Good Morning Crypto Enthusiasts!

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

1. Gambaryan Pleads for Help: Tigran Gambaryan, a Binance executive detained in Nigeria since February, was seen in a distressing video pleading for assistance in an Abuja courtroom.

2. Bluesky Gains More Users: Bluesky, the decentralized microblogging platform, saw a surge in user growth, gaining one million new users in just three days after Elon Musk’s social media platform X was suspended in Brazil.

3. 📈Technical Analysis Masterclass - Are you a day trader? Watch UseTheBitcoin’s latest Youtube video “Simple Yet Effective Shorting Strategy for Beginners” to help you plan your next move or join our Official Telegram Channel for more alpha!

4. Ripple Criticizes SEC: Ripple's chief legal officer, Stuart Alderoty, criticized the U.S. Securities and Exchange Commission (SEC) for using the term "crypto asset security," which he claims has no legal basis.

5. 💡Feature of the Day - Pump.fun Breaks Record: Pump.fun, a memecoin launchpad on the Solana blockchain, became the fastest-growing crypto protocol in history, reaching $100 million in revenue in just over seven months.

   
   All this and more in today’s headlines!

📰 News Highlights:

Gambaryan Pleads for Help [Source][Source][Source]

In a distressing video that surfaced online, Binance executive Tigran Gambaryan, who has been detained in Nigeria since February, was seen pleading for assistance in an Abuja courtroom.

Limping and visibly in pain, Gambaryan begged a prison guard for help, expressing his frustration over being denied a wheelchair despite his severe health issues, including a herniated disc, malaria, and pneumonia.

Gambaryan’s legal team filed a new bail application on medical grounds, highlighting the urgent need for surgery and proper medical care.

However, the Economic and Financial Crimes Commission (EFCC), which is prosecuting Gambaryan for money laundering, opposed the bail, claiming that he was not in poor health and was refusing treatment.

Bluesky Gains More Users [Source][Source][Source]

Bluesky, the decentralized microblogging platform, experienced a massive surge in user growth, gaining one million new users in just three days following the suspension of Elon Musk’s social media platform X in Brazil.

The Brazilian Supreme Court ordered the ban after Musk refused to appoint a legal representative for X, leading to a significant migration of users to Bluesky.

The platform, which offers a similar experience to X, saw its daily traffic skyrocket as Brazilian users sought alternative social media options.

The ban on X comes amid a legal battle between the platform and Brazil’s Supreme Court Justice Alexandre de Moraes, who accused X of failing to block accounts spreading election disinformation.

The crypto community reacted strongly to the censorship, with concerns that other countries might follow Brazil's lead in banning X.

 📈Technical Analysis Masterclass:

Simple Yet Effective Shorting Strategy for Beginners

Understanding Shorting

• Shorting: Betting against the market or a specific asset, profiting when the price declines.

Introducing the "Break of Structure" Strategy

• Break of Structure: A method I've used successfully, particularly effective in markets where prices are trending downward but temporarily holding at a support level.

How the Strategy Works

1. Identify Assets:

   • Look for assets (stocks, forex pairs, cryptocurrencies) in a downtrend, but holding at a support level where buyers are preventing further decline.

2. Analyze Market Dynamics:

   • As sellers push prices lower, the buying pressure at the support level weakens over time.

3. Break of Structure:

   • When the support level finally breaks, prices can drop significantly, creating an opportunity to profit.

4. Execute the Trade:

   • Enter a short trade just below the support level to capitalize on the continued downward movement once the support is broken.

Practice Before Trading Live

• Use a Demo Account: Practice identifying support levels, recognizing potential breaks, and executing trades without risking real money. Mastery comes with practice.

Ripple Criticizes SEC [Source][Source]

Ripple's chief legal officer, Stuart Alderoty, has criticized the U.S. Securities and Exchange Commission (SEC) for its repeated use of the term "crypto asset security," calling it a fabricated concept with no legal basis.

Alderoty’s comments came after the SEC referenced "crypto asset securities" in its opposition to a plan by the defunct crypto exchange FTX to use stablecoins to repay creditors.

Alderoty argues that the SEC is trying to mislead judges by using a term that does not exist in any statute.

Alderoty pointed out that the SEC had previously ruled in a similar case that art galleries did not need to register with the agency, even when buyers purchased art as an investment.

He argued that the SEC is overreaching in its attempt to regulate the crypto industry by using ambiguous and legally unfounded terms.

💡 Feature of the Day: 

Pump.fun Breaks Record [Source]

Pump.fun, a memecoin launchpad built on the Solana blockchain, has become the fastest-growing crypto protocol in history, reaching $100 million in revenue in just over seven months.

The platform, which launched in January, achieved this milestone 34 days faster than its closest competitor, ENA, thanks to its appeal to retail speculators and the high fees it charges.

Pump.fun’s rapid growth has been driven by its popularity among "degens," who have created more than 500,000 tokens on the platform, often accompanied by wild promotional antics.

However, the platform has seen a slowdown in recent weeks, with a significant drop in daily revenue and token creation activity.

The decline comes after the launch of SunPump, a competing memecoin platform on the Tron network, which has attracted some of Pump.fun’s user base.

Despite the recent dip in activity, Pump.fun’s record-breaking revenue growth underscores the intense interest in memecoins and the speculative nature of the crypto market.

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😂 Crypto Meme of the Day: 

And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com