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- Major announcements and highlights of the week (April 18-24) and a review of the main events
Major announcements and highlights of the week (April 18-24) and a review of the main events
buidlbee make it with crypto
April 18, 2023
Howdy, fam! The buidlbee crypto community is here. We hope you have some interesting things going on. The crypto market is getting busier. More and more often, there is talk about the approaching (and even entering) of the altcoin season. We wonder who's right. Anyway, let's move on to the main announcements of the week. In addition, you will find in our letter:
Weekend’s key events;
What Bitcoin's price depends on;
How to deal with the U.S. banking industry's struggles;
Our new raffle!
🥳 And now let's congratulate our subscriber, Raj Kumar Khanal, on winning the quiz. He didn't get lazy; it took just a few minutes of his time, and he will get ETH! Dude, don't forget to watch your mailbox (we'll contact you)! 🎇🎇🎇
📰 This weekend's top stories
At the ongoing G20, a sensation came from the IMF, which announced the imminent launch of the global CBDC "Unicoin" — a single digital currency for the leading Western countries. According to the initial announcement, this monetary unit was to run parallel to the national currencies of member countries, amounting to a revolution in banking. Already Monday evening, the IMF allegedly denied its involvement in the Unicoin project. We are closely watching the situation around Unicoin, a new global settlement system that is blockchain-based and uses an unusual type of consensus called Staked Proof of Trust (SPOT).
The SEC resumed its vendetta against cryptocurrencies after a week off. This time, it filed a lawsuit against cryptocurrency exchange Bittrex and its co-founder, William Shihara, calling a number of altcoins (OMG, DASH, ALGO, TKN, NGC, and IHT) unregistered securities. All such actions are confusing because named altcoins are still freely traded on dozens of other exchanges, so these attacks by the SEC on one randomly chosen exchange look strange and meaningless. In response, Bittrex has said it will not attempt to resolve the dispute directly with the SEC and will challenge the accusation in federal court. It looks like the crypto sector is starting to get used to such accusations from the SEC and is even starting to show its sharp teeth in response.
Today, SEC head Gary Gensler will appear before the U.S. Congress. The topic of discussion is known in advance. Senators will ask him very unpleasant questions: how come crypto companies are fleeing from the USA in masses and the leadership in the industry is given to a geopolitical enemy (China, represented by Hong Kong), which actively takes advantage of this situation? It turns out that the regulator has become the industry's main risk, and instead of developing it, it contributes to its degradation. Moreover, U.S. Congressman Warren Davidson will submit a document proposing Gensler's removal from the SEC office. It seems that even if Gensler retains his position, the headwind from the crypto industry is becoming increasingly sensitive for the regulator.
🏧 Ancient banking under attack by the newest alternatives
While the U.S. banking industry is in trouble, incredible innovations are taking place.
Big tech is coming to banking! So it has come to light that Apple is launching its own savings account, offering a 4.15% annual percentage rate. And this online account has no queues at branches; the service also comes with no fees, no minimum deposits, and no minimum balance requirements. To understand how incredible this is for U.S. banking, you have to keep in mind that the average percentage of annual income in the U.S. is now around 1%. The company said users can set up their account and manage their savings directly from the Apple Card in the Wallet app.
It's interesting to compare this yield with recent data from staking. According to Staking Rewards, right now, staking ETH yields about 7.8% annually. Staking ETH now has a market capitalization of $438 million, with over 240,000 ETH sent to the corresponding protocol, and a network of 1,421 registered node operators.
💲 What does Bitcoin's price depend on?
Here are two fresh studies that try to answer the most important question of our time: what does the price of Bitcoin depend on?
Halving determines everything. The increase in Bitcoin's value during each of the four-year halving cycles is shown in the chart from Glassnode. Each cycle is highlighted in a different color, with the current one marked in green. What is happening on the chart quite clearly resembles the previous cycles of price movement, so experts assume that the cryptocurrency may move to the stage of active growth after the new halving.
