Good Morning Crypto Enthusiasts!

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

1. Biden on Binance Exec's Release: President Joe Biden thanked Nigerian President Bola Tinubu for the release of Tigran Gambaryan, Binance's head of financial crime compliance, who was detained in Nigeria since February on charges of tax evasion and money laundering.

2. Bitcoin Could Hit $200,000: Matt Hougan, Bitwise CIO, predicts Bitcoin could reach $200,000 due to its adoption as a store of value and the ongoing devaluation of fiat currencies.

3. 📈Technical Analysis Masterclass - Loopring has struggled to gain traction in terms of price since its inception. Watch UseTheBitcoin’s latest Youtube video “Why Loopring (LRC) Might Finally Reverse!” to know if there’s a potential trend reversal or join our Official Telegram Channel for more alpha!

4. 💡Feature of the Day - Visa Partners with Coinbase: Visa and Coinbase have launched a new service allowing Visa debit cardholders in the U.S. and EU to instantly deposit, withdraw, and buy crypto via Coinbase.

   
   All this and more in today’s headlines!

📰 News Highlights:

President Biden on Binance Exec's Release [Source][Source][Source][Source]

U.S. President Joe Biden expressed gratitude to Nigerian President Bola Tinubu for the release of Tigran Gambaryan, Binance's head of financial crime compliance, who had been held in Nigeria since February.

A former IRS special agent, Gambaryan had faced tax evasion and money laundering charges while detained at Kuje Prison, where his health reportedly worsened due to pneumonia, malaria, and spinal issues.

Nigerian authorities dropped the charges in October, and Gambaryan left the country for medical treatment in the United States.

The U.S. and international news outlets highlighted Gambaryan’s case, which garnered significant attention from government officials and Binance executives, including CEO Richard Teng.

Teng had previously criticized Nigerian authorities for what he called “inhumane treatment,” urging they allow Gambaryan to return home.

Bitcoin Could Hit $200,000 [Source]

Matt Hougan, Bitwise’s chief investment officer, predicts Bitcoin could reach $200,000 as it gains maturity as a store-of-value asset and governments continue devaluing fiat currencies.

Hougan argued in an October 29 X post that Bitcoin’s value increase is tied to two factors: its adoption as a new “store of value” and the anticipated debasement of fiat currencies.

Bitcoin, currently valued at around $1.4 trillion, is about 7% of gold’s $18 trillion market cap.

Hougan suggests Bitcoin could eventually capture half of gold's value, pushing its price well beyond six figures.

 📈Technical Analysis Masterclass:

Why Loopring (LRC) Might Finally Reverse!

Technical Signals Indicating Reversal

• Daily RSI Divergence: While LRC’s price has trended downwards, the daily RSI is moving up, showing bullish divergence. This divergence often signals that selling pressure is slowing and buyers could soon step in, though patience is advised as it may not trigger an immediate price surge.

• MACD Crossover Potential: The MACD histogram is thinning, indicating waning bearish momentum. A possible MACD crossover, combined with the RSI divergence, suggests growing strength in the potential for an uptrend.

Trading Setup and Risk Management

• Entry Point and Stop Loss: Buy at $0.12 with a stop loss at $0.10. This setup protects capital in case the trend remains bearish. Risk management is crucial here to minimize potential losses.

Long-Term Signals

• Weekly Chart Optimism: The weekly timeframe also shows bullish divergence, reinforcing the potential for a more sustained upward trend. When signals align on both daily and weekly charts, they often strengthen the case for a meaningful trend shift.

💡 Feature of the Day: 

Visa Partners with Coinbase [Source][Source]

Visa and Coinbase are launching a service allowing Visa debit cardholders to instantly deposit, withdraw, and buy crypto through Coinbase.

The partnership enables users in the U.S. and EU with eligible Visa debit cards to access real-time funds transfer for both buying and cashing out digital assets.

This collaboration aims to streamline crypto transactions, capitalizing on Coinbase's existing base of users with linked debit cards, Visa said in an October 29 statement.

Today’s Sponsor:

This week we have partnered with Gemini.

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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