Good Morning Crypto Enthusiasts!

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

1. Caroline Ellison Sentenced to 2 Years in Prison: Caroline Ellison, former CEO of Alameda Research, has been sentenced to two years in a minimum-security prison for her role in the downfall of FTX.

2. MoneyGram ‘Cybersecurity Issue’: MoneyGram confirmed a cybersecurity issue caused a multiday service outage starting Sept. 20.

3. 📈Technical Analysis Masterclass - The Big 3 of crypto is making a move! Watch UseTheBitcoin’s latest Youtube video “Crypto Charts REVEAL Major Moves for BTC, ETH and BNB” to navigate key resistance and support levels of BTC, ETH, BNB or join our Official Telegram Channel for more alpha! 

4. Kamala Harris Backlash: The lobbying group Stand With Crypto retracted its “supports crypto” designation for Vice President Kamala Harris after community backlash.

5. Feature of the Day - DOJ Sues Visa: The U.S. Department of Justice has filed an antitrust lawsuit against Visa, alleging that the company maintains a monopoly in the debit payments market through exclusivity agreements and vendor penalties.

   
   All this and more in today’s headlines!

📰 News Highlights:

Caroline Ellison Sentenced to 2 Years in Prison [Source][Source][Source][Source][Source]

Caroline Ellison, the former CEO of Alameda Research, has been sentenced to two years in a minimum-security prison for her role in the downfall of FTX.

The sentence, handed down by Judge Lewis Kaplan of the District Court of Southern New York on Sept. 24, also includes the forfeiture of approximately $11 billion that Ellison earned through FTX.

While Ellison faced up to 110 years in prison, the judge expressed sympathy for her situation, citing the influence of FTX founder Sam Bankman-Fried as a significant factor in her actions.

During the trial, Ellison expressed her distress over harassment from the crypto community, both online and in real life, which has made her fearful of going out in public.

Her extensive cooperation with the prosecution in the case against Bankman-Fried, who is also her former boyfriend, led to the prosecution recommending leniency.

Despite her cooperation, Judge Kaplan rejected her lawyers’ plea for a sentence limited to time served, emphasizing that she would not receive a "get out of jail free" card.

MoneyGram ‘Cybersecurity Issue’ [Source][Source][Source]

MoneyGram has confirmed that a cybersecurity issue is behind the multiday outage of its services, which began on Sept. 20.

The company disclosed the issue three days later in a post on X (formerly Twitter), stating that it had identified a "cybersecurity issue affecting certain systems" and took proactive measures to address it, including taking some systems offline.

This action disrupted network connectivity, impacting MoneyGram's ability to process transactions.

The firm, headquartered in Dallas, Texas, is working with law enforcement and external cybersecurity experts to resolve the issue.

In a Sept. 24 update, MoneyGram indicated it had made progress in restoring some key transactional systems and is working "around the clock" to bring all services back online.

The company has not yet disclosed the nature of the cybersecurity breach or provided a timeline for when full service will be restored.

 📈Technical Analysis Masterclass:

Crypto Charts REVEAL Major Moves for BTC, ETH and BNB

Bitcoin's Golden Cross Nears

• Golden Cross Pattern: Bitcoin’s 50-day moving average is approaching the 200-day moving average, signaling a potential price rally.

• Current Price: Trading around $62,000.

• Key Resistance: The $65,000 level has been a psychological barrier; breaking it will require strong market momentum.

• Support Levels:

  • Initial Support: $60,500.

  • Stronger Support: $59,500.

• Outlook: Despite the promising golden cross, Bitcoin needs increased buying interest or positive news to surge past $65,000.

Ethereum Holds Strong

• Stability Above 50-Day MA: Ethereum is maintaining strength above its 50-day moving average, trading around $2,646.

• Decreasing Trading Volume: Lower volume may hinder short-term gains, signaling a potential pullback to $2,600.

• Price Range: Likely to trade between $2,400 and $2,650 until new momentum drives a move past $2,700.

• Support Level: $2,500 is a key support area to watch if prices dip.

Binance Coin Breaks Through

• Recent Breakout: BNB has finally broken the $600 resistance after 65 days, but is struggling to maintain momentum.

• Current Price: Trading around $602.

• Next Resistance: $610 is the crucial level to watch; sustained movement above could target $650.

• Support Levels:

  • First Support: $585, aligned with the 50-day MA.

  • Deeper Support: $550-$560 region, supported by the 100-day MA.

• Outlook: BNB’s breakout is promising, but it needs more investor interest or positive news to maintain its upward trend.

Kamala Harris Backlash [Source][Source][Source][Source][Source]

The Coinbase-backed lobbying group Stand With Crypto has retracted its designation of Vice President Kamala Harris as “supports crypto” after backlash from the community.

The group had initially given Harris a “B” grade based on a recent public comment in which she expressed support for innovative technologies, including digital assets.

Following criticism that her statement was too vague to warrant such a rating, the group revised its assessment to indicate there is "not enough information" on Harris's stance regarding crypto.

Stand With Crypto announced changes to its grading system, stating that it will now require more detailed and consistent statements from politicians before assigning them a grade.

The group’s executive director, Logan Dobson, acknowledged the feedback and said they are committed to a more rigorous evaluation process.

This adjustment comes after many in the crypto community argued that a single, non-specific comment should not qualify as support.

💡 Feature of the Day: 

DOJ Sues Visa [Source][Source][Source][Source][Source]

The U.S. Department of Justice (DOJ) has filed an antitrust lawsuit against Visa, accusing the payment giant of maintaining a monopoly in the debit payments market.

Filed in a federal court in New York on Sept. 24, the complaint alleges that Visa uses exclusivity agreements and penalizes vendors to prevent competitors from gaining a foothold, securing a 60% market share and generating $7 billion in transaction fees annually.

The DOJ argues that these practices lead to higher costs for consumers as merchants pass on Visa's inflated fees.

U.S. Attorney General Merrick Garland stated that Visa’s actions harm consumers by artificially inflating prices.

The complaint also suggests that Visa’s extensive market power deters new competitors, even as alternatives like stablecoins begin to gain traction.

Some analysts believe that stablecoins, which are cryptocurrencies backed by fiat currencies, could challenge Visa’s dominance, particularly for international transactions.

Visa has denied the allegations, arguing that the concerns about its market position are overblown.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com