Good Morning Crypto Enthusiasts!

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

After last week’s Ledger drama this week we’re starting to see some dark clouds and choppy seas ahead for crypto, so strap in it’s going to be a wild end of the year.

So far this week the SEC is starting to fight back against the bulls while Tether announces that they are working closely with the FBI and Secret Service and have under their direction blocked accounts worth more than 435 million USDT… so yeah... never a dull moment in this market. 😅

That said, without any further delay lets hop into today’s top headlines!

📰 News Highlights:

🛑 SEC Denies Coinbase's Plea (Link)(Link)(Link)(Link)(Link)

In a pivotal decision, the Securities and Exchange Commission (SEC) rejected Coinbase's petition for a sensible regulatory framework for the cryptocurrency industry.

Coinbase, the largest U.S. crypto exchange, sought clarity, arguing that the absence of a clear regulatory framework for digital asset securities was damaging the industry.

SEC Chair Gary Gensler applauds the denial, asserting that existing laws apply, and regulatory control is crucial. Coinbase, planning to appeal, emphasizes the industry's regulatory ambiguity. 

The SEC's stance aligns with a broader crackdown post-FTX's collapse, as Gensler aims to enforce compliance through litigation. The SEC's ongoing legal battles with major players, including Binance and Coinbase, underscore the agency's regulatory assertiveness.

🔒 Tether's Partnering with FBI and Secret Service (Link)(Link)(Link)(Link)(Link)

In a surprise move, Tether’s CEO reveals undisclosed collaborations with the FBI and Secret Service, detailed in letters to U.S. legislators.

Tether's CEO, Paolo Ardoino, emphasizes his firms proactive partnership with FBI and Secret Service, including the freezing of wallets on the U.S. sanctions list. The stablecoin issuer claims to have frozen 435 million USDT, showcasing its commitment to compliance.

Tether's engagement with law enforcement aligns with industry standards, with plans to integrate the Secret Service and FBI into its platform. This strategic move aims to bolster Tether's security measures and prevent illicit use, reinforcing its dedication to regulatory adherence.

🚀VanEck CEO Makes a Bullish Stand (Link)(Link)(Link)(Link)

Despite the growing pains the industry is experiencing, there are still clear signs that the bull market is approaching.

In a resounding endorsement of Bitcoin's strength, Jan van Eck, the CEO of investment management firm VanEck, asserts that no other internet store of value can surpass Bitcoin. The CEO, overseeing assets totaling $76.4 billion, anticipates Bitcoin hitting all-time highs within the next 12 months.

Speaking in a recent CNBC interview, van Eck dismisses the notion of Bitcoin being overtaken, emphasizing its substantial network effects with over 50 million users. Addressing concerns about a "bubble," van Eck counters that Bitcoin's consistent outperformance throughout market cycles debunks such claims. Jan van Eck said in the recent interview:

Drawing on his family's multi generational legacy in store of value investing, van Eck envisions Bitcoin complementing gold as a pivotal asset in this high inflation environment.

💔 XRP and Cardano Break up on Twitter (Link) (Link) (Link)

Charles Hoskinson, Cardano's Founder, reiterates his firm stance against partnerships with XRP, citing community dynamics and technical misalignment. The enduring feud between Cardano and XRP surfaces as Hoskinson responds to past criticism.

Emphasizing XRP's different market fit, Hoskinson underscores Cardano's focus on decentralized smart contracts. 

The founder cites two years of perceived harassment and an absence of constructive dialogue, solidifying his stance against collaboration. The clash reflects the intricate dynamics within the crypto community, highlighting divergent visions and occasional confrontations among prominent projects.

💡 Feature of the Day:

💵 Blockchain-Based Private Loans Surge to $582M (Link)(Link)

The realm of blockchain-based lending witnesses a resurgence in 2023, with the value of active tokenized private credit soaring to $582 million, marking a remarkable 128% increase from the previous year.

Amid rising interest rates, loan-seekers explore blockchain alternatives, with the average APR on blockchain credit protocols at 9.64%.

Ethereum-based Centrifuge dominates the market with $255 million in active loans, while players like Goldfinch and Maple follow suit. Noteworthy loan recipients, including Fasanara Capital and Brazilian bank Divibank, highlight the diverse sectors tapping into blockchain-based financing. 

Despite the resurgence, risks, including insolvency and smart contract vulnerabilities, underline the need for thorough due diligence in this evolving financial landscape.

Today’s Sponsor:

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This week we have partnered with Trezor.

Trezor supports more than 8000+ coins & tokens.

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📈Technical Analysis Mondays:

Sideways Action Ahead: Why we’re Staying cautious on BTC and ETH

Bitcoin is currently in a range-bound phase, and its price action, combined with existing fundamentals, suggests a likelihood of further consolidation or sideways movement. The market has been stuck within a specific range, causing frustration for retail traders unfamiliar with trading in such conditions. Interestingly, while Bitcoin is in this range, certain altcoins like DYDX, WLD, and INJ have experienced significant upward movements. 

This indicates that as long as Bitcoin remains within its range, some altcoins with strong fundamentals may continue to see positive momentum. That said, most investors are probably better served to to focus on tokens with solid fundamentals, stay on the sidelines, preserve capital, and be prepared to deploy it when the market conditions become more favorable.

ETH, on the other hand, is currently stagnant, facing rejection from a highlighted resistance area mentioned in the chart below. At present, there are no actionable signals for both BTC and ETH, suggesting that waiting for more favorable opportunities is the wisest choice at the moment.

😂 Crypto Memes of the Day: 

And that’s it for this today, be safe, and remember to secure your assets in a cold wallet.

It’s getting wild out there…

See you all for Tuesday’s edition!

Jonathan Gibson
UseTheBitcoin.com