Good Morning Crypto Enthusiasts!

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

1. MrBeast Alleged Pump and Dump: YouTuber MrBeast has been accused of earning over $10 million through cryptocurrency pump-and-dump schemes.

2. US Spot Bitcoin ETFs Comeback: On October 14, U.S. spot Bitcoin ETFs saw a significant inflow of $556 million, the largest since June, coinciding with Bitcoin’s price rising to $66,500.

3. 📈Technical Analysis Masterclass - SUI has been making waves in the crypto market, and its recent breakthrough is getting traders excited.. Watch UseTheBitcoin’s latest Youtube video “Is SUI the Next Big Crypto Breakout of 2024?” to see the breakdown of what's happening with SUI or join our Official Telegram Channel for more alpha!

4. 🪂Airdrop Essentials🎁: Get the latest airdrop now! Read UseTheBitcoin’s “Rats Kingdom ($RATS) Telegram Airdrop Guide” to learn more on how to qualify and participate in the Rats Kingdom ($RATS) airdrop!

5. 💡Feature of the Day - Australia’s First Ethereum ETF: Monochrome Asset Management launched Australia’s first Ethereum ETF, the Monochrome Ethereum ETF (IETH), on Cboe Australia on October 15.

   
   All this and more in today’s headlines!

📰 News Highlights:

MrBeast Alleged Pump and Dump [Source]

YouTube superstar MrBeast has been accused of making over $10 million from alleged cryptocurrency pump-and-dump schemes.

Blockchain investigator SomaXBT claims MrBeast, alongside other influencers like Lark Davis and CryptoBanter, invested $100,000 in low-cap crypto projects such as SuperFarmDAO, before inflating the value and dumping tokens for profit.

SomaXBT’s investigation alleges MrBeast earned millions through such schemes, specifically by converting the SUPER tokens into Ether and moving it through multiple wallets.

The allegations also extend to other projects such as Polychain Monsters and SHOPX, though it remains unclear if MrBeast intentionally misled his followers or merely made short-term investments.

While MrBeast’s involvement in these schemes has stirred controversy, no legal action has been taken.

US Spot Bitcoin ETFs Comeback [Source][Source][Source]

Spot Bitcoin exchange-traded funds (ETFs) in the U.S. experienced a massive inflow of $556 million on October 14, marking the largest single-day gain since June.

Nate Geraci, President of ETF Store, called it a "monster day" for spot Bitcoin ETFs, highlighting the rising interest from institutional investors and advisors.

This surge has pushed the total inflows for Bitcoin ETFs to nearly $20 billion over the past 10 months, far surpassing early expectations.

 📈Technical Analysis Masterclass:

Is SUI the Next Big Crypto Breakout of 2024?

• Breakthrough & Surge: SUI recently broke through the $1 resistance level, skyrocketing by 120%. However, rapid gains like this often lead to a pullback as traders take profits.

• Market Psychology: After sharp rises, traders may sell to secure profits, causing a temporary dip. A potential new support level could be found between $1.90 and $1.98, based on Fibonacci retracement levels.

• Moving Averages: SUI’s moving averages align with this support zone, reinforcing the idea that this could be a good buy-in level if it bounces back.

Potential Risks:

• Overbought Signals: SUI is showing signs of being overbought, which often leads to a price correction. Some analysts point to a bearish divergence pattern, where the price rises but momentum slows.

• Historical Patterns: SUI has shown similar behavior in the past—reaching overbought levels but still pushing higher afterward. While a short-term pullback is possible, long-term potential remains strong.

Strategy Moving Forward:

• Dollar Cost Averaging (DCA): Instead of investing all at once, consider buying small amounts over time. This approach can help manage volatility and smooth out the purchase price.

• Market Conditions: We’re currently in a “Bitcoin season,” where Bitcoin dominates market attention. However, SUI’s growth even in this phase suggests it could surge even more during altcoin season.

🪂Airdrop Essentials🎁:

Rats Kingdom ($RATS) Telegram Airdrop Guide

Rats Kingdom has launched a Telegram airdrop campaign where you can earn free $RATS tokens by completing simple tasks, like inviting friends and completing daily quests.

The more you participate, the more $RATS you can collect! This community-driven memecoin project is all about rewarding active users.

For full details, check out our Rats Kingdom ($RATS) Airdrop Guide.

💡 Feature of the Day: 

Australia’s First Ethereum ETF [Source][Source][Source]

Monochrome Asset Management has launched Australia’s first Ethereum exchange-traded fund (ETF), the Monochrome Ethereum ETF (IETH), on Cboe Australia.

The ETF, which went live on October 15, had assets under management of $176,600 by the afternoon, allowing investors to gain direct exposure to Ether.

With a management fee of 0.50%, the fund provides both cash and Ether transactions, making it a unique offering in the Australian market.

Following the success of its Bitcoin ETF earlier this year, which accumulated nearly $10.7 million in assets, Monochrome sees growing interest in moving crypto from exchanges to structured products like ETFs.

CEO Jeff Yew expressed confidence in the continued demand for spot crypto ETFs, noting that Australia is on a positive trajectory for growth in the ETF market.

Today’s Sponsor:

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😂 Crypto Meme of the Day: 

And that’s it for this today.

Buy, sell, store, and convert crypto with today’s sponsor Gemini, full-reserve and highly-regulated cryptocurrency exchange and custodian!

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com