Crypto bloodbath continues while Justin Sun offers to buy $2B in bitcoin from Germany

M6 Labs Alpha Bytes 🚨 July 5th

GM anon ☕🐺

In today’s Alpha Bytes👇

The crypto market saw $665M in daily liquidations as Bitcoin dropped below $55K, driven by Germany-related FUD. Justin Sun offered to buy $2B in bitcoin from Germany to reduce selling pressure. Meanwhile, Mt. Gox moved $2.7B in bitcoin ahead of its $9B payout, adding to the volatility.

Bitcoin drops below the 200-day average, bringing the bull market trendline into focus.

BTC $54,311 (-7.18%), ETH $2,869 (-10.10%), SOL $125.64 (-6.59%)

Crypto News 📰

  • Labour Landslide Sets Up Starmer as UK Prime Minister With Unstated Crypto Plans

  • Coinbase argues Gary Gensler’s email is ‘appropriate source of discovery’ in SEC lawsuit

  • Biden’s reelection odds brush single digits on Polymarket

  • SlowMist reports $20.66M in stolen funds in Q2

  • US spot bitcoin ETFs see $20M net outflows while most funds record zero flows

  • EigenLayer competitor Symbiotic crosses $1B in deposits in under a month

  • Bitcoin miners are showing signs of capitulation

  • South Korean government to launch crypto transaction monitoring system

  • SEC wants retailer’s crypto suit tossed as it’s based on ‘phantom’ policy

  • Vitalik Buterin opts for faster Ethereum, EIP-7732 gives hope

  • Insider trading allegations hit Khamzat Chimaev’s Smash token

  • Bittensor identifies vulnerability behind $8M exploit in post-mortem

Project Updates 🔥 

Threads 🧵 

Launches 🚀 

  • Announce the launch of Preon V2

  • Orbs launches liquidity hub on Fenix Finance

  • Aptos launches keyless wallets that use ZK-proofs to verify identities

Fundraise 💰

  • @blockchaincap led the $6M Seed round of @QEDProtocol

  • Compute Labs announces a $3M Pre-Seed funding round

  • Protocol Village: DWF launches a $20M fund for Web3 projects in Chinese-speaking regions

Airdrops 🪂

  • $ALLO with a huge airdrop

  • Introducing Karak Network by Lightning X Drop

  • Rainbow launches Week #1 of Rainbow ETH Rewards for the top 1K active users

Calendar 🗓️

  • 2 July : $EGLD - Vega Patch 3

  • 3 July : $RON - Goda Upgrade

  • 3 July : $ETHFI - Cash Card (Pre-order)

  • 4 July : $DESO - Revolution PoS

  • 4 July : Tabi - Early Bird Node Ticket Sale

  • 5 July : $ZIG - Tokenomics Upgrade Proposal

  • 5 July : $MAVIA - Phase 2 Rollout

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That's a wrap for today!

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