🤪 Friday's crazy market chronicles

Greetings, everyone. The buidlbee team is here to present our newest newsletter, filled to the brim with captivating insights that will surely enchant you. Get ready for an exhilarating expedition into the thrilling realm of digital assets. Without further ado, let's embark on this exciting journey together. Here are the topics for today:

• Save or down: Robinhood acquired startup X1.

• Is Prime Trust on the brink of default?

• Stablecoins don't hurt fiat. Neither do they themselves.

• Why is 2024 important for the industry?

• Technical analysis: KuCoin Shares (KCS) bullish momentum.

• Some points from Linea.

Rest assured, we have your back with a brief rundown of the noteworthy occurrences in the past 24 hours:

• Former hedge fund Three Arrows Capital morphed into a venture capital fund.

• Binance will be represented in the SEC lawsuit by a former DOJ prosecutor.

• Layer 2 platform ZORA is live.

• Arpa Network goes live on Ethereum's mainnet.

• FTX is demanding that K5 Global return its $700K investment.

• Binance.US has temporarily resumed withdrawals in dollars.

🏹 X1 in da Robinhood

Such thoughts arise primarily from the fact that, according to official reports, the beginning of the year was not exactly a good one for the company. In the first quarter, Robinhood's revenues fell by 5%, and the index of the cryptocurrency segment fell by 30%. And if you add to that the drop in trading volume of digital assets in May, you might get the feeling that the intended move is not as important as the need to pay attention to internal metrics.

However, the management believes the move will allow Robinhood to "meet all of its customers' critical needs" and give them access to credit. How this will fix the company's own current financial holes remains to be seen, though. After all, if it doesn't help, doesn't that mean Robinhood will pull its new ally along with it to the bottom? We will see.

💪 Stable stablecoin

Can stablecoins destabilize traditional banking markets? No. Do they want to? Also, no. At least that's what Tether CTO Paolo Ardoino thinks. According to him, dollar-pegged assets do not harm the structure of banks or the dollar in any way because they "cater to a different market."

“There are places in the world where 70% of the people don’t have a bank account because the banking infrastructure is poor. They are forgotten or not interesting to the banking infrastructure. That is where we thrive so in a way, we are not competing with the US and European banking industry.”

It would seem that the answer to this question is obvious, but the background of recent news about the de-peg of Tether from the dollar only strengthens the power of USDT. By the way, now the digital counterpart of the main coin of the USA feels confident, and there is not even a hint of de-peg. Can holders sleep well? Hm.

☠️ Is Prime Trust on the brink of default?

The situation with Prima Trust, LLC which operates as a technology-driven trust company, is gaining momentum. So, BitGo refused to buy the organization, referring to the fact that they have allegedly already tried all possible options to save it.

However, rumor has it that the real reason for stopping the deal is due to the fact that Prime Trust has been targeted by Nevada's regulators. Therefore, whatever BitGo's intentions may have been at first, it is now clearly not ready to get involved in such a dangerous venture.

Regulators already say Prime Trust can’t meet customers withdrawal requests, which could lead to an FTX scenario. And when taking into account that the company also acts as an asset custodian for Binance.US, CoinMetro, and TUSD, the consequences could be much larger.

🤔 Clarity in cryptocurrency regulation is expected in...

The crypto industry is not standing still, but if cryptocurrencies had fewer haters, the process would probably move much faster. Those who prevent the industry from growing include government institutions and the current cabinet, which establishes rules and regulations to control it.

The current U.S. government is not entirely loyal to digital assets. For example, the president has repeatedly spoken negatively about cryptocurrencies and called for their regulation. However, there is no complete ban on the industry, so the issues related to regulation are still in limbo. But according to the head of Coinbase, the upcoming 2024 election could change everything.

In his opinion, because of the recent SEC court case against Binance, there may be some clarity next year. And at all levels, whether it be administrations, parties, or SEC chairmen. So, we’re waiting.

So far, it is known that two candidates have promised to support cryptocurrencies, Ron DeSantis and Robert F. Kennedy Jr. This could also include Trump, who even launched his own NFT collection.

💲 Ideas

[1] 🔔 MATIC’s potential

Blockchain representatives recently announced v2 of their product. Uninterrupted functionality, increased security, and interoperability with other blockchains throughout the ecosystem sound cool, but is it any use if the token stands still? No, but judging by the chart, new announcements and launches are favorable to the asset's growth, so a continuation of the bullish cycle is very likely.

If things go well, Polygon has every chance of making the top ten again.

[2] 🔔 KSC’s double jump

The News Crypto technical analysis suggests that there is a probability of the token breaking through the level of $7.46. The implementation of such a scenario may result in a jump in the asset value to $12.336.

Given that the coin is currently trading at $6.63, such an outcome is not excluded. So we're talking about a twofold increase. It is worth waiting, but according to the expert, KSC may reach ita highest point no later than in three weeks. But only if everything goes as planned and the current rate is not violated by external circumstances.

*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] 🔔 2500 points from Linea

The Linea team, ready for rollup, has launched a campaign to fight bots and engage real users in Linea Voyage. The goal is to create an honest, authentic community experience. All participants can earn 2,500 points. Here's what's demanded to join:

• Quest page.

• Wallet, Twitter, and Discord connections.

• If a user has a Gitcoin or Galxe passport, it is possible to claim the points right away.

• Otherwise, one goes to the Guild and mints the pin. The commission is $1.5.

• Then returning back and claiming the points.

June 30th is the deadline.

Goodbye, explorers of the crypto world. As you continue your path in the realm of digital assets, may you encounter abundant success and an array of delightful options. Wishing you a wonderful weekend filled with joy and relaxation.

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