🥳 Prepare for a bullish XRP dance party

Greetings, crypto enthusiasts! The buidlbee team ON AIR. Welcome to another exciting edition of our crypto newsletter. Get ready to dive into the latest updates, trends, and insights from the world of cryptocurrencies. From innovative projects to market analysis, we've got it all covered. Take a sneak peek at what's in store for you below:

• What can we anticipate with the BitDAO unlocking?

• Unveiling the potential of $FTT.

• Technical analysis: XRP bullish flag.

• NFT quests from Braavos.

Don't miss out on what unfolded in the past 24 hours. Here's a roundup of the latest buzz that might have slipped by:

• Tether (USDT) lost its peg to the dollar.

• Binance is leaving the Cyprus market “to focus on larger crypto markets.”

• The rate reduction in 2023 is not appropriate — Jerome Powell.

• Market share of Binance.US fell to a three-year low.

• Attackers hacked the Hashflow protocol for $600K.

• The U.S. Justice Department agrees to drop some of the charges against SBF.

• Binance Pool announced the launch of the BTC Transaction Accelerator.

Positive news that the market didn't notice

Last night, the following important events occurred in the market:

• The U.S. Fed took a pause on the 5.25% rate hike at their last meeting. However, the Fed said in addition that two more rate hikes are likely this year, so the current favorable situation can only be seen as a temporary respite for the market.

• Unexpectedly for many, the SEC's request to the court to freeze the assets of Binance US was declined; the judge does not want to freeze all the assets of the exchange, forcing the parties to come to a compromise. This decision obviously plays in favor of Binance.

• Super giant BLACKROCK plans to file its own Bitcoin ETF. The SEC has previously denied ETFs to everyone, but BLACKROCK is the world's largest investment bank, and it must have its own strong arguments if it decides to get involved in this game.

Two versions of market drawdown

Despite this positive news, the crypto market began to fall. Bitcoin fell 3%, falling below $25k, and Ethereum fell 6%. The total market capitalization of cryptocurrencies came close to the important $1 trillion level.

This morning there was a temporary depeg in USDT, which occurred due to technical imbalances within the rather large DeFi-player Curve 3Pool. Curve, also known as the Tri-Pool, holds a massive amount of liquidity (around $3.4 billion) for three of the top stablecoins in DeFi. The situation is gradually stabilizing, but this news was used as additional FUD.

Another explanation of such a strange market failure from some experts is that Binance started selling off its spot bitcoins in huge amounts to stop the liquidation cascade at $BNB. Analysts cite various charts to support their version of attempts to artificially strengthen $BNB.

Judging by the charts, yesterday $BNB really entered the next cycle of price correction, dropping lower and lower.

Involuntary $FTT Pump

CZ noticed this talk online and publicly disproved the $BNB support version, saying, by the way, that they don't even sell $FTT reserves. Amusingly enough, this tweet caused a short-term pump in these dead tokens in the style of Musk's famous tweets. Some speculators rushed to buy up $FTT in hopes of some hidden meaning behind this HODL of these tokens by Binance.

There is some common sense in this. It has been persistently reported that the FTT exchange will be relaunched, most recently even naming a Q3 2023 timeline. The tokens of this exchange are likely to experience a rebound if FTX v2.0 opens, so this topic needs to be closely examined from a possible trading perspective.

💲 Ideas

[1] 🔔 $BIT as a target to short

A $100 million unlock from a major BitDAO project is looming tomorrow, which comes amidst another market decline and will not add to the enthusiasm of $BIT holders.

The chart above shows the current mood of the $BIT investor crowd: in the last 24 hours, the asset has lost 6%, and in the last 7 days, it has lost almost 20%. In such an unhealthy situation, unlocking will cause an even bigger market dump. It is very convenient that $BIT is present on such large exchanges as Coinbase, Kraken, and Bybit, where you can short this asset easily and conveniently.

[2] 🔔 XRP bullish flag

According to JacintoMonteiro's technical analysis, XRP exhibits an incredibly bullish flag pattern, indicating a strong upward trend in the near future. If the asset breaks through the resistance level that began in April 2021, we will see XRP parabolic move to a new all-time high ($1,7+).

The verdict in the XRP case against the SEC would help the situation, the expert said. Overall, he is optimistic about XRP, stating that the asset could still decline slightly, but in the coming weeks or month, there will be growth.

*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] 🔔 Braavos NFT quests

The fifth Starknet onboarding Journey NFT quest from Braavos Wallet has started. Steps to get your piece of the pie:

• Depositing the wallet through the services listed under the Deposit tab.

• Making a deposit. Can be through layerswap or orbiter.finance. The amount is not important, but there is a time limit — from June 14 to June 21.

• Switching to the mint page.

• Waiting 20 minutes after the funds come to the wallet.

• Claiming NFT.

For more information, hit the link. Wishing you the best of luck.

We hope the information and insights shared have been valuable for your crypto journey. Stay informed, remain curious, and actively participate in the dynamic realm of digital assets. Until our next issue, may your adventures bring prosperity. Goodbye.

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