🟥 Will the red sea soak up the market?

Sup crypto crew! 🚀💰 It's the buidlbee team here. Time to ditch those fiat feels and embrace the crypto rollercoaster! 🎢 Grab your moon helmets 🌕 and get ready for some wild hodling action with us. Remember, in crypto, we don't FUD – we find unicorns daily! 🦄🔍

And here are our findings today:

• Why is the crypto market falling for the second day;

• Exploring job prospects at McDonald's;

• Cheerful TONes (technical analysis*);

• Solidus AI Tech's $AITECH token giveaway.

Here are the day's top news stories:

• DeFi platform Exactly Protocol hacked and withdrew about 4,300 ETH ($7.2 mln).

• The CEO of Binance CZ said in a tweet that the exchange's employees, including himself, have been banned from trading futures.

• Starting August 31, OpenSea will introduce an optional creator fee mechanism (authors will be able to set their own commission).

• The Wall Street Journal: SpaceX sold $373 mln worth of its BTC in 2021 and 2022. Tesla liquidated over 30,000 BTC worth $936 mln in Q2 2022, which is about 75% of its position.

• Polkadot is ahead of Polygon in terms of capitalization, but they are outperformed by Tron.

• Bloomberg: The U.S. Securities and Exchange Commission (SEC) has approved ETFs for Ether and futures.

Causes and consequences of the market crash

This night, Bitcoin collapsed by -10% to $24.713 in 5 minutes. At the moment, BTC has stabilized at $26k. The rest of the crypto moved in the same direction of the fall: Ethereum fell by -11% in the same 5 minutes, and Ripple fell by 23%.

Yesterday we already wrote about the threat of a collapse and a new depression in the market, but the surprise was that insiders are standing systemically on the exit of the market and a strong downward movement is being prepared.

So far, two reasons are given to the public for such a strong one-step movement:

• Allegedly, there was a sale of BTC by SpaceX. So far, all reports of this are based on a publication from the WSJ, which is rather vague about it. SpaceX has not confirmed or reported any BTC sales at this time.

• The second version is the bad macroeconomic news, which we already wrote about yesterday (based on which we predicted a high probability of a downtrend).

We are inclined toward the second version because, in sync with the crypto market, the stock markets fell quite noticeably, which indicates a problem outside of crypto. A lot of negative information about the US and Chinese economies is pushing players to exit risky markets. Statistical monitoring confirms this hypothesis: over $1B has left the BTC market in the last 30 days.

One of the most significant consequences at the moment is a powerful cascade of liquidations due to the rapid drop in quotes. Over the last 24 hours, more than $1B worth of traders' positions have been liquidated, affecting 175,000 traders worldwide.

💲 Ideas

[1] 🔔 How McDonald's is doing

As the market has fallen hard once again today (the size of the liquidations alone is a mind-boggling bln dollars), it becomes relevant again to discuss McDonald's jobs for bankrupt crypto participants.

Let's remind you that McDonald's actively offers jobs to former traders at their place every time the crypto market crashes:

Shares of McDonald's Corporation (MCD) also suffered from falling quotes this time, but closer to the evening, they even managed to grow by 1%. So far, the situation is equally bad both in the crypto market and in the field of the most likely employer for former crypto traders. Life is complicated, nothing can be done about it.

[2] 🔔 Forgot about Toncoin? Probably shouldn't have

Toncoin is TON's native cryptocurrency. It is used for network operations, transactions, games, or collectibles built on TON. The Open Network, previously Telegram Open Network, or TON, is a blockchain-based decentralized computer network technology, initially developed by the Telegram team. The TON token is operating on Ethereum.

Toncoin ($TON) broke above the trendline of the April lower highs as well as the 1D MA50 (blue trendline) last week. This is a major bullish breakout. The token was pulled back near the July 22 high (resistance) the other day, and is forming an Inverse Head and Shoulders (IH&S).

According to TradingShot's technical analysis, $TON will rise, and the target is $1.9165. It is better to focus on the orange trend line. The signal will be a breakout above the July 22 high (around $1.5).

*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] 🔔 Solidus AI Tech giveaway

Solidus AI Tech is a data center based in Europe. ChainGPT incubation project (the ones that came out earlier on Seedify) and Decubate. They now have an IDO (c 15% split on TGE and then a 7-month lineup) on five platforms at once:

• August 18 - TrustSwap

• August 21 - EnjinStarter, ChainGPT

• August 22 - Seedify, Decubate

100 winners may receive $5000 in $AITECH tokens.

To participate:

1. Go to the Telegram bot and click "Start";

2. Subscribe to the channel () and join the chat;

3. Enter your BEP20 address;

4. Invite friends via your link.

Whether you're a whale 🐋 or just a minnow 🐟, let's ride those bullish waves together. Keep those diamond hands strong 💎✋ and let's turn those red candles into confetti! 🎉💸 To the moon and beyond, fam! 🚀🌌 The buidlbee team will catch you on Monday!