Hello Crypto Enthusiasts!

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

In our latest crypto edition, we're diving into a mix of political shifts, market moves, and strategic developments in the blockchain and digital currency world:

1. U.S. Senators Rallying for Crypto: 18 U.S. senators, led by figures like Cynthia Lummis and Ted Burr, are showing increasing support for the crypto industry, while others like Elizabeth Warren remain critical.

2. Inverse Cramer ETF Shutting Down: The novel ETF betting against Jim Cramer's stock picks is closing, highlighting the challenges of such unique market strategies.

3. OpenSea's Acquisition Stance: OpenSea, the leading NFT marketplace, is open to potential acquisitions or partnerships amidst competitive pressures in the NFT sector.

4. Jupiter Exchange Surpasses Uniswap: Solana's Jupiter Exchange outperforms Uniswap in daily trading volume, driven by stablecoin swaps and the Wen memecoin frenzy.

5. Technical Analysis Insights: We analyze the latest price movements and trends for cryptocurrencies including BTC, ETH, XRP, VET, and SOL, focusing on key levels and market dynamics.
   
   All this and more in today’s headlines!

📰 News Highlights:

18 United States senators now ‘stand with crypto’💼🪙 [Source][Source][Source]

A seismic shift in cryptocurrency sentiment is taking place among U.S. senators, with 18 lawmakers expressing support for the digital asset industry. Coinbase's advocacy organization, Stand with Crypto, reveals that prominent figures such as Republican senators Cynthia Lumnis and Ted Burr are at the forefront of this pro-crypto movement. 

Lumnis, for instance, has championed eight crypto bills and made 184 public statements on crypto-related matters, while Burr boasts a similar track record with eight bills and 24 statements. However, the partisan divide remains evident, with 30 senators, including influential figures like Elizabeth Warren, maintaining an opposing stance. 

The tracker also sheds light on the inclinations of political figures such as Donald Trump and Robert F. Kennedy Jr., reflecting the dynamic landscape of crypto acceptance within U.S. politics.

Amid this evolving narrative, it's noteworthy that Warren, known for her critical stance on crypto, has backed or introduced three anti-crypto bills and issued 76 statements against digital assets.

Her focus on combating illicit use and terrorism financing has been a recurrent theme, despite growing evidence challenging such claims. As the crypto industry seeks greater regulatory clarity and acceptance, the positioning of key political figures will likely play a crucial role in shaping the legislative landscape.

Jim Cramer isn’t always wrong: Inverse Cramer ETF to shut down📉💼📅 [Source][Source]

The financial markets are witnessing the closure of the Inverse Cramer ETF, an exchange-traded fund designed to capitalize on shorting stock tips provided by CNBC's Mad Money host Jim Cramer. 

Tuttle Capital Management, the fund's manager, announced that the Inverse Cramer ETF (SJIM), launched in March 2023, would be liquidated by its last trading day on Feb. 13. Despite the innovative premise of betting against Cramer's recommendations, the ETF struggled to gain traction, attracting only $2.4 million and posting a negative 15% return since its inception. This move follows the earlier discontinuation of the Long Cramer ETF (LJIM) in August 2023.

Matthew Tuttle, CEO and chief investment officer of Tuttle Capital, shared insights into the ETF's closure, emphasizing its purpose to highlight the risks associated with following TV stockpickers like Cramer. While acknowledging the accomplishment of this mission, Tuttle mentioned the prevailing focus among retail investors on more volatile products, indicating an ongoing shift in market preferences. As the closure takes effect, the financial industry remains watchful for Tuttle Capital Management's future endeavors, especially in the context of their filing for six new ETFs leveraging Bitcoin.

OpenSea NFT platform open towards acquisitions🌐🎨💼 [Source]

OpenSea, a leading non-fungible token (NFT) marketplace, is exploring potential acquisitions, signaling a strategic shift in the company's approach. Devin Finzer, CEO and co-founder of OpenSea, revealed the platform's open-minded stance towards deals, acknowledging that the company is receptive to partnerships, including the possibility of being acquired. 

While not actively pursuing acquisitions, Finzer emphasized the importance of considering the right partnership when it arises. OpenSea, once commanding 90% of the NFT sector's market share, has faced challenges recently, with a notable decline in monthly trading volume.

Despite competition from platforms like Blur, which has surpassed OpenSea in daily trading volume, Finzer remains confident in OpenSea's commitment to user safety. The CEO emphasized the company's focus on building a brand that delists fraudulent or problematic collections, prioritizing a secure and compliant environment for users.

