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Good Morning Crypto Enthusiasts!

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

Things are getting crazy in the market with Bitcoin crossing above 60k!🎉

Hold onto your hats, this is going to be a very interesting market as we get closer to the BTC halving.

1. BTC pumps above 60k! As spot Bitcoin ETFs Buy Up 300K BTC with $6B Net Inflow: Nine new spot Bitcoin exchange-traded funds (ETFs) have accumulated 300,000 BTC, valued at $17 billion, since their launch in January. Learn what this means for the bull market and Bitcoin’s future price.

2. Justin Sun Flexes $1.6 Billion Bitcoin Holdings: Justin Sun, global advisor for HTX cryptocurrency exchange, “flexed” his crypto wealth by revealing holdings of approximately 28,614 Bitcoin, valued at $1.6 billion.

3. US Federal Reserve Analyzes Impact of Foreign CBDCs on Dollar's Dominance: The US Federal Reserve released a research paper examining the implications of developing a central bank digital currency (CBDC) amid the rise of foreign CBDCs. The paper highlights concerns over the potential impact on the dollar's global dominance, particularly its utility as a medium of exchange in international transactions.

4. Ripple Collaborates with Axelar for RWA Tokenization: Ripple partnered with the Axelar Foundation to enhance interoperability within the XRP Ledger (XRPL) blockchain, facilitating cross-chain communication and the deployment of decentralized applications (dApps).

5. 💡Feature of the Day - Serenity Shield Token Plummets 99%: Serenity Shield's native token plummeted nearly 99% in value after approximately 6.9 million tokens, valued at $5.6 million, were stolen from a MetaMask wallet belonging to the project's team.

6. 📜 Your Daily Thread - Do you know what DePINs are? Here’s the a Thread by @Ruisnakes about DePINs to help us navigate this new trend in crypto!

7. Special thanks to todays sponsor: Kudos, a free Chrome extension that automatically calculates credit card rewards and benefits, so you can get the most out of your cards when you shop online. Be a part of the 150,000+ members who've earned over $100M+ in credit card rewards with Kudos.
   
   All this and more in today’s headlines!

📰 News Headlines:

📈 Spot Bitcoin ETFs Garner 300K BTC with $6B Net Inflow [Source][Source]

Amid surging demand for Bitcoin exchange-traded funds (ETFs), nine new spot Bitcoin ETFs have accumulated 300,000 BTC, valued at $17 billion, since their launch in January. With net inflows surpassing $6 billion, these ETFs have bolstered Bitcoin's price to a new two-year high of over $57,000, with a market cap exceeding $1.1 trillion.

While spot Bitcoin ETFs continue to attract substantial inflows, Grayscale's Bitcoin Trust (GBTC) has experienced diminishing outflows, indicating strong market demand for spot ETFs over traditional trusts.

This trend underscores growing investor interest in ETFs as a preferred investment vehicle for accessing Bitcoin exposure.

This influx of institutional liquidity is helping to boost BTC above $60k. But with the retail traders running out of cash will the buying behavior continue?

Only time will tell…

🔑 Justin Sun Flexes $1.6 Billion Bitcoin Holdings [Source][Source]

Justin Sun, renowned for his bold statements and involvement in the crypto sphere, recently took to social media platform X to dispel rumors regarding his usage of the HTX cryptocurrency exchange, where he serves as a global advisor.

In response, Sun posted a screenshot of his HTX wallet, revealing holdings of approximately 28,614 Bitcoin, valued at a staggering $1.6 billion at current market prices.

Despite facing scrutiny from regulators, including the Securities and Exchange Commission (SEC), over allegations of fraud and securities violations related to his involvement in cryptocurrency projects, Sun appears undeterred in showcasing his significant crypto wealth. Notably, the SEC has accused Sun of orchestrating schemes to inflate trading volumes and selling unregistered securities.

🤝 Ripple Collaborates with Axelar for RWA Tokenization [Source][Source]

In a strategic move aimed at advancing the tokenization of real-world assets (RWAs), Ripple has partnered with the Axelar Foundation. This partnership seeks to enhance interoperability within the XRP Ledger (XRPL) blockchain, facilitating cross-chain communication and the deployment of decentralized applications (dApps) across various blockchains.

Developers will leverage Axelar's General Message Passing (GMP) to execute calls on smart contracts across more than 55 blockchains, enabling seamless interoperability and unlocking liquidity for stablecoins and large-cap assets.

Ripple's CTO, David Schwartz, foresees tokenized RWAs, including real estate and commodities, playing a pivotal role in the blockchain economy. While, Investment bank Citi predicts the RWA tokenization market could reach $4-5 trillion by 2030, emphasizing its potential as a "killer use case" in the crypto space.

💼 US Federal Reserve Analyzes Impact of Foreign CBDCs on Dollar's Dominance [Source][Source]

The United States Federal Reserve System has released a research paper examining the implications of developing and issuing a central bank digital currency (CBDC) amid the rise of foreign CBDCs. While a U.S. CBDC may not threaten the dollar's role as a store of value, it could impact its utility as a medium of exchange in international transactions.

With over 90% of central banks exploring CBDCs, the Fed is evaluating the potential effects on the dollar's global dominance. While a "large and stable" foreign CBDC may not directly challenge the dollar's status, it could erode its role as a medium of exchange, particularly if the U.S. fails to issue its own CBDC.

The paper highlights concerns over CBDC centralization, privacy invasion, and the ability for authorities to freeze assets. Notably, the debate over CBDCs has sparked political divisions in the U.S., with former President Donald Trump vowing to oppose CBDC initiatives, and some senators proposing bills to ban them entirely.

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💡 Feature of the Day: 

🛡️ Serenity Shield Token Plummets 99% [Source][Source]

Serenity Shield, a crypto inheritance solution, faced a significant setback as its native token plummeted nearly 99% in value after approximately 6.9 million SERSH tokens, valued at $5.6 million, were stolen from a MetaMask wallet belonging to the project's team.

The exploit prompted Serenity Shield to suspend all trades, deposits, and withdrawals of SERSH on centralized exchanges, with plans to relaunch the token with a new contract.

While the project reassures its community of active efforts to recover and replace lost funds, concerns arise over the security vulnerabilities associated with hot wallets like MetaMask.

📜 Your Daily Thread:

😂 Crypto Meme of the Day: 

And that’s it for this today,
Keep an eye out for tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com