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Today's Top Crypto Headlines:
Buterin to Saylor: ‘Batshit Insane’ | Avalanche Visa Crypto Card | Magic Eden Expands and more...
Good Morning Crypto Enthusiasts!
Glad to have you back for another edition of the UseTheBitcoin.com newsletter.
Buterin to Saylor: ‘Batshit Insane’: Ethereum co-founder Vitalik Buterin criticized Michael Saylor's comments about Bitcoin custody, calling them "batshit insane."
Avalanche Visa Crypto Card: The Avalanche Foundation introduced the Avalanche Card, a Visa cryptocurrency card allowing users to spend crypto, including USDC and Wrapped AVAX, globally where Visa is accepted.
📈Technical Analysis Masterclass - Have you been following POPCAT lately? Watch UseTheBitcoin’s latest Youtube video “POPCAT Price Prediction – Major Move Coming!” to know if this could lead to a bullish rally or join our Official Telegram Channel for more alpha!
💡Feature of the Day - Magic Eden Expands: Magic Eden, an NFT marketplace on Solana, expanded its multi-chain ecosystem by adding support for BeraChain and ApeChain, bringing the total to nine supported blockchains.
All this and more in today’s headlines!
📰 News Highlights:
Ethereum co-founder Vitalik Buterin has labeled Michael Saylor’s comments about Bitcoin custody as “batshit insane,” sparking backlash within the crypto community.
Bitcoin self custody isn't just about being a paranoid mountain man. There are many long-term negative ramifications to convincing people to trust third party custodians.
1. Centralizing coins into a few hands increases systemic risk of loss and seizure.
2. Bitcoiners get… x.com/i/web/status/1…— Jameson Lopp (@lopp)
3:51 PM • Oct 22, 2024
In a response to an Oct. 22 post by Casa's Jameson Lopp, Buterin criticized Saylor’s suggestion that Bitcoin holders should rely on large banks to custody their assets.
I probably did more than most to spread the "mountain man" trope (btw I consider those remarks of mine outdated; snarks and AA changed the tradeoff space completely), and I'll happily say that I think @saylor's comments are batshit insane.
He seems to be explicitly arguing for a… x.com/i/web/status/1…
— vitalik.eth (@VitalikButerin)
11:57 PM • Oct 22, 2024
This marks a stark contrast to Saylor’s previous stance advocating for self-custody, and Buterin accused him of pushing a “regulatory capture” approach that contradicts the decentralized ethos of crypto.
Michael Saylor, the leading voice and influencer on Bitcoin by a mile, says:
💀You don't need to self-custody
💀You should trust government and institutions
💀Government would never confiscate your custodial Bitcoin
💀You're a "paranoid crypto anarachist, and a profit-driven… x.com/i/web/status/1…— Joel Valenzuela (@TheDesertLynx)
12:56 AM • Oct 21, 2024
Saylor’s remarks, made in an Oct. 21 interview, implied that institutions like BlackRock and Fidelity should handle Bitcoin custody to ensure the protection of assets.
Michael @saylor gave his thoughts on #BTC self-custody two years ago on the Blockware Podcast
Context: This was three weeks after FTX imploded and users lost BTC left on the platform 👇
— Blockware (@BlockwareTeam)
12:52 AM • Oct 22, 2024
He further criticized "crypto-anarchists" for dismissing government regulations, arguing that this increases the risk of asset seizure.
Saylor's getting trashed for the self-custody comment.
As he should.
Self-custody of the digital bearer asset is the entire point.
*The entire point*
All important attributes of Bitcoin emerge from this property.
This doesn't mean that all Bitcoin holders should… x.com/i/web/status/1…
— Erik Voorhees (@ErikVoorhees)
3:52 PM • Oct 22, 2024
However, Buterin, alongside other prominent voices like ShapeShift's Erik Voorhees, firmly rejected Saylor’s approach, emphasizing that self-custody is a key principle of crypto.
