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- 🗝 Key crypto market events (May 29 - June 5)
🗝 Key crypto market events (May 29 - June 5)
Also in our letter: macroeconomics in the U.S. determines market agendas again, the way Dogecoin grows on steroids, and how JPMorgan has cleverly calculated the fair price of Bitcoin (you'd be surprised).
buidlbee make it with crypto
May 29, 2023
Hello frenz, this is the buidlbee crypto community team. And today we will review the major events of the weekend as well as give you some interesting ideas for the upcoming week. Here are the key takeaways:
Cryptocurrency market overview;
List of important cryptocurrency events for May 29-June 5;
New tokens and unlocking tokens;
Token launches;
Airdrops and freebies.
And now for the latest highlights:
Rumors: Grand Theft Auto 6 (GTA 6) will be based on the P2E model, and the earned in-game money can be exchanged for real money. Also, the main currency of the game could be Bitcoin.
Bybit has received preliminary approval from the Astana Financial Services Authority (AFSA) to operate as a digital asset trading center and custodian service provider in Kazakhstan.
The governor of Bali said that the use of cryptocurrencies as a means of payment will be strictly suppressed, including deportation, administrative sanctions, criminal penalties, and the closure of commercial premises. Restrictions include the use of cryptocurrency as a means of payment in hotels, restaurants, tourist destinations, shopping malls, and other places.
Gold supporter and Bitcoin critic Peter Schiff will present an NFT collection on the Bitcoin network, which Market Price artists helped launch.
Digital Currency Group (DCG) will close its institutional trading platform TradeBlock on May 31 due to a tough market and tighter U.S. regulatory policies.
👉 Weekly results: Macroeconomics pumps crypto, Doge on steroids, and Stranger Things with BTC
In this brief digest, we briefly recap the important events in the crypto world that have occurred in recent days, including this weekend.
↗ Macroeconomics pushes the price up
The White House and Republicans reached a tentative agreement to raise the national debt ceiling. The deal is expected to be formalized in the coming days. According to unofficial information, this agreement also blocks some new taxes proposed by the Biden administration, including a 30% tax on mining. With the U.S. now the world leader in mining, this is additional good news for the crypto industry.
The market took the potential agreement with enthusiasm, with Bitcoin's price rising to around $28k on the news. Not only has Bitcoin reacted positively to the government debt deal, but stock indices are making new highs on the back of the news. The S&P 500 closed yesterday above 4200, a level not seen since August 2022.
Despite the positive news on the government debt, the odds of another June 14 interest rate hike in the past week rose from 10% at the beginning of the week. According to the PCE Price index, inflation remains quite high, forcing experts to expect another round of rate hikes by the Fed.
Beijing released a government white paper on Web3 innovation and development. According to this document, China will invest at least 100 million yuan a year to support the construction of this industry. This initiative partly confirms similar recent news, which shows a trend of softening attitudes toward cryptocurrencies, which were previously categorically banned in China.
🐕 Dogecoin grows like on steroids
Dogecoin broke all previous records this weekend — more than 2 million transactions in 24 hours were made on the network. For comparison, Bitcoin and Etherium have 400,000 and 532,000 transactions, respectively.
The Dogecoin network's hash rate also increased by more than 38%. As of May 9, Dogecoin's hash rate was 638 TH/s, and just three weeks later it had grown to 885 TH/s, showing the growing influence and stability of the network. It also shows the rapid growth of the profitability of mining on this network and the influx of new calculating power.
The reason for this growth is the launch of the new DRC-20 token standard, which led to an immediate increase in network activity. DRC-20 is modeled after BRC-20 and allows the creation of tokens "on top of" the blockchain.
🎢 JPMorgan found a fair price for BTC
Analysts at JPMorgan have taken a pretty original method of calculating the fair price of Bitcoin through the value of gold. Due to the fact that these two assets often move in tandem and are seen as alternative complements to each other, Bitcoin has the same weight in the portfolios of private investors (with adjustments for risk) as the precious metal. Because of this recalculation of the value of the current $2,000 troy ounce of gold, analysts have deemed the equivalent of $45,000 to be the fair price of Bitcoin.
