Crypto Vending Machines in Capitol; FTX Bankrupcy Saga; Orbiter Finance;

What Happened in Crypto Last Week!

Jan 27, 2023

Mr. Longtail’s Diary

Dear Readers,

If I were a rich mouse…but what does it mean to be rich these days?

For me, aside from being healthy and surrounded by happy family members, being rich means buying fancy s*** and don’t care if it’s expensive. More importantly, being rich is to stop trading my time for money.

However, these days is all about saving and investing. It’s tough, men. I see on social media my high school friends going to Maldives and I think to myself: my net worth is so much bigger than theirs and my face have not seen the sun since July.

But I am not going anywhere. I am in Uncle Scrooge mode. You would think Micky Mouse would be my spirit animal but no. He was so basic. Uncle Scrooge is the whole vibe. No fun, just work and collecting money. ‘No time to chill’ as reads the iconic album’s title of German techno band Scooter from early 2000s.

I am daydreaming about bull market coming soon. Hopefully, it will happen before I fully transform into an elderly mouse with silver fur and like Uncle Scrooge, the only thing that would make me happy would be diving into my *digital* money.

Stay strong!

Mr. Longtail

This week’s tasty snacks:

🧀 - Market outlook: ‘The Biggest Bull Trap I’ve Ever Seen’ - Is it?

🧀 - Hot News: Who Will Make The Most Money on FTX Bankrupcy? The Lawyers!

🧀 - Project Review: Orbiter Finance - Your Ultimate L2 Bridge 🛸

🍰 - Those sweet, sweet memes!

🍓 - Your favourite motivation corner!

Market Outlook

‘The Biggest Bull Trap I’ve Ever Seen’ - Is It Really?

il Capo Of Crypto @CryptoCapo_

I've been checking charts all this time, avoiding noise from Twitter. The way the upward movement is happening, the way htf resistances are being tested... it clearly looks manipulated, no real demand. Once again, the biggest bull trap I've ever seen. But they won't trap me.

So… Let’s look at the most interesting charts, shall we?

Fractals showing some bullish longterm outlook:

𝕄𝕠𝕦𝕤𝕥𝕒𝕔ⓗ𝕖 🧲 @el_crypto_prof

#Bitcoin In $BTC's history, Descending Broadening Wedge-Patterns have always been very bullish. If the current DBWP breaks out to the upside, FOMO is guaranteed to occur + that would most likely also seal the bottom for this cycle. Show Me The Charts and I'll Tell You the News

Absolute bottom at monthly RSI:

Mags @thescalpingpro

#Bitcoin ✍️ Monthly RSI shows that the bottom is in!👀 RSI below 45 has been a good area to accumulate $BTC for long term & has always marked the bear market bottom historically. #crypto #btc

But slightly zooming in, there is still a chance that the bottom is not it.

aQua @PayneResidence

$BTC I still wouldn't count this off, wouldn't count off seeing new lows. As you can see we will have first time in BTC history a death cross on Weekly. We expect rejection around here. It's very likely BTC spends months accumulating below these MAs. #Bitcoin #BTCUSD #BTCUSDT

We strongly believe, that investing and trading should be performed on the probability basis. It is very difficult to spot a perfect bottom as well as a perfect top. Moreover, it might be even dangerous to try. Probability of the fact that the bitcoin bottom is in is very high as most of the long term on-chain and technical indicators point to oversold and reversal.

Disclaimer: The information contained herein is for informational purposes only. Nothing herein shall be construed to be financial, legal or tax advice. The content of this newsletter is solely the opinions of the writers who are not a licensed financial advisors or registered investment advisors. Trading cryptocurrencies poses considerable risk of loss. Authors of this newsletter do not guarantee any particular outcome.

Latest News

FTX Actually Made Some People Rich: Their Lawyers

‘When they go low, we go high’ as the former First Lady Michelle Obama used to say, now can be applied to FTX’s legal team from Sullivan & Cromwell. The law firm assigned one hundred fifty people on the infamous crypto exchange bankruptcy case. Thirty lawyers are the firm’s partners, reportedly charging more than $2,000 per hour.
And lawyers are still wondering why people don’t like them…🧐

Find out more at cointelegraph.com.

US Senator Ted Cruz’s Crypto Vending Machines?

As they say: ‘The way to a man's heart is through his stomach.’ It seems like Senator Ted Cruz uses creative ways to familiarise his Capitol colleagues with cryptocurrency. And what better way to do this than installing vending machines with delicious snacks and refreshing soda with crypto being a payment option? We very much support the idea! 🍎🍬🥯☕️

Find out more at cointelegraph.com.

