Bitcoin - to the moon? Overview of significant crypto market events

Hi, crypto fam! Today is another great trading day as Bitcoin reached the $27k level. The buidlbee is here with important information, tips, and signals. And today we’ll talk about the:

• Fed's money shower and the markets' ecstasy;

• the rise in popularity of crypto apps and offline Bitcoin advertising right on the streets;

• How to participate in Sei Sunken Treasure;

• What is the Space ID token, and is it worth buying?

P.S. And don’t miss a raffle at the end of the letter!

Want to know how you can make money from token unlocks? We will give a practical guidebook, "How to make money from token unlocks," to everyone who invites 1 friend to subscribe to the buidlbee newsletter!

🍯 Money is Honey: crypto rises again amid Fed money injections

Pumping in new money

Lately, macroeconomics has completely defined the behavior of markets, including the crypto market. The Fed's massive bailout of banks has been an essential event that could trigger a new bull run:

• Banks are taking money from the U.S. Fed on a much larger scale than they did in the 2008 crisis. Looking at the chart below, the impression is that some sort of banking Armageddon is happening behind the scenes — this is much more than the $25 billion in bailouts previously announced by the Fed.

• 2023 is already the worst year for banks in U.S. history, judging by the deposits held at failing banks (see chart below).

• U.S. banks borrowed $303 billion from the Federal Reserve in the last week, a new historical record.

What's going to happen next?

Something unbelievable is happening — we have experienced a rapid banking crisis that has resulted in record amounts of money on banks' balance sheets! The following meme sums it up: the U.S. banking system has only held on to the brink thanks to an incredible effort on the part of the Fed.

As a result, Bitcoin is back above $26,000, mainly for two reasons:

• The market is swimming in a flood of crazy money from the Fed.

• The market shorters who were scared and bet on the market's downfall have once again failed to guess the direction of the move — an avalanche of liquidations further stimulates Bitcoin's price rise.

This is not yet the official pivot that has been awaited, but a serious step towards it. The next event that could have a significant impact on the stock and cryptocurrency markets is the Federal Open Market Committee (FOMC) meeting on Wednesday, March 22.

The industry is experiencing a recovery

We offer mobile app downloads statistics for the last 10 days as a non-standard trend change indicator:

• The top 10 cryptocurrency app downloads are up 15% since Silicon Valley Bank went bankrupt.

• At the same time, downloads of top banking apps in the U.S. have declined by 5% in the past week.

Against this backdrop, crypto activists are openly advertising Bitcoin outside the bankrupt SVB bank branches, right on the streets of the U.S.

"Bitcoin is your own bank," they claim in the flyers they hand out.

👉 Opportunities

[1] 🔔 Buying Polygon MATIC

Unstoppable Domains is launching UD Parking, a domain name storage service on its own servers. Unstoppable Domains is also teaming up with Polygon Labs to deploy a separate .polygon domain that can be used in decentralized applications on the Ethereum sidechain. To clarify, this is not a native on-chain solution from Polygon, but a centralized solution from a third party that has decided to make a business out of it. Domain sales started today, and the price of the token has predictably started to rise.

The bad news is that amid this hype, according to on-chain data, Republic Capital transferred 24.5 million MATIC to Coinbase, and a sell-off is planned once the token starts rising.

Whether to bet on a long for $MATIC, or just buy a domain with a nice name as an investment is up to you.

[2] 🔔 Treasure hunting

The Sei is the first sector-specific Layer 1 blockchain, specialized for trading. The Sunken Treasure NFT campaign is a two-part mystery box event created by the Sei Labs team. Phase 1 is Gifting, and Phase 2 is Unboxing. Active participants in the future may have a chance to participate in the airdrop.

Phase 1

Will run from March 15 to March 25 (start and end at 1 p.m. PDT).

• During Phase 1, users will be able to send Sunken Treasure NFTs to one another after completing 25 transactions on the Atlantic-2 testnet.

Phase 2

Will run from March 25 to April 5 (start and end at 1 p.m. PDT).

• Users will be able to “unbox” their Sunken Treasure NFTs to determine their rarity.

How to gift Sunken Treasure NFTs

• From the “Gift” tab, connect your Keplr wallet to the Sei Sunken Treasure website. Approve the connection to Sei Atlantic-2. You can get test tokens here.

• Check Eligibility. You will have to complete 25 transactions on Sei’s Atlantic-2 testnet.

• Create Gift. Mint the Sunken Treasure NFT that will be sent as a gift.

• Send Gift. Input the wallet address that you would like to send your gift to and click “send.”

How to claim Sunken Treasure NFTs

• Head to the “Claim” tab of the Sei Sunken Treasure website.

• Check Gift. This step verifies whether your wallet address has received any gifts. If your wallet address has not received any gifts, you will not be able to claim a Sunken Treasure NFT.

• Twitter Verification. This step allows us to mitigate botting and sybil attacks as well as verify that gift recipients have followed SeiNetwork on Twitter.

• Claim Gift. Click on the “Claim your NFT” button to mint and claim your Sei Sunken Treasure NFT.

[3] 🔔 Space ID token (ID) sale on Binance Launchpad

Binance announces the Space ID token sale on its Launchpad on March 22, at 10:00 UTC. Space ID is developing a universal name service network that allows Web3 domains to be discovered, registered, traded, and managed. After a successful seed round by Binance Labs, SPACE ID completed a $10 million strategic round. Venture capital firm Polychain Capital led the strategic round along with cryptocurrency investment fund dao5.

How to participate in the Space ID token (ID) sale

• Accumulate BNB from March 17-22

• Lock up all your BNB and sign a Token Purchase Agreement.

• Get an allocation to buy more ID tokens (the more BNB you have, the better)

• Tokens can then be sold after listing

• Approximate price: 1 ID = $0.025

• Sign-up: March 22, 06:00 - 09:00 UTC

• Distribution: 22 March 10:00:00 UTC

ID's total supply is 2 billion, of which only 5% have been allocated to the Binance Launchpad (100 million tokens). The launchpad hard cap is $2.5 million, while the hard cap per user is $15,000.

Distribution table

ID token has the following functions:

• Stake ID tokens to receive discounts on the SPACE ID domain's NFT marketplace trading fees and Web3 domain registration discounts on SPACE ID.

• Use them as a means of payment within the SPACE ID ecosystem and for Web3 Name SDK integration.

• ID token holders can participate and vote on SPACE ID DAO proposals.

Answer a quick question and get a chance to win ETH tokens.

What will be the bitcoin price on March 18 at 12:00 UTC❓

The prize will go to the person who comes closest to the real figure. We will announce the lucky winner in our next newsletter. Break a leg!

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