From $1 Million to $0 in 24 Hours

?!GM Readers!📪 It's BitDegree Insider, and let's make this Wednesday count.

⭐️Today's selection:

• 💾From $1M to $0 in 24 Hours
• 🧋Wednesday Bubbles
• 👌Selected Meme of The Day
• 📰Bite-Sized News

FROM $1M to $0 in 24 Hours

Yesterday the owner of the Twitter handle @X tried to sell it for $1M.

Just a few hours ago, Elon took it from him and transferred the old @twitter account to it. The previous owner of the handle received $0… Not so nice, indeed.

After seeing such a bold demonstration of power, the previous owner of @x didn't feel too satisfied with the outcome of the situation.

So, they put out this note:

"Alls well that ends well."

Well, that does sound… well! Maybe they did receive the money? The mystery remains, but the user doesn't seem too disappointed!

But there is even more X-related (NOT X-rated!) news out there today.

Proactive networks + domain projects are reacting to the new possibilities that the sudden virality of the letter 'x' has presented them with.

Well, maybe it is really a great deal from the Unstoppable Domains. Being the 'X' on the blockchain sounds way safer since it won't be that easy to be renamed by even Elon himself!

By the way, regarding all that X buzz. The changes have affected not only the brand logo, as the social network has lost its trademark, the 'bird', but also the essence of the project:

"When Twitter was all about short, quick bursts of 140 characters, flickering across screens like the chirps of birds, the name made perfect sense. But today, we're a platform where anything goes, from succinct text posts to long-form videos that run for hours. In the months ahead, we're further expanding our toolbox, offering you even more ways to communicate and empowering you to command the financial world at your fingertips. In light of such a paradigm shift, the name Twitter no longer seems fitting" - Elon Musk (slightly edited).

TL;DR: Elon Musk took over the Twitter handle @X, leaving the previous owner with $0. Meanwhile, proactive networks and domain projects are embracing the popularity of the letter 'x', and Unstoppable Domains is offering blockchain-based safety for the 'X'. Twitter's identity is also changing as it evolves into a platform with diverse content and financial empowerment.

WEDNESDAY BUBBLES

It's Wednesday. It's time to take a sip of that sweet bubble tea. Let's see what the boba tells us about the state of the crypto landscape this week!

DOGEWell, those who are avidly buying up the token clearly harbor hope that it will become significant on Twitter, especially given that Elon Musk, the company's owner, seems to be backing this coin (well, at least from time to time).

There's a solid foundation for such speculation. In April, Musk dropped hints on his Twitter about the possibility of DOGE payments, suggesting this cryptocurrency as a payment option for Twitter Blue - a subscription to the site's premium features. Well, Twitter is longer here. Now it's X. And Elon is outspoken about their plans to gradually transform it into a mega-turbo-finance app. Knowing Elon's sympathy for DOGE, and these plans for X… There is enough room for enthusiasm about Dogecoin.

MKRWell, the entire situation can be summarised by describing the developments surrounding the coin.

Most recent:

• Investment behaviors point towards a possible decrease in sell pressure on MKR as venture capital firms Paradigm Capital and A16z have been reducing their MKR holdings.

Spring-Summer 2023 introductions:

• In mid-May 2023, MakerDAO launched a five-phase upgrade plan named "Endgame", which includes the creation of a new blockchain, a rebranding, and the introduction of two new tokens.
• A new buyback mechanism was introduced this summer that allows MakerDAO to purchase MKR from the market and burn it, effectively reducing MKR's supply and potentially boosting its price.

Strategic Roadmap & additional insights:

• The key element of the "Endgame" strategy involves developing incentive programs to encourage interactions and governance participation, providing users with the ability to initiate hard forks in response to power attacks or abuses.
• MakerDAO plans to continue reducing its dependence on the USDC stablecoin. Over the past three months, its ratio has decreased from 62.4% to 20.2%.
• MakerDAO's co-founder, Rune Christensen, has increased his stake in MKR, signaling his long-term commitment to the project and giving confidence in its future prospects.

Fun Fact: Maker is the oldest protocol, founded back in 2014. Many believe that it laid the foundation for the DeFi industry. Cool, right?

But there's one more piece of news that needs to be addressed!

FOMC MEETING

Today the FOMC (The Federal Open Market Committee) meeting takes place!

That's important. A decision on the interest rates will be made!

Here's what JPMorgan analysts predict:

• If the FOMC decides to raise the rate and then hints that there will be a 'pause' afterward, the market will show a growth of 0.25-0.75%.
• If they raise the rate and hint that they will continue to raise it, the market will fall by 0.5-1%.
• If they don't raise it and will keep it steady, then things may go rocked mode (implying a significant increase).

Well, we can put these prognoses aside for a while. Because we know one thing for certain. The only thing that is 100% guaranteed is the fact that volatility is not going anywhere. So, don't forget to be cautious, always!

TL;DR: Today, the FOMC meeting is about to take place. During it, a decision about interest rates will be made.

SELECTED MEME OF THE DAY

BITE-SIZED NEWS

• Social Media Platform Reddit Announces The Launch of Gen 4 Collectible Avatars. Reddit's Gen 4 collectible avatars are set to see daylight on July 26th, 3:00 PM Eastern Time.
• Binance Halts Trading of a Newly Launched Fee-Free Stablecoin FDUSD. The trading is set to be resumed on July 26th, 14:00 UTC.
• Trademark Lawyer Claims X Name Change Could Ignite Multi-Million Dollar Lawsuits. Josh Gerben says X Corp could spend millions of dollars in litigation over the X trademark.

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