Today's Top Crypto Headlines:

Good Morning Crypto Enthusiasts!

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

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Without any more waiting let’s jump right into today’s headlines!

📰 News Highlights:

🚀 Bitcoin Bulls Charge to $44K with Impressive 10% Weekly Gains 🚀(Link) (Link) (Link) (Link) (Link)

Bitcoin enthusiasts are rejoicing as the leading cryptocurrency charges through multi-year resistance, reaching an impressive $44,000 during the recent Wall Street trading session.

This surge marks a remarkable 10% gain for the week, hitting its highest levels since April 2022.

Rekt Capital, a prominent trader, points out that $44,000 has been a recurrent challenge for Bitcoin since early 2021, emphasizing the potential for further upward movement.

Derivatives led the market, triggering over $100 million in short liquidations, showcasing Bitcoin's dominance and resilience.

Optimism remains high, with analysts like Michaël van de Poppe predicting a pre-halving climb to $48.5-50.5K, while Matthew Hyland, relying on the relative strength index (RSI), suggests ongoing upside potential.

Despite concerns of potential sell-offs, the overall sentiment suggests that Bitcoin's trajectory remains upward, with a $30,000 retracement seen as increasingly unlikely.

🕰️ SEC Extends Deadline on Grayscale's Spot Ether ETF Decision 🕰️ (Link) (Link) (Link)

The U.S. Securities and Exchange Commission (SEC) has pushed back its decision on Grayscale's spot Ether ETF to January 2024.

This delay comes in the wake of a court order instructing the SEC to review Grayscale's Bitcoin ETF offering. Analysts speculate that a positive decision on a spot BTC ETF could pave the way for approvals from multiple firms simultaneously.

Grayscale's ETF decision is now a focal point for market observers, influencing broader sentiments on crypto ETFs.

💰 Bitcoin Ordinals Token Surpasses $1 Billion Market Cap after 850% Monthly Surge 💰(Link) (Link) (Link) (Link)

In a historic feat, the Bitcoin Ordinals-based ORDI token has become the first BRC-20 token to exceed a $1 billion market cap. Boasting triple-digit monthly gains, ORDI skyrocketed over 850% from $6.80 on Nov. 5 to a new all-time high of over $65 on Dec. 5.

This surge places ORDI's market cap at a commanding $1.3 billion. The protocol, introduced by Casey Rodarmor, enables content inscription on the Bitcoin blockchain, including NFTs and BRC-20 tokens.

Despite a brief decline in October, Binance's listing on Nov. 7 revitalized interest, with transaction fees on Bitcoin surpassing Ethereum in November.

🔒 IBM Unveils Air-Gapped Cold Storage Solution for Digital Assets (Link) (Link) (Link) (Link)

IBM introduces the Hyper Protect Offline Signing Orchestrator (OSO), a cutting-edge air-gapped cold storage solution for digital assets.

Developed in collaboration with Metaco and tier-1 banks, OSO addresses vulnerabilities in traditional cold storage methods. Operating like a time-delayed safe, OSO facilitates secure transactions by allowing blockchain interactions only at specified times or through authorized governance.

This approach mitigates common insider attacks, offering robust protection against physical and administrative breaches. OSO's integration of air-gapped storage containers adds an extra layer of security, preventing remote access during asset rest periods.

🏦 Brazilian banking giant Itau Ubibanco embraces crypto trading reflecting the ongoing TradFi-crypto convergence (Link)

Itau Unibanco, one of Brazil's largest banks, recently launched crypto trading services, signaling a growing demand for crypto among the country's consumers. This move follows similar initiatives by other major Brazilian banks, such as Nubank, which launched crypto trading for its customers in May 2022.

Banks in other countries, such as Switzerland and Germany, are also offering crypto-related services. This suggests that the convergence of TradFi and crypto is a global phenomenon that is likely to accelerate in the coming years.

The positive outlook for TradFi-crypto convergence is supported by recent price movements in the crypto market. Bitcoin's price has been on an upward trajectory, and other crypto assets have also seen gains. This suggests that institutional investors are increasingly confident in the long-term potential of crypto.

Key Takeaways

• Brazil is emerging as a leader in the convergence of TradFi and crypto.

• Itau Unibanco's crypto trading launch signals a growing demand for crypto among Brazilian consumers.

• Brazil's favorable regulatory environment is fostering innovation in the crypto space.

• The trend of TradFi institutions embracing crypto is a global phenomenon.

• The outlook for TradFi-crypto convergence is positive, supported by recent price movements in the crypto market.

💡 Feature of the Day:

💱 Coinbase Unveils Link-Based Transfers via WhatsApp, TikTok, and Instagram (Link)

Coinbase is launching a new feature that lets users send money to each other for free through various social media platforms and messaging apps. This means you can easily send money to friends and family through apps like WhatsApp, TikTok, and Instagram.

To use this feature, both the sender and the receiver must have a Coinbase Wallet. If the receiver doesn't have a Coinbase Wallet yet, they will be prompted to download it when they receive the money transfer link.

Money transfers will be instant and free of charge, regardless of the recipient's location. If the recipient doesn't claim the money within two weeks, it will be automatically returned to the sender.

Coinbase is available in over 170 countries, making it a free and convenient way to send money internationally. This may not have an immediate impact on the market, but it’s a clear step in the right direction.

Start using Coinbase today and earn up to $200 in free crypto, click here to join.

🔍 Learning Spotlight: Protect Your Digital Assets: A Comprehensive Guide to Avoiding NFT Scams (Link) (Link) 

NFT scams have quickly become a major concern in the digital asset realm, overshadowing the growing Non-Fungible Token world. They range from obvious NFT scams on Instagram to complex art frauds Logan Paul’s NFT game. The risks are varied and significant. This guide explores the murky world of NFT fraud, highlighting various forms such as fake NFTs, NFT Ponzi schemes, and common OpenSea scams.

