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Taiko Airdrop guide
+ why BTC fell 10%
Gm☀️
Hey, welcome to today's Crypdonuts newsletter. If you haven't yet already, follow us on Twitter for daily updates and insights.
FINALLY, we revealed the $DOUGH rewards for our Reward Quiz. If you haven’t read our previous email about it, you can also find it towards the bottom of this email.
Top news today:
The ominous forces driving bitcoin's plunge
Taiko Airdrop Guide
📈 MARKETS: PAST WEEK
| $26,127 | ▼ 11.2% | ||||
 Ether | $1,668 | ▼ 9.6% | |||
| 13,498 | ▼ 2.1% | ||||
| 4,400 | ▼ 2.0% |
Crypto data as of 0:00 UTC, stock data as of market close.
After a month of trailing along in the $29K zone, bitcoin finally made its move… but not in the way investors would have liked. Bitcoin fell sharply last week, causing $55M+ crypto outflows together with other altcoins.
Stocks weren’t much better off, with investors believing that the Fed is going to keep interest rates high for longer.
DONUT HOLES
Hole lotta news…
Vitalik transfers 600 ETH worth ~$1M to Coinbase
Yuga Labs to block NFT sales on OpenSea after the platform announced plans to make creator fees optional
SpaceX isn’t why bitcoin dropped last week
Blackpink launches Roblox metaverse experience
RECUR, the NFT platform that partnered with brands like Nickelodeon and Hello Kitty, is shutting down
BITCOIN
The ominous forces driving bitcoin's plunge
Are you familiar with this graph? It’s an anatomy of a typical bubble, applicable to almost any investment asset. Pay attention to the four stages of investors
Smart Money: Astute and knowledgeable investors enter the scene. Prices remain relatively stable during this period.
Institutional Investors: Price starts to rise, and media coverage increases. At this time, institutional investors temporarily create a bear trap for additional purchases.
The General Public: Involvement of the general populace, with media coverage gaining further traction. There is a significant price increase. Institutional investors and smart money begin to cash out their holdings at this phase.
Market Contraction: As a consequence of the widespread public involvement, the availability of willing buyers at high price levels dwindles. Consequently, prices experience a sharp drop as the general public sells off their holdings.
Now, notice the similarities with bitcoin’s graph from 2019 to 2022.
2019: Smart Money
2020: Institutional Investors
2021: The General Public
2022: Market Contraction
After the end of a cycle last year, bitcoin appears to be re-entering its Smart Money/Institutional phase, especially given notable moves like BlackRock filing for a Bitcoin ETF.
Last week's downturn in bitcoin’s price seems to fit the classic profile of a "bear trap", likely set by institutional investors. Importantly, rumors about SpaceX selling its bitcoin holdings have been debunked. Be cautious and don't fall prey to media narratives that could be part of larger strategic moves.
Looking ahead to 2024, expectations point to the next phase of the cycle: mass adoption by the general public. This could significantly shift market dynamics to the upside.
However, it's essential to remember that this is just one predictive model among many. Always consider it within the context of a more diversified investment strategy.
AIRDROPS
Taiko Airdrop Guide
If you're interested in potential cryptocurrency airdrops, Taiko is currently a noteworthy project in the ZK-rollup sector.
Below are the steps to potentially participate in a Taiko airdrop. Please ensure you have MetaMask installed for this process; if not, download it here.
Acquire Sepolia ETH: First, visit the Sepolia Faucet. Log in via your Google account, input your MetaMask address, then click 'Send Me ETH.'
You should receive ETH in a short time frame. Make sure your MetaMask is set to the Sepolia network to confirm.Use the L1 to L2 Bridge: Navigate to this bridge site. After connecting your MetaMask wallet, select the amount to deposit along with the processing fee (following the recommended selection is advisable). Verify the deposit status under the 'Transactions' tab.
Transition from L2 to L3: If steps 1 and 2 are successfully completed, proceed to this L3 bridge. The process is similar to the previous step.
Repeat steps 1-3 as often and regularly as possible.
Upon completion of these steps, you will likely become eligible for a potential airdrop from Taiko.
It's crucial to note that airdrops are not guaranteed. It's advisable to explore other projects offering similar opportunities.
If this was helpful, tune in every week as we plan to do this more often!
💰 REWARD QUIZ
Quiz yourself, earn $DOUGH
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What's in it for you?
We're giving away 5 million Dough at month's end, divided among all quiz-takers:
Earn 10 points for each quiz you take
Score 100 points for each quiz you ace
Your share of the 5 million Dough will be calculated based on your total points.
Join the ranks of our fearless quiz-takers today. And don't worry—even if you score zero, you're still a winner for trying!
Alright, that's a wrap for now. If you made it to here, let us know by voting below👇.
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