Good Morning Crypto Enthusiasts!

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

1. SEC ‘Sprayed and Prayed’ Wells Notice: Immutable has vowed to contest a Wells notice from the SEC, which accused the company of securities law violations related to its IMX token sales in 2021. Immutable criticized the SEC for hastily issuing the notice after minimal engagement, alleging a “spray-and-pray” approach.

2. VanEck Invests in Gunzilla: VanEck’s private crypto fund has made its second investment in Web3 gaming, backing Gunzilla Games, the developer behind the cyberpunk shooter "Off The Grid."

3. 📈Technical Analysis Masterclass - Bitcoin recently pulled back to $70,000 from its high of $73,000. Watch UseTheBitcoin’s latest Youtube video “Why Bitcoin’s Dip from $70 to 67k is a BLESSING in Disguise” to see if this retracement could be beneficial or join our Official Telegram Channel for more alpha!

4. 💡Feature of the Day - Donald Trump Last-Minute Appeal: In the final days before the U.S. presidential election, Donald Trump made a direct appeal to crypto enthusiasts, promising to pardon Silk Road founder Ross Ulbricht and ensure that Bitcoin mining remains within the U.S.

   
   All this and more in today’s headlines!

📰 News Highlights:

SEC ‘Sprayed and Prayed’ Wells Notice [Source][Source]

Blockchain gaming platform Immutable has vowed to fight back against the United States Securities and Exchange Commission (SEC) after receiving a Wells notice.

The SEC issued the notice hours after its first interaction with Immutable, accusing the company of potential securities law violations regarding the listing and private sales of its IMX token in 2021.

Immutable criticized the SEC for a lack of constructive dialogue, stating that claims of no exchange of value in a pre-launch investment post were incorrect.

Immutable argued that it did not receive the customary months of conversations and interviews before a Wells notice. Instead, they claim the SEC hastily notified them within hours.

Immutable expressed confidence in defending its position, contending that the IMX token is not a security despite broad SEC claims.

VanEck Invests in Gunzilla [Source][Source]

VanEck’s private crypto fund has made its second investment in Web3 gaming by backing Gunzilla Games, the developer of the cyberpunk shooter "Off The Grid."

Announced on October 31, Gunzilla’s game features a native GUN token, used for trading in-game items on a Web3 marketplace built on an Avalanche subnet called GUNZ.

VanEck’s Matt Maximo praised blockchain technology for offering players better transparency and control over digital assets.

In "Off The Grid," players earn GUN tokens, which they can use to purchase or trade cosmetic in-game items on a blockchain-based marketplace.

Maximo highlighted the monetization potential, noting how traditional platforms like Steam have seen over $32 billion in trading volume.

 📈Technical Analysis Masterclass:

Why Bitcoin’s Dip from $70 to 67k is a BLESSING in Disguise

Healthy Market Correction

• Normal Consolidation: Bitcoin's recent upward climb lacked a pause for consolidation, making this dip a natural correction.

• Support Building: Pulling back to $70,000 or $69,000 transforms previous resistance levels into support, a key concept in technical analysis known as a "change of roles."

Accumulation Opportunity

• Strategic Buy Zones: The consolidation at $69,000 or a dip to $67,000 presents an opportunity to accumulate Bitcoin before the next rally.

• Post-Election Speculation: Market sentiment could turn bullish, especially with favorable post-election outcomes, although no outcome is certain.

Trading Strategy

• Risk Management: Setting a stop-loss at $65,000 can protect investments if Bitcoin unexpectedly drops.

• Reasonable Pricing: Many experts forecast Bitcoin’s long-term potential at $100,000, making current levels attractive for buying.

Technical Indicators

• MACD Momentum: The Moving Average Convergence Divergence (MACD) shows green bars, indicating building positive momentum, similar to past bullish runs.

• RSI Room for Growth: The Relative Strength Index (RSI) isn’t yet overbought, meaning there’s still potential for upward movement.

💡 Feature of the Day: 

Donald Trump Last-Minute Appeal [Source][Source][Source][Source][Source]

With just days before the U.S. presidential election, Donald Trump has launched a final appeal to crypto enthusiasts, reiterating his plans to pardon Ross Ulbricht and ensure all Bitcoin mining remains within the United States.

On October 31, Trump used Truth Social and X to encourage his 8 million followers to support his candidacy, coinciding with Bitcoin's 16th anniversary.

He also pledged to end Vice President Kamala Harris' "war on crypto," despite her stated commitment to fostering the industry.

Polls show Trump and Harris in a tight race in key states, with early voting wrapping up on November 1 in several areas.

Throughout his campaign, Trump has taken contradictory stances on digital assets.

While he previously called Bitcoin a "scam," his latest promises involve banning central bank digital currencies and abolishing capital gains taxes on crypto, as falsely claimed in a viral post by MicroStrategy's Michael Saylor.

The post, which sparked widespread confusion, was amplified by other crypto advocates but remains uncorrected.

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: 

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