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.

  1. Fed’s Michael Barr Resigns: Michael Barr, Federal Reserve Vice Chair, announced his resignation, linked to “Operation Chokepoint 2.0.”

  2. 📈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!

  3. Polymarket Bet on Trudeau Resignation: Canadian PM Justin Trudeau announced his resignation amid party pressure and policy disagreements. His decision fueled activity on Polymarket.

  4. 💡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!

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📰 News Highlights:

Fed’s Michael Barr Resigns [Source][Source][Source]

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.

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.

Barr’s resignation has sparked mixed reactions.

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.

Polymarket Bet on Trudeau Resignation [Source][Source][Source]

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.

Trudeau’s resignation had been anticipated on cryptocurrency betting platform Polymarket, where odds surged prior to his announcement.

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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.

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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And that’s it for this today.

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See you all tomorrow’s edition!


Jonathan Gibson
UseTheBitcoin.com