GM fellow Asterials. I hope everything is doing well, memecoins like $BEN is still raising millions for a token that doesn’t do anything. That doesn’t mean we should not keep updated on relevant news🥳🥳

Today we have a couple of news to share with you, so let’s get right into it!🔥

• 🤯Jump Trading faces lawsuit over TerraUSD Collapse.

• 💰Crypto adoption on the rise in developing countries

• 🚨Ethereum Beacon Chain is back up and running.

• ⛓PulseChain Launches

Jump Trading Lawsuit

Jump Trading, a major financial firm, is facing a lawsuit alleging that it made $1.3 billion in profit from the collapse of TerraUSD (UST). The lawsuit was filed by a group of investors who lost money when UST lost its peg to the US dollar.

The lawsuit alleges that Jump Trading was aware of the problems with UST and that it profited from the collapse by shorting the cryptocurrency.

If this was true, could the theory be right that someone knew the problems of $UST and decided to attack its vulnerabilities?

Let’s see what is uncovered through this case along with Do Kwons.

Crypto adoption on the rise in developing countries.

A new report from Chainalysis found that cryptocurrency adoption is on the rise in developing countries.

The report found that the number of people using cryptocurrencies in developing countries increased by 2,300% between 2020 and 2021.

The report attributes the rise in adoption to a number of factors, including the increasing availability of cryptocurrencies, the growing use of mobile phones, and the need for a more secure and efficient way to send and receive money.

Ethereum’s Beacon Chain is back up and running.

The Ethereum network experienced a brief outage on May 11, 2023, when the Beacon Chain, which is the underlying blockchain that will support Ethereum 2.0, experienced finality issues.

Finality issues are when there is a delay in confirming blocks, which can lead to security problems.

The outage lasted around 25 minutes, and was caused by an unknown issue. Ethereum core developers released patches to fix the issue, and the Beacon Chain is now back up and running.

The outage is a reminder that even the most secure blockchains are not immune to problems. However, it is also a sign that the Ethereum community is committed to resolving issues quickly and efficiently.

Pulsechain Launches

Pulsechain, a fork of the Ethereum blockchain, launched on May 10, 2023. The launch was successful, and the network is now up and running.

Pulsechain has a number of features that could make it attractive to users, such as its fast block time (0.5 seconds) and low gas fees (0.00001 USD). The network is also decentralized and not controlled by any one entity.

This was not really living up to its promise however:

Here are some additional details about what has been claimed about Pulsechain:

• The network is based on the Ethereum blockchain, but it has a faster block time (0.5 seconds) and lower gas fees (0.00001 USD).

• The native token of Pulsechain is called Pulse (PLS).

• Pulsechain is a fork of Ethereum, which means that all ETH and ERC-20 tokens on Ethereum will be airdropped to Pulsechain users.

• Pulsechain is a decentralized network that is not controlled by any one entity.

So even though they promised that it’ll be faster than ETH at low fees, its launch did not really live up to the hype and expectations of this chain.

Bitcoin back at $26,000: Is it time to panic?

Despite attempts to move beyond $30,000, BTC price has failed to do so decisively.

This has led to buying exhaustion at this key psychological level, resulting in a price correction towards $25,000 over the past week.

Interestingly, this decline has strengthened Bitcoin's correlation with several traditional financial metrics. This raises the question of whether Bitcoin's downtrend in Q2 will continue.

Let's take a closer look.

1// U.S Dollar Double Bottom

According to recent data, the U.S. dollar index (DXY) showed strength against a basket of top foreign currencies, rising 1.4% to 102.70 in the week ending May 14.

This surge was the best week for the dollar since September 2022. Interestingly, this increase also confirmed a potential double bottom pattern, with two low points near a similar horizontal price level of around 100.75.

As a bullish reversal setup, this pattern suggests that DXY may rise towards 105.85 in the next few months.

2// Gold price near reversal point

The price of gold has risen nearly 15% to over $2,000 an ounce amid the banking crisis. The positive correlation with Bitcoin has also grown stronger with its weekly coefficient reading at 0.82 as of May 14.

But gold's rally has brought its price to an infamous horizontal resistance level near $2,075. In March 2022, this level was instrumental in triggering a sharp bearish reversal phase that led the gold's value down by up to 22%.

3// Bitcoin price “rising wedge”

Bitcoin's price movement seems to be following a pattern known as a rising wedge, which can indicate a bearish trend for technical analysts.

Basically, the price has been increasing in a narrowing range between two upward sloping trend lines.

If the price breaks below the lower trend line, it could potentially fall as much as the height of the wedge.

This could mean a price drop to as low as $15,000 in 2023, a decrease of about 45% from current levels.

So, buckle up and keep an eye on those trend lines!

Disclaimer: This is not any kind of financial advise. This newsletter is solely informational; it does not constitute investment advice, a solicitation to buy or sell any securities, or a recommendation regarding how to manage your money. Be cautious and conduct your own study, please.