🧿 Cryptocurrency in the EU is doomed?
Also: what is happening with the Ethereum and Bitcoin networks
Howdy, guys! The buidlbee crypto community is here. For now, the market is experiencing a correction. But there are always opportunities. The main thing is to be able to spot them, which we strive to help you with.
Here's what we've prepared in today's letter:
The EU approved the world's first cryptocurrency market regulation system. How will it turn out?
Deflation in the Ethereum network and its significance;
Bitcoin network to launch an anonymous peer-to-peer (P2P) marketplace;
Speculation on TORN;
Technical analysis: the best level to buy or hold Ethereum;
How to get ArbDoge.AI (AIDOGE).
And here are the top news stories of the day, in short:
BitMEX founder and well-known trader Arthur Hayes published an essay titled "Exit Liquidity." He outlined his thoughts on whether abandoning the dollar is realistic.
The BAYC NFTs price fell below 50 ETH for the first time since mid-December 2021.Â
SUI revealed its tokenomics: with a total supply of 10 billion tokens, over 50% of SUI tokens are in the Community Reserve, which is initially managed by the Sui Foundation, and most of the other 50% of SUI is allocated to early contributors to and supporters of the network.Â
Iron Fish Mainnet, a privacy network that received a $27.7 million investment led by a16z, has launched.
💶 EU approves world's first cryptocurrency regulatory system
While the U.S. suffers chaos from random attacks by the SEC, Europe has adopted a comprehensive law on cryptocurrencies (MiCA for short):Â
Vendors and service providers in this market will now be held liable if investors lose their crypto assets through their fault.
Crypto platforms will be required to inform consumers of the risks associated with their transactions, and the sale of new tokens will be legally regulated.
The passage of MiCA made Europe the first major jurisdiction in the world to introduce a comprehensive cryptocurrency law. Because of its comprehensive approach and depth, this law could become a template for many other countries that are already actively exploring it.
On the one hand, MiCA will increase the region's investment appeal, but on the other hand, it could increase the cost to businesses of complying with numerous regulatory requirements.
First reaction from CZ Binance
There are now clear rules of the game for crypto exchanges operating in the EU. Binance welcomes the new law and is ready to make adjustments to [its] business over the next 12-18 months to be in full compliance.
🔼 Ethereum update summary
We continue to summarize the results of Ethereum's transition to PoS. Last time, we showed that the network has not become cheaper, despite promises. Even Vitalik Buterin thinks that the commission on transfers can reach unbelievable values of several hundreds of dollars if the developers can't optimize the network before the active bull market starts.
But there are promises fulfilled: Ethereum has become deflationary.
Since Ethereum moved to Proof-of-Stake (217 days), the second cryptocurrency's supply has decreased by 100,000 coins; had the update not happened, the ETH issue would have increased by more than 2.52 million coins ($5 billion).
🆕 BTC-based global marketplace
The Bitcoin network will start an anonymous and global peer-to-peer marketplace; the new platform will be based on the Bitcoin blockchain and use Nostr and Lightning Network protocols. For now, this P2P exchange has opened a waiting list and plans to launch within a month.
CivKit will allow the trading of various goods and services, as well as exchanging digital assets for fiat currency. Moderators will monitor user activity, so drugs and other illegal items are unlikely to be traded on this blockchain market.
🎊 Opportunities
[1] 🔔 Speculation on #TORNÂ
News reports say that the lead developer of TornadoCash has been temporarily released and will await trial at home with an electronic bracelet. Many observers interpret the softening of the court's position as a possible positive decision. Recall that the court's verdict will be on April 26. In the event of a positive decision, a strong pump of this token is expected.
The token was up 14% overnight but is currently down while waiting for the court's resolution, which gives a convenient option to buy DIP if you are ready for this short-term speculation.
[2] 🔔 Bulls for ETH
The bulls recently managed to raise ETH to $2,100 before correction/rebound mode began. According to Project Syndicate's technical analysis, this decline period could last until May. And the new ETH low will be around $1,563.
Overall, the chart below shows the prerequisites for further growth during the summer.
Bullish strategy: remain patient and wait for a better entry price of about $1563. Later this year, ETH could rise as high as $2,500.
Remember, past performance is not indicative of future performance. Always limit your leverage and use tight stop-losses.
[3] 🔔 Claiming ArbDoge.AI (AIDOGE) meme tokens
This only applies to those who received a drop from Arbitrum.Â
ArbDoge AI is an experiment in the Arbitrum ecosystem. All tokens will be distributed fairly and applied to the community, which is only the first step. The creators of the ArbDoge AI protocol hope to work with the community to create a strong series of products using AI and Web3.Â
How to receive tokens:
Follow this link;
Connect a wallet to the Arbitrum network;
Claim the tokens;
If the tokens were not automatically added to the wallet, press "import token" and insert the contract: 0x09E18590E8f76b6Cf471b3cd75fE1A1a9D2B2c2b
Send tokens to MEXC and sell (or hodl).
After selling on DEX, remove token approvals on revoke.cash and disconnect the wallet from the site.
Tokens can be staked at an annual percentage yield (APY) of ~2.180%. AIDOGE is deflationary, and 15% of tokens are burned on buy/sell, so if you'll use DEX, set a 20% slippage.
Stay strong, and don't take unnecessary risks. We'll get through!
🚨 Attention! 🚨
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