🌪 The Ethereum network was struck by an anomaly

Sup, guys? Here we are again, your buidlbee crypto community. We did a great job (like we always do 😁) and made analytics on the most significant market events as well as interesting ideas of the day.

In our letter today, you will find the following:

• Donald Trump calls for bankrupting America;

• China's role in the global economy;

• $METAL as a privileged blockchain;

• TA: Is Ethereum ($ETH) preparing to plummet below $1K?

• Taking part in the second NFT drop from Starknet (instruction);

• Tips on how to keep track of the crypto drops and activities to avoid missing out.

Main news of the day in brief:

• Binance and OKX sent emails to users asking them to disable the new Google Authenticator 2FA cloud sync feature, or else their Google account could be attacked and their password or private key could be compromised.

• Tron founder Justin Sun intends to start public trading of meme coins.

• Elon Musk announced that he is stepping down as Twitter CEO and that a woman will replace him.

• Karate Combat (KARATE) was listed on the following exchanges: Gate, Mexc, Kucoin, Bybit, and Bitfinex.

• Bloomberg: As of May 6, Binance's spot-trading market share dropped from 73% to 51%, affected by the cancellation of the zero-commission stock. And OKX's share rose from 5% to 9%.

💬 Trump calls for bankrupting America

The general unpredictability is gradually increasing. After a series of bankruptcies by banks and the largest U.S. state, there is an active discussion about the fate of the U.S. national debt itself. It is important to make a decision to raise the debt ceiling until the beginning of July, but so far the authorities have not been able to come to a consensus — the Republicans refuse to go to a meeting. Trump is also actively calling for a default. The former president said the government is spending funds like “drunken sailors”.

Some crypto companies are already trying to factor the risk of a U.S. default into their business. Circle, for example, has adjusted its USDC reserves by switching to short-term U.S. Treasury securities to avoid a potential U.S. debt default. This company now has no government debt maturing later than May 31.

🐉 China's role in the global economy

Meanwhile, China now plays no less of a role in the global economy than the U.S. The Economist's fresh new cover is all about China!

While all eyes are on the U.S. interest rate, just as important is the impact of a similar indicator from China. Here is a single chart to illustrate the exceptional importance of China:

The graph clearly shows the strong correlation between the growth rate of world GDP and the change in the dynamics of the Central Bank of China's liquidity pumping into the economy. China has been slowing the rate of liquidity injection into the system lately; it was in April that Bitcoin price growth stopped. Coincidence? As you can see, along with the tightening of monetary policy in the U.S., there is a simultaneous tightening in China, which creates a double shock effect on the global economy.

🌪 An anomaly in the Ethereum network

Transactions on the Ethereum network failed to be confirmed for half an hour this Friday. Now everything is working, but the developers admit that they don't know the reason for the serious failure that occurred yet and are studying the problem.

🖇 Summary of the week

💲 Ideas

[1] $METAL as a privileged government blockchain

FedNow, the Federal Reserve's new payment system, will be integrated with Metal Blockchain, allowing users to convert fiat into stablecoins for use in any DeFi protocol.

The Metal network is "built to comply with the BSA [Bank Secrecy Act]," implying that identity verification and anti-laundering features are built into it. And the network has a subnet called the "X-Chain," which allows developers to impose rules. For example, a token can be issued with the rule that it "can only be sent to U.S. citizens" or "cannot be exchanged until tomorrow."

Nevertheless, despite all the doubts and strong regulation surrounding this blockchain, Metal Blockchain ($METAL) is becoming the exclusive bridge to the crypto world for the digital dollar. The $METAL exchange rate has already reacted with a jump in price based on this news. It looks like an interesting long-term idea considering the new status of this blockchain. FedNow itself is set to launch in the U.S. as early as the end of this summer, 2023.

[2] ETH is going down?

According to Tolberti’s technical analysis, Ethereum is showing strong weakness in the main timeframes and is now in a consolidation phase. $ETH has been moving sideways for almost a year now. And the final dump could be 618 USDT.

[3] New Starknet Explorer activities

StarkNet is a Layer 2 decentralized solution for scaling the Ethereum network. StarkNet is based on the ZK-STARK cryptographic mechanism. The main developer of the protocol is the Israeli company StarkWare.

The Argent team rolled out information on how to get a second NFT. Deadline: May 17. The NFT claim for the first week will be available later.

Steps to take:

• Play the StarkFighter game using the Argent X wallet. You don't have to play again if you've already played from the Argent X Wallet and signed the transaction with points.

• If you don't have a domain, you can get one through xplorer.starknet.id (don’t forget about gas).

• Don't forget to claim NFT for the game itself; quests are here. You have to play for 100+ seconds to pick up a golden NFT.

Good fortune in the beginning, guys! Hard work pays off! 💪

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