Good Morning Crypto Enthusiasts!

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

1. Multiple Web3 Projects at Risk: Celer Network successfully intercepted a website takeover attempt linked to issues with domain hosting firm Squarespace. The incident involved phishing schemes targeting multiple Web3 projects by hijacking DNS records.

2. Biden Overtakes VP Harris: After his first press conference in months, President Joe Biden's odds of being the Democratic nominee surged on the crypto-based prediction platform Polymarket. Despite concerns about his age and cognitive health, Biden reiterated his intention to stay in the race.

3. 📈Technical Analysis Masterclass: - Is Cardano dead? ADA’s volatility and uncertain future make it less ideal for long-term holding. However, it still offers opportunities for profiting from price swings. Watch UseTheBitcoin’s latest Youtube video “Is Cardano (ADA) Dead?” to know which indicators to watch or join our Official Discord Channel for more alpha!

4. Crypto Voters — Coinbase Study: A Coinbase study revealed that crypto voters are diverse, enthusiastic, and influential in key battleground states for the upcoming US presidential election.

5. 💡Feature of the Day - SEC vs Paxos: The U.S. Securities and Exchange Commission (SEC) decided not to file an enforcement action against stablecoin issuer Paxos, following a Wells notice alleging that Paxos' Binance USD (BUSD) token was an unregistered security.

   
   All this and more in today’s headlines!

📰 News Highlights:

Multiple Web3 Projects at Risk [Source][Source][Source]

Celer Network successfully intercepted a website takeover attempt, a breach linked to issues with domain hosting firm Squarespace.

On Thursday, Compound Finance warned users about a phishing site linked to its front-end website, redirecting traffic to a malicious site. The breach is suspected to stem from Squarespace's acquisition of Google Domains, leading to a loss of two-factor authentication and compromising several Web3 projects.

Phishing schemes are common in crypto, often involving high-profile social media accounts or faulty wallet links. This incident involved attackers hijacking DNS records and linking them to a compromised IP address, using a known “drainer kit” associated with the wallet-draining group Inferno Drainer.

Although the attack was less successful, with minimal funds stolen, it raised concerns about the security of over 128 protocols, including Pendle Finance, dYdX, and Thorchain.

Biden Overtakes VP Harris [Source][Source]

Following his first press conference in months, President Joe Biden's odds of being the Democratic nominee for president surged on Polymarket, a crypto-based prediction platform.

Traders increased Biden’s likelihood to 51%, up from 33% earlier in the day, surpassing Vice President Kamala Harris. However, his odds later settled at 45%, while Harris' probability dipped to 37% before rebounding to 42%.

Despite concerns about his age and cognitive health, Biden reiterated his intention to remain in the race, emphasizing the need to allay fears.

📈Technical Analysis Masterclass:

Is Cardano (ADA) Dead?

Not likely. While ADA may not be ideal for long-term investment, it still offers opportunities for profiting from price swings.

Daily Timeframe Analysis

• RSI Indicator:

  • On the weekly timeframe, the RSI is approaching the neutral level of 50.

  • Historically, crossing above this level signals increasing buying momentum, suggesting a possible price rise soon.

Riding the Swings

• Short-Term Trading:

  • ADA may not be suitable for long-term holding.

  • Traders can monitor RSI levels to capitalize on short-term price movements by entering and exiting trades.

Bullish Divergence

• Daily RSI:

  • The RSI is moving upward while prices decline, indicating a bullish divergence.

  • This pattern suggests weakening selling pressure and a potential price reversal to the upside.

Key Support Level at $0.40

• Historical Rebounds:

  • ADA has a significant pattern of rebounding when reaching the $0.40 price level.

  • Currently, ADA is at this mark again, raising the question of whether it will rise once more.

ADA's volatility and uncertain future make it less ideal for long-term holding. However, by closely monitoring indicators like the RSI and key support levels, traders can potentially profit from short-term movements.

Crypto Voters — Coinbase Study [Source][Source]

A recent study by Coinbase revealed that crypto voters are diverse, enthusiastic, and poised to influence key battleground states in the upcoming US presidential election.

The study found that one in six crypto owners resides in seven crucial swing states. These voters are predominantly younger, with Gen Z and Millennials comprising 65% of registered crypto voters. Additionally, 40% of these voters live in states that could swing Democratic or Republican.

The study also showed that crypto voters are more diverse, with 35% being non-white. This demographic is highly active, with nine out of ten registered crypto voters likely to participate in the November election.

They also show a strong preference for pro-crypto candidates, being four times more enthusiastic about voting for such candidates. Interestingly, these voters are relatively bipartisan, with 35% identifying as Democrats, 34% as Republicans, and 31% as persuadable.

💡 Feature of the Day: 

SEC vs Paxos [Source][Source]

The U.S. Securities and Exchange Commission (SEC) has decided not to file an enforcement action against stablecoin issuer Paxos, following a Wells notice issued in February 2023.

The notice had alleged that Paxos' Binance USD (BUSD) token was an unregistered security, potentially violating federal securities laws. However, a July 9 letter from the SEC's acting chief of the crypto assets and cyber unit confirmed the decision to drop the investigation.

Paxos maintained that its USD-backed stablecoins were not securities under federal laws and described the Wells notice as unwarranted.

The company's stance was bolstered by several recent court rulings against the SEC, including a notable decision in SEC v. Ripple, where the XRP token was not deemed a security in certain sales. Similar legal precedents have influenced other ongoing cases, such as the SEC’s lawsuit against Binance.

😂 Crypto Meme of the Day: 

And that’s it for this today.

With all of the recent hacks taking place, remember to protect your crypto assets with today’s sponsor Trezor hardware wallets.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com