Greetings, guys. The buidlbee team is here again. Fasten your seatbelts and brace yourselves for an enthralling crypto adventure. Here’s a sneak peek into what lies ahead:

• What are the reasons behind the upward trajectory of BTC’s price? Experts thoughts.

• Choosing the best asset. Uncovering the hottest IEOs in 2023 by ROI.

• Technical analysis: MATIC turns bullish.

• MagpieFi beta test.

Stay informed, and don't let the fast-paced world of crypto pass you by. Here's a glimpse of what transpired in the past 24 hours:

• Polygon Labs launches AI bot, Polygon Copilot.

• Binance revealed a $TUSD zero maker fee promotion.

• The Arbitrum team released new tools to help developers build Arbitrum Orbit.

• The crypto firm Ripple has got a payments license in Singapore.

• Ledger intends to release the Recovery update despite the criticism.

• Casa has expanded its services to Ethereum users.

• Binance and Binance.US filed the SEC for defamation.

Why did the crypto market begin to grow rapidly? Reasons and trends.

The market continues to rise

Bitcoin soared above $30k and is now +21% in six days. After a two-month decline, such a sharp and unexpected market reversal was driven by optimism associated with at least 10 new ETF filings, including the arrival of financial market giants on the scene.

The assessment of ETF launch preparations has been contradictory so far, with two opposing views to give you an example. User @FieldNas doubts the prospects, seeing it as another manipulation of the market:

“Blackrock, Deutshe, Fidelity Et al.

They're gonna make a lot of paper bitcoin. This may not be the institutional adoption you were hoping for.”

Other experts are optimistic (judging by the reaction of the market, this is the majority). Thielen Markus notes in his Daily Insights report:

“The SEC's probability of approving the Blackrock Bitcoin ETF is high. The ETF might be approved by September/October 2023 and will attract $10bn within 3 months and $20bn within 6 months — materially supporting Bitcoin prices.”

Other versions of strong growth

In addition to the main version of growth due to the entry into crypto of the "titans of the financial market" (as Bloomberg called them), some experts are calling for alternative versions, which probably reinforce each other:

• The falling yuan exchange rate. If you look at the YUAN/USD rate, you can clearly see a strong correlation between the depreciating yuan and the rising BTC. A similar correlation has been seen in many developing countries with high inflation, where people are trying to protect their savings by parking their assets in BTC. According to this version, China, with its huge population and economy, will unwittingly pump up the BTC rate.

• The U.S. House of Representatives will vote on the crypto bill in July. Passage of this legislation could greatly confuse the cards for players like the SEC, bringing clarity to crypto in the U.S. and limiting regulators from arbitrarily attacking markets.

• The fourth reason for the market growth is the strong liquidation trend in the last 24 hours, which has pushed the price up. We'll talk about this factor in more detail below.

The market is drowning in losses

As Bitcoin rallied from about $27k upward, short positions began to accumulate. At the same time, when approaching $29k, the number of shorts became predominant. Nevertheless, as you can see now, the market continued to grow further, drowning a huge number of traders in liquidations.

A side effect of the large number of liquidations is a short-term upward momentum (for an asset that is being shorted en masse). Despite the losses and danger, even at current levels, the number of shorts is quite high. In our opinion, if the BTC rate crosses $31-32k, it can trigger a huge avalanche of liquidations, which will lead to strong volatility in the market.

💲 Ideas

[1] 🔔 How to choose a promising project

Here is a new list of the most successful IEOs in 2023 (based on the current ROI). There's a lot to choose from for your portfolio while many altcoins are in a coma, isn't there?

According to statistics, the leaders of the 2023 launchpads are now the famous project Sui and the lesser-known three TOMI, Areon, and PandaFarm.

[2] 🔔 MATIC bullish breakout

According to the technical analysis of TheNewsCrypto, at the moment, the asset is trading within the pattern of an ascending triangle, which indicates the probability of the continuation of the current trend.

In addition, the token is now approaching the support zone, the entry point to which is at $0.592. If all goes according to plan, the token could reach $0.72. The gain is more than 20%.

At the same time, to reduce the risks, experts advise setting a stop-loss at $0.589.

As a confirmation of the long-form signal, Polygon might also have figured out how to defend itself against the SEC's attacks. The company quickly responded to the regulator's request and stated that the MATIC token was developed and deployed outside the U.S. and is still aimed at the global community supporting the network.

*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] 🔔 MagpieFi beta test

The team at MagpieFi, a decentralized liquidity aggregation protocol for cross-chain swaps, has launched a public beta test of the platform. There is no information about the rewards, and tokenomics is not openly available, but it is known that the project will have a $FLY token. A drop is not announced yet, but it's not excluded, so let's tell you how to participate in the test.

• Head to the page of the beta platform;

• Connect your wallet;

• Select the network from which the tokens will be sent;

• Send tokens to different networks several times.

Farewell for now, folks. Until we meet again, stay tuned and keep embracing the world of digital assets. See you in the next edition.

🔥 Attention

You have received this mail because you have subscribed to a newsletter at buidlbee. Please make sure you have seen and understood our disclaimer before reading. You may always unsubscribe from our mailing list by clicking on Unsubscribe. If you received this in error, please contact buidlbee, delete this email and any attachments immediately.