Good Morning Crypto Enthusiasts!

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

1. Harris Overtakes Trump: In the latest Polymarket odds, U.S. Vice President Kamala Harris has overtaken Donald Trump, with a 50% chance of winning the upcoming presidential election, compared to Trump’s 49%.

2. Uniswap CEO Denies Bribe Allegations: Uniswap CEO Hayden Adams has denied allegations that the platform demanded $20 million from DeFi protocols for deploying its services.

3. 📈Technical Analysis Masterclass - Ethereum is facing stiff competition from Bitcoin and other blockchains in 2024. Watch UseTheBitcoin’s latest Youtube video “Why Ethereum is Falling Behind Bitcoin in 2024?” to know what might be next for ETH or join our Official Telegram Channel for more alpha!

4. CFTC On Crypto Scams: The CFTC has partnered with various organizations to combat the rising "pig butchering" crypto scams, where scammers build long-term relationships with victims and convince them to invest in fraudulent schemes.

5. 💡Feature of the Day - Friend.tech Rug Pull Allegations: Web3 social media platform Friend.tech faces allegations of a rug pull after its team relinquished control of the project’s smart contracts by sending admin rights to Ethereum’s null address.

   
   All this and more in today’s headlines!

📰 News Highlights:

Harris Overtakes Trump [Source][Source][Source]

In a significant development, U.S. Vice President Kamala Harris has overtaken Donald Trump in Polymarket odds for the upcoming presidential election. As of today, Harris has a 50% chance of winning, while Trump stands at 49%.

This shift follows a closely contested debate, where Harris momentarily tied with Trump at 49% before Trump regained a slight lead.

However, post-debate, Harris’ odds surged, driven by her strong performance, which polls from YouGov and CNN/SSRS confirmed as favorable, with many voters deeming her the debate winner.

Interestingly, while neither candidate addressed cryptocurrency directly during the debate, the topic has gained traction in election discussions.

The U.S. election remains the largest prediction market on Polymarket, with a volume exceeding $892 million.

Uniswap CEO Denies Bribe Allegations [Source][Source]

Uniswap CEO Hayden Adams has denied allegations circulating on X that the platform demanded $20 million from DeFi protocols for deploying its services.

Responding to claims from Millicent Labs’ co-founder Kene Ezeji-Okoye, Adams clarified that Uniswap deployments are governed by community votes, and neither Uniswap Labs nor its foundation charges for such actions.

The CEO’s response comes after X user @wagmialexander accused Uniswap of asking for a hefty fee, sparking a broader conversation about the protocol’s deployment practices.

Adams explained that Uniswap's interface requires varying levels of activity and effort depending on the blockchain network in question, which is why there might be certain operational costs.

However, he strongly refuted the bribe allegations. This is not the first time Uniswap has faced regulatory scrutiny.

Earlier this year, the Commodity Futures Trading Commission (CFTC) fined Uniswap $175,000 for illegally offering leveraged trading to U.S. retail investors.

The Securities and Exchange Commission (SEC) also alleged Uniswap was operating an unregistered securities exchange.

 📈Technical Analysis Masterclass:

Why Ethereum is Falling Behind Bitcoin in 2024?

1. Ethereum's Underperformance Against Bitcoin

• Price Drop: Over the past 90 days, Ethereum's price has fallen by 34%, compared to Bitcoin’s 15% drop.

• ETH/BTC Ratio: This ratio has hit its lowest point in years, reflecting weaker demand for Ethereum versus Bitcoin.

• ETF Impact: The launch of successful spot Bitcoin ETFs in January 2024 has driven more interest toward Bitcoin. These ETFs now account for 8% of Bitcoin’s trading volume, while Ethereum’s ETFs only make up 1%, further widening the gap.

2. Bitcoin’s Growing Market Dominance

• Market Dominance Surge: In August 2024, Bitcoin's market dominance reached 58%, its highest in 40 months. More investors are opting for Bitcoin as a safer investment.

• Shift in Investor Focus: Bitcoin’s dominance is pulling attention and capital away from altcoins, including Ethereum. Despite Ethereum’s strong use in DApps, smart contracts, and NFTs, it’s losing ground to Bitcoin’s growing influence.

3. Decline in Ethereum’s On-Chain Activity

• Falling Active Addresses: The 30-day average of active Ethereum addresses has dropped to 430,250, a 7.7% decrease from three months ago.

• DApp Usage Decline: Ethereum’s decentralized app (DApp) usage has fallen by 19% in the last 30 days, while competitors like Solana and Tron have seen explosive growth in user activity.

• Competitive Pressure: Solana’s unique active wallets (UAWs) have jumped by 257%, and Tron’s by 343%, further pulling users away from Ethereum.

CFTC On Crypto Scams [Source][Source][Source]

The CFTC has announced new partnerships to tackle a growing form of crypto fraud known as "pig butchering" scams.

These scams involve perpetrators establishing long-term relationships with victims, often through dating apps or social media, and eventually convincing them to invest in fraudulent crypto schemes.

As traditional Ponzi schemes decline, pig butchering has become a more targeted and lucrative method for criminals, with billions of dollars at stake.

In collaboration with organizations like the American Bankers Association Foundation and the U.S. SEC Office of Investor Education and Advocacy, the CFTC aims to raise awareness through educational materials and infographics.

💡 Feature of the Day: 

Friend.tech Rug Pull Allegations [Source][Source][Source]

Friend.tech, a Web3 social media platform, is facing rug pull allegations after its team relinquished control of the project’s smart contracts.

On September 8, the team set the admin and ownership rights of the platform’s smart contracts to Ethereum’s null address, sparking accusations of abandoning the project.

Following this move, Friend.tech's token dropped 26%, leading crypto analysts, including Waleswoosh, to label the platform a “Ponzi scheme.”

Critics have pointed out that the team behind Friend.tech sold over $52 million worth of Ether between December 2023 and June 2024.

Some creators on the platform had promised key holders various perks, including token airdrops, but many users sold off their holdings after these promises failed to materialize.

Today’s Sponsor:

Looking for a platform full of Web3 opportunities?

This week, we have partnered with the ultimate all-in-one Web3 hunting platform TokenHunters.

Join TokenHunters’ equal “Web3 Brotherhood”

Participate in the hunt-to-earn airdrop program

Learn, discover, earn, and connect with TokenHunters.

😂 Crypto Meme of the Day: 

And that’s it for this today.

Join secret missions, unlock hidden treasures, access token-gated pages, participate in giveaways, and earn with today’s sponsor, TokenHunters.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com