Good Morning Crypto Enthusiasts!

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

1. Cardi B Scam Coin?: Cardi B's promotion of the WAP crypto token sparked controversy when blockchain investigators linked the associated wallet to multiple past scams and rug pulls.

2. X to be Restored in Brazil: Social media platform X is set to resume operations in Brazil after settling a $5.5 million fine for failing to comply with court orders regarding misinformation.

3. 📈Technical Analysis Masterclass - Bitcoin may be on the verge of a major upward move, with several promising indicators pointing toward a potential surge. Watch UseTheBitcoin’s latest Youtube video “Is Bitcoin About to EXPLODE in 2024?” to know the key signals for a potential explosive rally or join our Official Telegram Channel for more alpha!

4. Crypto.com Sues SEC: Crypto.com has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC), challenging the agency's regulatory approach after receiving a Wells notice.

5. 💡Feature of the Day - Blockchain Savings Bonds in Palau: The government of Palau has launched "Palau Invest," a blockchain-based savings bond prototype designed to fund infrastructure projects.

   
   All this and more in today’s headlines!

📰 News Highlights:

Cardi B Scam Coin? [Source][Source][Source][Source][Source]

Cardi B’s recent promotion of the WAP crypto token has sparked controversy after blockchain investigators linked the wallet address associated with the project to multiple past scams and rug pulls.

On October 8, Cardi B shared a post on X promoting the cat-themed memecoin, but crypto sleuths quickly flagged the shared wallet address.

Pseudonymous investigator Wazz revealed that the address had connections to several previous fraudulent projects.

While some speculate that Cardi B’s account may have been hacked, others, including Wazz, dismissed the idea, suggesting that the promotion was deliberate.

Blockchain analysis firm BubbleMaps noted that 60% of the WAP supply was bundled at launch, and $500,000 worth of tokens had been dumped within 10 hours of the project’s debut.

The project’s legitimacy remains questionable, with critics pointing out a history of scams tied to celebrity tokens.

X to be Restored in Brazil [Source][Source][Source]

Social media platform X, formerly known as Twitter, is set to resume operations in Brazil after being suspended for over a month.

On October 8, Justice Alexandre de Moraes ruled that the platform could return within 24 hours after it settled a $5.5 million fine for failing to comply with court orders related to misinformation in Brazil.

The platform had been blocked since August 30 due to its role in spreading false information during Brazil's recent electoral process.

The Brazilian Supreme Court’s investigation, led by Justice Moraes, revealed that X had been used to promote fake news and incite civil unrest during the aftermath of the presidential election, which culminated in a coup attempt by supporters of former President Jair Bolsonaro.

X’s compliance with local regulations, including appointing a new legal representative and banning accounts tied to misinformation, played a key role in lifting the ban.

 📈Technical Analysis Masterclass

Is Bitcoin About to EXPLODE in 2024?

Key Indicators to Watch

• 200-Day Moving Average (MA): Bitcoin is approaching a breakout above the 200MA, a long-term bullish signal. Breaking this level often indicates a shift from a downtrend to an uptrend.

• 100MA Support: Bitcoin recently dipped to the 100MA and held strong, creating a solid support level—unlike previous rallies that lacked stable support. This is a positive sign for sustained growth.

Momentum Insights

• MACD: Bitcoin's MACD suggests continued positive momentum, despite a recent pullback. The price has maintained key levels, showing resilience and indicating that buyers are keeping the market supported.

• Weekly Timeframe: The 20MA is also providing support on the weekly chart, with the MACD histogram showing signs of upward movement. This alignment across multiple timeframes signals bullishness in both the short and long term.

Market Conditions

• Reduced Selling Pressure: Short-term holders have been gradually exiting the market, reducing selling pressure. This creates a favorable environment for long-term holders, with opportunities for accumulation.

• Lower Supply: The supply of Bitcoin held by short-term holders has declined, helping to establish a price floor and support potential growth.

Crypto.com Sues SEC [Source][Source]

Crypto.com has filed a lawsuit against the U.S. Securities and Exchange Commission (SEC) in response to receiving a Wells notice from the agency.

The crypto exchange, led by CEO Kris Marszalek, aims to challenge the SEC’s regulatory approach, which it argues has stifled innovation and harmed millions of American crypto holders.

In a statement shared on X, Marszalek called the SEC’s enforcement actions unjust and unauthorized.

The lawsuit comes at a time when many crypto companies are grappling with regulatory uncertainty in the U.S. Crypto.com argues that the SEC has overstepped its jurisdiction, applying securities regulations to almost all crypto assets.

Despite the legal challenge, Crypto.com reassured its users that operations would continue as usual and vowed to use all available regulatory tools to bring clarity to the industry.

💡 Feature of the Day: 

Blockchain Savings Bonds [Source][Source]

The government of Palau has launched "Palau Invest," a blockchain-based savings bond prototype aimed at funding critical infrastructure projects.

Supported by Japan’s Ministry of Economy, Trade, and Industry, as well as the Soramitsu blockchain, the initiative will allow Palauan citizens to purchase bonds using an app.

These bonds will fund projects like housing, roads, and small business development, creating ripple effects across the local economy.

The bond system will operate on the Hyperledger Iroha 2 blockchain via the Sora v3 Hub Chain platform, marking a significant advancement for the South Pacific nation, which has no prior experience with bond markets.

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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