Fake News, BTC is growing, and growing well, with some hiccups, but steadily. ETF approval is undeniable. We're sure, are you?

What is Crypto Ping Pong digest?

We work pretty hard, and from time to time we need to relax. Recently we got a ping pong table to complete our chill zone. As you all know, our biggest hobby is crypto, and even when we play, we don’t shut up about it. Ever.

So memes, leaks, and gossip happen – we collect them and share them with you. We like to call Crypto Ping Pong digest.