Top recent news:

• The meme coin BALD launched on the Base network made 30,000x in 24 hours and then collapsed 86%.
• Curve has been hacked for over $40M. Alchemix (alETH) exploiter made a transaction with a message on the onchain announcing its intention to return the funds.
• A subsidiary of Dubai-based cryptocurrency exchange Binance (Binance FZE) has received a minimum viable product (MVP) license from the local Virtual Asset Regulatory Authority (VARA).
• DEXScreener: The daily transaction volume in Base passed 550,000 due to the large number of meme coins.
• The SEC sued PulseChain and HEX founder Richard Heart for securities fraud.

🏦 Epic fight for American banks

Last week saw another interest rate hike by the Fed. Right now, the Fed interest rate is 5.25% to 5.5%. This hike was immediately followed by the official collapse of yet another bank in the U.S. this year. This time, it was the Heartland Tri-State Bank.

Amidst the Fed's unprecedented support of the banking system, it is surprising why bank failures continue. The Fed is injecting record amounts of $ into the U.S. banking system as part of its emergency bailout program (BTFP). As you can see in the chart below, each week the Fed's bailout of the banks has been on the increase and setting new highs, and it is currently reaching $103B per week!

📙 Crypto confrontation in the US

Coinbase's CEO told the press that the SEC ordered him to delist all assets other than BTC from the exchange. "How did you come to that conclusion?" the surprised CEO asked. The regulator replied, "We're not going to explain it to you, you just need to delist all assets other than BTC." 

This whole controversy shows that the confrontation between the SEC and the crypto industry in the U.S. is chronic and is beginning to take absurd forms. Now the regulator doesn't even want to legislate its threats. The Coinbase CEO said that for now they are ignoring the regulator's bizarre demands. But the situation is uncertain, and potentially, a new phase of crisis could flare up around the leading altcoins.

Against the background of serial attacks by the SEC, the initiative of US lawmakers looks quite touching. They sent a letter to Apple's CEO, asking for a reasoned response on what grounds the Apple Store restricts with its rules the distribution of new technologies such as crypto, NFT, and other distributed ledger technologies. Such concern for crypto has caused us to wonder; against the backdrop of the SEC's destructive actions, it seems hypocritical.

🥊 Binance: fighting for survival

• Bad news: last week it became known that Binance unexpectedly withdrew its license application in Germany. Today, the WSJ learned that CZ, along with its exchange, is under investigation by German regulators.
• The good news: Binance announced that its Dubai-based subsidiary, Binance FZE, has become the first exchange in the world to receive a license from the Dubai regulator for both institutional and qualified retail traders.

This small victory shows the general pattern that crypto businesses will most often not be shut down under the pressure of a single regulator but will simply flow to friendlier regions where they can continue to operate quite legally and openly. So far, Binance has avoided clashes with regulators in various countries, often operating internationally in the gray zone. Let's see how this tactic will work over the long run.

⚓ Major crypto events (July 31 - August 7)

July 31

• ISKRA Token has announced the launch of the game Norma in Metaland.
• Solv Protocol (SOLV) is going to launch the first open-end fund.
• Steam Exchange's (STEAMX) mainnet launch.
• Wilder World's (WILD) gameplay teaser launch.
• Sandbox (SAND) announced that due to maintenance, bridging will be disabled until the end of next week.
• DigitalBits (XDB) has released Atomic Swap.

August 1

• Development and operation support for Lido on Polkadot and Kusama will be discontinued.
• Emirex will list Lovely Inu Finance (LOVELY).
• Bitget will list Azit (AZIT).
• MELD announced that "something big is coming."
• Baby Doge Coin (BABYDOGE) 1.9 quadrillion tokens to be burned.
• Helium (HNT) halving.
• BitMart will list KEK (KEKE), Kingdom Of Kek.

August 2

• Litecoin (LTC) halving.
• Fabwelt (WELT) - H2O game launch.

August 3

• Alpaca Finance (ALPACA) Automated Vaults v.3.0 launch.

August 7

• Gains Network (GNS) software update to v.6.4.

🔓 Tokens unlock

August 1

• dYdX (DYDX) - 6.52M tokens to be released, or 3.81% of the circulating supply.
• Acala (ACA) -  27.43M tokens to be released, or 3.56% of the circulating supply.

August 3

• Sui (SUI) - 34.62M tokens to be released, or 5.29% of the circulating supply.

August 5

• Galxe (GAL)  - 7.613M tokens to be released, or 16.36% of circulating supply.
• Tornado Cash (TORN) -  22.84K tokens to be released, or 1.51% of the circulating supply.

August 7

• Hashflow (HFT) - 3.23M tokens to be released, or 1.84% of the circulating supply.

🏁 Token launchpads

August 1

• SeaPad (SPT) is a launchpad platform on the Sui network. Tokens will be available via Spores Network and Poolz Finance.

August 5

• Suzerain Pepe (SPEPE) memecoin launch on PinkSale.

August 6

• CrypCade is a multichain metaverse built for Web3. iCADE tokens will be available via BSClaunch.

August 7

• AIPTP (ATMT) is a blockchain for decentralized AI. Tokens will be released on Kommunitas Launchpad.

