Day before big news, big swings loading.

12.06.2023

The crypto market is dumping, and ALTs are nuking before the news about inflation in the US that
will come tomorrow.

Jake
TOP Trader

BTC is showing weakness and dropping below 26k. If the small uptrend losses continue, we will
soon see it at $25,200. Tomorrow is the US inflation data, and this could strongly impact the
market. I suggest not trading before the market news.

ETH is still trading in the mid-$1,700 range, and a dump to $1,700 is expected if the support
doesn’t hold. The big news tomorrow could nuke the crypto market fast.

XRP is showing strength and fighting with the 50MA on the 4-hour chart. If it breaks up, it could
push to $0.54 and even $0.6 in a fast pump.

LINK is nuking to the old support at $4.7 and showing weakness for a bigger push-up. This is a
good DCA opportunity for a bigger push-up.

SOL hit a strong support at $12.6, and the next big support is $9.5, which is a great buy
opportunity for the long term.

EOS hit a new low at $0.6 and made a bounce up. But there is still a wick to be filled, and there is
still a possibility of a push-down. If the inflation data comes out bad, we could see the next leg down.

LTC dropped from the support of $88 and pushed to $77. It is still showing no strength, and a
push to $70 is just a matter of time. However, in 40 days, there will be a halving event in LTC,
which suggests a considerable price increase due to the reduction in mining supply. This presents a
great investment opportunity to hold!

DXY is still battling with 103.5, and it is starting to resemble the beginning of a downtrend. Big
swings are expected next week, especially with the inflation data.

CRYPTO NEWS:

BINANCE (US) IS SUSPENDING USD DEPOSITS

Binance.US just dropped a bomb… it’s moving to a crypto-only exchange.
No USD deposits. No USD trading pairs. No USD, at all. Nothing. Zip. Nada.

Why? Binance.US’ banking partners are suspending USD channels as early as next week.
So, the crypto exchange won’t be able to complete any fiat deposits or withdrawals once that happens.

Here’s everything you need to know:
• Starting today, all USD deposits and recurring buy orders are suspended
• Binance.US will transition to a crypto-only exchange
• Starting next week, Binance.US will delist all USD trading pairs (i.e BTC-USD, etc)
• All customers have been encouraged to withdraw their USD from the platform by June 13, 2023
• Any USD balances remaining on the platform after June 15 can be converted to stablecoins
It looks like this could be the beginning of the end for Binance.US.
P.S – If you still have any USD funds on Binance.US., we highly recommend getting it out while you can.

ARBITRUM GOES DOWN
Arbitrum is one of the most popular Layer 2s (L2s) out there. It provides cheaper fees, faster transactions, and recently airdropped a token.
Here’s a quick analogy for L2s: Ethereum is like the highway with tolls.
Everything is great, until rush hour. Traffic moves slower. Patience runs lower.
Arbitrum is like an EZ-Pass. It lets you skip the line and processes the tolls later.
But Arbtrium had a major roadblock earlier this week and stopped processing transactions for a few hours.
What happened? A software bug.
• Arbitrum bundles transactions off of the blockchain and then sends them back to Ethereum to be completed at a later time
• The piece of software that bundles these transactions is called a “sequencer”
• The sequencer needs funds to pay for the transaction fees. There is code that “auto-refills” the wallet when there’s a low balance
• There was a bug and the sequencer ran out of money until the Arbitrum team (Offchain Labs) fixed the bug
It’s kinda like when you forget to pay your electricity bill and the lights turn off in the middle of your shower.
The result: The Arbitrum network was backed up for hours.

So what? During the outage, $2B+ in assets were stuck on Arbitrum. And it’s the 4th time this has happened.
It also highlights how centralized a lot of these projects still are.
If there’s still one central entity (Offchain Labs) controlling everything, is it really decentralized?
Luckily, the Arbitrum team says that “eventually, sequencing affordances could be given to a distributed committee of sequencers”.
We’ll have to wait and see…