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buidlbee digest: The Bitcoin network is under attack, and a few crypto-earning ideas

Tanja Nechet

News editor

May 9, 2023 at 06:58

Sup, guys? Depressed sentiment reigns in the crypto market, with most tokens glowing red, causing some of us to consider leaving this path. We hope you’re hodling in there! You can always find a positive. So we have made a compilation of interesting earning ideas for you as well as an analysis of the market situation.

Here’s what we have for you today:

  • The shock of the day – the bankruptcy of Bittrex;
  • The attack on the Bitcoin network and record transfer fees;
  • New crypto-friendly jurisdictions;
  • What’s next for the Bitcoin price (TA);
  • Getting rewards from zkLink.

And now for the highlights of the day:

The brand new newsletter with insights, market analysis and daily opportunities.

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  • Hong Kong has threatened exchanges with “tough” regulation. On June 1, a licensing regime for cryptocurrency exchanges will take effect there.
  • Solana’s phone Saga is now available to the public. The gadget supports Seed Vault, a self-hosted key solution, the Solana DApp Store for accessing decentralized applications, and more.
  • Cryptocurrency exchange Binance will add support for Bitcoin Ordinals in its NFT marketplace.
  • Santiment: BTC outflows from exchanges increased sharply. Reserves fell to their lowest level since December 2017.
  • Binance will remove the following spot trading pairs: AR/BNB, BURGER/BNB, JASMY/BNB, JASMY/ETH, OMG/BTC; PROS/ETH, UNFI/ETH, VIB/ETH, VITE/BUSD, WAVES/BNB, WRX/BNB.
  • Bloomberg reports that the crypto exchange Bittrex is preparing for Chapter 11 bankruptcy.

Memes and NFT attack Bitcoin

It looks like something big and historic is happening to Bitcoin. Commissions on the network have reached enormous values, and it appears that this is not a temporary phenomenon.

The facts:

  • The commission per transaction is now over $12, and the commission of the entire BTC network has increased by x15 in one week. The number of unconfirmed transactions in the BTC network exceeded 400,000.
  • For the first time in history, the commission in the Bitcoin network exceeded the amount of fees paid for blocks found by miners (6.25 BTC). In other words, the Ordinals/BRC-20 economy now allows miners to earn just as much as they earn from mining.
  • The total market value of tokens created by the Ordinals protocol exceeded $970 million (#ORDI leads in the BRC-20 category).

The most important conclusion is that we are likely to face huge commissions in the Bitcoin network on a permanent basis. Soon, the situation will worsen even more. Binance announced that it will add support for NFT on the Bitcoin blockchain, which will make this new marketplace massive.

The situation is also complicated by the fact that the community is divided into two parts: some see what is happening as a disaster, while others insist that it is, on the contrary, a breakthrough and new opportunity for the blockchain economy. For example, the head of Binance CZ believes that this incredible activity is an indicator of a bull market. According to him, the problems of ordinary traders will be solved through the implementation of Lightning technology by Binance. Bitcoin maximalists, on the other hand, believe that there is a spam attack on this payment network.

😲 Shock of the Day

Cryptocurrency exchange Bittrex suddenly filed for bankruptcy after shutting down business in the U.S. amid regulatory pressure.

Bittrex Inc. and several affiliates filed for bankruptcy Monday after their U.S. operations were blocked in late April due to SEC allegations. That bankruptcy, the company said, does not affect its non-U.S. operations. Bittrex Global will continue to operate as usual for customers outside the U.S., the company said in a statement.

However, the market reacted rather nervously to news about the new regulator’s victim; BTC’s price went down to $27k, so it seems that the hunt for crypto businesses by the U.S. continues.

🚥 Increase in the number of crypto offshore as an indicator of mass adoption

We already wrote about the legalization of cryptocurrency in some countries; Hong Kong, Singapore,and the Arab Emirates are examples of leaders. Just yesterday, the American exchange Coinbase said it was considering Emirates as an international hub and strategic center.

And here is important news from a small state in the center of Europe: according to the premier of Liechtenstein, the country will soon legalize BTC as a means of payment. Liechtenstein is going to allow BTC payments in public and private institutions, as well as Bitcoin deposits in the bank. The government is also considering investing public funds in BTC.

💲💲💲 Opportunities 

[1] 🔔 Why Watching TV Shows Can Be Profitable Sometimes

Binance is about to launch a new reality show “BuildTheBlock”, where 12 teams will be competing for the title of best web3-project. We recommend speculators pay attention to this news and take the short list of participants at once. Sometimes watching the show is useful for work. The winners of this project will be supported by Binance, and it will almost certainly have a strong effect on the price of their tokens.

[2] 🔔 Bitcoin could fall below $27,000

According to MonoCoinSignal‘s technical analysis, Bitcoin faced downward pressure in the $29,100 to $29,240 resistance range, eventually breaking through that range due to a combination of limited demand and prevailing short-term bearish sentiment.

In the short term, bitcoin has three possible resistance levels, ranging from $28,360 to $28,630. A favorable change in market sentiment or positive news catalysts are needed to overcome these barriers.

If that does not happen, the next potential targets are likely to be the $27,500 and $27,000 price ranges.

It is crucial to keep a close eye on these levels and consider potential market events that could affect Bitcoin’s near-term prospects.

[3] 🔔 Earning NFTs in testnet Dunkirk by zkLink

zkLink is a multichain trading infrastructure secured by zk-SNARK technology. The project has raised $18.5 million in funding from Coinbase Ventures, Huobi Capital, and other well-known funds.

The team has launched a Dunkirk testnet, which runs in several stages. There are now two stages to complete. The deadline is May 10.

There will be NFT rewards for completing assignments within the network, for which points are awarded. The team says that the points will be useful in the future. The project is guaranteed to have a token, and perhaps these points could be exchanged for tokens or allocated in the project’s IDO.

Steps to take

  • Go to ZKEX (), activate your account, and get into Layer 2.
  • Do several swaps.
  • Complete all the tasks on Galxe except the last one.
  • On May 11, complete the last quest according to the official guide.
  • Leave feedback on Discord or fill out the form in case there are bugs.

We wish you great profits and smooth trades. See you tomorrow!

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Home » Insights and analysis » buidlbee digest: The Bitcoin network is under attack, and a few crypto-earning ideas

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