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Today's Top Crypto Headlines:
Fed’s Vice Chair Resigns | Polymarket Trudeau Bet | Turn $2K into $3.2M and more...
Good Morning Crypto Enthusiasts!
Glad to have you back for another edition of the UseTheBitcoin.com newsletter.
Fed’s Michael Barr Resigns: Michael Barr, Federal Reserve Vice Chair, announced his resignation, linked to “Operation Chokepoint 2.0.”
📈Technical Analysis Masterclass - NEAR Protocol (NEAR) is trading at a crucial resistance zone. Watch UseTheBitcoin’s latest Youtube video “NEAR Price Alert: Breakout or Breakdown? (NEAR)” to see if will it break out or head lower. Join our Official Telegram Channel for more alpha!
Polymarket Bet on Trudeau Resignation: Canadian PM Justin Trudeau announced his resignation amid party pressure and policy disagreements. His decision fueled activity on Polymarket.
💡Feature of the Day - Trader Turns $2K into $3.2M: An anonymous trader turned $2,137 into $3.2M by trading Hyperfy (HYPER) tokens within 10 hours.
All this and more in today’s headlines!
📰 News Highlights:
Michael Barr, Vice Chair for Supervision at the U.S. Federal Reserve, has announced his resignation effective Feb. 28, or earlier if a successor is appointed.
![](https://media.beehiiv.com/cdn-cgi/image/fit=scale-down,format=auto,onerror=redirect,quality=80/uploads/asset/file/a3f1e58e-b11a-4dff-a09b-1cd4b70e879c/image.png?t=1736228343)
In a March 2023 speech, Barr stated the Federal Reserve viewed it “unsafe and unsound” for banks to own crypto-assets directly on their balance sheets.
Dropping like flies
— nic carter (@nic__carter)
6:31 PM • Jan 6, 2025
Barr’s resignation has sparked mixed reactions.
1/ 🚨THE FED'S DEBANKER-IN-CHIEF IS OUT! Michael Barr, the last remaining Biden/Warren appointee who architected #OperationChokePoint2.0 at a federal financial agency, will resign as vice chair for supervision in Feb (see @nic__carter's March 2023 map👇).
federalreserve.gov/newsevents/pre…— Caitlin Long 🔑⚡️🟠 (@CaitlinLong_)
4:22 PM • Jan 6, 2025
Senator Cynthia Lummis labeled him a failure for his role in Operation Chokepoint 2.0, while Caitlin Long of Custodia Bank called him “THE FED’S DEBANKER-IN-CHIEF.”
📈Technical Analysis Masterclass:
Key Technical Insights
Resistance Zone & 50-Day Moving Average (50MA):
NEAR is hovering near its resistance zone, aligning with the 50MA. This moving average, a dynamic resistance level, is critical to watch for potential breakout confirmation.Relative Strength Index (RSI):
The RSI is above the 50 level, signaling bullish momentum. A breakout above resistance could indicate an uptrend continuation.
What Should Traders Do?
Wait for a Breakout:
Buy Signal: Place buy orders if NEAR breaks above resistance with confirmation (e.g., increased trading volume).
Confirmation: Look for sustained movement above resistance to signal bullish control.
Set a Cut-Loss Plan:
Place stop-loss orders below the resistance zone to protect against a fake breakout or bearish reversal.
Canadian Prime Minister Justin Trudeau has announced his resignation, effective once his party selects a successor.
This decision follows internal party pressure and the resignation of Finance Minister Chrystia Freeland, who cited policy disagreements.
Odds Trudeau resigns today just hit 94%.
— Polymarket (@Polymarket)
3:46 PM • Jan 6, 2025
Trudeau’s resignation had been anticipated on cryptocurrency betting platform Polymarket, where odds surged prior to his announcement.
Trudeau out; Poilievre in.
Here's 10 minutes of Canada's incoming Conservative leader @PierrePoilievre lambasting the fiat money system, and explaining why Bitcoin is "higher quality."
BTC is up over 100% since this speech.
Bitcoiners are taking over the world.🔶👑
— BitcoinOS (@BTC_OS)
7:31 PM • Jan 6, 2025
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💡 Feature of the Day:
Trader Turns $2K into $3.2M [Source]
An unidentified trader turned $2,137 into over $3.2 million in just 10 hours by trading the newly launched Hyperfy (HYPER) token, achieving a 1,515x return on investment.
Turned $2,137 into $3.24M in just 10 hours—a 1,515x return!
10 hours ago, a trader spent 10 $SOL($2,137) to buy 22M $HYPER.
Since then, the trader has been taking profits, selling a total of 17.88M $HYPER for 10,286 $SOL($2.21M) and still holding 4.12M $HYPER($1.03M).… x.com/i/web/status/1…
— Lookonchain (@lookonchain)
9:42 AM • Jan 6, 2025
Hyperfy, a metaverse and gaming platform utility token, launched on Jan. 6 and hit an all-time high of $0.26 before stabilizing at $0.19.
The trader sold 17.88 million HYPER tokens for $2.21 million while retaining $1.03 million worth.
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😂 Crypto Meme of the Day:
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— The ₿itcoin Therapist (@TheBTCTherapist)
6:37 AM • Jan 1, 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