Good Morning Crypto Enthusiasts!

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

1. Ripple Escalates SEC Dispute: Ripple Labs has filed a cross-appeal with the U.S. Court of Appeals for the Second Circuit, seeking to challenge parts of the ruling regarding XRP token sales.

2. FBI Faces Allegations: The FBI faces allegations of violating the MIT License by failing to attribute open-source code from OpenZeppelin in a smart contract.

3. 📈Technical Analysis Masterclass - While Bitcoin’s recent volatility has been intense, the accumulation by new big players suggests optimism about its long-term value. Watch UseTheBitcoin’s latest Youtube video “Is Bitcoin's Current Price a Golden Opportunity?” to know why this could be an excellent time to build your position or join our Official Telegram Channel for more alpha!

4. 💡Feature of the Day - Uniswap Layer-2 "Unichain": Uniswap has launched its own layer-2 blockchain, "Unichain," which is currently in the testnet phase.

   
   All this and more in today’s headlines!
   

   

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📰 News Highlights:

Ripple Escalates SEC Dispute [Source][Source]

Ripple Labs is taking its legal battle with the U.S. Securities and Exchange Commission (SEC) to the Court of Appeals for the Second Circuit, following an October 10 filing in the U.S. District Court for the Southern District of New York.

This cross-appeal comes after the SEC filed an appeal earlier in October, challenging the federal court’s decision from August that imposed a $125 million civil penalty on Ripple for violating securities laws.

Ripple, however, seeks to overturn aspects of the ruling regarding the classification of XRP token sales.

Ripple’s chief legal officer, Stuart Alderoty, emphasized that the company filed a cross-appeal to ensure all aspects of the case are fully addressed, including the debate over the "investment contract" status under the Howey test.

FBI Faces Allegations [Source][Source]

The Federal Bureau of Investigation (FBI) is facing allegations of violating the MIT License in its smart contract code usage, following claims made on X by a user named 0xCygaar.

On October 10, the user accused the FBI of improperly using OpenZeppelin’s open-source libraries without including the required license attribution.

This could potentially breach copyright law, as the MIT License mandates the inclusion of original licensing terms in any substantial use or modification of its code.

The allegation centers on the FBI's failure to label the code correctly on its smart contract, which is publicly visible on Etherscan and marked as "Unlicensed."

 📈Technical Analysis Masterclass:

Is Bitcoin's Current Price a Golden Opportunity?

Bitcoin Dips & Whale Sell-Offs

• Recent Purchase: I recently bought Bitcoin at the $59,700 dip, seeing it as a long-term investment opportunity.

• Market Fluctuations: Bitcoin’s price may not look exciting now, but dips like this present a chance to accumulate more.

Potential Downside

• Support Levels: If Bitcoin drops below $60,000, we could see further downside to $56,000 or even $52,000.

• Portfolio Impact: While this would hit portfolios, it's essential for traders to stay agile and ready to adapt.

Whale Activity & Market Impact

• Major Whale Sell-Off: Recently, 30,000 BTC (worth over $1.8 billion) was sold or redistributed by large holders, contributing to a broader market decline.

• Market Ripple Effect: This has caused Bitcoin’s price to fall from $64,000 to around $60,700, wiping out nearly $100 billion from the overall crypto market.

Long-Term Accumulation Trends

• New Whales: Despite the sell-offs, new whales are entering the market, accumulating Bitcoin during the dip, which is a promising sign for long-term investors.

• Short-Term Holders Exiting: As short-term holders sell, long-term investors are stepping in, reducing selling pressure and stabilizing the market.

💡 Feature of the Day: 

Uniswap Layer-2 "Unichain" [Source][Source][Source][Source][Source][Source]

Uniswap, the leading decentralized exchange (DEX), has announced the launch of its own layer-2 blockchain, Unichain, on October 10.

The app-specific chain, which is currently in the testnet phase, promises faster transactions, lower costs, and enhanced cross-chain interoperability.

Built on Optimism’s Superchain, Unichain aims to improve liquidity access across blockchain networks, positioning Uniswap to continue dominating the DeFi space.

Unichain is designed with a focus on speed and cost efficiency, initially featuring one-second block times, with future plans to reduce block times to as low as 250 milliseconds.

This promises a near-instant transaction experience for users.

The platform will allow traders to access liquidity from other layer-2 networks within Optimism's Superchain, further integrating Uniswap’s decentralized ecosystem.

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😂 Crypto Meme of the Day: 

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com