Good Morning Crypto Enthusiasts!

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

1. Casper Network Back Online: The Casper Network resumed operations after a temporary halt due to a security breach. On July 31, 64 validators agreed to resume validation, representing 85% of the CSPR staked on the network.

2. Coinbase Refutes Accusation: Coinbase's Chief Legal Officer Paul Grewal refuted accusations that the exchange violated campaign finance laws by donating $25 million to a super PAC.

3. 📈Technical Analysis Masterclass - Federal Reserve Chair Jerome Powell hints at a potential rate cut suggests the central bank might lower interest rates soon. Watch UseTheBitcoin’s latest Youtube video “Jerome Powell: Interest rate cut might be on the table“ to know what your next move is or join our Official Telegram Channel for more alpha!

4. ByBit Halts France Operations: ByBit announced it is halting operations in France due to regulatory pressures from the Autorité des Marchés Financiers (AMF).

5. Tokenized T-Bills on XRP Ledger: OpenEden introduced tokenized United States Treasury bills (T-bills) on the XRP Ledger (XRPL), marking a significant advancement in traditional finance (TradFi) on a decentralized platform.

6. 💡Feature of the Day - Elon Musk Vs Venezuela President: Billionaire Elon Musk agreed to fight Venezuelan President Nicolas Maduro, escalating a bizarre social media feud.

   
   All this and more in today’s headlines!

📰 News Highlights:

Casper Network Back Online [Source][Source][Source]

The Casper Network has resumed operations after a temporary halt due to a security breach. On July 31, 64 validators unanimously agreed to resume validation, representing 85% of the CSPR staked on the network.

The security incident was resolved through a decentralized effort involving validators, engineers, and other stakeholders. To address the breach, the network removed two blocks containing four transactions, effectively orphaning these transactions and their effects on the blockchain.

The upgrade process required validators to deploy a new Casper-node binary and configuration files manually. They also created a tool to scan the entire blockchain to ensure no further exploitation instances. Once 66.7% of the consensus stake implemented the changes, the network was unpaused, and block creation resumed.

Coinbase Refutes Accusation [Source][Source][Source]

Coinbase Chief Legal Officer Paul Grewal has refuted accusations that the crypto exchange violated campaign finance laws by making a $25 million donation to a super political action committee (PAC) in May.

The allegations, brought forth by crypto skeptic Molly White, claimed that Coinbase’s donation to the Fairshake crypto super PAC occurred while the company was engaged in negotiations for a federal government contract, potentially violating regulations for federal contractors.

Grewal dismissed these claims, stating that Coinbase is not a federal contractor under the "plain language" of the Code of Federal Regulations 111.51. He clarified that the funds related to the request for proposal were paid from the Assets Forfeiture Fund, which is not appropriated by the federal government.

The Fairshake Super PAC aims to support blockchain innovation under a clearer regulatory framework and has raised over $202 million this year, with Coinbase being one of its major donors.

 📈Technical Analysis Masterclass:

Jerome Powell: Interest Rate Cut Might Be "On the Table"

Federal Reserve Chair Jerome Powell's hint at a potential rate cut suggests the central bank might lower interest rates soon.

This decision can significantly impact the crypto market in several ways:

Potential Impacts on the Crypto Market

• Lower Borrowing Costs: Reduced interest rates make borrowing money cheaper, encouraging more investments and spending. This can increase liquidity in the market, including cryptocurrencies, as investors have more capital to allocate.

• Increased Risk Appetite: Lower interest rates make traditional savings and bonds less attractive due to their lower yields. Investors seeking higher returns may turn to riskier assets like cryptocurrencies, driving up demand and prices for digital assets.

• Weaker Dollar: A rate cut can weaken the U.S. dollar by reducing returns on dollar-denominated investments. A weaker dollar makes cryptocurrencies more appealing as alternative assets, serving as a hedge against currency depreciation. This increased attractiveness can lead to higher crypto prices and trading volumes.

Jerome Powell’s Announcement

• Key Point: Fed Chair Powell stated that a rate cut could be "on the table" at the September meeting if inflation continues to move down.

Bitcoin Update

• Recent Movement: Bitcoin recently dipped to the $62,000 level but managed to close above the 100-day Moving Average (MA), which could now serve as a strong support level.

• Support Levels:

  • 100-day MA: Maintaining a close above the 100 MA is crucial for Bitcoin to sustain its upward momentum.

  • Next Support: If Bitcoin breaks below the 100 MA, the next support level is at $63,000, with the possibility of reaching $60,000.

ByBit Halts France Operations [Source][Source]

ByBit, a popular cryptocurrency exchange, announced it is halting operations in France due to regulatory pressures from the Autorité des Marchés Financiers (AMF).

The exchange, which has been blacklisted by the AMF since 2022, will restrict French users' accounts to a "close-only" configuration starting August 2, preventing new positions or deposits.

By August 13, all remaining positions will be liquidated, and card services will be suspended, allowing users to withdraw their remaining funds.

Despite these challenges, ByBit surpassed Coinbase in June to become the world's second-largest exchange by trading volume.

Tokenized T-Bills on XRP Ledger [Source][Source][Source]

OpenEden, a tokenization platform, has introduced tokenized United States Treasury bills (T-bills) on the XRP Ledger (XRPL), marking a significant advancement in traditional finance (TradFi) on a decentralized platform.

The TBILL tokens are backed by short-term US government T-bills and reverse repurchase agreements collateralized by US Treasurys. Minters of these tokens must undergo Know Your Customer (KYC) and Anti-Money Laundering (AML) screening to ensure security and regulatory compliance.

This initiative represents the first time a TradFi instrument has been made available on a decentralized platform, demonstrating how institutional access to decentralized finance (DeFi) is evolving through the tokenization of real-world assets (RWAs).

Ripple, which invested $10 million in OpenEden’s TBILL tokens, supports this move as part of its broader strategy to tokenize TradFi assets on the XRPL.

💡 Feature of the Day: 

Elon Musk Vs Venezuela President [Source][Source][Source]

In a surprising turn of events, billionaire Elon Musk has agreed to fight Venezuelan President Nicolas Maduro, escalating a bizarre social media feud.

The conflict began when Musk made incendiary remarks on X.com, threatening to "carry" Maduro to Guantanamo Bay. This followed a video clip posted by right-wing commentator Ian Miles Cheong, falsely claiming that Maduro had called out Musk.

Maduro responded by challenging Musk to a fight, which Musk accepted, saying Maduro would "chicken out."

The terms of the fight remain unclear, but Musk suggested that if he wins, Maduro should resign his presidency, while Maduro reportedly agreed to fight anywhere Musk chooses.

😂 Crypto Meme of the Day: 

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com