Good Morning Crypto Enthusiasts!

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

1. Spot Ethereum ETFs: Spot Ether exchange-traded funds (ETFs) will start trading in the U.S. on July 23, following SEC approval. Prominent financial firms like BlackRock, Fidelity, and Grayscale are among those launching these ETFs, which will be listed on major stock exchanges.

2. Fake Zoom Malware: A sophisticated crypto scam involving a fake Zoom platform has led to significant financial losses. Scammers created a webpage mimicking Zoom, tricking users into installing malware that steals sensitive data and cryptocurrencies.

3. 📈Technical Analysis Masterclass - While checking out Ethereum, I recognized a potential downturn pattern that can lead to a short bias. Watch UseTheBitcoin’s latest Youtube video “Ethereum Could Retrace to $3,300 Levels (ETH)” or join our Official Discord Channel for more alpha!

4. ETHTrustFund Rug Pull: ETHTrustFund (ETF) on the Base network is accused of conducting a rug pull, transferring its $2 million treasury to mixer apps Tornado Cash and Railgun.

5. 💡Feature of the Day - Mt. Gox Repayments Begins: Defunct cryptocurrency exchange Mt. Gox is preparing to repay its creditors through Bitstamp, initiating test transactions to ensure a smooth process. This marks significant progress in repaying the 127,000 creditors owed over $9.4 billion in Bitcoin.

   
   All this and more in today’s headlines!

📰 News Highlights:

Spot Ethereum ETFs [Source][Source][Source]

Spot Ether exchange-traded funds (ETFs) will commence trading in the United States on July 23, following final approval from the U.S. Securities and Exchange Commission (SEC).

Major financial entities such as BlackRock, Fidelity, VanEck, Franklin Templeton, 21Shares, Bitwise, and Grayscale are among the approved ETF applicants, expected to bring substantial investments into the crypto ecosystem.

The ETFs will be listed on major stock exchanges, including Nasdaq, New York Stock Exchange, and Chicago Board Options Exchange, offering base fees between 0.15% and 0.25%, with some issuers waiving fees for an initial period.

The SEC's approval comes two months after a rule change on May 23, which allowed spot Ether ETFs to be listed and traded.

The Grayscale Ethereum Trust will be listed on the NYSE, while BlackRock’s iShares Ethereum Trust will be on Nasdaq. Industry analysts predict these ETFs will attract 10% to 20% of the flows seen by spot Bitcoin ETFs since their launch.

This approval coincides with President Joe Biden's withdrawal from the 2024 election, which some market analysts, like eToro’s Josh Gilbert, see as beneficial for crypto assets.

Fake Zoom Malware [Source]

A sophisticated crypto scam involving a fake Zoom platform has been identified, leading to substantial financial losses. On July 22, NFT collector and cybersecurity engineer “NFT_Dreww” alerted the community about this new scam, which has already resulted in $300,000 worth of stolen crypto.

The scammers create a webpage mimicking Zoom, tricking users into installing malware by displaying a fake loading screen and prompting them to download ZoomInstallerFull.exe.

Once the malicious software is installed, it infiltrates the user's computer, stealing sensitive data and cryptocurrencies. This malware cleverly adds itself to the Windows Defender exclusion list to avoid detection by antivirus programs.

📈Technical Analysis Masterclass:

Ethereum Could Retrace to $3,300 Levels (ETH)

On July 22, Ethereum (ETH) reached a high of $3,564, the highest level for the month. Observing this peak, I noticed Ethereum forming a lower high at $3,500, suggesting the cryptocurrency was respecting its previous resistance levels.

Strategy and Execution

• Short Bias: Based on the lower high formation, I predicted a downturn.

• Exit Point: Placed my exit around $3,450, aligning with previous resistance levels.

• Expected Gains: Approximately 1.70 percent gains.

Price Prediction

• Rising Wedge Pattern: On a daily timeframe, Ethereum is forming a rising wedge pattern, typically a bearish indicator.

• Bearish Indicator: This pattern suggests a potential price correction.

• Consolidation Phase: Expect a period of healthy consolidation before any significant upward movement resumes.

• Support Levels: Ethereum could potentially correct to the range of $3,346 to $3,200 during the anticipated consolidation phase.

Ethereum's current patterns and resistance levels indicate a potential retracement to key support levels, offering strategic short-term trading opportunities.

ETHTrustFund Rug Pull? [Source][Source]

ETHTrustFund (ETF), a protocol on the Base network, has been accused of conducting a rug pull after transferring its $2 million treasury to mixer apps Tornado Cash and Railgun.

The incident was first reported on July 21 by crypto investor Octoshi and later confirmed by blockchain security firm PeckShield. Following the transfer, ETHTrustFund deleted its websites and social media accounts, further fueling suspicions of an exit scam.

The project, which marketed itself as a decentralized autonomous organization (DAO) with rebasing features, had promised to generate yield for tokenholders through innovative mechanisms.

However, lead developer Peng stopped responding to messages in April, and the sudden disappearance of funds indicates a deliberate exit.

💡 Feature of the Day: 

Mt. Gox Repayments Begins [Source][Source][Source]

Mt. Gox, the defunct cryptocurrency exchange, is preparing to repay its creditors through Bitstamp, initiating test transactions to ensure the process runs smoothly.

Blockchain intelligence firm Arkham Intelligence flagged these test transactions on July 22, noting that small amounts were transferred to Bitstamp cold wallets. This step marks significant progress in the long-awaited repayment process for the 127,000 creditors owed over $9.4 billion in Bitcoin.

The potential influx of Bitcoin into the market has raised concerns about selling pressure, which could negatively impact Bitcoin’s price.

Financial analyst Jacob King predicts that up to 99% of the creditors may sell their Bitcoin upon receipt, leading to significant market volatility.

However, a Reddit poll suggests a more optimistic scenario, with 56% of creditors indicating they plan to hold their Bitcoin.

😂 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