Good Morning Crypto Enthusiasts!

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

1. Fed Chair: No Bitcoin Ownership: Fed Chair Jerome Powell clarified that the Federal Reserve cannot own Bitcoin under current laws, dismissing proposals like Senator Cynthia Lummis' bill for a U.S. Bitcoin reserve.

2. Hawk Tuah Faces Investor Lawsuit: Investors sued Hawk Tuah creators for allegedly promoting unregistered securities and conducting a pump-and-dump scheme.

3. 📈Technical Analysis Masterclass - Ethereum has recently declined by 18% from its previous high. Watch UseTheBitcoin’s latest Youtube video “Massive Price Drop: Will Ethereum Bounce Back? (ETH)” to see if this indicates potential recovery or join our Official Telegram Channel for more alpha!

4. 💡Feature of the Day - Aptos CEO Mo Shaikh Resigns: Mo Shaikh stepped down as Aptos Labs CEO, passing leadership to Avery Ching.

   
   All this and more in today’s headlines!

📰 News Highlights:

Fed Chair on Bitcoin Ownership [Source][Source][Source][Source][Source]

Federal Reserve Chair Jerome Powell emphasized the Fed's inability to own Bitcoin under existing laws during a news conference.

Powell stated that the Federal Reserve Act limits what the central bank can hold and that there is no intention to seek legislative changes.

This comes as Senator Cynthia Lummis (R-Wyo.) circulates a bill proposing the U.S. Treasury purchase one million Bitcoin over five years.

President-elect Donald Trump has also voiced support for creating a strategic Bitcoin reserve, asserting the U.S. must lead in crypto adoption.

Hawk Tuah Investor Lawsuit [Source][Source][Source][Source][Source][Source]

Investors have filed a lawsuit against the creators of Hawk Tuah (HAWK) memecoin, accusing them of promoting and selling unregistered securities.

The defendants, including Tuah The Moon Foundation and several individuals, allegedly framed the token as more than a speculative asset.

Despite surging to a $491 million market cap hours after launch, HAWK plummeted over 90%, sparking accusations of a pump-and-dump scheme.

Social media influencer Haliey Welch, associated with the token, denied any wrongdoing, while YouTuber Coffeezilla countered rug pull claims.

 📈Technical Analysis Masterclass:

Massive Price Drop: Will Ethereum Bounce Back? (ETH)

Key Technical Indicators

• Support Zone: Ethereum is sitting around a previous resistance level, which may now act as a support zone—an encouraging sign for a potential price bounce.

• 50-Day Moving Average (MA): Acting as dynamic support, Ethereum’s interaction with this indicator will be crucial for short-term recovery.

• Golden Cross Potential: A bullish crossover between the 100-day (blue) and 200-day (orange) moving averages is on the horizon. If it occurs, this could signal a strong upward trend and boost investor confidence.

Strategic Investment Insights

• Confirmation is Key: Wait for a price candle to close higher than the previous one to confirm the support level is holding.

• Entry Points: Use tools like Fibonacci retracement to identify buying zones. Ethereum currently trades outside optimal levels, making patience essential.

• Risk Management: Set stop-losses to protect against unfavorable price movements and only invest what you can afford to lose.

Long-Term Outlook

• Ethereum Ecosystem: Innovations like Ethereum 2.0 and the transition to proof-of-stake enhance sustainability and institutional appeal. These factors could support long-term growth.

🎁Freebie:

Download your free ebook now and take the first step toward mastering CRYPTO IN UNDER 60 MINS!

💡 Feature of the Day: 

Aptos CEO Steps Down [Source][Source][Source]

Mo Shaikh, co-founder and CEO of Aptos Labs, announced his resignation to pursue new ventures, passing the leadership to co-founder Avery Ching.

Under Shaikh's tenure, Aptos raised $400 million and launched its mainnet in 2022.

Shaikh will continue as a strategic adviser, focusing on Aptos' growth and broader financial trends. The APT token saw minimal market impact despite his departure.

Today’s Sponsor:

This week we have partnered with Gemini.

Gemini is crypto-obsessed and compliance-focused, making it safe and easy to buy and sell crypto.

Over $200 billion USD in volume traded.

Join the movement today with Gemini.

😂 Crypto Meme of the Day: 

Meme of the day provided by @TheBTCTherapist

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