Good Morning Crypto Enthusiasts!

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

1. Gemini to Close All Canadian Accounts: Crypto exchange Gemini, founded by the Winklevoss twins, announced it will close all Canadian accounts by December 31, 2024.

2. Crypto for Tax Payments and Fees: Ohio is considering accepting cryptocurrency for state taxes and fees under a bill introduced by state senator Niraj Antani.

3. 📈Technical Analysis Masterclass - Bitcoin recently dipped to around $63,000 after reaching $65k-$66k, which may have caused concern for some investors. Watch UseTheBitcoin’s latest Youtube video “Why Bitcoin's Recent Dip is Nothing to Worry About” to know if Bitcoin will have a natural pullback or join our Official Telegram Channel for more alpha!

4. Coinbase's cbBTC Proof of Reserves: Coinbase plans to implement proof of reserves for its Bitcoin wrapper, Coinbase Wrapped BTC (cbBTC), addressing transparency concerns.

5. 💡Feature of the Day - Base Creator Joins Coinbase Exec Team: Jesse Pollak, the creator of Ethereum layer-2 blockchain Base, has joined Coinbase’s executive team and will now lead development on Coinbase Wallet.

   
   All this and more in today’s headlines!

📰 News Highlights:

Gemini to Close All Canadian Accounts [Source][Source]

Gemini, the crypto exchange founded by the Winklevoss twins, announced it will be closing all customer accounts in Canada by the end of 2024.

In a Sept. 30 email to Canadian users, the company gave a 90-day notice for customers to withdraw their funds before the Dec. 31 deadline.

This decision follows the introduction of new regulations by the Canadian Securities Administrators (CSA), which require crypto trading platforms to sign pre-registration undertakings to continue operations in the country.

The CSA's new rules include restrictions such as prohibiting Canadian clients from buying or depositing stablecoins without prior approval.

Although Gemini initially adhered to the new regulations, filing its pre-registration on April 13, the company ultimately decided to exit the Canadian market.

Other major exchanges, like Binance and OKX, have also withdrawn from Canada following the new regulatory requirements.

Crypto for Tax Payments and Fees [Source][Source]

Ohio may soon join the ranks of states accepting cryptocurrency for tax payments, thanks to a new bill introduced by state senator Niraj Antani.

The legislation, introduced on Sept. 30, would require Ohio to accept crypto for state taxes and fees, while also permitting higher education institutions and the state pension fund to invest in cryptocurrency.

The bill leaves the decision of which cryptocurrencies to accept in the hands of the state tax commissioner, with a final list to be approved annually.

The bill specifically excludes CBDCs and emphasizes stable cryptocurrencies that can maintain a fixed value.

📈Technical Analysis Masterclass:

Why Bitcoin's Recent Dip is Nothing to Worry About

Why This Dip is Normal

• Healthy Market Movement: Continuous rises aren’t sustainable. Dips allow for the establishment of stronger support levels, preparing Bitcoin for future growth.

• Building Support: Bitcoin is laying down the groundwork for its next major move. These pullbacks help prevent the market from burning out.

Investor Opportunity

• Buying the Dip: For long-term investors, this dip presents a good opportunity to buy Bitcoin and altcoins at lower prices. Seasoned investors often use these moments to increase their holdings.

• Market Entry Strategy: Cautious traders should wait for a confirmation—a new candle closing above the previous one—before entering. A strong support level around $62k-$63k is crucial for minimizing risk.

Key Levels to Watch

• Support Levels: Watch for Bitcoin to stay above $62k-$63k. Set stop-losses just below this area for risk management.

• Resistance: Bitcoin needs to break through $66k-$68k to confirm another bull run. The 200-day simple moving average (SMA) adds extra support to a potential upward move.

Coinbase's cbBTC Proof of Reserves [Source][Source][Source][Source][Source]

Coinbase is addressing concerns over transparency by adding verifiable proof of reserves (PoR) to its Bitcoin wrapper, Coinbase Wrapped BTC (cbBTC).

A spokesperson confirmed on Sept. 30 that PoR will soon be implemented to reassure users that all issued cbBTC tokens are fully backed.

The move comes in response to criticism that Coinbase lags behind its competitors in terms of transparency, particularly when compared to rival Bitcoin wrappers like Wrapped Bitcoin (WBTC).

Coinbase’s cbBTC, which launched on Sept. 12, quickly gained popularity with over $250 million in total value locked.

The platform has committed to further transparency and security measures, including compensating users for losses from certain cybersecurity breaches.

Initially available on Ethereum and Base, Coinbase’s layer-2 network, cbBTC will also soon be launching on Solana, expanding its reach across different blockchains.

💡 Feature of the Day: 

Base Creator Joins Coinbase Exec Team [Source][Source][Source]

Jesse Pollak, the creator of Ethereum’s layer-2 blockchain Base, has officially joined Coinbase’s executive team, where he will now lead development on Coinbase Wallet.

Pollak, who continues to spearhead Base’s growth, aims to streamline the user experience (UX) for the crypto ecosystem by integrating Coinbase Wallet with Base.

This collaboration, according to industry experts, has the potential to address longstanding issues in crypto adoption by improving UX and making it easier for users to interact with the blockchain.

Base has quickly become one of the most popular Ethereum layer-2 solutions since its launch in August 2023, with over 4 million active addresses and $7.2 billion in total value locked.

Pollak’s new role at Coinbase is expected to strengthen the connection between Coinbase Wallet and Base, potentially driving broader adoption of both platforms.

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And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com