💡 Weekly crypto market overview (August 21-28)

We also try to understand the reasons for fluctuations in the market, mining statistics, and more.

💡 Weekly crypto market overview (August 21-28)

We also try to understand the reasons for fluctuations in the market, mining statistics, and more.

Hey there, crypto mavericks! 🚀💰 Ready to ride the blockchain rollercoaster and turn those crypto dreams into reality? Grab your virtual pickaxes and let's mine some digital gold together! ⛏️🌟 

And our buidlbee team helps with important information to do just that. And here's the new installment:

  • Explaining the reasons why the current market is fragile;

  • Who has a good life now? New statistics from miners;

  • List of major crypto events for August 21-28;

  • Tokens launch and unlock;

  • Cryptocurrency and NFT airdrops and freebies.

But first, here is a roundup of the top news:

  • Bitmain has announced the launch of a defense mechanism against market volatility.

  • NFT startup Recur will cease operations on November 16.

  • Coingecko named the best and worst countries for BTC mining.

  • Binance suspends euro deposits and withdrawals due to payment provider issues in Europe.

  • Terra's official website has been hacked.

Why liquidity matters

A very simple explanation, using the example of the current market, of why liquidity is so important.

The last few months have seen a trend of BTC withdrawals from exchange accounts, with people rightly fearing for the safety of their funds on CEX balances. In addition to the withdrawal of BTC themselves, there has been a simultaneous outflow of fiat from risky markets due to economic crises. We have repeatedly reported about the anti-records of exchanges' balances.This generally reasonable trend leads to strange consequences.

A so-called "thin market" is forming when there are very few BTC coins remaining in circulation. Most of the coins are taken out of circulation and parked in safe hardware wallets.

So, what does such a liquidity crisis in the market mean? Experts have calculated that to collapse Bitcoin by 1% at the moment, it is enough to sell only 463 coins at one time. This is exactly what is happening now, where any panic sale moves the market very much because it has become thin. We are seeing sharp drops like we saw at the end of last week when BTC dropped from $29k to $26k. Even the average players in the market have been allowed to manipulate, which is definitely an unhealthy and dangerous situation.

Who is doing well in the market right now?

Strangely enough, despite the current downturn, miners are doing great right now, although they had a lot of problems back in late 2022. This is a great possibility to learn something useful from them.

They sold their large inventory of BTC at $30k in the second quarter of 2023. Then they bought new equipment and even managed to get it up and running, increasing their profitability significantly. As a result, hashrate $BTC has once again reached a new all-time high, both due to the increase in the number of mining rigs and equipment improvements.

It turns out that miners this time very competently used the favorable period to increase their competitiveness. All of this adds up to a big plus for Bitcoin and its future, as its computing infrastructure is very healthy and competitive. This has also already led to a rise in the shares of major mining companies.

⚓ Major crypto events (August 21-28)

August 21

  • Tectum ($TET) listing on Bitget.

  • Baby Doge Coin ($BABYDOGE) chess game testnet launch.

August 22

  • Sei Network workshop.

  • Binance will delist the following tokens: Sonm ($SNM), Serum ($SRM), and DFI.M0ney ($YFII).

  • Cardano ($ADA) workshop on Zoom.

August 23

August 24

August 28

  • B-cube.ai ($BCUBE) AI meta bots launch.

🔓 Tokens unlock

August 22

  • SPACE ID ($ID) - 18.4M tokens to be unlocked, or 6.46% of the circulating supply.

August 26

  • Avalanche ($AVAX) - 9.5M tokens, or 2.77% of the circulating supply.

August 27

  • Yield Guild Games ($YGG) - 12.2M tokens, or 6.60% of the circulating supply.

August 28

  • Galxe ($GAL) - 586K tokens, or 1.26% of the circulating supply.

🏁 Token launchpads

August 21

  • ScapesMania ($MANIA) is an ecosystem of games made by the BNB Grant Winning Team. The project’s ICO is live.

  • Solidus ($AITECH) spires to lead AI's democratization, constructing the technology that will foster safer and more interconnected communities. IDO is active on the ChainGPT Pad.

August 22

  • Darkweb Metaverse ($DARK) is the world's first platform to deploy Dark Web information and contents in the metaverse. Tokens will be available on the Spores Network Launchpad.

  • MOMO ERC ($MOMO) is a memecoin with utilities for continuous growth in the crypto world. Tokens will be available via DAO Launch.

August 23

  • MetaElfLand ($MELD) is a GameFi based on blockchain technology and distributed ledger. The listing will take place on Gate.io.

August 25

  • Firepot Finance ($HOTT) is the ultimate AI-powered DeFi platform. Tokens will be available on Kommunitas.

August 26

🆓 Crypto and NFT freebies

August 21

August 22

August 23

August 24

Catch you on the crypto flip side, fam! Keep those wallets fat and those transactions fee-less. Remember, HODL strong and never let those FUD monsters get you. Stay decentralized and keep rocking the blockchain like a true crypto boss! Peace out, fellow crypto crusaders! ✌️🚀🔥

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