🔑 Key crypto market highlights (June 12 — 19)

Also, what factors contributed to the cryptocurrency market's latest drop? What are the reasons behind the anticipated increase in market tension? Two significant events of this week, and more.

Greetings, cryptocurrency lovers! The buidlbee team is pleased to present to you an exciting array of interesting updates and news. We hope you had a good weekend and are ready to embark on an exciting journey with us. Here's what you'll find today:

  • The crypto market sagged over the weekend; what's the reason for the drop?

  • Why will the tension in the market increase?

  • June 13: Two major events

  • List of important cryptocurrency events for June 12 — 19;

  • Token launches and unlocks;

  • Airdrops and freebies.

The main focus for the weekend and Monday is:

  • Singapore exchange Crypto.com is winding down its institutional business in the United States. The decision comes amid an SEC lawsuit against Binance and Coinbase. It is specified that this step will not affect retail operations.

  • On June 10, DeFi's liquidation volume exceeded $11M. This is the highest since the beginning of May.

  • TrueUSD (TUSD) has lost its dollar peg following a minting suspension with Prime Trust.

  • Hong Kong lawmaker Jonny NG has proposed that global cryptocurrency exchanges move to Hong Kong. The suggestion extends to Coinbase and other platforms that are interested in a transparent jurisdiction.

  • TaxBit, a crypto tax software company, has made a significant workforce reduction, laying off around 80 employees. This news comes just months after TaxBit achieved unicorn status.

  • The Solana Foundation and Polygon Labs disagree with the SEC’s characterization of the tokens as securities. Solana, to solve the problems with the regulator, maybe do a fork.

  • Bitcoin's market share has surged and reached nearly 50%, marking a new high since April 2021.

  • Binance announced the delisting of a number of spot pairs with BNB.

  • COTI suspended the gCOTI exchanger after the token was listed as a security.

  • Tether added 1 billion USDT to its supply.

The weekend in the red: why the crypto market is falling

Altcoin Depression

All last week, crypto was attacked by the SEC, but the market behaved surprisingly stable. But the collapse did happen — the market started falling from Friday night to Saturday, when major financial markets are closed and most traders are out of work.

The first to fall were the "toxic assets" that had previously been marked as securities by the SEC. Solana, Matic, Cardano, Filecoin, and Sand lost more than 20% in just a few hours. At the same time, BTC was down only 3.5%, and ETH lost just over 5%.

The price of Bitcoin went below $26,000 again. The capitalization of all digital assets is dangerously close to the important psychological value of $1 trillion; the last time the figure was below this value was in September 2022, in the midst of the crypto winter.

PoS altcoin sell-offs are the reason for the drop

  • The announced sell-off of Cardano, Matic, and Solana (and other assets that the SEC called securities) from Robinhood is starting to put pressure on the market; sellers have started to exit from these altcoins. Robinhood owns 1.3 billion altcoins, of which 583 million are in these three cryptocurrencies.

  • In light of all the risks to U.S. investors, the Scimitar Capital fund said it has made a strategic decision to liquidate all of its cryptocurrency assets. Late Friday night, this fund sold $2 billion worth of altcoins.

  • TVL in DeFi fell sharply by 8.97% last week, from $47.12 billion to $42.89 billion. Over five days, the loss amounted to about $4.2 billion. Most of the losses came on the last day of the week, as the overall market capitalization and prices of large coins fell dramatically.

Binance under extreme pressure

Binance had a net outflow of $3.37 billion in the last 7 days. CZ reassures the community that this is normal during volatility. To compare, during the FTX crash, Binance withdrew about $7 billion in just 1 day. However, if Binance keeps losing liquidity at this rate, the situation may become critical in a week or two.

Also, TrueUSD temporarily stopped issuing new #TUSD because this stablecoin partially lost its peg to the dollar. Considering that after the $BUSD scandal, Binance made a bet on TrueUSD implementation (creating many trading pairs with TUSD), everything that is going on is very alarming.

