Good Morning Crypto Enthusiasts!

Glad to have you back for another edition of the UseTheBitcoin.com newsletter.

1. Donald Trump’s Crypto Campaign: Facing multiple criminal cases, former U.S. President Donald Trump has announced that his 2024 campaign will accept cryptocurrency donations via Coinbase Commerce. Eligible donors can contribute using various cryptocurrencies, including Bitcoin and Ether.

2. Update: Gala Games Exploiter Returns $22M: Gala Games has recovered approximately $22 million in Ether from an attacker who exploited the platform on May 20 by minting $200 million worth of GALA tokens.

3. Nancy Pelosi On FIT21 Crypto Bill: Former House Speaker Nancy Pelosi is reportedly considering supporting the Republican-led Financial Innovation and Technology for the 21st Century Act (FIT21).

4. 📈Technical Analysis Masterclass - Ethereum enthusiasts rejoice as the leading cryptocurrency continues its meteoric rise! With Ethereum's price soaring, there's excitement in the air. Watch UseTheBitcoin’s latest technical analysis Youtube video “Ethereum Price Prediction” to learn more or join our Discord Channel for more alpha!

5. 💡Feature of the Day - Yuga Labs Halts CryptoPunks: Yuga Labs CEO Greg Solano announced that the company will no longer engage with the CryptoPunks project following backlash over the new Super Punk World collection.

/ 🫨 What’s Buzzing? / 📜 Your Daily Thread
All this and more in today’s headlines!

📰 News Highlights:

Donald Trump Campaign Accepts Crypto [Source][Source][Source]

Facing multiple criminal cases, former U.S. President Donald Trump, the presumptive Republican nominee for the 2024 presidential election, has announced that his campaign will accept cryptocurrency donations. On May 21, Trump’s campaign launched a fundraising page through Coinbase Commerce, allowing eligible donors to contribute using various cryptocurrencies, including Bitcoin, Ether, Dogecoin, Shiba Inu, XRP, USDC, Solana, and 0x (ZRX). This marks a significant shift from Trump's earlier stance on digital assets, as he previously referred to Bitcoin as a "scam" and favored the U.S. dollar.

Despite accepting crypto donations, Trump’s campaign website does not specifically address policies related to digital assets. The announcement comes as Trump faces charges in New York, Georgia, Washington D.C., and Florida, with accusations ranging from falsifying business documents to mishandling classified information.

Trump's campaign has accused Senator Elizabeth Warren of being President Joe Biden’s "official surrogate" in Congress due to her critical stance on cryptocurrency.

This development comes as Trump prepares to face President Biden in televised debates, marking their first encounters since the 2020 election.

Update: Gala Games Exploiter Returns $22M [Source][Source][Source][Source][Source]

Gala Games has recovered approximately $22 million in Ether from an attacker who exploited the platform on May 20. The attacker minted $200 million worth of GALA tokens, selling a portion before Gala Games froze the wallet using a new "GalaChain’s blocklist protocol." The swift response and involvement of Federal law enforcement were crucial in handling the incident, with the attacker returning 5913.2 ETH on May 21.

Gala’s co-founder and CEO, Eric Schiermeyer, indicated that the returned ETH would likely be used to buy back and burn GALA tokens, helping to stabilize the token’s market value.

Community speculation suggested that the attack might have been executed by a security contractor who inadvertently connected to the wallet without using a VPN.

A governance vote is being conducted to decide whether the 4.4 billion blocklisted GALA tokens will be considered burned. Meanwhile, DWF Labs purchased 28 million GALA tokens on the open market to support token stability.

Nancy Pelosi On FIT21 Crypto Bill [Source][Source]

Former House Speaker Nancy Pelosi is reportedly considering support for the Republican-led Financial Innovation and Technology for the 21st Century Act (FIT21). Expected to be voted on in the House on May 22, this bill aims to clarify the regulatory roles of the Commodity Futures Trading Commission (CFTC) and the Securities and Exchange Commission (SEC) over crypto assets. It proposes modifying the Howey test, reducing the SEC's oversight on crypto, and transferring more regulatory authority to the CFTC.

Pelosi's potential support for the bill would break from prominent Democrats like Maxine Waters and David Scott, who oppose the legislation. Mark Hays, a senior policy analyst with Americans for Financial Reform, noted that the bill aligns with the crypto industry’s long-standing regulatory preferences.

The bill has been welcomed by many in the crypto sector for providing a clearer regulatory framework and Pelosi’s reported inclination towards supporting FIT21 could indicate a broader shift among Democrats regarding cryptocurrency regulation.

📈Technical Analysis Masterclass:

Ethereum Price Prediction

Ethereum's bullish momentum is exciting! But what should you do? At usethebitcoin.com, we've been on the pulse of this surge from the beginning.

Recent Performance and Predictions:

• Recent Trends: Just two weeks ago, when Ethereum's price was at a relative low, we predicted an impending upward movement. Now, as Ethereum's value continues to climb, it's evident that our foresight has paid off.

• Community Success: Our readers and viewers have been ahead of the curve, earning profits by following our insightful analysis and staying informed about market trends. The journey doesn't end here – there's still ample opportunity to capitalize on Ethereum's bullish momentum.

Caution and Strategy:

• Resistance Levels: As seasoned traders know, it's crucial to exercise caution during such exhilarating market movements. Our technical analysis suggests that Ethereum may encounter resistance levels soon, potentially leading to a temporary downturn.

• Support Levels: We anticipate Ethereum retracing back to form solid support levels around $3,500, $3,300, and $3,200. Should Ethereum dip to these levels, we'll provide further analysis to guide our audience through strategic entry points.

Investor Advice:

• Patience: For those considering buying Ethereum, we advise patience. While the temptation to join the rally may be strong, it's essential not to succumb to FOMO (Fear of Missing Out). Opportunities will arise for prudent investors to enter the market at more favorable prices.

Stay tuned to usethebitcoin.com for the latest updates, technical analysis, and insights to navigate the dynamic world of cryptocurrencies. watch UseTheBitcoin’s latest technical analysis Youtube video “Ethereum Price Prediction” for a more detailed look!

💡 Feature of the Day: 

Yuga Labs Halts CryptoPunks [Source][Source][Source]

Yuga Labs CEO Greg Solano announced that the company will no longer engage with the CryptoPunks project following community backlash over the new Super Punk World collection. The collection, announced on May 20, featured 500 hybridized 3D sculptures intended to blur the lines of race and gender, created by artist Nina Abney.

However, the project faced criticism from community members who labeled it as "woke," with some threatening to sell their CryptoPunk NFTs.

In response to the backlash, Solano stated on X (formerly Twitter) that Yuga Labs would ensure CryptoPunks remains decentralized and preserved on the blockchain.

Despite the controversy, CryptoPunks saw a resurgence in trading volumes earlier this year, with significant sales breaking records for the collection.

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com