Good Morning Crypto Enthusiasts!

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

1. Alchemy Pay Layer-1 Blockchain: Alchemy Pay plans to launch its own layer-1 blockchain, Alchemy Chain, built on Solana Virtual Machine (SVM) architecture.

2. Robinhood Election Betting: Robinhood has introduced contracts allowing eligible U.S. residents to bet on the 2024 presidential election, following a court victory by derivatives exchange Kalshi against the CFTC. Contracts will remain active until Jan. 5, 2025, with payouts after Congress certifies results.

3. 📈Technical Analysis Masterclass - Four days ago, we predicted a price surge for Dogecoin (DOGE). Watch UseTheBitcoin’s latest Youtube video “DOGECOIN Price Target & Predictions Inside!” whether it would enter a “Fair Value Gap” (FVG) or join our Official Telegram Channel for more alpha!

4. 💡Feature of the Day - Kalshi Accepts USDC Deposits: Kalshi will now accept USD Coin (USDC) deposits for its election prediction markets ahead of the 2024 U.S. elections.

   
   All this and more in today’s headlines!

📰 News Highlights:

Alchemy Pay Layer-1 Blockchain [Source][Source]

Alchemy Pay announced it will launch a layer-1 blockchain called Alchemy Chain to cater to the evolving needs of its business.

Built on Solana Virtual Machine (SVM) architecture, Alchemy Chain will enable seamless interactions between off-chain storage and blockchain transactions.

Notably, Alchemy Pay is designing this blockchain with a dual gas fee option, allowing users to pay fees with either its ACH token or fiat currency, offering more flexibility in payment methods.

In addition to the gas fee options, Alchemy Pay is planning to incorporate layer-2 solutions that will enhance account mapping and data synchronization.

Alchemy Pay will integrate a revenue mechanism for stablecoins, allowing users to earn yield within the ecosystem.

Robinhood Election Betting [Source][Source][Source][Source]

Robinhood has rolled out contracts for U.S. citizens to place bets on the 2024 presidential election, allowing users to speculate on whether Vice President Kamala Harris or Donald Trump will win.

The company made it clear that this initiative aligns with its commitment to “democratizing finance for all” and emphasized that offering these election-related contracts does not imply endorsement of any candidate.

According to Robinhood’s guidelines, only eligible U.S. residents can place these election bets, excluding campaign staff, paid employees of political action committees, and White House personnel.

The contracts will be active until Jan. 5, 2025, and paid out after the election results are certified by Congress on Jan. 6.

 📈Technical Analysis Masterclass:

DOGECOIN Price Target & Predictions Inside!

Current Market Position:

• At Resistance: Dogecoin currently trades at a resistance level, making this a riskier entry. Resistance areas typically lead to consolidation or minor pullbacks.

• Potential Entry: A buying opportunity may arise if DOGE consolidates around $0.155, a “cheaper” price for potential upward movement.

Next Price Targets and Risk Management:

• Short-Term Profit Target: $0.18 is the next target, though resistance points may cause delays or minor pullbacks.

• Stop-Loss Recommendation: Set a stop-loss around $0.14 to protect against unexpected downturns, essential given DOGE’s volatility as a meme coin.

RSI Insights:

• Daily RSI: Currently in the overbought zone, signaling potential for a short-term reversal as early buyers may take profits.

• Weekly RSI: Still below overbought levels, indicating room for longer-term growth despite possible short-term corrections.

Long-Term Outlook:

• Positive Momentum: While short-term selling pressure may arise, the overall trend for Dogecoin remains upward.

• Macroeconomic Factors: Upcoming events, like the U.S. elections, may boost demand, with Dogecoin’s strong community and use for transactions potentially fueling a price rally.

💡 Feature of the Day: 

Kalshi Accepts USDC Deposits [Source][Source][Source]

Election prediction platform Kalshi has announced it will begin accepting deposits in the stablecoin USD Coin (USDC) ahead of the November 2024 U.S. elections.

Kalshi, which secured a landmark court victory allowing it to operate election betting in the U.S., now competes with Web3 betting leader Polymarket.

The platform’s election markets have gained traction, with approximately $87 million in betting volume since its Oct. 7 listing of contracts on U.S. presidential election outcomes.

Amid growing interest in political betting, Kalshi’s primary market — “Who will win the Presidential election?” — has drawn substantial participation.

Meanwhile, Polymarket has reported nearly $2.6 billion in bets on its platform, and analysts argue that prediction markets can provide a more accurate gauge of public sentiment than traditional polls.

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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