👜 Coinbase loses huge sums

Sup, guys! It’s the buidlbee crypto team here. It's Tuesday, and our work week is in full swing (yours, too, it seems). We, as bees do, did a great job and collected for you not only the interesting ideas of the day but also made an analysis of the main crypto market events. And it's all short, clear, and simple.

BTW, remember earlier we wrote about how to participate in the Argent Xplorer event? Well, the NFT for the first week can already be claimed here (if you've been active).

And now we present the contents of the letter that we worked diligently on today:

• U.S. regulator's response to Coinbase;

• An oversized withdrawal from Coinbase. What's going on?

• Meme coin news;

• BCH as a hedge to BTC;

• SUI has bottomed out and is about to head to the moon (technical analysis)?

• How not to miss a Polygon zkEVM drop.

As for the day's highlights, the most important are briefly listed here:

• The Council of the EU unanimously approved a set of rules for markets in crypto-assets (MiCA) and the DAC8 amendment.

• Prysm, the Ethereum main client, announces the release of Prysm v4.0.4, which contains a number of critical fixes for the mainnet and new features.

• Ledger releases an update to the Nano X with Recover, which allows seed phrase recovery using third-party and owner verification (KYC). The community criticized the idea of transferring data to third parties and recalled the risk of data theft with KYC.

• Layer 2 solution Optimism will update its mainnet (Bedrock) on June 6. During this process, users will not be able to make transactions, deposits, or withdrawals. According to the developers, Bedrock will increase the security and stability of the bridge OP Mainnet and reduce commissions.

• Lido Finance has updated to version 2, allowing users to withdraw ETH from the platform.

• Next month, the OKX exchange will support Ordinals inscriptions.

😁 U.S. regulator's response to Coinbase

Today, the SEC responded to Coinbase's petition asking the court to require the SEC to answer the question of whether it will engage in rulemaking for the crypto industry. The SEC's response turned out to be a bit mocking in tone:

• The SEC told the court that it could take years to come up with rules, and they were in no hurry to do the work.

• The SEC admitted that it would continue to use enforcement actions against players as a substitute for rulemaking for the foreseeable future. This is a practice they consider normal.

Overall, this SEC response reinforces Coinbase's (and other players') concern that the crypto industry in the U.S. lacks regulatory clarity. We'll have to wait for the court's reaction to this brash response for now. But it is likely that major crypto players will continue to leave the U.S. as a jurisdiction amid such legislative uncertainty.

Interestingly, amid this response, the U.S. Chamber of Commerce has expressed support for Coinbase in its litigation with the SEC.

🔄 An extra large withdrawal from Coinbase. What's going on?

Only three times in the last year have we seen a $750 million Bitcoin withdrawal in a single day from Coinbase. It's not yet clear what triggered such a gigantic withdrawal yesterday, but it makes one wary.

The other three times such withdrawals occurred were during the collapse of Luna and FTX, as well as both local bottoms.

🌚 Meme Coin News

• The number of transactions in the $DOGE blockchain has reached ATH amid the emergence of the DRC-20 standard. The DRC-20 standard allows the creation of new digital assets on top of the blockchain. Now the number of transactions in Dogecoin has jumped to a record 628,000 per day, surpassing those of Bitcoin and Litecoin.

• Researchers found that the top 10 $LADYS holders (excluding exchanges and contract addresses) hold 20.3% of the total supply. In this regard, $LADYS and $PEPE have a similar structure with super-large holders of coins, giving great opportunities to manipulate the market.

💲 Ideas

[1] 🔔 BCH as a hedge to BTC

If you look at the chart of $BCH you can see the following feature: when the network of Bitcoins was heavily loaded with transactions last week, which hurt the reputation of $BTC and bloated fees, $BCH increased its price. Probably, the market is thinking like this: $BCH, with its huge block size at such moments, looks like a savior, like a more adapted variant (possible replacement) of Bitcoin.

This means that in the future, when Bitcoin is overloaded, you can try to play on the mirror growth of the $BCH price by opening a long position. As usual, when using our trading ideas, you act at your own risk.

[2] 🔔 SUI prepares for breakthrough

Last week, SUI relative to $ formed a double bottom at $1.01500, broke above the 4H MA50 (blue trend line), and is testing its first major resistance at $1.24500. According to TradingShot’s analysis, if the 4H candlestick closes above that level and targets Resistance 2, it is worth considering adding this token to your bag. Similarly, if SUI closes above Resistance 2 ($1.68000).

[3] 🔔 Polygon zkEVM hints at an airdrop

Polygon zkEVM is a Layer 2 Ethereum scaling solution. The project was created by Polygon. The name speaks for itself. Polygon has over $450M in investments from Disney Accelerator, Sequoia, Animoca, and other major funds.

Polygon zkEVM is in beta. But recently, Polygon's co-founder openly hinted in his tweet that an airdrop is planned for the network's testers.

How to get involved?

• Add a zkEVM network;

• Make a deposit via a bridge, such as this one;

• Make transactions in the zkEVM network in dApps of your choice: Orbiter, Quickswap, Antfarm, or 0vix.

The commission on L2 networks has gotten lower, thankfully.

Good luck in everything, our beloved crypto traders, hodlers, lovers, and just enthusiasts! Stay in touch! 😘

P. S.

Here is the new meme coin we deserved. С-С-Сombo!

Welcome HarryPotterObamaSonic10Inu 😂🤣😁

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