Good Morning Crypto Enthusiasts!

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

1. Mt. Gox Faces Possible Cyberattack: The claims website of the defunct Mt. Gox cryptocurrency exchange is down for maintenance after a surge in login attempts, raising suspicions of a potential cyberattack.

2. Mark Cuban On Bitcoin: Billionaire Mark Cuban speculated that Bitcoin could become a global reserve asset due to geopolitical instability and inflationary pressures.

3. 📈Technical Analysis Masterclass - In recent weeks, our technical analysis expert decided to sell his Toncoin holdings due to several key technical indicators pointing towards a downtrend. Watch UseTheBitcoin’s latest Youtube video “Why I Sold My Toncoin” to know why or join our Official Discord Channel for more alpha!

4. SEC Approves Spot Ethereum ETFs: The SEC approved two spot Ethereum ETFs — Grayscale Ethereum Mini Trust and ProShares Ethereum ETF — for listing on NYSE’s Arca platform.

5. 💡Feature of the Day - OKX Exiting Nigeria: OKX announced its exit from the Nigerian market, citing recent regulatory changes. The exchange will halt services by August 16, 2024, allowing users to withdraw funds or close positions thereafter.

   
   All this and more in today’s headlines!

📰 News Highlights:

Mt. Gox Faces Possible Cyberattack [Source]

The claims website of the defunct cryptocurrency exchange Mt. Gox is currently down for maintenance amid a surge in login attempts reported by its creditors.

Over the last 24 hours, a subreddit dedicated to Mt. Gox creditors, known as ‘r/mtgoxinsolvency,’ has been flooded with reports of users facing issues logging into their accounts and receiving numerous unauthorized login notifications. Some users suspect a potential “brute-force” attack, while others believe it might be a glitch.

One Redditor shared that they received 15 notifications for account logins and could no longer access their account, questioning if Mt. Gox was under attack. Other users echoed similar experiences, with some unable to decide whether to reset their passwords.

As discussions continued, the Mt. Gox website went into maintenance mode, posting a message thanking users for their patience.

Mt. Gox has recently moved over 140,000 Bitcoin, worth almost $9 billion, to a known cold wallet and two unknown addresses, distributing 36% of the Bitcoin to creditors.

Mark Cuban On Bitcoin [Source][Source]

Billionaire entrepreneur Mark Cuban has speculated that Bitcoin could become a global reserve asset due to geopolitical instability and inflationary pressures. Cuban noted that increased support for former President Trump in Silicon Valley might indicate a “Bitcoin play” by Big Tech, considering the geopolitical and economic uncertainties facing the United States.

Cuban pointed out that inflationary pressures might worsen with potential future tax cuts, acting as catalysts to drive Bitcoin's price higher. He emphasized that while these scenarios are not guaranteed, they are within the realm of possibility.

Cuban's comments come amid ongoing concerns about fiat currencies suffering from inflationary printing, including the U.S. dollar, which remains the primary currency for global trade and savings.

📈Technical Analysis Masterclass:

Why I Sold My Toncoin

Lower Highs and Support Levels

• Descending Triangle: Toncoin has been forming lower highs, a classic sign of a downtrend, despite maintaining support at $6.90. This descending triangle formation is typically bearish, suggesting further downward movement.

Relative Strength Index (RSI)

• Declining RSI: The RSI on the daily timeframe is declining, indicating a potential short-term price decrease for Toncoin.

Moving Averages

• Bearish Signal: Toncoin's price is below both the 20-day and 50-day moving averages. The next support level to watch is around $6.76, corresponding to the 100-day moving average.

Outlook on Bitcoin

Price Resistance and Pullback

• Healthy Pullback: Bitcoin is experiencing short-term resistance and downward price movement, viewed as a healthy pullback rather than a significant long-term concern.

Fibonacci Levels

• Optimal Buy Range: For those looking to buy Bitcoin, the optimal range according to Fibonacci retracement levels is between $60,700 and $61,940, offering a higher chance of a bounce.

Moving Averages

• Potential Decline: Bitcoin's current price is below the 100-day moving average, suggesting it may decline further to the Fibonacci golden levels before potentially rebounding.

My decision to sell was based on multiple bearish indicators across various timeframes, signaling a potential decline in price. However, while Bitcoin is showing short-term bearish signs, these are likely temporary. A strategic buy at the Fibonacci support levels could present an excellent opportunity for a rebound.

Therefore, while I have exited my position in Toncoin, I remain cautiously optimistic about Bitcoin's potential for recovery.

SEC Approves Spot Ethereum ETFs [Source][Source][Source]

The U.S. Securities and Exchange Commission (SEC) has approved two spot Ethereum exchange-traded funds (ETFs) — Grayscale Ethereum Mini Trust and ProShares Ethereum ETF — for listing on the New York Stock Exchange’s (NYSE) Arca electronic trading platform.

The approval, granted on July 17, allows NYSE to facilitate trading of these funds, though final regulatory signoff on S-1 filings is still pending before the ETFs can be listed.

Grayscale announced its excitement over the SEC's approval of the Form 19b-4 filing for its Ethereum Mini Trust, with plans to distribute shares of the new Mini Trust to holders of the existing Grayscale Ethereum Trust (ETHE) fund.

The SEC has given preliminary approval to at least three issuers to begin listing spot Ether ETFs by July 23, with eight spot Ether ETFs currently awaiting final regulatory greenlight after extensive dialogues with the SEC and multiple amendments to the funds' S-1 filings.

💡 Feature of the Day: 

OKX Exiting Nigeria [Source]

OKX, a leading cryptocurrency exchange, has announced its exit from the Nigerian market, citing recent changes in local laws and regulations.

The exchange informed Nigerian users via email on July 17 that it would halt services by August 16, 2024. After this deadline, users will only be able to access the platform to withdraw funds or close positions.

OKX's decision follows a series of regulatory challenges in Nigeria, including the suspension of Naira withdrawals in May 2024 after the Nigerian government accused Binance of manipulating the fiat currency, money laundering, and tax evasion.

The government subsequently blocked access to major centralized exchanges, prompting Binance to cease Naira services in Nigeria and demand user withdrawals or conversion to dollar-denominated stablecoins.

😂 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