Good Morning Crypto Enthusiasts!

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

1. Circle Becomes MiCA Licensed: Circle has received regulatory approval under the EU's Markets in Crypto-Assets (MiCA) framework for its USDC and EURC stablecoins.

2. Coinbase to Custody US Marshals Service Digital Assets: Coinbase has been selected by the US Marshals Service to manage large-cap digital assets seized by the Department of Justice.

3.  📈Technical Analysis Masterclass - Bitcoin's performance in early July suggests a potential shift in market sentiment. To know what move you’re gonna be taking, watch UseTheBitcoin’s latest Youtube video “Are We at the Bottom?” or join our Official Discord Channel for more alpha!

4. Philippines Adopts Tether’s USDT: The Philippines' Social Security System (SSS) has adopted Tether's USDT for social security contributions. Partnering with Web3 firm Uquid, this initiative provides a modern payment method on The Open Network blockchain.

5. Robinhood Integrates AI Tools: Robinhood has acquired Pluto Capital, an AI-powered investment research firm, to enhance its platform with advanced trading tools.

6. 💡Feature of the Day - Catizen Telegram Game: Catizen has grown rapidly, with over 1.7 million players and significant in-game revenue. The project pledges a portion of its revenue to nonprofits and encourages community engagement. Catizen aims to "Heal the World" through gaming and community, becoming a key mini-app within the TON ecosystem.

   
   All this and more in today’s headlines!

📰 News Highlights:

Circle Becomes MiCA Licensed [Source][Source][Source][Source]

Circle has become the first company to receive regulatory approval under the European Union's Markets in Crypto-Assets (MiCA) framework for its USDC and EURC stablecoins.

Announced by Circle’s CEO, Jeremy Allaire, on July 1, this milestone marks the first instance of fully compliant digital fiat tokens under the new regulatory standards.

Circle’s decision to establish its European headquarters in France underscores the country’s proactive approach to digital asset regulation and its collaboration with the French Prudential Supervision and Resolution Authority (ACPR).

The MiCA approval for Circle’s stablecoins alleviates concerns among investors about potential non-compliance issues, ensuring that they do not need to redeem their stablecoins or transfer their funds to other digital assets.

In anticipation of the MiCA regulations, several crypto exchanges, including Uphold, Bitstamp, and Binance, have adjusted their stablecoin policies. Uphold delisted six stablecoins in Europe, and Bitstamp removed Tether's EURT, while Binance opted for a “sell-only” strategy for certain stablecoins.

Coinbase to Custody US Marshals Service Digital Assets [Source][Source][Source]

Coinbase has been selected by the United States Marshals Service (USMS) to provide custody and advanced trading services for large-cap digital assets. Announced on July 1, this collaboration will see Coinbase Prime managing assets seized by the Department of Justice as part of the USMS's asset forfeiture responsibilities.

This partnership aims to address the challenges highlighted in a 2022 audit by the Office of the Inspector General, which found difficulties in managing and tracking cryptocurrency within the agency.

The USMS has previously held assets tied to high-profile cases involving the defunct cryptocurrency exchange FTX and the Silk Road platform. With Coinbase's history of working with law enforcement agencies, the exchange is well-positioned to provide secure and efficient custody services.

According to government records, Coinbase Prime has been awarded a contract worth over $32 million for this role, reflecting the significant scale of assets it will manage.

📈Technical Analysis Masterclass:

Are We at the Bottom?

June's Downtrend

• Persistent Selling Pressure: From June 1 to June 30, Bitcoin faced relentless selling, leading to a consistent downtrend.

• Bearish Market Sentiment: The entire month was marked by red charts, with Bitcoin struggling amid bearish sentiment.

July's Turnaround

• Breaking the Downtrend: On July 1 and 2, Bitcoin traded above the critical downtrend line for the first time since the decline began.

• Market Optimism: This development has sparked optimism, with many speculating that the bottom might have been reached.

Support Levels and Caution

• Established Support: During its decline, Bitcoin found support between $58,000 and $60,000.

• Under 20-Day Moving Average: Bitcoin remains below the 20-day moving average, indicating that bearish sentiment persists.

• Need for New Support Levels: To confirm a bullish trend, Bitcoin must form and sustain support above the prior downtrend line.

Weekly Timeframe Insights

• Potential New Support: Despite June's severe correction, Bitcoin might be forming new support levels above its previous all-time high resistance.

• Market "Sneeze": The recent downtrend could be seen as a temporary shakeout of weaker hands, clearing the way for stronger market players.

While June was challenging, market dynamics evolve, caution and optimism are essential for navigating potential market rebounds as the early days of July bring hope for recovery.

Philippines Adopts Tether’s USDT [Source][Source][Source]

In a significant move towards integrating cryptocurrency into everyday financial activities, the Philippines' Social Security System (SSS) has adopted Tether's USDT for payment of social security contributions.

Tether has partnered with Web3 shopping and infrastructure firm Uquid to facilitate these transactions on The Open Network blockchain. This initiative aims to provide a convenient and modern payment method for SSS, which serves employees across various sectors, including official, informal, and private.

The SSS, a state-run social insurance program, administers social security and employee compensation programs mandated by law to support citizens during challenging times.

The use of USDT for social security payments in the Philippines is a testament to the growing utility of stablecoins in everyday financial activities.

Robinhood Integrates AI Tools [Source][Source]

Robinhood has acquired Pluto Capital, an AI-powered investment research firm, to provide its users with advanced trading tools.

Announced on July 1, this acquisition will integrate Pluto’s AI into Robinhood’s platform, offering personalized investment strategies, data analytics tools, and real-time insights to help users make informed trading decisions. Pluto’s founder and CEO, Jacob Sansbury, will join Robinhood to assist with product development and AI integration.

Pluto’s AI leverages large language models to analyze global financial data, including stock prices, news articles, and company financials.

💡 Feature of the Day: 

Cat-Themed Telegram Game [Source][Source]

Catizen offers a play-to-earn (P2E) model that allows players to gain real-world value while enjoying the game. Players start with a digital cat that serves as a companion and unlocks additional features and rewards.

The platform includes mini-games, short dramas, and e-commerce opportunities, providing a comprehensive and enjoyable gaming experience. The Catizen community has grown rapidly, with over 1.7 million players and $10 million in-game purchase revenue generated in ten weeks.

The project pledges 1% of its in-game purchase revenue to nonprofits, with the community voting on the beneficiaries. Catizen also encourages users to share stories of rescuing stray cats, fostering a sense of unity and purpose.

😂 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