Why did $BTC experience a sharp decline?

TLDR:
Mt. Gox, who once was one of the cornerstones of bitcoin trading before going bankrupt in 2014, is repaying its customers, in July.

Mt. Gox, the failed exchange, will pump as much as 140K BTCs into the market (worth approx. $9 billion).

Some analysts argue that this sudden increase of supply is expected to negate in one shot the positive effects of ETF inflows.

It is not clear how the market would react to this on the long run though. So, let us wait and see...

3 reasons contributed to yesterday's decline of the crypto market:

1. Following $BTC halving, miners are selling more coins to cover business expenses.
2. Low stablecoin issuance levels caused less money to be pumped into the market.
3. Outflows from Bitcoin ETFs created a selling pressure.

It is time like these that present the best buying opportunities.

When dips happen, DCA (Dollar Cost Average) and hodl (Hold On for Dear Life) waiting for an uptick. The rise may not happen in the near future but it will eventually take place.

Best strategy when the market is in panic mode is not to panic sell and to keep the following in mind: "In spot trading, buy the dips and be patient".

Last but not least, if you cannot bear the sight of red across the board, forget that you have a Binance account for a while and come back when the market recovers.

The total supply of $LUNC amounts to approximately 6.8 trillion.

A total of 116 billion coins have been burned. This translates into a 1.7% supply reduction.

However, such an extremely low burn rate stands firmly in the way of a #LUNC recovery.

Now that the LUNC community is in the drivers seat, the only hope for a surge in price lies in figuring out innovative ways forward.

In light of the above, LUNC will experience a period of high volatility until its community manages to mop up the damage done by Terraform Labs.

Many people are still hodling their LUNC coins in the hope of hitting the jackpot. Only time will tell if these people are right, let us wait and see!

Terraform Labs has agreed to pay a $4.47 billion fine to settle its conflict with the SEC.

However, the company is now officially shutting down operations. CEO Chris Amani has called on the community to take over the management of Terra projects, including Pulsar Finance, Station Wallet, and Enterprise DAO.

Additionally, all LUNA tokens owned by Terraform Labs will be burned.

Meanwhile, Terraform Labs founder Do Kwon remains in Montenegro, with his lawyers contesting extradition requests from both the U.S. and South Korea.

It is not clear how $LUNC and $LUNA will react to the above piece of news.

🕯 Daily Cryptocurrency Market Review:

The market is experiencing a correction once again. $BTC is currently trading at $67,780, while $ETH has fallen to $3,559.

📈 Growing Asset
LEVER: +13%
GNO: +9%
ASR: +6%

📉 Falling Asset
NOT: -18%
TNSR: -18%
$W : -14%

If you are not patient or are after quick win schemes, then crypto trading is not for you.

Bear in mind that "time in the market" more often than not beats "timing the market".

Consider for example $BTC , at one point in time, it was worth a couple of bucks. But over time, its value skyrocketed.

Be prepared for highs and lows. Buy the #DIP and wait for the right moment when the price goes back up to sell and reap some gains.

Be reminded that investment is a long game and make sure to invest money that you can afford to lose.

Good day everyone!

#Binance55thProject(IO)

Which coin from the Telegram Open Network (TON) will have a stellar performance next? 🚀

The creators of the $YES coin believe that the latter will be the next $NOT coin.

Over 10 million users already joined the Yescoin bot. Soon enough, these early adopters will be rewarded with a fair share of the airdrop.

If you are interested in joining the party, click the link below 👇:
[t.ly/DtKEw]

The TON blockchain is thriving with many interesting projects spawning every day. Only time will tell which one will offer the best airdrop.

‐---------
Disclaimer: the above is not meant to be a financial advice.

#BinanceLaunchpoolView

Binance just announced its 55th Launchpool project - IO.NET ($IO ), a cloud computing platform developed for large scale AI startups.

With all the buzz surrounding AI, this project will attract a lot of attention.

As a Binance user, you can stake $BNB and $FDUSD to farm $IO tokens.

