Good Morning Crypto Enthusiasts!

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

1. Donald Trump's Caution: In an interview with streamer Adin Ross, former President Donald Trump warned the current administration against selling the U.S.'s Bitcoin holdings, emphasizing the need for innovation in the digital asset sector to stay competitive globally, particularly against China.

2. Justin Sun Denies Rumors: Amid recession fears leading to over $1 billion in crypto futures liquidations, Tron and Huobi (HTX) founder Justin Sun denied rumors of leveraged positions being liquidated, stating that HTX rarely engages in leveraged trading.

3. 📈Technical Analysis Masterclass - While we can't predict if a recession will occur, preparing your portfolio with these recession-proof cryptocurrencies can provide stability and growth. Watch UseTheBitcoin’s latest Youtube video “Recession-Proof Cryptocurrencies to Invest In” to safeguard your assets or join our Official Telegram Channel for more alpha!

4. Trading Platforms Stopped Working?: Reports of outages on Robinhood and other brokerages like Charles Schwab, Fidelity, and TD Ameritrade surfaced amid recession fears and significant global stock declines.

5. Feature of the Day - Bitcoin & Ether ETFs Hit $6B Volume: Bitcoin and Ether ETFs in the U.S. saw nearly $6 billion in trading volume amid market turmoil driven by Jump Trading moving large amounts of Ether to exchanges.

   
   All this and more in today’s headlines!

📰 News Highlights:

Donald Trump's Caution [Source][Source]

In a recent interview with streamer Adin Ross, former President Donald Trump warned the current administration against selling the United States' Bitcoin holdings.

Trump emphasized that failure to innovate in the digital asset sector could leave the U.S. trailing behind other countries, notably China, which is advancing rapidly in both cryptocurrency and artificial intelligence.

He praised Bitcoin as a "modern currency" and highlighted the industry's potential benefits, referencing prominent figures in the field who support his views.

He proposed that Bitcoin's appreciation could gradually absorb the value of the U.S. dollar, mitigating economic disasters typically associated with currency collapses.

Justin Sun Denies Rumors [Source][Source]

As fears of a recession led to over $1 billion in crypto futures liquidations, Tron and Huobi (HTX) founder Justin Sun denied rumors of leveraged positions being liquidated.

Sun clarified that HTX "rarely" engages in leveraged trading and promised to allocate $1 billion to combat fear and uncertainty in the market, though specifics of this fund remain unclear.

The speculation arose after CryptoQuant's Ki Young Ju highlighted a significant long Bitcoin futures trade on HTX, which Sun denied responsibility for, attributing it to exchange clients.

The sharp market downturn was linked to the unwinding of the "yen carry trade" and a sudden interest rate hike by the Bank of Japan, causing investors to sell assets to mitigate losses. This financial shift led to substantial crypto market sell-offs, with Bitcoin briefly dropping below $50,000.

 📈Technical Analysis Masterclass:

Recession-Proof Cryptocurrencies to Invest In

Amidst the current economic uncertainty and potential recession, it's wise to consider investments that can provide stability and growth.

Here are my top 5 cryptocurrency picks that are well-suited for weathering economic downturns:

Bitcoin (BTC)

• Resilience and Value: As the first and most well-known cryptocurrency, Bitcoin has consistently shown resilience and value.

• Hedge Against Instability: Its limited supply and growing adoption make it a strong hedge against economic instability.

• Best Areas to Buy: $48.4k, $46k, $43k, $36k

Ethereum (ETH)

• Robust Blockchain: Ethereum's blockchain and smart contract capabilities have made it foundational for numerous decentralized applications (dApps).

• Solid Investment: Its versatility and ongoing development ensure it remains a solid investment even in tough economic times.

• Best Areas to Buy: $2.3k, $2.1k, $2k, $1.5k

Solana (SOL)

• High-Speed Transactions: Known for its high-speed transactions and low fees, Solana has quickly gained popularity.

• Promising Performance: Its strong performance and innovative technology make it a promising option during a recession.

• Best Areas to Buy: $100, $90, $80, $50

Binance Coin (BNB)

• Native Token of Binance: As the native token of the Binance exchange, BNB benefits from the platform's vast user base and utility.

• Reliable Choice: Its consistent performance and integration into the Binance ecosystem make it a reliable choice for investors.

• Best Areas to Buy: $402, $379, $355, $279

Toncoin (TON)

• Association with Telegram: Though relatively new, Toncoin shows great potential due to its association with Telegram, a widely used messaging platform.

• Growing Adoption: Its unique positioning and growing adoption could make it a valuable asset during economic downturns.

• Best Areas to Buy: $4.5, $4.2, $3.9, $3.1

Trading Platforms Stopped Working? [Source][Source][Source][Source]

Amid speculation of halted 24-hour trading, Robinhood confirmed that its overnight trading service is fully operational. Introduced in May 2023, this service allows users to trade around the clock from Sunday to Friday.

Reports of a suspension surfaced on social media as market volatility spiked, with users claiming Robinhood and other brokerages faced outages due to the turbulence.

Despite this, widespread reports of trading halts during market chaos persisted, suggesting that other platforms like Charles Schwab, Fidelity, and TD Ameritrade also faced disruptions.

The market volatility stemmed from recession fears, leading to significant declines in global stocks, including a notable drop in Japan's Nikkei index.

💡 Feature of the Day: 

Bitcoin & Ether ETFs Hit $6B Volume [Source][Source][Source][Source][Source]

Amidst significant market turmoil, Bitcoin and Ether ETFs in the United States saw nearly $6 billion in trading volume. The sharp market decline, driven by news of Jump Trading moving large amounts of Ether to exchanges, led to a surge in trading activity.

Spot Bitcoin ETFs recorded $5.24 billion in volume, with BlackRock's iShares Bitcoin Trust contributing over half. Similarly, Ether ETFs saw $715.3 million in volume, led by Grayscale's Ethereum Trust.

This spike in ETF trading volumes coincided with Bitcoin's brief fall below $50,000, reflecting heightened market activity and investor fear.

Bloomberg ETF analyst Eric Balchunas noted that such volume spikes are reliable indicators of market panic.

However, deep liquidity during downturns also attracts traders and institutions, highlighting ETFs' role in providing market stability.

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😂 Crypto Meme of the Day: 

And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com