Good Morning Crypto Enthusiasts!

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

1. CZ Is Released: Binance founder Changpeng Zhao (CZ) was released early from a U.S. low-security facility on September 27, following his four-month prison sentence for violating the Bank Secrecy Act by insufficient KYC measures at Binance.

2. FTX Controversial Reimbursement: FTX creditors may recover only 10-25% of their holdings after the platform's collapse, a move that has sparked outrage.

3. 📈Technical Analysis Masterclass - BNB has seen significant market activity recently, driven by speculation surrounding the early release of Binance's former CEO, Changpeng Zhao (CZ). Watch UseTheBitcoin’s latest Youtube video “Is BNB the Next Big Crypto Winner of 2024?” to know why BNB could be set for further gains or join our Official Telegram Channel for more alpha!

4. John Deaton Vows to Oppose Fed CBDC: Pro-crypto attorney John Deaton, now running for U.S. Senate, is actively campaigning against a U.S. Federal Reserve-issued central bank digital currency (CBDC).

5. 💡Feature of the Day - FBI Seizes Millions from Scammers: The FBI recovered over $6 million in cryptocurrency from Southeast Asia-based scammers who tricked U.S. citizens into fraudulent investment schemes.

   
   All this and more in today’s headlines!

📰 News Highlights:

CZ Is Released [Source][Source]

Bitcoin and Binance's BNB token saw slight dips in value following the early release of Binance founder Changpeng Zhao (CZ) on September 27.

Initially sentenced to four months in prison in April for violating the Bank Secrecy Act by not implementing a sufficient know-your-customer (KYC) program at Binance, CZ’s early release aligns with U.S. Bureau of Prisons regulations that allow for release on the preceding weekday when the official date falls on a weekend or holiday.

Zhao, who served time at a low-security facility before moving to a halfway house, had been expected to be released on September 29.

Binance holds about 71% of the 146 million BNB tokens in circulation, and market observers are closely monitoring how his release might impact Binance’s future direction.

FTX Controversial Reimbursement [Source][Source][Source]

FTX creditors may only recover between 10–25% of their cryptocurrency holdings, according to revised bankruptcy documents shared by creditor activist Sunil Kavuri.

The controversial decision to reimburse customers based on the price of crypto assets at the time the legal petition was filed—when Bitcoin was trading around $16,000—has sparked widespread outrage. Since FTX’s collapse, FTT tokens have lost more than 80% of their value, wiping out over $2 billion in customer assets.

Kavuri and other creditors expressed frustration over the bankruptcy court’s decision, with many accusing Sam Bankman-Fried of violating FTX’s terms of service by using client funds to cover debts.

Kavuri called the situation "disgraceful," emphasizing that FTX customers were misled, and some are experiencing severe emotional distress, including panic attacks and suicidal thoughts.

📈Technical Analysis Masterclass:

Is BNB the Next Big Crypto Winner of 2024?

Recent Performance

• Current Price Surge: BNB has risen from $487.20 to over $600, sparking excitement among investors.

• Historical High: BNB's all-time high was $720, and recent signals suggest the coin may approach or surpass this level soon.

Key Technical Indicators

• Inverse Head-and-Shoulders: Traders are closely watching this bullish pattern, indicating a possible end to the downtrend and a potential upward reversal.

• Strong Support at $510: This level has held firm, providing a base for BNB's momentum.

• Resistance at $620: Breaking this resistance could open the door to further price increases.

Chaikin Money Flow (CMF)

• Rising CMF: This indicator shows strong buying pressure, signaling investor confidence and potential for further price appreciation.

Moving Averages

• 20-Day EMA Bounce: BNB’s recent bounce off this short-term trend line suggests bullish momentum.

• 100-Day SMA: BNB has crossed this key level, often a sign of continued price growth.

Price Projections

• $700 and Beyond: Analysts predict BNB could break through $660 and potentially reach $724.70 as market excitement builds around CZ’s return.

John Deaton Vows to Oppose Fed CBDC [Source][Source]

Pro-crypto attorney John Deaton has made opposition to a U.S. Federal Reserve-issued central bank digital currency (CBDC) a key issue in his Senate campaign.

In an interview with Generation Infinity, Deaton criticized CBDCs as a threat to individual financial autonomy, arguing that such a system could allow the government to monitor and restrict personal spending.

He contrasted his views with those of Senator Elizabeth Warren, who has expressed support for CBDCs, which Deaton claims would effectively ban Bitcoin and self-custody of crypto assets.

He emphasized the need for clearer guidelines to prevent the exodus of blockchain innovators from the U.S. market due to regulatory uncertainty.

💡 Feature of the Day: 

FBI Seizes Millions from Scammers [Source][Source][Source]

The FBI has recovered over $6 million in cryptocurrency from Southeast Asia-based scammers who targeted U.S. citizens through confidence investment schemes.

Working with Tether to freeze the scammers’ wallets, the agency successfully seized the funds, which had been stolen from unsuspecting investors who believed they were participating in legitimate crypto enterprises.

Victims of these scams were approached via dating apps, investment groups, or even misdirected text messages, only to be tricked into transferring their funds to fraudulent platforms.

These fake platforms, which often mimicked real investment sites, allowed users to make small withdrawals before routing their remaining deposits to wallets controlled by scammers.

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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