The next halving will take place in April/May 2024, whereby the reward per block will decrease from the current 6.25 to 3.125 BTC. According to this model, a crypto market rally with new price records should start in early 2024.
Everything is determined by the available liquidity. According to The Rational Root study, while the money supply in the US and Europe is now gradually shrinking (due to the strict policy of raising rates), the money supply in China and Japan continues to grow at record highs. In the chart below, you can see a tight correlation between global liquidity growth and the price of Bitcoin. It follows that money printing and inflation are the best triggers for Bitcoin growth.
You can also get access to exclusive analytics. The private letter "Deep analysis and market insights" is coming out every Saturday. Our Chief Analyst shares valuable and practical information. All you need are three referrals! ☝
🔝 Major crypto events (April 18-24)
April 18
The Census Bureau will release the number of building permits for March. This metric is considered a leading indicator of the U.S. housing market. It is expected to decline from 1.550 million to 1.450 million applications.
Helium (HNT) migrates to the Solana blockchain.
PalmSwap (PALM) v.1.0 launch.
WiFi Map (WIFI) coin listing on Poloniex.
April 19
April 20
The National Association of Realtors will announce an update on U.S. secondary market home sales for March. This is an important indicator of the state of the housing market. The forecast is for a decline of up to 5%.
Seedify.fund (SFUND) - Elda Runes NFT collection launch.
cNETA - AnetaBTC testnet launch.Minting cBTC on Cardano.
Uniwhale (UNW) listing on MEXC exchange.
Hedera (HBAR) mainnet upgrade to v.0.36.x.
April 21
Purchasing Managers' Index (PMI), a global sentiment indicator. Key countries will release their monthly Purchasing Managers' Index surveys.
FLOKI listing on PointPay.
April 24
🔓 Tokens unlock
April 19
NUM Token (NUM) - 27.55M NUM (2.75% of total supply).
April 20
THORChain (RUNE) - 10.03M RUNE (2.01% of total supply).
Braintrus (tBTRST) - 3.3M BTRST (1.35% of total supply).
XANA (XETA) - 130.83M XETA (2.62% of total supply).
Thales (THALES) - 1.56M THALES (1.56% of total supply).
Medieval Empires (MEE) - 94.90M MEE (3.16% of total supply).
April 21
Walken (WLKN) - 31.73M WLKN (1.59% of total supply).
Izumi Finance (IZI) - 50.23M IZI (2.51% of total supply).
Gold Fever Native Gold (NGL) - 5.61M NGL (3.30% of total supply).
April 22
MonkeyLeague (MBS) - 44.81M MBS (4.48% of total supply).
Covalent (CQT) - 11.83M CQT (1.18% of total supply).
April 23
Axie Infinity (AXS) - 18.9M AXS (6.99% of total supply).
Cartesi (CTSI) - 50.91M CTSI (5.09% of total supply).
Bonfida (FIDA) - 18.21M FIDA (1.82% of total supply).
Coin98 (C98) - 31.95M C98 (3.19% of total supply).
April 24
Ribbon Finance (RBN) - 21.45M RBN (2.14% of total supply).
pSTAKE (PSTAKE) - 12.50M PSTAKE (2.50% of total supply).
🍰 Tokens launchpads
April 19
Arbipad (ARBI) - Red Kite.
Sui (SUI) - OKX Jumpstart.
April 20
EMG Coin (EMG) - Spores Network.
April 23
Zenland (ZENF) - round #2.
April 24
Hepton (HTE) via Kommunitas, Spores Network, Infinite Launch.
GoCharge (CHARGE) - BHero.
UrDEX Finance (URD) - BSC Station, Infinite Launch.
🆓 Crypto and NFT freebies
April 18
April 20
Liberty Finance (LIBX) token airdrop for Gather holders and testnet participants. Users who held GTH tokens on April 20, 2023, will receive a 70% weighted allocation.
April 24
gCOTI airdrop campaign for COTI ERC20, USDT, and USDC holders.
Answer a quick question and get a chance to win ETH tokens 👇
Is the altseason here yet❓
Have a successful week, degens! See ya tomorrow!
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