Hello Crypto Enthusiasts!

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

1. Fox Corporation Onboards TIME: Fox Corporation has partnered with TIME to integrate the Polygon-based Verify Protocol, aimed at enhancing content licensing and verification for publishers. TIME will cryptographically sign its media content on the blockchain, allowing users to verify its authenticity.

2. Ethena Sparks Community Outrage: Ethena, a synthetic dollar protocol on Ethereum, updated the tokenomics of its governance token, ENA, requiring airdrop recipients to lock up half of their tokens. This move has sparked outrage among community members due to the lack of an on-chain vote.

3. 📈Technical Analysis Masterclass - Bitcoin is poised for a potential breakout with strong political backing from Donald Trump and growing institutional interest, including the first-ever combined Ethereum and Bitcoin ETF filing. Watch UseTheBitcoin’s latest Youtube video “Donald Trump: I will end Joe Biden's war on crypto“ to know when is the strategic time to accumulate before the next big move or join our Official Discord Channel for more alpha!

4. Transak Adds PYUSD Fiat-to-Crypto Onramp: Web3 payments provider Transak has introduced a fiat-to-crypto onramp for PayPal USD (PYUSD), supporting SEPA transfers and mobile payment apps like Google Pay and Apple Pay.

5. Uphold to Delist Stablecoins: Cryptocurrency exchange Uphold will delist six popular stablecoins, including USDT, Dai, and TUSD, for European users starting July 1 to comply with the European Union’s Markets in Crypto-Assets Regulation (MiCA).

6. 💡Feature of the Day - Arkham Hunts DJT Token Creator: Blockchain intelligence firm Arkham Intelligence has announced a $150,000 bounty for identifying the creator of the Donald Trump-themed DJT token. The token surged over 300% recently, driven by rumors of Trump's involvement, possibly through his son Barron.

   
   All this and more in today’s headlines!

📰 News Highlights:

Fox Corporation Onboards TIME [Source][Source][Source][Source]

Fox Corporation has announced TIME as its first external publishing partner on the Polygon-based Verify Protocol. This blockchain-based media platform aims to enhance content licensing and verification strategies for publishers.

TIME will use the Verify Protocol to cryptographically sign its media content on the blockchain, allowing users to independently verify its authenticity.

Launched in collaboration with Polygon Labs, the Verify Protocol initially operates on the Polygon Proof-of-Stake (PoS) network. However, Fox plans to transition it to a dedicated zero-knowledge (ZK) blockchain using Polygon's chain development kit (CDK).

This move aims to enhance the platform’s ability to provide transparent proof of authenticity, making interactions faster, easier, and more affordable.

Verify Protocol also seeks to establish content licensing deals with AI firms to manage the use of media companies' intellectual property, introducing new commercial opportunities through smart contracts.

Ethena Sparks Community Outrage [Source][Source][Source]

Ethena, a synthetic dollar protocol on Ethereum, has updated the tokenomics of its governance token, ENA, requiring recipients of its airdrop to lock up half of their tokens.

Users must lock their ENA tokens within Ethena, Pendle Finance, or generalized restaking pools to comply with the new requirements, which took effect on June 17. Failure to do so will result in the redistribution of unvested ENA to other compliant users.

The changes have sparked outrage among some community members, who criticized the lack of an on-chain vote before implementation. Critics argue that the forced vesting period undermines the reliability of ENA as a governance token and the credibility of future airdrops.

One user, "DarkCryptoLord," questioned the point of a governance token under these conditions, while DeFi educator John Galt highlighted the negative impact on Ethena’s reputation.

Despite the backlash, Ethena Labs defended the changes, stating that the intent is to shift ENA holders from short-term investors to long-term aligned users.

📈Technical Analysis Masterclass:

Donald Trump: "I Will End Joe Biden's War on Crypto"

Donald Trump has announced his intention to end what he calls Joe Biden's "war on crypto" and has expressed support for Bitcoin. Political backing can significantly influence market sentiment and investor confidence.

