Good Morning Crypto Enthusiasts!

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

1. Musk Could Face Charges: Elon Musk could face legal trouble after his lawyer, Chris Gober, revealed in court that winners of Musk’s $1 million daily giveaway were chosen based on their stories rather than through a random selection.

2. 📈Technical Analysis Masterclass - Bitcoin’s recent retracement has caused altcoins like POPCAT to dip. Watch UseTheBitcoin’s latest Youtube video “Is This the Ultimate POPCAT Buy Zone?” to know if this retracement could be setting the stage for a potential upward move or join our Official Telegram Channel for more alpha!

3. Coinbase Token Listing Allegations: Crypto figures Justin Sun and Andre Cronje have accused Coinbase of demanding exorbitant listing fees, with Sun claiming Coinbase requested $330 million to list Tron.

4. 💡Feature of the Day - Robinhood, Kraken, Paxos Stablecoin Network: Robinhood, Kraken, and Paxos have launched the Global Dollar Network to boost stablecoin adoption, centered around Paxos’ new USDG stablecoin.

   
   All this and more in today’s headlines!

📰 News Highlights:

Musk Could Face Charges [Source][Source][Source]

A lawyer for Elon Musk and America PAC told a Pennsylvania judge that the $1 million winners of Musk’s daily giveaway were selected based on their personal stories, not at random.

The testimony, given on Nov. 4 by Chris Gober, who has worked with U.S. Republicans, challenges claims that the giveaways were lotteries.

Musk had initially announced that a registered voter in select states would be randomly awarded $1 million daily until the election.

However, Gober clarified that the winners were hand-picked and hired as spokespeople, with payment contingent on contractual obligations.

This contradicts Musk’s earlier statements, which led to claims that the program functioned as an unregistered lottery.

District Attorney Larry Krasner argues that this misrepresentation could lead to charges, as running an unregistered lottery is considered a misdemeanor in Pennsylvania, though unlikely to result in jail time. Federal involvement in the case was dismissed on Nov. 1.

 📈Technical Analysis Masterclass:

Is This the Ultimate POPCAT Buy Zone?

POPCAT's Current Technical Outlook

• Support at 50-Day Moving Average (50MA): POPCAT is hovering around the 50MA, a key support level that traders often watch for potential reversals.

• Dependence on Bitcoin: The stability of this support zone hinges on Bitcoin's movement and POPCAT's inherent volatility.

Strategies Based on Risk Tolerance

For Aggressive Traders

• Buy at the 50MA: Consider entering now, anticipating a bounce from the support level.

• Risk Management: Use a stop-loss below the current candle’s lower tail to limit downside risk if POPCAT breaks below the 50MA.

For Conservative Traders

• Wait for Confirmation: Follow the principle, “Don’t catch a falling knife.” Wait for a close above the previous candle’s high, signaling that buyers are stepping in.

• Entry and Stop-Loss: Upon confirmation, enter with a stop-loss below the previous candle’s low for protection.

Take-Profit Strategy

• Target Level: Set a realistic take-profit around $1.80, aligning with the previous resistance where selling pressure could reemerge.

Coinbase Token Listing Allegations [Source][Source][Source]

Justin Sun and Andre Cronje have accused Coinbase of demanding exorbitant fees for token listings.

Sun claimed on Nov. 4 that Coinbase asked for $330 million in fees to list Tron, including $80 million worth of TRX and a $250 million Bitcoin deposit. He contrasted this with Binance, which he said charged no listing fees.

Coinbase CEO Brian Armstrong has refuted these claims, stating that asset listings are free.

Cronje echoed Sun’s allegations, mentioning that Coinbase proposed fees ranging from $30 million to $300 million for listing Fantom.

💡 Feature of the Day: 

Robinhood, Kraken, Paxos Stablecoin Network [Source][Source][Source][Source][Source]

Major finance and crypto firms, including Robinhood, Kraken, and Paxos, have announced the launch of the Global Dollar Network.

The consortium aims to promote stablecoin adoption, supporting Paxos’ new USDG stablecoin, which debuted on Nov. 1.

Paxos claims the network will address the lack of competition in the regulated stablecoin market, enhancing global use cases. Kraken co-CEO Arjun Sethi emphasized the need for equitable competition to unlock the industry’s potential.

Initially, USDG will operate on the Ethereum blockchain, with plans to expand to other chains as regulations evolve.

Paxos will issue the stablecoin from Singapore, complying with the Monetary Authority of Singapore’s stablecoin framework.

The token will be backed 1:1 with the U.S. dollar, held in reserves by DBS Bank.

Today’s Sponsor:

This week we have partnered with Gemini.

Gemini is crypto-obsessed and compliance-focused, making it safe and easy to buy and sell crypto.

Over $200 billion USD in volume traded.

Join the movement today with Gemini.

😂 Crypto Meme of the Day: 

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