World’s Largest Options Exchange Deribit Relocating to Dubai

Deribit, world’s biggest Bitcoin and Ether options exchange, is going to relocate to Dubai, probably in the third quarter of 2023.
David Dohmen, chief legal compliance and regulatory officer at Deribit explained in the interview that the Dubai office’s staff would consist of about ten people, both core employees and local hires. Currently, the exchange is based in Panama, where some employees will continue their work. In The Netherlands, Deribit’s parent company and subsidiaries manage ninety-five people around the globe.

Find out more at gulfnews.com.

Another Crypto Exchange Investigated

Crypto exchange Bithumb has been raided in South Korea based on the price manipulation suspicion. South Korean prosecutors are focusing on identifying transactions related to a specific person or entity moving the price of a coin to make a profit. Their next step will be examining relevant transactions on other exchanges.

Find out more at coindesk.com.

Bitcoin’s Huge Come Back: 2013 Deja-Vu?

Bitcoin returns broken down to regional trading hours (Matrixport Technologies)

Since January 1st 2023, Bitcoin has rallied almost 40%. According to the analysts, it is on track for its best opening to a year since 2013, when it surged 51%.
We’ve already bought the popcorn. We are ready to watch it rising from the ashes again! 🍿🫶

Find out more at coindesk.com.

Project Review

(CAUTION: Alpha Leak!)

Orbiter Finance - Your Ultimate L2 Bridge 🛸

Let’s Fly to Layer 2

Orbiter Finance is a decentralized cross-rollup bridge for transferring the Ethereumnative assets, which is the infrastructure of Layer 2, it offers low cost and almost instant transfers.

Networks currently supported by Orbiter:

Ethereum Mainnet
zkSync
StarkNet
Polygon
Arbitrum
Arbitrum Nova
Optimism
BNB Chain
Immutable X
Loopring
ZKSpace
dYdX
Metis
Boba

Operating Mechanism

‘Security is the most important thing aside from offering cheap and fast transactions as a bridge protocol. What's the specific mechanism of Orbiter that makes sure that the cross-rollup process is safe enough for both 'Sender' and 'Maker'?
First of all, Orbiter Finance aims to solve the cross-rollup problems instead of the cross-chain issues. Vitalik has already made it clear:
Why not cross-chain? And why cross-rollup apps within one zone of sovereignty is fine?
The cross-chain project's primary goal is to ensure the security of transactions between two unique chains and avoid the 51% attack. But the cross-rollup project uses the same Ethereum data layer with each rollup which can naturally prevent the 51% attack. Based on this, Orbiter comes up with a cross-rollup mechanism that can inherit the security of Ethereum L2.’

*PS - No Token, iykyk! 🪂

Find out more at orbiter.finance!

Memes of the Week

Mr Longtail’s Motivation Corner

Quote and Book of the Week

‘Difficult roads often lead to beautiful destinations.’

Zig Ziglar, ‘Embrace the Struggle. Living Life on Life’s Terms’

Do you sometimes feel like you had enough? Are you jealous of people who want less in life and who have everything figured out already? Do you feel overwhelmed?

If your answer is yes, I got you. Since I was a little mouse, growing up in a small town, I have always wanted more. I was ambitious, reading more than others, doing more than others. I was hungry (also for some good camembert or peanut butter). I just wanted bigger life for myself and didn’t want to end up like all the mice from the neighbourhood that never left their pantry.

So here I was, risking it all, leaving a humble but safe pantry. I went to see the world, to gain international experience, to educate myself.

My old friends started to settle down in my hometown, their families were throwing them big weddings, buying apartments. Meanwhile, I was eating the leftovers from supermarket somewhere far away, in the so-called, better world.

I learned a lot. I’ve met mice from all the countries you can imagine. I grew personally and professionally. I have changed. I became more resilient, less fragile. I started establishing myself as a respected and hard-working mouse and… I was proud of myself.

Looking back, I know how much it costed me to leave my comfort zone. It was scary. For a long period of time, my friends and family were confused about my plan, as it clearly was not working perfectly. Then, when I started to enjoy the results of my sacrifices, all the mice seem to think that it all happened overnight. Suddenly, everyone forgot about my struggles. About my difficult choices and unpopular decisions. Now I was the one that ‘made it’.

But the lesson I learned is the same as the quote above reads. As Haruki Murakami wrote: ‘and once the storm is over, you won’t remember how you made it through, how you managed to survive. (…) But one thing is certain. You won’t be the same person who walked in.’

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