Good Morning Crypto Enthusiasts!

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

1. WLFI Token Unveiled: Zak Folkman, one of the World Liberty Financial’s leaders, later revealed plans for WLFI tokens—non-transferrable governance tokens aimed at accredited U.S. investors due to regulatory uncertainties.

2. Delta Prime Breached: Delta Prime, a DeFi platform, suffered a significant hack on Sept. 16, losing nearly $6 million.

3. 📈Technical Analysis Masterclass - Bitcoin has been in a downtrend for 188 days since hitting its peak at $73,000. Watch UseTheBitcoin’s latest Youtube video “Is Bitcoin Gearing Up for a Reversal?” to see the signs of a potential trend shift and what should be your next move or join our Official Telegram Channel for more alpha!

4. ‘Politicized Approach’ to Crypto: A Sept. 18 House subcommittee hearing will feature former SEC officials testifying about the agency's "politicized" approach to regulating digital assets under Chair Gary Gensler.

5. 💡Feature of the Day - Linux Decentralized Foundation: The Linux Foundation launched the Decentralized Trust (LFDT), aimed at advancing decentralized ecosystems and open-source software.

   
   All this and more in today’s headlines!

📰 News Highlights:

WLFI Token Unveiled [Source][Source]

Despite expectations, Donald Trump did not mention World Liberty Financial, his family’s new crypto platform, during a 45-minute X Spaces interview on Sept. 16 with crypto influencer Farokh Sarmad.

It wasn't until two hours into the livestream that Zak Folkman, one of the project leaders, revealed plans for the WLFI token.

According to Folkman, WLFI tokens will be sold as non-transferrable governance tokens, primarily aimed at accredited U.S. investors, due to regulatory uncertainties in the United States.

Folkman emphasized that there would be no pre-sales or early buy-ins for venture capitalists, setting aside 63% of the token supply for public sale and 20% for the platform’s team and advisors.

Delta Prime $6M Breach [Source][Source][Source]

Delta Prime, a decentralized finance platform, experienced a significant hack, resulting in the theft of nearly $6 million in digital assets.

On Sept. 16, onchain security platform Cyvers initially reported a loss of $4.5 million in stablecoins, which were quickly swapped to Ether (ETH) by the attacker.

Further malicious transactions escalated the total loss to almost $6 million, according to Fuzzland co-founder Chaofan Shou.

The hack is believed to have originated from a private key exploit, where the attacker gained control of Delta Prime’s wallet, upgrading contracts to point to a malicious proxy.

 📈Technical Analysis Masterclass:

Is Bitcoin Gearing Up for a Reversal?

Signs of a Reversal

• Bullish Divergence: While Bitcoin's price continues to drop, the Relative Strength Index (RSI) is moving upwards. This divergence between price and RSI often indicates a possible trend reversal.

• Momentum Shift: The RSI climbing higher suggests that even though the price is falling, the underlying momentum is shifting. This could signal an upward move, but patience is key as the change might take days or weeks.

Strategic Levels to Watch

• Key Price Levels: For risk-takers, the $58,200 to $58,400 levels may offer a good entry point since Bitcoin is already touching key Fibonacci levels. A stop-loss around $56,400 can help manage risk.

Market Timing

• Important Dates: Keep an eye on September 17, 19, and 20. Although crypto isn't directly affected by traditional market events, volatility in financial markets could spill over into Bitcoin, potentially causing sharp price movements.

• Election Volatility: The upcoming election, while months away, could bring increased volatility. By October, the trading environment might improve with clearer signals for traders.

‘Politicized Approach’ to Crypto [Source][Source][Source]

Former officials from the U.S. Securities and Exchange Commission (SEC) will testify at a Sept. 18 House subcommittee hearing titled “Dazed and Confused: Breaking Down the SEC’s Politicized Approach to Digital Assets.”

The hearing will address concerns over the regulatory body’s handling of the crypto industry, with particular focus on SEC Chair Gary Gensler's tenure.

Witnesses include former SEC commissioner Dan Gallagher and former enforcement chief Michael Liftik.

Critics argue that Gensler's approach, which heavily enforces the Howey test to classify digital assets as securities, has harmed the industry. The SEC’s regulatory actions have led to a reported $4.7 billion in fines against crypto firms in 2024.

Bitwise President Teddy Fusaro and Jennifer Schulp from the Cato Institute are also expected to provide testimony, highlighting the challenges of operating within Gensler’s regulatory framework.

💡 Feature of the Day: 

Linux Decentralized Foundation [Source][Source][Source]

The Linux Foundation has launched the Decentralized Trust (LFDT), a new organization aimed at advancing decentralized ecosystems and open-source software.

The LFDT will incorporate Linux's decentralized projects, including Hyperledger, and has signed on over 100 members, including notable names like Hedera, Accenture, and Hitachi.

Hedera, a premier member, has contributed its hashgraph consensus algorithm to the foundation, now known as Project Hiero.

In addition to Hedera’s involvement, wallet provider Dfns joined the foundation with its key management system, now named Project Lockness.

The Linux Foundation envisions creating a trusted open-source cryptography ecosystem designed for regulated industries such as finance.

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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