• Institutional Involvement:

  • Hasdex Filing: Hasdex has filed for the first-ever combined Ethereum (ETH) and Bitcoin ETF, indicating growing institutional interest and potentially paving the way for more accessible crypto investment options.

  • Crypto ETFs: Other large institutions are also exploring and filing for crypto ETFs, awaiting regulatory approval. Approval of these ETFs could lead to increased investment from both institutional players and retail investors.

• Whale Accumulation: Large holders, known as whales, have started accumulating more Bitcoin as of June 16, 2024. Their holdings now match levels seen two years ago, historically a bullish signal as whales typically accumulate before price increases.

Technical Analysis

• Bullish Divergence: On the 4-hour timeframe, Bitcoin is forming a bullish divergence. This occurs when the price makes lower lows while the RSI (Relative Strength Index) makes higher lows, indicating a potential reversal to the upside.

• Fibonacci Levels: Bitcoin is currently at the golden areas of the Fibonacci retracement levels, typically viewed as strong support zones where price action is likely to reverse upward.

Market Outlook and Strategy

Given these positive fundamental and technical indicators, there is a strong case for a potential upward movement in Bitcoin's price. Here are a few strategies to consider:

• Gradual Accumulation: Instead of investing all at once, consider dollar-cost averaging (DCA) to spread out purchases over time, reducing the impact of short-term volatility.

• Setting Stop-Loss Orders: To manage risk, set stop-loss orders to limit potential losses in case the market moves against the bullish outlook.

• Diversification: While Bitcoin shows promising signs, diversifying your portfolio can help mitigate risks associated with the volatility of the crypto market.

The combination of positive fundamental news and supportive technical indicators suggests a bullish outlook for Bitcoin in the near term. However, always trade with proper risk management!

Transak Integrates PYUSD [Source][Source]

Web3 payments infrastructure provider Transak has introduced a fiat-to-crypto onramp for PayPal USD (PYUSD), making it easier for users to purchase the stablecoin. The new onramp supports SEPA transfers and mobile payment apps like Google Pay and Apple Pay.

This rollout follows similar support from Crypto.com, Phantom, and Paxos for PYUSD on the Solana blockchain. Transak's initiative aims to facilitate the transition for consumers into decentralized finance by leveraging PayPal's reputation and ease of use.

By listing PYUSD, Transak provides a trusted gateway for traders, enhancing the accessibility of digital asset payments.

The addition of PYUSD to Transak’s platform is part of a broader trend to increase the availability of stablecoin onramps, reflecting growing demand for USD-pegged digital currencies.

Uphold to Delist Stablecoins [Source][Source][Source]

Cryptocurrency exchange Uphold will delist six popular stablecoins, including USDT, Dai, and TUSD, for European users starting July 1 to comply with the European Union’s Markets in Crypto-Assets Regulation (MiCA).

Users must convert these stablecoins to other cryptocurrencies by June 28, after which they will be automatically converted to USD Coin (USDC).

MiCA, which came into partial effect in June 2023, imposes stricter regulatory requirements on fiat-backed stablecoins, mandating a 1:1 reserve ratio and oversight by the European Banking Authority.

Apart from Uphold, other major exchanges like Binance, Kraken, and OKX have also adjusted their stablecoin policies to align with MiCA.

💡 Feature of the Day:

Arkham Hunts DJT Token Creator [Source][Source][Source][Source]

Blockchain intelligence firm Arkham Intelligence has announced a $150,000 bounty for anyone who can definitively identify the creator of the Donald Trump-themed DJT token.

The token, which surged over 300% recently, gained attention following a rumor that the former U.S. president might be behind it. Controversial entrepreneur Martin Shkreli fueled speculation by claiming online that Trump's camp or family, possibly his son Barron, is involved in the project.

Arkham's offer underscores the intrigue and mystery surrounding the DJT token. The token's trading volume exceeded $472 million in the past 24 hours, driven by unverified claims of Trump's involvement.

Shkreli, known for his notorious price hike of a life-saving drug and subsequent imprisonment for securities fraud, added to the speculation by promoting the token as linked to Trump.

😂 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