🆓 Crypto and NFT freebies

July 31

• The Virtua Kolect (TVK) giveaway.
• Binance Coin (BNB) new quest.
• Giant Mammoth (GMMT) giveaway. 
• Bitget giveaway in collaboration with Staika (STIK).
• FLOKI special campaign launch.
• Helio Protocol (HAY) and Wombat Exchange staking campaign.

Time to wrap up this crypto-fabulous ride, our fellow hodlers! Keep those wallets stacked and remember to stay woke in the wild world of digital gold! Keep slayin', stay bullish, and may your portfolio soar to the moon and beyond! Peace! 🚀💸✌️

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Here are some of the biggest news:

• Reuters: Meta executives said that the number of active users in the Threads app has roughly halved compared to the first days after launch.
• The crypto firms will have to disclose information to the SEC about cyberattacks.
• Elon Musk took over the @X user account without returning a penny to its owner. The former owner of the account simply received a letter stating that his Twitter account was being taken over by the company.
• SEC Chairman Gary Gensler has expressed concern about "rampant manipulation" in the cryptocurrency market. In an interview on Bloomberg TV, he warned investors that the industry is "overrun with fraudsters."

🔪 Criminal adoption in the wild

Just recently, we wrote about the hunt for crypto enthusiasts in Canada, where police reported a series of attacks and robberies. According to the news, similar hunts are now going on all over the world. The latest famous case is that of Fernando Perez Algaba, a previously missing millionaire crypto blogger from Argentina. He was found m*rdered this week, and the remains of his body were found dismembered in a suitcase.

Algaba ran a cryptocurrency trading business in Buenos Aires, with 25 traders working in his office. Algaba was active on Instagram with more than 917,000 followers. In it, he promoted crypto and showed off his luxurious life, expensive cars, and parties.

In a sense, all these similar cases are signs of ongoing criminal adoption (analogous to mass adoption), which indicates that cryptocurrency is beginning to be recognized as an objective value even by organized crime. All crypto influencers have a reason to rethink their lifestyle in this regard.

🗼 Asia's small crypto revolution

It is well known that Asia plays an important role in the crypto sphere as the most dynamic and numerous part of the community. And this chart shows the important changes in Asia:

India has overtaken China for the first time to become the largest crypto employer in Asia, representing 20% of the Asian crypto workforce. From the fresh data, we can also see that Singapore and Hong Kong are also very important countries in the region.

💲 Ideas

[1] 🔔 To BNB or not to BNB?

Binance and its founder, Changpeng Zhao (CZ), are trying to get the dismissal of a complaint filed against the trading platform by the U.S. Commodity Futures Trading Commission (CFTC).

The regulator previously sued Binance for insider trading through "approximately 300 proprietary accounts" that are directly or indirectly owned by CZ.

As you can see, the charges from the CFTC are even more serious than those from their SEC counterparts. And here is the current result in numbers from the pressure of regulators from different countries: Binance's spot market share has fallen from 64% at the beginning of the year to 50% (and obviously will continue to fall further due to the increasing number of claims from other countries).

But to understand the situation, it's better to see the chart of BNB, Binance's exchange coin. Normally healthy altcoins follow BTC, but as you can see in the chart below BNB (blue), starts to have a strong divergence with BTC (red) in early 2023 — BNB has literally become anti-BTC. The decoupling of BNB from the BTC rate channel came at a time of legal attack by regulators.

This behavior of BNB makes it at least unprofitable to HODL, at most a very dangerous asset that will collapse once again in case of new legal attacks (the probability of which is high). So far, Binance has not managed to solve any of the legal problems that have arisen, and this makes it necessary to reconsider one's asset portfolio.

[2] 🔔 Could Horizen ($ZEN) potentially go up?

Horizen is a zero-knowledge network of blockchains powered by the largest node system with tools for developers to custom-build blockchains.

According to RLinda's technical analysis, $ZEN forms a prolonged "bearish wedge" and shows strength amid Bitcoin's decline. The token consolidates and stops under resistance at $9.66, forming an ascending triangle. Over the next few weeks, $ZEN consolidates and continues to climb.

A retest of the previously broken boundary or consolidation above the $9.66 level may be formed soon, providing a possibility to enter more favorably. However, the token is breaking through the moving averages, which could indicate a change in trend.

• Support levels: $9.66, the previously broken trend boundary.
• Resistance levels: $11.4; $15.12.
• Medium-term outlook: $15.12.

*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] 🔔 Showing activity on Linea

Linea is a zkEVM from ConsenSys, developers of the browser-based MetaMask wallet. The main network was recently launched, and there are already plenty of options to test it out and become an early bird. It will be especially useful for those who took NFT in the quest campaign on Galxe.

What to do

• Making a bridge to the Linea network via the official bridge, Orbiter, or LayerSwap;
• Get a domain;
• Work with NFT on the Zonic or Bilinear marketplace;
• Make standard swaps and liquidity available: SyncSwap, EchoDEX, and HorizonDex;
• Join Discord and show your activity there.

Until the next issue drops, remember to stay woke on the latest trends and keep riding to the moon! Catch ya soon, fam! 🐱‍🏍

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You have received this mail because you have subscribed to a newsletter at buidlbee. Please make sure you have seen and understood our disclaimer before reading. You may always unsubscribe from our mailing list by clicking on Unsubscribe. If you received this in error, please contact buidlbee, delete this email and any attachments immediately.