Good Morning Crypto Enthusiasts!

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

1. ZachXBT Exposé: Crypto investigator ZachXBT revealed that memecoin trader Murad Mahmudov holds over $24 million in tokens across 11 wallets.

2. SEC, FBI, DOJ Against Fraudulent Crypto Firms: U.S. authorities, including the SEC, FBI, and DOJ, have targeted four fraudulent crypto firms—Gotbit Consulting, ZM Quant Investment, CLS Global, and several individuals—in a crackdown on market manipulation and fraud.

3. 📈Technical Analysis Masterclass - While the market might seem slow with prices down, this dip could be a prime buying opportunity. Watch UseTheBitcoin’s latest Youtube video “Bitcoin, Ethereum, Solana, & BNB: HUGE Buying Opportunity” and see the break down of Bitcoin and other major coins’ key indicators or join our Official Telegram Channel for more alpha!

4. 💡Feature of the Day - WisdomTree Debit Card: WisdomTree has launched a debit card linked to its tokenized onchain money fund (WTGXX), offering a 4.6% APY.

   
   All this and more in today’s headlines!

📰 News Highlights:

ZachXBT Exposé [Source][Source][Source][Source][Source]

Crypto investigator ZachXBT has exposed 11 wallets he claims belong to prominent memecoin trader Murad Mahmudov, holding over $24 million in tokens.

In an Oct. 8 X post, ZachXBT linked the wallets to Mahmudov based on shared funding sources and similar token holdings, suggesting that Mahmudov is leveraging his social media influence to manipulate memecoin markets.

He specifically pointed to Mahmudov’s $449,886 purchase of MINI tokens just before promoting the coin on X, raising concerns about transparency in the memecoin space.

The crypto community had mixed reactions to the reveal. Some accused ZachXBT of "doxing" and endangering Mahmudov by exposing his wallets, while others praised the move for providing transparency.

Critics argue that Mahmudov is controlling the supply of certain memecoins, potentially misleading his followers.

SEC, FBI, DOJ Against Fraudulent Crypto Firms [Source][Source][Source][Source]

U.S. federal authorities, including the SEC, FBI, and DOJ, have taken action against four fraudulent crypto firms in a coordinated crackdown.

The companies, Gotbit Consulting, ZM Quant Investment, and CLS Global, along with several individuals, face charges of market manipulation, fraud, and unregistered securities offerings.

The SEC filed civil suits on Oct. 9, accusing these entities of wash trading and artificially inflating the value of tokens such as Saitama and Robo Inu.

One of the central figures, Vy Pham's involvement in unregistered securities offerings and her association with the manipulated projects SaitaRealty and NexFundAI led to several of her associates being charged as well.

Authorities revealed that NexFundAI was actually a fake cryptocurrency created by the FBI as part of the investigation.

 📈Technical Analysis Masterclass

Bitcoin, Ethereum, Solana, & BNB: HUGE Buying Opportunity

Bitcoin (BTC)

• Support Zone: Bitcoin is comfortably sitting in a strong support area.

• Accumulation Opportunity: For long-term investors, this is a great time to accumulate more BTC.

• Strategy: Set a stop loss around $57,600 to manage risk if prices drop further but be ready for gains if it bounces back.

• Key Reminder: Patience is essential when investing in Bitcoin.

Ethereum (ETH)

• Support Level: ETH is sitting below its support zone, showing signs of potential further decline.

• Momentum Concern: There’s not enough upward momentum at the moment.

• Strategy: Wait for a clearer signal before buying to avoid premature moves.

Solana (SOL)

• Weak Trend: Solana is in a sideways trend and recently broke below its buy zone.

• Lower Support: It could dip further, so keep an eye on it for a better entry point.

• Strategy: Wait for SOL to find stable support before investing.

Binance Coin (BNB)

• Promising Outlook: BNB is at a major support level and looks stronger than ETH and SOL.

• Accumulation Opportunity: Long-term investors might consider accumulating BNB now.

• Strategy: Set a cut loss around $559 or $560 to manage risk if it drops lower.

Diversification Strategy

• Reduce Risk: Diversifying across multiple coins (Bitcoin, Ethereum, Solana, BNB) helps spread risk and increase growth potential.

• Balanced Portfolio: If one coin performs poorly, gains in others can offset losses, protecting you against market volatility.

💡 Feature of the Day: 

WisdomTree Debit Card [Source][Source][Source][Source]

WisdomTree has introduced a new debit card that allows users to spend directly from its tokenized onchain money fund, WTGXX, offering a 4.6% annual percentage yield (APY).

The card, announced on Oct. 9, links to the firm’s WisdomTree Government Money Market Digital Fund, which holds U.S. Treasury bills and other highly liquid assets.

This allows users to earn yield on their investments while still accessing funds for daily purchases.

By connecting a yield-earning asset to spending functionality, WisdomTree aims to offer a more flexible and lucrative financial tool for its users.

The fund currently manages $12 million in assets, and WisdomTree operates several other tokenized investment funds, including those tied to U.S. treasury bonds and S&P 500 stocks.

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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