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The Crypto Minute
Your Weekly Guide to Surviving the Crypto Rollercoaster.
CoinBrain
November 04, 2024 • Reading Time: 8 minutes
Welcome to the latest issue of Crypto Minute by CoinBrain! Strap in, our fellow crypto degens, because we're about to dive headfirst into the wild world of digital assets.
⤵️ Today’s Agenda:
The markets are gearing up for the US presidential election on Tuesday, Nov 5th.
$BTC almost crossed its ATH (All-time high) for the first time since November 2021!
Grass just released one of the biggest airdrops in the history of Solana. Find out how to claim!
And more…
📊 Market Snapshot
| $68,777BTC+0.8% | $2,460ETH-2.0% | $2.39TCrypto Market Cap-0.1% | 53 (Neutral)Fear & Greed Index-1 from last week |
📅 Crypto Events You don’t want to Miss
Tuesday, Nov 5th:
The moment that we have been looking forward to, the thrilling 🇺🇸 US Presidential Election will be taking place.
From polls, it seems that the crypto crowd would like to see Trump win this one. Regardless of who wins, the markets will experience a bumpy ride. What’s your guess? Let us know!
Who will win the 2024 U.S. election? |
Thursday, Nov 7th:
US Federal Funds Rate - This is the VIP interest rate that banks charge each other for overnight loans. Picture it as the "cover charge" for banks to borrow money from each other. When the Fed adjusts this rate, it's like turning the volume knob on the entire economy:
A: Higher rate ➡️ More expensive loans ➡️ Economy slows down
B: Lower rate ➡️ Cheaper loans ➡️ Economy heats up
US FOMC Statement - This is like the Fed's official mixtape release. The Federal Open Market Committee (FOMC) drops a carefully worded statement explaining: what they're doing with rates, how they view the economy, what they're worried about, and so on.
Traders usually parse every word of these statements because it hints at future developments.
US FOMC Press Conference - This is the after-party where the Fed Chair (currently Jerome Powell) takes the stage to explain the decisions in plain English, answer journalists' questions, and sometimes accidentally move markets with a single phrase!
🐋Smart Money Tracker
Tuesday, Oct 29th: On this day, $BTC price increased by 3.2% and broke through the $70,000 resistance! A whale has withdrawn 2,150 $BTC ($147M) in the past 5 days.
Address: bc1q57rcscs6ztj0xnslwkt4nervxkpen07h9h2jnr2hkwlg3lwuljrsdwt2m2
Our $BTC Whale Transfer
Tuesday, Oct 29th: The Royal Government of Bhutan deposited 929 $BTC into Binance in a very short time span. Royal Government of Bhutan currently holds 12,456 $BTC. Someone has been stacking up!
Wednesday, Oct 30th: MrBeast has profited over $23M by pumping and dumping various crypto projects, such as $SUPER, $ERN, $PMON, or $STAK.
MrBeast Pump and Dump. Source: Lookonchain
Friday, Nov 1st: Whale “zxgngl“ has been withdrawing large amounts of $USDC from Binance to be on Trump winning the US election. They have spent a total of 10.68M $USDC betting on Trump.
Saturday, Nov 2nd: The Pump.fun fee wallet is offloading profits! It has sold another 90,000 $SOL ($15M) on this day. So far, the platform has generated revenue of 1,093,493 $SOL ($184M).
Pump.fun selling profits on Kraken. Source: Lookonchain
Source: Lookonchain
📰 News Recap (Oct 29 - Nov 4)
Bitcoin’s Epic Rise - Hold onto your crypto wallets, folks! Bitcoin is back with a vengeance and putting on quite a show! Our favorite digital gold is now dancing around $68,719 as of November 4, after almost surpassing the ATH of $73,798.
Why the renewed interest? Well, it seems both presidential candidates are giving crypto the thumbs up, and those shiny new Bitcoin ETFs are pulling in money faster than a Las Vegas slot machine! Talk about a comeback story!
$BTC Price Increase. Source: TradingView
Layoffs in Crypto - The crypto world is doing some serious spring cleaning... in autumn! Here's who's reshuffling their deck:
Consensys: The blockchain builder just hit the "ctrl+alt+delete" on 20% of their workforce (that's 162 out of 828), blaming it on the economy playing hard to get and those pesky regulations.
Kraken: Not to be outdone, this crypto exchange is saying "thanks for all the fish" to 15% of their team. They're calling it "organizational efficiency," but let's be real - it's like trying to fit into last year's jeans after the holidays!
dYdX Trading - The company behind the popular decentralized derivative platform is laying off 35% 🥵 of its current staff (including core team members)!
🌍️ Story of the Week
Stop the presses - There’s a new hottest token on Solana, and everyone's invited to the party! Grass (yes, that's really its name!) just pulled off the crypto equivalent of Oprah's "You get a car!" moment, showering tokens on 1.5 million lucky addresses. Talk about spreading the wealth!
The Grass network will go live shortly 🌱
Claims open in 30 minutes.
Claim: grassfoundation.io/claim
— Grass Foundation (@grassfdn)
1:00 PM • Oct 28, 2024
The project is basically a decentralized network for web scrapers, where anybody can provide their idle internet connection and earn $GRASS in the meantime. If you participated and haven’t claimed your share yet, you can do so here.
To The Moon 🌕️ 🚀 ? The token's price shot up faster than a caffeinated kangaroo, jumping to around $1.6 at the time of writing! Now everyone's watching to see if it'll join the dollar club, especially with Binance possibly rolling out the red carpet soon.
🔒 Major Token Unlocks of the Week
$NEXT - 3.78% of the total supply will enter circulation on Nov 05, 2024.
$GAL - 8.81% of the total supply will enter circulation on Nov 05, 2024.
$INSR - 2.08% of the total supply will enter circulation on Nov 06, 2024.
$ATEM - 3.37% of the total supply will enter circulation on Nov 06, 2024.
$TRIBL - 2.64% of the total supply will enter circulation on Nov 09, 2024.
The $GAL unlocks of 8.81% is a rare opportunity, especially in a project as established as Galxe. Pay attention to the price on Nov 5th 😉
Check out the full unlock article here
🗞️ From our Blog
💡 1 Minute Learning: Grid Trading
Grid trading is the "lazy genius" way to trade crypto!
Imagine you're setting up a series of robo-traders that are basically playing a never-ending game of "buy low, sell high" between two price points.
As the crypto price bounces around within your grid, your system is automatically buying at the lower levels and selling at the higher ones (cha-ching! 💰).
But (and there's always a but in crypto, right?), grid trading isn't all rainbows and unicorns. If the market decides to throw a party and skyrocket past your grid's ceiling, or have a meltdown below your grid's floor, your strategy becomes about as useful as sunscreen at midnight.
And that’s a wrap! 🎉 Enjoyed this newsletter? Forward it to a friend, and let them know they can subscribe here.
Got ideas or feedback? We’d love to hear from you! Drop us email at [email protected].
DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and not investment advice or a solicitation to buy or sell any assets or make financial decisions. Always do your own research and stay safe out there.