🗝 Revealing key crypto market highlights (July 10-17)

Also, why Bitcoin behaves the way it does, and how to HODL - tutorials from AI.

We have Monday on the calendar, which means it's time to drill down to the fullest on the market action. Of course we cherish you, so we try to simplify your life as much as possible, dear fam. So in today's newsletter, our buidlbee crypto community team has prepared a review of the week's important events (and more):

  • Fragile equilibrium. BTC's short-term drop below 30K - what are the reasons?

  • What does HODL look like - AI answers and demonstrations;

  • List of major crypto events for July 10-17;

  • Tokens launch and unlock;

  • Cryptocurrency and NFT airdrops and freebies.

And here's the big news (in case you missed some):

  • Arcadia Finance hack: darcWETH and darcUSDC worth $455k were taken out of the vault.

  • Mark Zuckerberg's microblogging platform Threads has been boosted by scammers operating through fake accounts of famous personalities and crypto projects.

  • Since it resumed withdrawals for users on June 23, Voyager has seen a net outflow of $250M in crypto assets.

  • China announced that the year-on-year CPI growth rate slowed to 0 in June; the decline in the industrial producer price index (PPI) widened further, becoming the lowest since January 2016.

  • Coinbase CEO Brian Armstrong, along with other top executives, sold shares of his company for a total of $6.89M.

⁉ What happens at the macroeconomic level

When the rate is raised, economic policy is gradually tightened. The Fed continues to shrink its balance sheet.

A year ago, when the Fed began its quantitative tightening program, its balance sheet was at $8.930 trillion. By the beginning of March 2023, it had managed to reduce to $8.340 trillion, but the crisis around the bankruptcy of regional banks broke out and the Fed had to inject about $400Bn into the system — this moment is marked with a red arrow on the chart.

The fire was quickly put out by the injection of new dollars, and after stabilization, the Fed's balance sheet continued to shrink again. Sooner or later, the process of withdrawing dollar liquidity will again lead to the emergence of a new explosion in the economy. The market is under the strongest pressure, and its safety margin is not infinite.

Therefore, the current high rate of BTC is quite fragile. Today, Bitcoin briefly fell below $30,000; on Binance, the local minimum is set at $29,888.

  • The reason could be the release of the Blowout Active Data Platform (ADP) report, where researchers expressed confidence that the Fed will continue to raise rates.

  • Another possible reason is a new report from JPMorgan. Its main conclusion is that the approval of a spot Bitcoin ETF may increase Bitcoin liquidity but will not radically change the price of BTC. JPMorgan claims that spot Bitcoin ETFs already exist in Canada and Europe but have not yet attracted enough attention from large players. These analysts believe that the interest of major players in this instrument is greatly exaggerated, and trading volumes from futures ETFs will simply flow into spot ETFs without significantly changing the overall market capitalization.

What are the conclusions from this?

  • The main conclusion is that if there are no new bright and positive news reasons, it will be hard to keep the current BTC rate level as the pressure of negative macro factors will increase towards the end of summer.

  • How is the U.S. government preparing for economic problems in the near future? This is what the Federal Reserve's service site looks like now:

Apparently, the CBDC train is leaving the station soon; the site says that payments in the FedNow system will start at the end of July. The historic launch of the digital dollar will allow for tighter control of the U.S. monetary system.

⚓ Major crypto events (July 10-17)

July 10

  • Verasity (VRA) listing on BitForex.

  • Wednesday Inu (WED) listing on LATOKEN.

  • Near Protocol (NEAR), the 8-week bootcamp starts.

July 11

July 12

  • The U.S. Bureau of Labor Statistics will provide the latest inflation data for June.

  • Kava.io (KAVA) v.14 release.

July 13

  • SAND: People Of Crypto (POC) NFT collection public mint.

July 15

🔓 Tokens unlock

July 11

  • Moonbeam (GLMR) - 9.68M tokens, or 1.44% of the circulating supply.

July 12

  • Aptos (APT) - 4.54M tokens, or 2.16% of the circulating supply.

July 15

  • ImmutableX (IMX) - 18M tokens, or 1.74% of the circulating supply.

July 17

  • ApeCoin (APE) - 15.6M tokens, or 4.23% of the circulating supply.

🏁 Token launchpads

July 10

  • D-Ecosystem (DCX) via Gagarin. D-Ecosystem is an open-source blockchain platform that prioritizes security, transparency, and decentralization with zero gas fees.

  • BillionAir (AIRB) presale. BillionAir is a gaming ecosystem.

  • Patex's (PATEX) private distribution via DAO Maker. Patex is a complete solution focused on the LATAM region and acts as a liaison between the regulator and users.

July 11

  • Binance has announced the launch of its 32nd Launchpad project, Arkham (ARKM). The snapshot of BNB holdings runs from 08:00 AM to 08:00 AM on July 17 (Eastern Eighth District time). Arkham is a data analytics platform similar to Nansen.

July 12

  • Norma in Metaland (GRAM) on Iskra Launchpad. Norma in Metaland: Cooking Adventure is a multiplatform blockchain-based cooking game with time management.

July 13

  • Brickken (BKN) via Zelwin Finance, GameStarter, and Gagarin. Brickken provides Web3 fundraising and retail participants access to illiquid assets through tokenization.

July 14

  • D-Ecosystem (DCX) via KingdomStarter Launchpad. D-Ecosystem is an open-source blockchain platform that prioritizes security, transparency, and decentralization with zero gas fees.

July 17

  • DexCheck (DCK) via ChainGPT Pad and Enjinstarter. DexCheck is AI-based analytics for cryptocurrency and NFT commerce.

  • Brickken (BKN) on KingdomStarter and Impossible Finance. Brickken provides Web3 fundraising and retail participants access to illiquid assets through tokenization.

🆓 Crypto and NFT freebies

July 10

July 14

July 15

  • Flare Network (FLR) drops to active community members who have wrapped their Flare tokens.

Don't slack off! Let's get to the next weekend knowing that we did everything possible, rather than catching FOMO afterwards. Stay tuned and see you guys tomorrow! 🤗

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