Good Morning Crypto Enthusiasts!

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

1. French President Denies Allegations: French President Emmanuel Macron denied involvement in inviting Telegram co-founder Pavel Durov to France amidst widespread criticism following Durov's arrest.

2. WazirX Sets Aside Legal Costs: WazirX, a major Indian cryptocurrency exchange, has allocated $12 million for legal expenses and the recovery of stolen funds following a July cyberattack that resulted in the theft of $230 million in cryptocurrencies.

3. 📈Technical Analysis Masterclass - Crypto gurus often hype up the market with phrases like, "Bitcoin is rising again! We’re going to the moon! Sell your house!" But aren't we all tired of that kind of exaggeration? Watch UseTheBitcoin’s latest Youtube video”Wake Up! Crypto Gurus Are Overhyping Bitcoin” to know my honest take or join our Official Telegram Channel for more alpha!

4. Nayib Bukele's Fallen Expectations: Salvadoran President Nayib Bukele acknowledged that Bitcoin adoption in El Salvador has not met his initial expectations since it became legal tender in 2021.

5. 💡Feature of the Day - Brazil’s Feud with Elon Musk: Brazil's Supreme Court has threatened to suspend Elon Musk's social media platform, X, if the company does not appoint a legal liaison in Brazil by August 29, 2024.

   
   All this and more in today’s headlines!

📰 News Highlights:

French President Denies Allegations [Source][Source][Source][Source]

French President Emmanuel Macron has denied any involvement in inviting Telegram co-founder Pavel Durov to France, amid widespread criticism following Durov's arrest.

Speaking at a press conference during his diplomatic visit to Serbia on August 29, Macron clarified that he was unaware of Durov’s visit and reiterated that the legal proceedings against Durov are being handled independently by the French justice system. Durov, who was detained and later released on a €5 million bail, is required to remain in France and report to law enforcement weekly.

Macron's decision to arrest Durov has drawn significant backlash, with critics accusing France of authoritarian behavior reminiscent of the Soviet Union.

Gabor Gurbacs, former director of digital asset strategy at VanEck, questioned the legitimacy of Durov's arrest, while Helius Labs CEO Mert Mumtaz criticized the French president for holding tech entrepreneurs personally liable for content moderation on their platforms.

The arrest has raised concerns about a potential crackdown on decentralized technology and free speech in France.

WazirX Sets Aside Legal Costs [Source][Source][Source]

WazirX, a leading Indian cryptocurrency exchange, has allocated $12 million to cover legal expenses and recover stolen funds following a major cyberattack in July that resulted in the theft of $230 million in various cryptocurrencies.

Singapore-based Zettai Pte Ltd, the holding company of WazirX, filed an affidavit with the High Court of Singapore on Wednesday, seeking a 30-day moratorium to facilitate discussions with investors and creditors to stabilize the platform.

The cyberattack has severely impacted WazirX, leading to the suspension of withdrawals and straining user trust.

In response, Zettai has reported $284 million in liquid assets and is working with financial and legal advisors to rebalance user token balances and explore potential in-kind crypto distributions.

The company is also in discussions with 11 potential investors to inject capital and support the recovery of user funds.

 📈Technical Analysis Masterclass:

Wake Up! Crypto Gurus Are Overhyping Bitcoin

My Honest Take:

• Bearish Outlook: I could be wrong, but I believe we're still in a downtrend. While some argue we've broken out and are forming a higher low, I’m not convinced.

• Chart Analysis:

  • Higher Lows: Yes, we’re seeing higher lows in the short term, but similar patterns have failed before. We’re still within a larger bearish trend.

  • Key Level: I wouldn’t consider Bitcoin bullish until it climbs back to the $68k level, which we’re far from right now.

Imbalance in the Order Book:

• Gap to Fill: There’s an imbalance in the order book leading up to $52k. It looks like Bitcoin needs to address this gap before we see any real upward movement.

Nayib Bukele's Fallen Expectations [Source][Source][Source]

Salvadoran President Nayib Bukele has acknowledged that Bitcoin adoption in El Salvador has not met his expectations since the cryptocurrency was made legal tender in 2021.

In an interview released on August 29, Bukele described the adoption as a "net positive" but admitted that it has not had the widespread impact he had hoped for. While many Salvadorans use Bitcoin and large businesses accept it, Bukele noted that more could be done to increase its adoption.

Bukele, who has been labeled "the world's most popular authoritarian" by Time, defended his government's stance on Bitcoin and other policies, stating that the cost of being called authoritarian is "too small" to concern him.

Since taking office in 2019, Bukele has been praised for reducing the homicide rate in El Salvador but has faced criticism for alleged human rights violations, particularly in his crackdown on gang activity and suppression of dissent.

💡 Feature of the Day: 

Brazil’s Feud with Elon Musk [Source][Source][Source][Source]

Brazil’s Supreme Court has threatened to suspend Elon Musk’s social media platform, X, by August 29, 2024, if the company does not appoint a legal liaison to represent it in Brazil.

This threat comes amidst an ongoing conflict between Musk and Supreme Court Judge Alexandre de Moraes, who has accused X of promoting misinformation and failing to comply with legal requirements in the country.

The feud escalated after X announced the closure of its operations in Brazil on August 17, while still keeping the platform accessible to Brazilian users.

Musk has been critical of Moraes, accusing him of using illegal measures to force censorship on the platform, particularly targeting supporters of former right-wing President Jair Bolsonaro.

The controversy surrounding X in Brazil mirrors the international outcry over the recent arrest of Telegram co-founder Pavel Durov in France, with critics drawing parallels between the two cases as examples of increasing pressure on tech companies and free speech.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com