Important Dates:
- Farming starts on 2024-06-07 at 00:00 (UTC)
- Binance will then list IO at 2024-06-11 12:00

If you can spare some BNB and/or FDUSD, then this a great opportunity to make money.

#Launchpool‬ #ionet

If you are new to crypto trading, one of the things that you will find overwhelming is the large number of acronyms like ATH, HODL, DYOR, etc.. 🤯

So, let us explore some of the most commonly used ones:
1. $BTC : I know you are familiar with this one ☺️
2. ATH stands for "All Time High" and is used when a coin reaches a high never reached before 📈
3. HODL is "Hold On for Dear Life" and refers to the need for "buy-and-hold" strategy 🚀
4. DYOR stands for "Do Your Own Research" and is a call to do your due diligence before investing in a coin/project 📚
5. ICO is "Initial Coin Offering" and is when a company raises money to develop a new blockchain app/service. Investors can buy into an ICO to receive the new coin issued by the company 🌐

Let me know in the comments section below if I missed any important abbreviations.

Last but not least, if you like my content, make sure to follow/like.

Good day everyone!

The $Taps coin is scheduled for release on the 1st of July 2024 💎.

Over 42 million users already joined its Telegram bot and are tapping their phone screens to farm $Taps tokens 🚀.

This project is building on the tremendous success of the $NOT coin, which was initially accumulated by millions of users through a #telegrambot 🤖.

The project already released its Binance registration mission with a reward of 3 million shares and the possibility of getting a 600$ #binancevoucher 💸!

After the July 1st release, these shares can be converted into $TAPS coins 🪙.

Reserve your front row seat and claim your free shares 👇:
[t.ly/Rtz7E]
🎁 +2.5k Shares as a first-time gift

Consider to follow/like if you find my posts to be helpful.

P.S.: This post is not a financial advice and make sure to DYOR.

#altcycle

The main focus of this post is the airdrops taking place on Binance.

Airdrop is a mechanism by which new crypto projects reward early adopters. The reward takes the form of coin giveaways.

I personally participated in many that were advertised by Binance.

My total gain amounts to 54.69$.

The airdrop activities in which I took part are listed below:
1. $MAV with a gain of 5.78$
2. Polyhedra with a gain of 38.09$
3. Cyberwallet with a gain of 5.71$
4. Radiant with a gain of 1.37$
5. Holograph with a gain of 3.74$

Anyone can take advantage of these #AirdropBinance activities provided that a Web3 Wallet is created.

If you are starting with a small investment capital, aidrops can help boost the capital.

If you find my content helpful, consider following me and hitting the like button.

Good day everyone!

The below topic is one that I encourage many to open up on.

This will help us all learn from our mistakes. Let us delve into it:

The coins that caused my portfolio to bleed the most are as follows:

1. $LUNA made me lose about 177$. My main takeaway from this experience is to "never try to catch a falling knife". The price was dropping fast. So, I erroneously saw it as an opportunity to make money but I was wrong as the price kept declining!

2. $OMNI and $W both were listed by Binance following a #BinanceLaunchpol . In Fear Of Missing Out (FOMO), I bought both coins immediately after their release which incurred a loss of about 150$ for both. The main takeaway lesson extracted from this experience is: "patience is a virtue". When it comes to new listings, wait until the dust settles before you make your move.

There is some cost associated with crypto trading. I do not perceive the above as losses but as a price worth paying in return for good lessons. Many of the other coins I invested in generated good gains that helped offset the loss associated with above good learning experiences.

If you like my content, consider liking the post and following for more similar content.

Great evening everyone!

The below is by no means a financial advice.

I am extremely bullish on the #TONCOİN due to the exponential growth of the Telegram Open Network.

One of its byproducts #Notcoin👀🔥 already took the crypto world by storm. I expect the same to happen for some of the other coins that are still under development.

Note that I will talk about these other coins and which are pushing to an airdrop phase in my future posts.

Make sure to like/follow to be notified as soon as I publish a post.

Great day everyone!