What are NFT Scams?

NFT scams are any type of fraudulent activity that targets NFTs or the people who invest in them. Scammers can create fake NFTs, run Ponzi schemes, or trick you into giving them your private keys. These scams can happen on any platform, including popular ones like OpenSea.

Common Types of NFT Scams

• Fake NFTs: Scammers create and sell fake NFTs that look like real ones. When you buy a fake NFT, you're paying for nothing.

• NFT Ponzi Schemes: These scams promise high returns on your investment, but they're actually just scams. The scammers pay early investors with money from new investors until the scheme eventually collapses and everyone loses money.

• Rug Pull Scams: The developers of an NFT project hype up their offering to increase demand and price. However, once they accumulate a substantial amount of funds, they abandon the project and disappear with the investors' money.

• Bidding NFT Scams: Scammers manipulate the bidding process to inflate the price of an NFT artificially. This often involves using fake accounts to place high bids on the NFT, creating a false sense of demand and value.

• NFT Pump and Dumps: Scammers artificially inflate the value of an NFT or a series of NFTs through hype and misinformation. They might use social media to quickly spread rumors or exaggerated claims about an NFT's potential value.

• Phishing Scams: Scammers use deceptive methods to steal sensitive information, such as private keys or login credentials. They often lure victims with the promise of exclusive NFT deals or access to rare digital assets.

• NFT Airdrop or Giveaway Scams: Scammers promote fake airdrops or giveaways, claiming to distribute free NFTs or cryptocurrencies. To participate, users are often asked to perform certain tasks like sending a small amount of cryptocurrency, sharing private keys, or completing a form with personal information.

How to Protect Yourself from NFT Scams

• Do your research: Before you invest in any NFT project, make sure you do your research. Check out the project's website, team, and roadmap. Read reviews and talk to other people who are involved in the project.

• Never share your private keys: Your private keys are like the keys to your cryptocurrency wallet. If you give them to someone else, they can steal all of your NFTs. Never share your private keys with anyone, not even supposed NFT project representatives or technical support personnel.

• Be careful on social media: Social media platforms are a common breeding ground for NFT scams. Be wary of accounts that are trying to sell you NFTs, and never click on links from people you don't know.

• Stay informed: Keep up-to-date on the latest NFT scam trends by following reputable sources and engaging with the NFT community.

Conclusion

The NFT space is still evolving, and scammers are constantly finding new ways to trick people. By following these tips, you can protect yourself from NFT scams and enjoy the exciting opportunities that NFTs offer.

For a comprehensive guide to NFT’s, you can continue reading our NFT guide on the UseTheBitcoin.com website.

🗠 Technical Analysis Wednesday:

Bitcoin (BTC) has surged by 16.7% since hitting the resistance level mentioned earlier. Over the past three days, Bitcoin has displayed a consistent upward trend.

However, there are signs of weakness on shorter time frames, indicating the formation of a 3-drive pattern. Check out the highlighted context and patterns below for more insights.

The chart suggests the possibility of a swing failure pattern in the next upward movement, leading to a distribution pattern and signaling a potential short-term price peak. It's advisable to remain cautious, hold onto spot investments, and avoid leveraged trading until clearer patterns emerge.

Ethereum, on the other hand, is experiencing a downturn. Although it's up against the USD, it's clearly underperforming compared to BTC.

After breaking the previous range high or resistance, it showed an 8% upward move. On a lower time frame, a distinct bearish 3-drives pattern is evident. To highlight Ethereum's weakness against Bitcoin, I've included a chart below for ETHBTC.

ETHBTC dropped 6% from the weekly open, displaying clear weakness. If ETH can rebound from this level, we might witness a mini altcoin season as BTC potentially forms a distributive pattern.

🌐Macro Market Monitor:

• Italy and South Korea's central banks agree on CBDC cooperation

• Unveiling the Mystery Behind Crypto's Surge: Former SEC Official Reveals 2 Key Drivers

• Société Générale Dives into Cryptocurrency Trading with Stablecoin Debut

  • Major Banking Move: Société Générale breaks tradition, becoming the first major bank to launch a stablecoin, EUR CoinVertible, on Bitstamp.

  • Fully Backed Stability: EUR CoinVertible sets itself apart by being fully backed by euros, entering the $130 billion stablecoin market aligning with upcoming EU digital assets regulation, Mica.

• Japan's Proposal to Boost Competitiveness in Crypto Taxation

  • Tax Exemptions: Japan contemplates tax exemptions on unrealized cryptocurrency gains for corporations holding cryptocurrencies for non-short-term trading purposes.

  • Mark-to-Market Valuations: The proposed tax code change suggests a shift from the current mark-to-market valuation-based corporate tax system, potentially incentivizing businesses to hold cryptocurrencies for longer durations without facing immediate tax implications.

  • Broader Reforms: Beyond crypto, the proposed changes include extending deductible entertainment expenses for small and midsize enterprises and adjusting taxes for foreign visitors' purchases in Japan from fiscal 2024 onward.

🍪 Crypto Bites: Tasty Tidbits from the Crypto Sphere

• Journey to the center of DeFi: MetaMask creator introduces Linea Voyage

• Rep. Maxine Waters calls for informational sessions for US lawmakers on crypto-related issues

• Crypto-friendly Rep. Patrick McHenry won't be seeking re-election

😂 Crypto Meme of the Day:

And that’s it for this today!

Thanks for reading and stay tuned for tomorrow's updates.

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See you again tomorrow,
Jonathan Gibson
UseTheBitcoin.com