Good Morning Crypto Enthusiasts!

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

1. Bitwise Acquires ETC Group: Bitwise has expanded its presence in Europe by acquiring London-based ETC Group, which adds nine exchange-traded products (ETPs) to its portfolio, including a physical Bitcoin product and a staked Ether ETP.

2. Young Crypto Voters in US: A study commissioned by Coinbase reveals that young crypto holders in crucial U.S. swing states are nearly evenly split between Democrats (41%) and Republicans (39%).

3. 📈Technical Analysis Masterclass - Bitcoin's current behavior suggests a potential short bounce. Watch UseTheBitcoin’s latest Youtube video “Urgent Alert: Bitcoin's Short Bounce Is Around the Corner!” to get the right strategy or join our Official Telegram Channel for more alpha!

4. Tether Expands USDT to Aptos: Tether has launched its USDT stablecoin on the Aptos blockchain, leveraging Aptos’ high scalability and low transaction fees to make digital currencies more accessible.

5. 💡Feature of the Day - Ava Labs COO Memecoin Scam: Luigi D’Onorio DeMeo, the COO of Ava Labs, confirmed that his X (formerly Twitter) account was hacked after it began promoting a Pokémon-themed memecoin called Pika (PIKA).

   
   All this and more in today’s headlines!

📰 News Highlights:

Bitwise Acquires ETC Group [Source][Source]

Bitwise has expanded its reach into Europe by acquiring London-based ETC Group, adding nine exchange-traded products (ETPs) to its portfolio, including a physical Bitcoin product (BTCE) and a staked Ether ETP (ET32).

This acquisition, which brings ETC Group’s $1 billion in assets under management (AUM) under Bitwise’s control, pushes Bitwise’s total AUM to over $4.5 billion.

This acquisition positions Bitwise as a significant player in the European crypto market, where crypto-pegged products have been available longer than in the U.S. under the ETP designation.

Bitwise’s U.S. operations already include a spot Bitcoin ETF (BITB) with around $2.2 billion in assets and an Ether ETF (ETHW) with over $300 million.

Young Crypto Voter in US [Source][Source]

A study commissioned by Coinbase reveals that young crypto holders in crucial U.S. swing states are nearly evenly split in their political affiliations, with 41% identifying as Democrats and 39% as Republicans.

The research, conducted by Impact Research in July, highlights the significant influence young voters could have in battleground states where even a small number of votes can sway the results.

Coinbase emphasized that both political parties must pay attention to the "young, diverse, pro-crypto constituency" that could be pivotal in the 2024 election.

However, this pattern has not always held in midterm elections, where voter turnout among younger populations tends to be lower.

📈Technical Analysis Masterclass:

Urgent Alert: Bitcoin's Short Bounce Is Near!

Breakout Confirmation

• Consolidation Range: Bitcoin attempted to break above a significant consolidation range, known as a consolidation box.

• Successful Breakout: On the second attempt, Bitcoin broke out and closed above this key resistance level, confirming the breakout and signaling a bullish opportunity.

Current Market Position

• New Support Levels: Bitcoin is establishing new support above the previous consolidation zone, reinforcing bullish sentiment.

• Upward Momentum: Currently trading around $61,000, Bitcoin is above the 20-day moving average, a positive short-term trend indicator.

• Potential Resistance: The next resistance level is around $61,300, making it prudent to set take-profit levels near $61,000.

Re-Entry Strategy

• Fibonacci Retracement: Consider re-entering Bitcoin around the golden ratio levels of $60,300, $60,100, and $59,900. These levels offer strong support and a favorable risk-reward ratio.

Always manage your risk carefully. Market conditions can change quickly, so ensure your positions align with your risk tolerance and strategy.

Tether Expands USDT to Aptos [Source][Source]

Tether has launched its USDT stablecoin on the Aptos blockchain, aiming to reduce transaction fees and enhance the accessibility of digital currencies.

Aptos has seen significant growth in 2024, with its daily active users increasing from 96,000 in January to 170,000 in July. A record-breaking 157 million transactions were processed on a single day in May 2024, demonstrating the network's capacity and appeal.

Tether’s CEO, Paolo Ardoino, expressed enthusiasm for the partnership, stating that Aptos technology would facilitate faster and more cost-effective transactions with USDT, contributing to Tether’s mission of making digital currencies more accessible and functional.

💡 Feature of the Day: 

Ava Labs COO Memecoin Scam [Source][Source]

Luigi D’Onorio DeMeo, the Chief Operating Officer of Ava Labs, confirmed that his X (formerly Twitter) account was hacked after it began promoting a Pokémon-themed memecoin called Pika (PIKA).

The posts, which shared links to suspicious airdrops, were quickly identified by the community as likely phishing scams.

DeMeo revealed that the hackers gained access to his account through a phishing email that impersonated X, tricking him into providing his password and two-factor authentication code.

The PIKA memecoin, a Solana-based token styled after the popular Pokémon character Pikachu, saw a brief surge in market capitalization to $388,570 before crashing by over 99%, leaving it with a market cap of just $3,289.

The hacked account also posted links to websites designed to mimic Ava Labs' branding, likely intended to steal cryptocurrency from users who connected their wallets.

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😂 Crypto Meme of the Day: 

And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com