🪙 Crypto lens: insights and trends

Stay updated with the latest news and market developments

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buidlbee make it with crypto
September 04, 2024

Hello, crypto bros! 🦾

We’re back with another edition of the buidlbee newsletter, bringing you the latest happenings, insights, and opportunities in the cryptocurrency world. Whether you're deep in the market or just exploring, there's something here for everyone. Let’s get started! 🆙🔝

And here we go:

  • 🔨 Brazil blocks social network X and imposes fines;

  • 😈 Latest cyberattacks in crypto;

  • 🐂 Bull market in two weeks?

  • 💱 Ex-CEO of Mt.Gox to launch new exchange;

  • 🪙 Ripple to launch RLUSD stablecoin very soon;

  • 🔑 Key crypto market highlights (September 4-11);

  • 💵 Ideas: Lombard BTC restaking, DOGS analysis, 0G Labs campaign.

🔨 Brazil has blocked social network X and imposed a fine for bypassing the ban

Brazil's Supreme Court has suspended X (formerly Twitter), owned by Elon Musk. This was in response to the platform's management's refusal to block some accounts and the closure of the company's representative office in the country. The ruling affects Apple and Google, which are ordered to remove the app from their online stores within five days. In addition, there is a fine of 50,000 reais (about $9K0) per day for people who will try to access the platform using a VPN.

Musk reacted to what was happening in Brazil by reposting a post where what happened was called “an attack on freedom”.

😈 The latest cyberattacks in crypto

In August, hackers stole $314M in crypto due to more than 10 cyberattacks. Phishing attacks alone accounted for 93.5% of all stolen cryptocurrency funds, resulting in a loss of $294M. And that’s not all. 

Trump family members' accounts were hacked to promote the crypto scams. The politician's daughter and daughter-in-law Tiffany Trump and Lara Trump were hacked. After gaining access to the latter's account, the attackers published a message promoting a token under the ticker WL, which is allegedly linked to Trump's project, World Liberty Financial.

The platform's page warned that the accounts were compromised and urged not to buy the tokens.

The Penpie DeFi protocol, which is part of the Pendle ecosystem, was also hacked.  The attackers managed to get hold of assets worth about $27mn. The hackers used part of the funds for the Tornado Cash crypto-mixer.

🐂 A bull market in two weeks? 

Here are some interesting developments that could point to the upcoming rise of cryptocurrencies:

  1. In 14 days, the Fed plans to cut rates. The rate cut is expected on September 18, on which day the rate-setting committee will meet.

  2. One of Switzerland's largest banks, the $290B Zurich Cantonal Bank, launches BTC and ETH trading.

💱 Ex-CEO of Mt.Gox to launch new exchange

The former CEO of bankrupt crypto exchange Mt.Gox, Mark Karpeles, announced that he will launch a new trading platform called EllipX later this month. The company plans to operate in the European market and is based in Poland. Karpeles also expressed hope that the level of transparency of his new exchange will become an industry standard.

🪙 Ripple will launch the RLUSD stablecoin within a few weeks 

Ripple Labs CEO Brad Garlinghouse said his company is close to launching a new stablecoin. The USD-linked asset will hit the market within a few weeks. RLUSD is currently in the beta testing phase.

🔑 Key crypto market highlights (September 4-11)

💵 Ideas

[1] 🔔It's time for Lombard

Lombard is a restacking protocol for BTC. Lombard raised a seed round of $16M from Polychain Capital, OKX Ventures, Mirana Ventures, and others. Lombard recently opened the platform to restake BTC from their holdings, farm APY, and more points for future drops. APY is around 3%, plus you farm Veda and Lux points with multipliers. 

What to do:

  1. Go to the Lombard website;

  2. Click on Stake BTC;

  3. After that, Lombard will give you the address where to send BTC;

  4. Transfer BTC and wait for your LBTC to come to you (approximately 1 hour);

  5. Then, go to Vault and make a deposit.

[2] 🔔 Who let the DOGS out?

According to Tradecitypro’s technical analysis of DOGS, based on 4-hour and 1-hour charts, the true value of tokens isn't clear yet. However, here are some interesting conclusions to think about. Right now, the 24-hour trading volume has dropped significantly, which might mean that people who received DOGS in an airdrop have mostly stopped selling. The liquidity pool earnings are decent, so DOGS could be a good option for DeFi investments.

  • On the 1-hour chart, DOGS is below a trend line, which looks like a channel.

  • If the price doesn't drop within the next 21 hours, it could mean the downtrend is losing strength. If that happens, there's a higher chance that DOGS will break the trend line at 11656. This could be a good time to consider buying or opening a long position, with a stop-loss set just below the box (the safest level). 

  • A smaller stop-loss could also work in this situation, depending on the market structure.

  • However, if the price falls in the next 10 hours, the downtrend could get stronger, making 10648 a good level to trigger a short position (selling DOGS).

*Any technical analysis, in the long run, cannot accurately predict the movement because now is a very tough market and the news can swing currencies in all directions.

[3] 🔔 Rewarding campaign from 0G Labs

OG Labs is an infinitely scalable data availability layer and storage system that provides the necessary infrastructure to scale Web3 and introduce new use cases.

The project has raised $35M in a pre-seed round from Hack VC, Delphi Digital, Animoca Brands, and others. OG Labs announced the launch of the Newton V2 testnet, and with it a rewarding campaign where we will earn 0G points. The deadline is September 16.

How to participate:

  • Go to Intract and complete social tasks (100 XP);

  • Optional: Validator and Storage node (120 XP);

  • XP on Intract will be converted 1 to 1 into project points (0G).

🙏🚀 Thank you for staying informed with us! We’ll be back next week with more insights to keep you ahead in the fast-paced world of cryptocurrency. Until then, happy trading and stay safe! 🤗🪙 Crypto lens: insights and trends

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