FTX secures over $16 billion to repay creditors 👀

Welcome back to the daily Coinsauce Newsletter, your go-to source for the latest crypto updates 🗞️

📈 Markets

• Overall bias - Neutral 🟠 

• If BTC breaks $62,100, it can dump till $61,800 which is an intraday support level. However, if $62,100 is held, then BTC can complete it’s inverse head and shoulder pattern and rise till $64,800 which is an intraday resistance.

• Key levels for swing basis :

• $67,200 is a key resistance for a short -- Confluences include 4H premium zone, 4H bearish OB, 4H horizontal resistance, 4H AVWAP resistance.
  

• $67,200 breakout & re-test is a key level for a long -- If this level breaks, market becomes a little more confident for longs on re-tests of crucial supports.
  

• $59,500 is a key support for a long. This is the bullish order-block, where long trades can be looked out for subject to other confirmations.

📅 Today

FTX Creditors Rejoice ❗️ 

FTX has outlined a plan that aims to repay creditors in full under a new bankruptcy plan, prioritizing customer claims.

They've secured $14.5 to $16.3 billion by liquidating various assets, including those held by entities involved.

Despite an initial shortfall, non-governmental creditors will be paid in full, with up to 9% interest from the onset of bankruptcy.

Within 60 days of the effective date, 98% of creditors will receive at least 118% of their approved claims in cash.

Other creditors will receive 100% of their allowed claims plus compensation for the time value of their investments.

Botanix spins a web 🕸️ 

𝗣𝗿𝗲𝗽𝗮𝗿𝗲 𝗳𝗼𝗿 𝗘𝘁𝗵𝗲𝗿𝗲𝘂𝗺 𝗗𝗔𝗽𝗽𝘀 𝗼𝗻 𝘁𝗵𝗲 𝗕𝗶𝘁𝗰𝗼𝗶𝗻 𝗯𝗹𝗼𝗰𝗸𝗰𝗵𝗮𝗶𝗻!

Botanix Labs, a Bitcoin Development Startup has announced that they raised $8.5 million to build the Spiderchain.

Spiderchain is a Bitcoin L2 with EVM compatibility. It’s unique scaling technology will enable applications & smart contracts running in the Ethereum ecosystem to be copied and run natively on Bitcoin “in minutes”!

This will make it possible for devs to develop Bitcoin-native DeFi ecosystems, which could be huge.

Many known crypto investors & angels participated in the funding; Polychain Capital, Placeholder Capital, Andrew Kang, ABCDE, etc.

📊 Stats

Educational 📔 

Analyzing user retention of projects post their airdrop hype 👇️ 

• Many projects experience a decline in user engagement after their token launch due to the absence of airdrop incentives.

• Airdrops often serve as a short-term liquidity boost and hype generator.

• Projects that maintain and enhance key metrics such as active user base, TVL, trading volumes post-airdrop are fundamentally stronger, and are the ones that are actually being used by the people.

• Such projects are thus naturally more likely to perform well in the long term.

Credits : DYOR

Chart of the day 📈 

IOTA/USDT (1H - Long)

Confluences & Rationale :

• 1H equilibrium support

• 1 H horizontal support

• 1H Bullish order-block support

• BTC dominance at resistance

• 15 mins discount zone support

• Bullish divergence on lower time frames

• Note : None of the content posted here is Financial Advise. This is for educational purposes only.

🤣 Meme of the day

Priorities of a typical HODLER 😂 

That concludes our update for today!

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