The Avalanche Foundation has introduced the Avalanche Card, a new Visa cryptocurrency card that allows users to spend crypto anywhere Visa is accepted.
Introducing the Avalanche Card! 🔺
Spend your WAVAX, USDC, sAVAX, and more wherever Visa is accepted.
Enjoy both physical and virtual cards, 24/7 dedicated support, and seamless transactions through popular apps.
The future starts now! Join the waitlist and check out the full… x.com/i/web/status/1…
— Avalanche Foundation 🔺 (@AvalancheFDN)
9:06 PM • Oct 21, 2024
Announced on Oct. 21, the card supports Circle’s USD Coin (USDC), Wrapped AVAX (wAVAX), and BENQI Liquid Staked AVAX (sAVAX), among others.
Users can opt for a physical or virtual version of the card, which links to a self-custody wallet with a unique address per asset.
The card’s activity won’t be reported to credit bureaus, ensuring privacy.
📈Technical Analysis Masterclass:
Current Price Action
Consolidation: POPCAT has been trading in a range, with resistance at 1.50 USDT and the current price hovering at 1.40 USDT.
Psychological Barrier: The 1.50 USDT level has acted as resistance, showing hesitation from both buyers and sellers.
Low Volatility: The market is in a consolidation phase, which often precedes a significant breakout.
Key Indicators
RSI (Relative Strength Index):
Currently at 59.81, indicating neutral conditions (neither overbought nor oversold).
Recent fluctuations between 40 and 70 reflect sideways movement.
A rise above 70 could signal overbought conditions; a dip closer to 30 may indicate a buying opportunity.
MACD (Moving Average Convergence Divergence):
The blue MACD line is slightly below the orange signal line, suggesting weakening bullish momentum.
Small red bars on the MACD histogram signal a potential bearish crossover.
A definitive MACD crossover below the signal line could point to a downward move, while a crossover above could reignite bullish momentum.
Support and Resistance Levels
Resistance: The key level is 1.50 USDT. A break above this could trigger a rally toward 1.60 USDT, but volume must increase to confirm the breakout.
Support: If the resistance holds, we may see a pullback to 1.00 USDT, which has historically been a strong support level and psychological barrier.
💡 Feature of the Day:
Magic Eden, a leading NFT marketplace on Solana, has expanded its multi-chain ecosystem by adding support for BeraChain and ApeChain, bringing the total number of blockchains it supports to nine.
Henlo Berachain 🐻 ⛓
Catch you on day 1, Q5
For now, check out our special Berachain splash page where you can secure allowlist for top projects, see the who’s who, and trade existing Bera collections on Arb + ETH.
— Magic Eden 🪄 (@MagicEden)
8:33 PM • Oct 22, 2024
The platform aims to reach its goal of ten supported chains by the end of the year, with plans to integrate Monad, a new Layer 1 network, once it goes live on testnet.
ApeChain is OFFICIALLY LIVE on Magic Eden!
You can mint the first NFT on ApeChain and be a part of history right now, for FREE.
— Magic Eden 🪄 (@MagicEden)
6:02 PM • Oct 21, 2024
BeraChain, which uses a “proof of liquidity” consensus mechanism, introduces tokens like BEX, BGT, and HONEY into its ecosystem, while ApeChain focuses on supporting the ApeCoin (APE) ecosystem from Yuga Labs.
Animal chains are the meta, and the the best place to launch and trade your ApeChain NFTs is Magic Eden.
- 100% of volume on Magic Eden.
- Over 5 billion mints.
- 400k+ APE traded.Apes are coming home (Magic Eden).
— Magic Eden 🪄 (@MagicEden)
1:02 PM • Oct 22, 2024
Despite the growth in supported blockchains, ApeCoin’s price saw a significant 15.8% drop, trading at $1.31 as of Oct. 22.
Today’s Sponsor:
This week we have partnered with Gemini.
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Over $200 billion USD in volume traded.
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😂 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