The overall situation with Binance is very well seen on the chart of its exchange token — it has been rapidly losing its market value in the last 7 days since the regulators began attacking:

What do we think about this?

Earlier, Cardana's founder accused the U.S. authorities of a coordinated attack on the world's leading crypto exchanges in an attempt to artificially crash the crypto market. Recall that in spring, the US authorities launched a similar series of attacks on banks serving crypto exchanges, which caused bank panic, after which the unsuccessful attack was stopped.

On Friday, we reported that, according to expert analysis, Crypto.com, a major exchange, would be the next likely target. Today it became known that Crypto.com is hastily shutting down its service for institutional clients in the United States, probably acting proactively.

To all appearances, the closer it is to July, the tougher the SEC's actions will be. After all, the U.S. Federal Reserve is launching its government digital currency, Fednow, in July. If Cardano's founder is right in understanding the logic of the market and the authorities are really clearing the way for their CBDC, then the peak of the confrontation with the crypto community is yet to come.

⚓ Major crypto events (June 12 — 19)

June 12

  • The release of the U.S. federal budget execution report.

  • ULTRON (ULX). Listing on the ProBit Global exchange.

  • WAGMI Game (WAGMI) tokens will be listed on the exchange XT.COM.

  • Abyss World (AWT). Listing on the Bitget exchange.

June 13

  • Consumer Price Index in U.S. dollars, excluding food and energy.

  • U.S. Inflation Report for May.

  • SquidGrow (SQUIDGROW) is launched on ETH.

June 14

  • Fed key interest rate meeting.

  • Fed economic forecasts.

  • Wemix Token (WEMIX). Applepie hardfork release.

June 15

  • European Central Bank key interest rate meeting.

  • Jetset (JTS), a rental platform, beta launch.

  • EFK token (EFK) will be listed on Bitforex.

  • Metastrike (MTS). Testnet launch.

June 16

  • Eurostat data on CPI consumer inflation.

  • Only1 (LIKE) platform public launch.

June 17

June 19

🔓 Tokens unlock

June 13

  • Sweat Economy (SWEAT) — 324,905,000 coins, or 1.3% of the total supply.

June 14

  • Blur (BLUR) — 195,999,999.97 coins, or 6.533% of the total supply.

June 15

  • BitDAO (BIT) — 187,500,000.32 coins, or 1.951% of the total supply.

June 15

  • LooksRare (LOOKS) — 37,500,000 coins, or 3.75% of the total supply.

June 17

  • ApeCoin (APE) — 15,601,326 coins, or 1.56% of the total supply.

🏁 Tokens launchpads

June 13

  • War Legends (WAR) is an immersive MOBA (Multiplayer Online Battle Arena) game and metaverse that revolves around military themes. It is designed for both PC and mobile gaming platforms and utilizes blockchain technology to enhance the gaming experience. The sale will be held via BinStarter, Kommunitas, Spores Network, and Kingdom Starter. WAR = $0.037.

June 14

  • 3Verse (VERS) is an engaging turn-based strategy game that offers a competitive environment for players to engage in battles using their unique Profile Picture (PFP) NFT collections. By incorporating multiple NFT collections, the game provides immediate utility to players, enhancing the overall gaming experience. The token sale starts on Spores Network and KingdomStarter. VERS = $0.025.

June 15

  • Archway (ARCH) is a Cosmos-based smart contract chain for deploying high-performance dApps, allowing developers to capture the value they create within the network. The sale will start on Coinlist. ARCH = $0.2.

🆓 Crypto and NFT freebies

June 12

June 13

June 14

June 15

June 16

That's all for this crypto newsletter! Stay tuned for more exciting updates and insights into the world of cryptocurrencies. Until next time, and keep exploring the blockchain! Bye-bye!

🔥 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.

Reply

or to participate.