Good Morning Crypto Enthusiasts!

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

1. MicroStrategy’s $1.75B Bet: MicroStrategy is raising $1.75 billion through zero-interest convertible notes to increase its Bitcoin holdings, which currently stand at 331,200 BTC worth over $30 billion.

2. Binance’s BFUSD: Binance clarified that its upcoming BFUSD token is not a stablecoin but a “reward-bearing margin asset” for futures trading. BFUSD will allow traders to use it as collateral without locking funds, with daily rewards distributed via airdrops based on user activity.

3. 📈Technical Analysis Masterclass - Bitcoin is showing signs of an imminent breakout as it trades in a narrow range between $89,000 and $91,000. Watch UseTheBitcoin’s latest Youtube video “BITCOIN is about to have a breakout! What to do next?” to see the concise breakdown of potential scenarios and strategies or join our Official Telegram Channel for more alpha!

4. $10M Bribery Scandal: BIT Mining will pay $10 million in fines for bribing Japanese officials between 2017 and 2019 to secure a casino license.

   
   All this and more in today’s headlines!

📰 News Highlights:

MicroStrategy’s $1.75B Bet [Source][Source][Source][Source]

MicroStrategy is raising $1.75 billion through zero-interest convertible notes to expand its massive Bitcoin holdings.

These notes, maturing in 2029, will prioritize bondholders over shareholders in bankruptcy scenarios.

Currently holding 331,200 BTC worth over $30 billion, MicroStrategy could add another 19,065 BTC if it fully utilizes the funds.

The company has bought 142,050 BTC this year alone, achieving a 133% return on its Bitcoin investments.

Binance’s BFUSD [Source][Source]

Binance has clarified its upcoming BFUSD token is not a stablecoin, responding to concerns about its promised high yields.

Described as a “reward-bearing margin asset” for futures trading, BFUSD will let traders use it as collateral without staking or locking funds.

The announcement caused a stir on social media, with users drawing parallels to Terra’s disastrous UST stablecoin, which collapsed in 2022.

Binance confirmed BFUSD is unrelated to such models, offering clarity amidst the speculation.

 📈Technical Analysis Masterclass:

BITCOIN is about to have a breakout! What to do next?

Possible Scenarios

• Upward Breakout:

  • Resistance Levels: Targets lie between $95,000 and $98,000.

  • Challenges: Lack of strong fundamental catalysts may limit the extent of upward movement.

  • Strategy: Use stop-losses to manage risk in case of unexpected reversals.

• Downward Breakout:

  • Support Range: Watch for a dip into the $85,000 to $87,000 range, where a Fair Value Gap (FVG) exists.

  • Opportunity: FVGs often act as magnets for price adjustments, making this zone a potential accumulation area.

Key Technical Indicators

• Fair Value Gap (FVG):

  • Represents a price imbalance where rapid market movements left trading activity voids.

  • The $85,000 to $87,000 range, reinforced by moving averages, could act as strong support if Bitcoin moves lower.

• Moving Averages:

  • Currently aligning with the FVG zone, strengthening the argument for its significance as a key support area.

Strategies

1. Risk Management:

   • Always set stop-losses to protect against unexpected downturns.

2. Buying Opportunities:

   • If the price dips to the $85,000–$87,000 range, consider accumulating Bitcoin at discounted levels.

3. Market Monitoring:

   • Stay informed and adapt to changes as the market makes its move.

💡 Feature of the Day: 

$10M Bribery Scandal [Source][Source][Source]

BIT Mining, formerly 500.com, will pay $10 million in fines for bribing Japanese officials between 2017 and 2019 to secure a casino license.

The company, now a Bitcoin mining firm, admitted to authorizing $2.5 million in illicit payments disguised as business expenses.

U.S. prosecutors revealed that then-CEO Zhengming Pan orchestrated the scheme through sham contracts, offering extravagant perks to Japanese politicians.

Despite the bribes, the company failed to secure the casino license.

Today’s Sponsor:

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😂 Crypto Meme of the Day: 

Meme of the day provided by @TheBTCTherapist

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