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News Digest: How wild Texas stands for Bitcoin

Igor Grigorchenko

News editor

Jun 1, 2023 at 09:50

Hiya, fellow degens, and just crypto enthusiasts! This is the buidlbee crypto community team here with tasty insights and news perks.

Here’s a portion of the short news of the day:

  • Canada’s regulator is looking into cryptocurrency exchanges. An investigation has begun against Binance, which had previously voluntarily exited the market. ByBit said it is also leaving the Canadian market.
  • Binance has begun laying off employees, the exact number is not yet known. The layoffs are rumored to be around 20% in June. At the moment, Binance does not deny, but also does not confirm, these reports.
  • The Bank of Japan has launched a CBDC pilot project. Japan is likely to become the second country in the world to launch its own state cryptocurrency, CBDC, after China.
  • The trading volume of the U.S. exchange Gemini has dropped 46% since January. This is a good indicator of a customer exodus from the U.S. amid aggressive regulation by the SEC.
  • XRP has seen a surge in address activity and a rise in price ahead of the final Ripple court ruling, which will take place in June or at most in July. The ruling will have strong industry-wide implications, setting a precedent expected to help other projects in their confrontation with the SEC.
  • There are new statements from individual Fed officials that interest rate hikes may continue. A formal Fed meeting is scheduled for mid-June.

BTC downfall again

The price of BTC went into correction again, despite yesterday’s euphoria and growth. The first cryptocurrency dropped below $27,000, and the recent optimism of analysts and traders has faded.

There are two main reasons for the new wave of pessimism:

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  • Many Republicans said today they will vote against raising the debt ceiling because of the concessions their leader, McCarthy, agreed to in recent talks with Biden. The market is once again on alert for the danger of a U.S. default, even though a deal between the Senate and the White House was announced yesterday.
  • China’s economy continues to weaken; data released today showed that the country’s manufacturing PMI dipped to 48.8 points in May, the weakest level since December 2022. We have repeatedly talked about China’s crucial role in global liquidity markets.

An example of the pointlessness of confrontation

Coinbase CEO Brian Armstrong said that China benefits from the restrictions that U.S. regulators impose on the crypto industry.

While crypto companies are fleeing the U.S., authorities in Beijing are publishing a white paper with plans for Web3 (we wrote about it yesterday), and Hong Kong is launching licensing for crypto exchanges, creating a favorable environment for crypto.

In May 2021, we saw the opposite situation: due to pressure from Chinese regulators, miners were forced to leave the country en masse, and the U.S. became the largest cryptocurrency mining center in the world, benefiting from this situation.

This whole situation shows that it makes no sense to fight against cryptocurrency; one party simply gives up on the industry, which migrates to another country, where they create conditions for its development and growth. Thus, innovative services go to new places, easily bypassing local prohibitions and continuing their global work through the Internet.

Willful Texas

Yesterday, the bill to ban Bitcoin mining in Texas was officially canceled. Residents of the state rebelled against the local legislature’s decision and won. This case is a good example of how far civil society can go.

An interesting title, addressed to officials, was chosen for this campaign: “Don’t mess with Texas innovation.” The manifesto claims that Texas sees innovation in Bitcoin, whether American regulators like it or not. In this case, the authority was forced to retreat under pressure from furious local crypto cowboys.

$$$ Ideas

✔ [1] Hot domains as an investment

Another ranking of the best token sellers for May in terms of current ROI has been published. Tenet and the notorious Sui are competing fiercely for the lead.

If you missed the Sui-related hype, you can try to catch the .sui domain name auction that starts today. If you compare the revenues from selling beautiful .eth domains, they are similar to those from trading the top NFTs. If you reason by analogy, and if the SUI growth rate continues, then over time, investing in attractive domains on this blockchain could become a profitable commodity. You can get all the information here.

✔ [2] Tasty on ConcorDex 

Concorde is a standard DEX on the exotic Concordium blockchain. It’s important to know that investors have contributed $76 mln to this blockchain. Testnet has already launched with a $100k pool, half of which will be given away for $5 per signup. Well, the other half will be shared for activity in the testnet.

Ok, what to do?

  1. Create a Concordium wallet.
  2. Connect to the site.
  3. Take the test $CCD in the wallet and additional tokens in Faucet.

✔ [3] Early investor status

How to participate in new token sales on the best possible terms? The answer is that you need to get privileged access to Launchpad (usually it is available for very new platforms). Here’s a case study from EXBI as an example of how to do this:

  • EXBI Launchpad is a new centralized tokenization platform that gives users early access to promising Web3 projects.
  • In terms of mechanics, EXBI will function like Coinlist, but without its own token for now, with a simple interface for those new to the crypto industry and a minimum entry threshold of $50.
  • Right now, they are running an event on Gleam where you can loot NFT and early user status.

Ok, how do I get my status?

  • Create an account and pass KYC;
  • Perform simple tasks on Gleam;
  • Collect points and compete to loot Early Bird status and gift NFT.

We wish you a successful day and bold gains. See you tomorrow! We’ll have a whole pile of stuff for you to look forward to.

All information provided on this website is for educational and informational purposes only. Please consult with our Disclaimer.

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