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Today's Top Crypto Headlines:
CFTC Chair Urges Crypto Rules | Virtuals Protocol Discord Hack | Musk Backs Pro-Bitcoin Poilievre and more...
Good Morning Crypto Enthusiasts!
Glad to have you back for another edition of the UseTheBitcoin.com newsletter.
CFTC Chair Urges Crypto Rules: Outgoing CFTC Chair Rostin Behnam called for tighter crypto regulations to address risks from digital assets in traditional finance.
📈Technical Analysis Masterclass - GALA’s current price action shows signs of potential upward momentum, supported by key technical indicators. Watch UseTheBitcoin’s latest Youtube video “GALA: Bullish Divergence Spotted!” to see a concise breakdown or join our Official Telegram Channel for more alpha!
Virtuals Protocol Discord Hack: Virtuals Protocol's Discord was hacked, with scammers posting fake links due to a moderator's compromised key.
💡Feature of the Day - Musk Backs Pro-Bitcoin Poilievre: Canadian PM Trudeau resigned, and Pierre Poilievre, a pro-Bitcoin advocate, became the election frontrunner.
All this and more in today’s headlines!
📰 News Highlights:
Outgoing CFTC Chair Rostin Behnam has called for stronger crypto regulations, citing risks as digital assets integrate with traditional financial systems.
Today I gave my final remarks as Chairman of @CFTC. It has been an honor and privilege to have this role. Read my remarks at the link below.
— Rostin Behnam (@CFTCbehnam)
5:08 PM • Jan 8, 2025
In a fireside chat at The Brookings Institution, Behnam warned of challenges for his successors if the regulatory gap remains unaddressed.
He emphasized the need to update the derivatives industry’s rules to tackle novel crypto products and activities.
Behnam, stepping down on Feb. 7, joins SEC Chair Gary Gensler, who also announced his departure.
📈Technical Analysis Masterclass:
Key Observations
100-Day Moving Average (MA):
GALA is trading above this critical support level, which often signals bullish control. A slight dip to retest the 100-day MA is possible before upward momentum resumes.Fair Value Gap (FVG):
GALA is trading within an FVG zone, which is typically a consolidation or retracement area. Staying within this zone offers a safer environment for buyers.RSI Bullish Divergence:
The RSI is trending upward, signaling building momentum, while price remains flat—indicating a potential reversal to the upside.
Key Levels to Watch
Support Levels:
100-Day MA: A break below this line could signal bearish momentum.
FVG Zone: Remaining within this range keeps the bullish setup intact.
Upside Potential:
If the bullish divergence plays out, expect GALA to test higher resistance levels for profit opportunities.
🎁Freebie:
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Virtuals Protocol suffered a Discord server hack on Jan. 8, with scammers posting fraudulent links mimicking the platform’s website.
Update: One of our Discord mods had their account compromised. The incident is now resolved.
— Virtuals Protocol (@virtuals_io)
1:39 PM • Jan 8, 2025
The breach stemmed from a compromised moderator’s private key. Though resolved, the attack highlights the risks of phishing scams in the crypto space.
🚨 Google's really outdoing itself—now showing THREE phishing ads impersonating Virtuals Protocol (up from one)!
Scammers are paying Google bucks to steal your crypto.
Pro tip: If you enjoy losing assets, click those top search results and connect your wallet! 🎯
Stay safe,… x.com/i/web/status/1…
— Scam Sniffer | Web3 Anti-Scam (@realScamSniffer)
1:55 PM • Jan 8, 2025
Scam Sniffer also flagged malicious links on Google Search impersonating the Virtuals Protocol site.
The numbers from 2024 are in, and the Web3 ecosystem faces significant challenges. Over $2.36B was stolen across 760 incidents, marking a 31.61% increase from the previous year.
Dive into the 2024 Hack3d Report to see the insights that shaped the year and what’s next.👇🧵
— CertiK (@CertiK)
2:02 PM • Jan 2, 2025
Phishing scams caused over $1 billion in crypto losses in 2024, according to CertiK’s year-end report.
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💡 Feature of the Day:
Canadian PM Justin Trudeau resigned on Jan. 7, making Conservative leader Pierre Poilievre the frontrunner for the Oct. 20 election.
Poilievre, a pro-Bitcoin advocate, has garnered widespread crypto industry support.
Perfectly articulated
— Elon Musk (@elonmusk)
5:38 AM • Jan 7, 2025
Elon Musk praised Poilievre’s stance on inflation, while Coinbase CEO Brian Armstrong echoed approval.
Poilievre has proposed a national Bitcoin reserve to bolster economic stability.
Pierre Poilievre will deliver Canada a Strategic Bitcoin Reserve
— David Bailey🇵🇷 $0.85mm/btc is the floor (@DavidFBailey)
2:25 AM • Jan 6, 2025
During his campaign, Poilievre promoted Bitcoin adoption and criticized central bank digital currencies.
Let people take back control of their money from bankers & politicians.
Expand choice, lower costs of financial products, create thousands of jobs.
Get your membership. So you can vote for me as leader. To make Canada the blockchain capital of the world: Pierre4PM.ca/Membership
— Pierre Poilievre (@PierrePoilievre)
8:05 PM • Mar 28, 2022
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😂 Crypto Meme of the Day:
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— The ₿itcoin Therapist (@TheBTCTherapist)
3:52 AM • Jan 5, 2025
Meme of the day provided by @TheBTCTherapist
And that’s it for this today.
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See you all tomorrow’s edition!
Jonathan Gibson
UseTheBitcoin.com