Solana DEX Jupiter flips Uniswap amid stablecoin, Wen airdrop frenzy🚀💹🔄 [Source][Source][Source][Source]

Jupiter Exchange, a decentralized exchange (DEX) built on the Solana blockchain, has garnered substantial attention as it surpassed Ethereum-based decentralized exchanges like Uniswap in daily trading volume. In the last 24 hours, Jupiter Exchange recorded a staggering $480 million in trading volumes, with a significant portion driven by traders engaging in stablecoin swaps and participating in the trading frenzy surrounding a new memecoin named Wen. 

Impressively, Jupiter's trading activity outpaced the combined volumes of Uniswap's V2 and V3 protocols on Ethereum. The surge in interest is notably linked to the impending airdrop of Jupiter's native token, JUP, scheduled for January 31.

The trading excitement on Jupiter was not solely fueled by the impending airdrop; a significant portion of the trading volume involved the swapping of Solana for leading stablecoins like Circle’s USD Coin and Tether. Among the various tokens, Wen, a memecoin experiment initiated by Jupiter developers, contributed over $50 million to the total daily trading volume.

This fervor surrounding Jupiter Exchange exemplifies the growing trend of decentralized exchanges on blockchain networks like Solana, offering competitive alternatives to established platforms.

🔍 Technical Analysis:

Price Analysis 29/01: BTC, ETH, XRP, VET, and SOL

Alright folks, let's kick off this week with a fresh perspective! Things started off on a bit of a downer as BTC took a nosedive right from the weekly open. But hey, amidst the chaos, TRX and BNB are holding their ground pretty well today! Now, onto the juicy stuff: DWF tokens like AUCTION are stealing the spotlight, boasting a 12.6% gain compared to BTC, while DUSK isn't faring as well, down by -5.9% against BTC. There's a lot of buzz around various alts, gearing up for what could be a bullish February once the Grayscale FUD takes a backseat. Keep an eye on tokens like CFX, AUCTION, and API3, managed by the market wizard DWF labs. Their stellar branding and compelling narratives are causing quite the stir, resulting in some epic pumps!

Bitcoin Market Analysis

BTC surged to $42,700, aligning perfectly with our earlier bullish forecast. Despite Grayscale's continuous BTC deposits to Coinbase, whale activity drove prices higher and squeezed out numerous short positions. As of now, our strategy remains unchanged. The BTC range is clearly defined, with $44,500 serving as the upper boundary and $40,200 as the lower boundary. These pivotal levels are crucial for identifying potential reversals or breakouts. The chart below illustrates the same plan outlined previously.

Ethereum Market Analysis

Ethereum has adhered to our strategy impeccably by rebounding from its lows. Despite evident weakness in ETHBTC, the plan has unfolded as anticipated. Presently, the focus is on the current price's ability to maintain or demonstrate momentum. Should the lack of strength persist, Ethereum could experience further downside. However, the bullish structure remains intact as the current support demonstrates resilience against potential downward pressure. The images below outline the before and after scenarios, along with a plan for Ethereum.

Altcoin Watchlist: 

XRP

Following its legal victory, XRP has reverted to its previous pattern of gradual decline. While the broader market remained resilient and bullish from November 2023 to January 2024, XRP has struggled within a range, indicating that investors and whales are offloading their XRP holdings post-case resolution. Currently, it hovers at a critical level on its trendline. A breach of this trendline could lead to XRP dipping below $0.41, marking a 21% decrease from its current price. Conversely, if the trendline holds, we might witness a potential bounce, as this pivotal level will determine XRP's trajectory in the upcoming weeks.

VET

VET initiated its upward trend in December 2023, surging over +150% from its lows. However, the subsequent decline has mirrored the intensity of the initial pump, resulting in significant downward movement in the current price action. The range low and range high for VET are distinctly identifiable, as illustrated in the image below. Notably, there is a noticeable deviation from the range high, indicating a potential downward movement towards the range low around $0.22. Should this price level hold, there's a possibility of another bounce or continued ranging on the daily timeframe.

SOL

Solana has been gaining momentum recently, particularly with the upcoming JUP airdrop scheduled in a few days. This anticipation has already sparked a pump in SOL since last week. The bullish environment surrounding shitcoins, coupled with active airdrop farming, has significantly boosted demand and activity within the SOL ecosystem, reflecting in its price action. A notable development is SOL breaking out of its daily bearish trendline. If a retest of the trendline occurs and a bounce follows, there's potential for SOL to surpass last year's high at $128, potentially reaching liquidity levels around $143.

😂 Crypto Meme of the Day: 

And that’s it for this today.


See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com