Good Morning Crypto Enthusiasts!

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

1. Emmer Named Crypto Subcommittee VP: U.S. Rep. Tom Emmer has been appointed vice chair of the House Subcommittee on Digital Assets.

2. 📈Technical Analysis Masterclass - Virtuals Protocol is gaining attention for its innovative combination of blockchain technology and AI in gaming and entertainment. Watch UseTheBitcoin’s latest Youtube video “Virtuals Protocol: The Next Big Altcoin? (Virtual)” to explore its potential or join our Official Telegram Channel for more alpha!

3. Hyperliquid’s $7.5B Token Airdrop: Hyperliquid’s HYPE token launched with a decentralized airdrop worth $7.5 billion.

4. 💡Feature of the Day - Bitfinex Hack BTC Recovery: The U.S. government will return $11.8B in stolen Bitcoin from the 2016 Bitfinex hack, though many victims may not qualify for compensation.

   
   All this and more in today’s headlines!

📰 News Highlights:

Vice Chair of Crypto Subcommittee [Source][Source][Source]

United States Representative Tom Emmer has been appointed vice chairman of the House Subcommittee on Digital Assets, Financial Technology, and Artificial Intelligence.

The committee plans to create a regulatory framework to position the U.S. as a global leader in innovation while safeguarding investors and consumers.

Congressman Bryan Steil, newly appointed leader of the Financial Services Subcommittee, emphasized the urgency of advancing crypto regulations.

 📈Technical Analysis Masterclass:

Virtuals Protocol: The Next Big Altcoin? (Virtual)

Price Action & Moving Averages

• The token recently rebounded from its 50-day moving average following a consolidation phase.

• Consolidation often precedes upward momentum, indicating potential for a bullish trend.

Fibonacci Retracement Levels

• The token respected the 0.618 Fibonacci golden ratio level, a strong indicator of trend continuation.

• This bounce reinforces its overall bullish trajectory.

MACD Analysis

• The MACD line (blue) hasn’t crossed above the signal line (orange) yet, signaling room for growth.

• A crossover would confirm increasing bullish momentum.

RSI Insights

• The Relative Strength Index (RSI) shows the token is far from the overbought zone (>70).

• This indicates room for price growth without risk of immediate overvaluation.

Hyperliquid’s $7.5B Airdrop [Source][Source][Source]

The decentralized launch of the Hyperliquid (HYPE) token has marked a shift in cryptocurrency distribution, with its value soaring over 600% since its debut.

This pushed the total airdrop value to $7.5 billion, the largest in crypto history.

Co-founder Vitali Dervoed highlighted the token’s fair pricing and community-driven approach during the Emergence Prague 2024 event.

As of Jan. 15, HYPE traded at $22.67, with 31% of the total supply distributed during the genesis event. The remaining supply is allocated for future emissions and rewards.

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💡 Feature of the Day: 

Bitfinex Stolen BTC [Source][Source]

The U.S. government has moved to return over 94,000 Bitcoin (worth $11.8 billion) stolen during the 2016 Bitfinex hack to the exchange.

Ilya Lichtenstein and Heather Morgan, convicted for the hack, had stolen 119,754 BTC valued at $72 million at the time.

Bitfinex implemented a recovery plan following the hack, socializing losses and issuing BFX tokens redeemable for equity in its parent company, iFinex.

Bitfinex’s reimbursement plan disqualifies many victims from legal compensation under current guidelines.

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😂 Crypto Meme of the Day: 

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And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com