Good Morning Crypto Enthusiasts!

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

1. Nigerian Officials' Secret Crypto Settlement: Allegations of misconduct have surfaced against Nigerian officials, accusing them of attempting to coerce Binance into a secret cryptocurrency settlement during early 2024 meetings. Binance CEO Richard Teng revealed details, highlighting the detention of company representatives following these encounters.

2. FTX Multibillion-Dollar Compensation Plan: FTX has proposed a groundbreaking plan to reimburse creditors up to $16.3 billion, including additional compensation for lost time value.

3. Ether Shorts Surge: Ethereum experiences heightened volatility as traders rush to accumulate short positions following Grayscale's withdrawal of its Ethereum futures ETF application.

4. 🫨 What’s Buzzing? - Are you in Hong Kong or travelling there during May 9-10, 2024? This is a great opportunity to see Bitcoin Asia Conference Live! Get the details from UseTheBitcoin’s latest article “The Biggest Bitcoin Conference Is Coming To Hong Kong (Bitcoin Asia, May 9-10, 2024)”

5. 💡Feature of the Day - Crypto as Key Electoral Issue in US Swing States: Digital assets emerge as a key issue in the upcoming 2024 US elections, with voters in swing states signaling strong support for crypto-friendly policies.

6. 📜 Are You New to Crypto? - Fret no more! Bybit offers a seamless process for funding your account and buying crypto. Check out UseTheBitcoin’s latest Youtube guide video “How to buy crypto using Bybit”🚀

📈Technical Analysis Masterclass / 🫨 What’s Buzzing? / 📜 Your Daily Thread
All this and more in today’s headlines!

📰 News Highlights:

Nigerian Officials' Secret Crypto Settlement [Source]

Allegations of misconduct have surfaced against Nigerian officials, implicating attempts to coerce Binance into a clandestine cryptocurrency settlement during early 2024 meetings.

Binance CEO Richard Teng revealed the disturbing details, shedding light on the detention of company representatives following these coercive encounters. The Nigerian government's actions have drawn sharp criticism, with Teng cautioning against the dangerous precedent set by these events.

Gambaryan, a former IRS agent heading Binance's financial crime compliance, remains detained in Nigeria, sparking international concern.

As the situation unfolds, Binance's decision to suspend certain services in Nigeria reflects its commitment to resolving the crisis while safeguarding its employees' welfare and legal rights.

💰 FTX Multibillion-Dollar Compensation Plan [Source][Source][Source][Source]

FTX unveils a groundbreaking proposal aiming to reimburse creditors up to $16.3 billion, including additional compensation for lost time value. While hailed as a significant step towards creditor recovery, some voices within the crypto community express reservations about the plan's fairness.

FTX's comprehensive repayment strategy, subject to approval by the Bankruptcy Court, offers hope for thousands of affected creditors.

However, concerns linger over the valuation methodology, with creditors advocating for compensation based on current market prices.

Despite these qualms, FTX's commitment to honoring creditor claims and restoring trust underscores its dedication to transparency and accountability.

📉 Ether Shorts Surge [Source][Source][Source]

Ethereum experiences heightened volatility as traders rush to accumulate short positions following Grayscale's withdrawal of its Ethereum futures ETF application.

Amidst uncertainty surrounding Ether's regulatory status and market sentiment, traders brace for potential price fluctuations.

The decision to withdraw the ETF application triggers a flurry of short-selling activity, exacerbating downward pressure on Ether's price.

However, conflicting opinions emerge regarding Ether's long-term prospects, reflecting divergent views within the crypto community.

🫨 What’s Buzzing?:

🌟 The Biggest Bitcoin Conference Is Coming To Hong Kong (Bitcoin Asia, May 9-10, 2024)

Bitcoin has rapidly evolved, shaping finance and technology. Now, the digital revolution's heart is set to debut in Asia with the Bitcoin Asia Conference in Hong Kong on May 9th – 10th, 2024, at the Kai Tak Cruise Terminal.

Speakers:

• Esteemed speakers include industry innovators like Casey Rodarmor, creator of Ordinals and Runes, Elizabeth Stark, CEO of Lightning Labs, and Jason Lau, CIO at OKX.

• Notable figures like Legislative Council Member Johnny Ng, Harvest Global Investments' CEO Han Tongli, Hong Kong Cyberport's Director Jack Kong, Magic Eden's co-founder Rex Zhou, and Waterdrip Capital's Founding Partner Jademont Zheng will share insights.

What to Expect:

• Main Stage: Keynotes and panels featuring leading Bitcoin figures.

• Expo Hall: Networking and showcasing opportunities.

• VIP Experience: Exclusive networking, concierge services, and priority seating with the Whale Pass.

• News Desk: Stay updated with the latest Bitcoin developments.

• Art Gallery: Immersive digital art installations showcasing ordinal art on Bitcoin.

About Bitcoin Asia:

• Hosted by Bitcoin Magazine, Bitcoin Asia aims to unite key players and projects in the Bitcoin ecosystem for learning, engagement, and networking.

For More Information explore the conference website: Bitcoin Asia Website or Visit UseTheBitcoin’s latest article “The Biggest Bitcoin Conference Is Coming To Hong Kong (Bitcoin Asia, May 9-10, 2024)”

Don't miss out on this landmark event bringing together the best of Bitcoin in Asia! 🚀

💡 Feature of the Day: 

🗳️ Crypto as Key Electoral Issue in US Swing States [Source]

Digital assets take center stage in the upcoming 2024 US elections, with voters in swing states signaling strong support for crypto-friendly policies. A survey conducted by DCG and The Harris Poll underscores the growing influence of crypto-related issues on electoral dynamics, particularly in key battleground states.

The survey findings reveal a nuanced landscape of voter sentiments towards digital assets, with crypto-positive views transcending traditional demographic divides. Against this backdrop, political candidates face mounting pressure to articulate clear positions on crypto-related policies to resonate with voters' evolving priorities.

As crypto-focused PACs ramp up fundraising efforts and political engagement intensifies, the 2024 elections promise to shape the trajectory of crypto regulation and adoption in the United States.

📜 Are You New to Crypto?:

📈 How to buy crypto using Bybit

Bybit offers a seamless process for funding your account and buying crypto, ensuring convenience and accessibility for users.

Funding Your Bybit Account:

1. Account Creation: Open an account using the affiliate link provided.

2. Account Funding:

   • Navigate to the "Buy Crypto" tab.

   • Choose your preferred currency.

   • Select from available payment methods in your country.

   • Choose a seller/trader matching your requirements, ensuring a high completion rate.

   • Send your proof of payment to complete the transaction.

Buying Crypto on Bybit:

1. Accessing Assets:

   • Go to the "Assets" section.

   • Click on "Funding Account."

   • Transfer your asset from the funding account to the Unified trading/spot/derivatives account.

2. Selecting Crypto:

   • Navigate to the "Trade" tab.

   • Choose the desired cryptocurrency you wish to purchase.

3. Placing an Order:

   • Decide between a Limit order or Market order:

     • Limit Order: Purchase crypto at a specified lower price.

     • Market Order: Buy crypto at the current market price.

Bybit simplifies the process of funding your account and buying crypto, providing users with various options and functionalities for a smooth trading experience.

Follow these steps to fund your account and purchase crypto effortlessly on the Bybit platform! For a more detailed look, watch UseTheBitcoin’s latest Youtube video “How to buy crypto using Bybit”🚀

😂 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