✔ All about Arkham (and more)

Also, how many bitcoins were lost, and what is happening to $1INCH?

What a glorious day today to become a brighter, more confident, and more prosperous self! Our mission, as the buidlbee crypto community, is to help you do so by feeding you food for thought. This is what we have for you today:

  • How many Bitcoins are lost forever (you'll be surprised);

  • Everything you need to know about Arkham ($ARKM);

  • Where’s $1INCH going (technical analysis);

  • Altitude Phase III from AltLayer: walk through the campaign.

Here are the top stories:

  • Binance has listed $ARKM (Arkham), and an airdrop has officially begun.

  • The UK regulator has equated crypto-themed memes with advertising.

  • ConsenSys denied rumors of the company's financial problems.

  • Chinese police have announced the first case of confiscating cryptocurrency through a court ruling. Approximately $160 million worth of crypto has been seized from a gambling platform. Binance CEO Changpeng Zhao (CZ) confirmed that the exchange is laying off employees.

  • The former CEO of cryptocurrency exchange Thodex, Faruk Fatih Ozer, was sentenced to a 7-month prison term in Turkey. Faruk fled the country, taking with him access to $2 billion in customer deposits.

What is happening to BTC?

As seen in recent days, Bitcoin (and with it, the entire crypto market) is under selling pressure. The BTC has broken through the $30k level several times in the last three days. As you can clearly see from today's statistics, the testing of this psychological level is accelerating; today BTC crossed this level several times and bounced back.

In recent weeks, the rate has been holding above $30k only due to bursts of news related to the future of ETFs and the victory of XRP in court, but now, the crypto market, deprived of news steroids, is losing its stimulus to balance, which indicates the weakness of the market.

Analytics platform CryptoQuant has identified two key factors putting pressure on the BTC exchange rate:

  • Miners are very active with sales this quarter, as higher BTC rates are causing a desire to permanently fix profit.

  • CryptoQuant also notes a very noticeable slowdown in trading activity since April, as a prolonged marathon at one rate level of $30k has resulted in everyone who was satisfied already fixing profits, while others are hoping for a more significant upside breakout. Short-term holders (STH) got rid of their assets back in May-June; on the other hand, there are few willing to buy at the $30k peak.

All these factors together form the current market, which is slowly sliding downward. Obviously, there is a need for new hype news to stop this slide. The crypto market has no organic fundamental reasons for growth yet.

Just how much BTC has already been lost forever?

IntoTheBlock has shared some unexpected data that suggests how many BTC coins have already been permanently retired from circulation out of the just over 19 million Bitcoin mined. According to this analytical agency, about 29% of all issued BTC has been lost. This value is very close to Glassnode's recent similar report of "delayed or lost BTC".

💲 Ideas

[1] 🔔 How to own Arkham

Analysis from @ChainCapital1 on the scandalous Arkham (#ARKM) project has shown high potential (up to x10) after the start of open trading on the market. The reasoning logic is quite complex; you can review it in this thread. The prediction is based on the model from the launch statistics of other Binance launch pads, where Arkham has shown some of the best results so far.

But entering the project is not only possible through IEO. Arkham has recently opened a claim for tokens as part of an airdrop! How to get these tokens is described here. And they are already available for sale on Binance.

[2] 🔔 Is the 1inch project coming to life?

In the second half of 2021, 1inch emerged in the wake of the DeFi boom. But almost immediately after listing, $1INCH steadily fell and managed to drop from $8-9 to $0.25 in June 2023.

Is it worth stuffing your portfolio with $1INCH tokens right now? P_S_trade analysts think not.

If you believe in the prospects of 1inch project and want to add $1INCH to your portfolio, they advise the following:

  • to wait for a correction to the level of $0.40 and take it there;

  • or wait for the token to breakout and consolidate above a strong mirror level.

[3] 🔔 Altitude Phase III from AltLayer on Galxe

AltLayer is a platform designed to allow application developers to run highly scalable, specialized layers like Optimistic Rollups. The project previously gave away 400 NFT for activity, which is now estimated to be worth 2 ETH.

How to participate in the Altitude Phase III campaign:

  • Visit the event page on Galxe;

  • Join Discord and follow the project on Twitter;

  • Retweet this post;

  • In MetaMask, switch to the ETH Goerli network;

  • Click Submit and paste this contract: 0x1643E812aE58766192Cf7D2Cf9567dF2C37e9B7F. Click "I understand" and send ETH Goerli to it (not less than 0.01). In return, you’ll receive the same amount of stETH;

  • Deposit stETH into the Lido Staked Ether pool on Eigenlayer;

  • Here, connect the wallet;

  • In the left menu, click Create and select Restaking Trial;

  • Select Fair sequencing. In the Flash Layer Name field, enter the name, don't touch the rest;

  • Scroll down and click on the "Validate address" button;

  • Sign the transaction and click Create;

  • Wait for the deployment process to finish;

  • In the window that opens, click on the three dots on the right. In the modal window that appears, click Share and make a tweet.

  • After creating a Flash Layer, you will see its data in a new open window, where there will be three dots on the right side. Click on them, and you will see a pop-up menu where you can click on Share and send the post to Twitter.

Pick up the points at Galxe in a couple of days. Deadline: August 14.

All the best and lucky deals! We'll meet again tomorrow and help you with useful analytics and interesting stuff. Sincerely yours, the buidlbee team. 😸

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