The $45,000 estimate is the upper limit of a possible upward move this year. In addition, JPMorgan also noted that the upcoming halving in 2024 will lead to a rise in the price of BTC to at least $40,000. So the model from JPMorgan defined a corridor of the maximum price for 2023 as well as the minimum price for 2024.
🥤 Stranger things
The Stably Company has announced the launch of the first $USD stablecoin based on BRC-20 on the Bitcoin blockchain.
The stablecoin will be fully collateralized and redeemable 1:1 with $USD held by Prime Trust in FDIC-insured banks. Generally speaking, this whole Ordianls/BRC20 thing is getting weirder and weirder as it progresses. Following the release of NFT, a real stablecoin is being released, and as we wrote last week, exotic protocols are being developed to deploy DeFi services.
Despite all these strange things, hashrate Bitcoin has once again set a new historical record — all indicative of the record investment in mining and the profits that are constantly boosting the industry. Something very interesting is clearly looming ahead.
God bless Bitcoin.
⚓ Major crypto events (May 29 - June 5)
May 29
May 30
Consumer Confidence Data. The Conference Board’s Consumer Confidence Index is an indicator that measures attitudes about the current and future strength of the economy. It will release the latest U.S. consumer confidence data for May. Analysts forecast a decline from 101 to 99.0.
Sonic Inu (SONIC) listing on CEX.
VyFinance (VYFI) starts stakeless LP farming.
Xana (XETA) festival 4.0.
Vulkania (VLK) listing on Cointr Pro.
Marblex (MBX) Meta World NFT will be available.
Eldarune (ELDA) listing on Bybit.
May 31
In the U.S. Labor Market Report, the latest JOLTS jobs summary for April will be released. Experts expect 9.77 million job openings (the previous figure was 9.59 million; it’s below forecasts).
Metastrike (MTS) launches its new website and roadmap.
Zcash (ZEC) will release the full set of products that will resolve wallet performance issues.
Flow is hosting a live demo from 8-8:45 a.m. PT.
Sandbox (SAND) Paris Hilton avatar collection launch.
June 1
EU Inflation: Data on Consumer Prices. In the previous period, the inflation rate remained unchanged at 7.0%. Experts are confident that the figure will remain the same. Also: China, India, and Eurozone PMIs, ADP labor market indexes, PMI and ISM indexes in the U.S.
Ultron (ULX) listing on BitMart.
June 2
Labor Market Report. The Bureau of Labor Statistics will present May's latest nonfarm payrolls (NFP) data for May. The previous month's number of new jobs was 230,000, well above the experts' forecast of 160,000.
🔓 Tokens unlock
June 1
Optimism (OP) - 386 million OP, or 9% of total supply.
Hedera (HBAR) - 1.2 billion HBAR, or 2.5% of total supply.
Acala (ACA) - 27 million, or 2.7% of total supply.
June 2
1inch (1INCH) - 249 million 1INCH, or 16,6% of total supply.
Nym (NYM) - 25 million NYM, or 2,5% of total supply.
🏁 Tokens launchpads
May 29
MTHUB (MTHUB) is a digital brokerage platform that allows users to make and copy deals from successful traders, pass a qualification test, and manage capital. Tokens are available via TruePNL.
Artyfact (ARTY) is a Web3 Gaming Metaverse. Tokens are available via TruePNL.
LasMeta (LASM) is a play-to-earn VR poker gaming platform built on the Ethereum blockchain and powered by Unreal Engine 5. Tokens are available via TruePNL.
NFT3 (ISME) is the first unified decentralized identity and credit network for Web3. Tokens are available via TruePNL.
ScapesMania (MANIA) is a project for a massive, profitable audience of Web2 players, with the opportunity for Web3 enthusiasts to benefit from it. Tokens are available here.
May 30
QWAN (QWAN) is a global gaming token. Available via Poolz Finance and Gate.io.
Cogito Protocol (CGV) offers a decentralized and AI-driven tracercoin called GCOIN, a stablecoin uncorrelated to fiat currencies. Tokens are available via Enjinstarter, Seedify, and Gate.io.
Bware Labs (INFRA) aims to tackle Web3 challenges and boost global adoption by offering the industry's highest-performance and most reliable infrastructure services and development tools. Available via Gate.io.
June 1
🆓 Crypto and NFT freebies
May 29
June 1
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