Good Morning Crypto Enthusiasts!

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

1. DOGS Memecoin Record: The DOGS token set a new memecoin record, attracting over 17 million users on TON. Inspired by a dog drawing by Telegram co-founder Pavel Durov, the token’s airdrop became the largest token generation event in memecoin history.

2. Deepfake Apple CEO Tim Cook Scam: Scammers used AI-generated deepfakes of Apple CEO Tim Cook during the iPhone 16 launch to lure viewers into a cryptocurrency scam.

3. 📈Technical Analysis Masterclass - Bitcoin has experienced volatile price movements this year. Watch UseTheBitcoin’s latest Youtube video “Is Bitcoin on the Brink of a Crash?” to know if there is still potential for a recovery and know your next move or join our Official Telegram Channel for more alpha!

4. North Carolina Bans CBDC: The North Carolina Senate successfully passed a bill banning the implementation of a CBDC in the state.

5. 💡Feature of the Day - Americans Lost $5.6B to Crypto Fraud: Americans lost $5.6 billion to cryptocurrency fraud in 2023, a 45% increase from the previous year, according to the FBI.

   
   All this and more in today’s headlines!

📰 News Highlights:

DOGS Memecoin Record [Source][Source][Source]

The DOGS token has shattered memecoin records by reaching over 17 million users on TON. Inspired by Telegram co-founder Pavel Durov’s iconic dog drawing, the token’s airdrop is the largest TGE in memecoin history.

The DOGS Mini App boasts 53 million users, with 42.2 million eligible for the token airdrop, placing DOGS in a unique position as one of the most widely held tokens, second only to USDt on TRON and Ethereum in terms of wallet holders.

Despite some outages on the TON network due to the overwhelming response, the DOGS token continues to gain traction.

The TON community is already looking forward to the upcoming Hamster Kombat and Catizen airdrops, expected to bring in even more users.

Deepfake Apple CEO Tim Cook [Source][Source][Source]

In a brazen attempt to scam viewers, deepfakes of Apple CEO Tim Cook flooded YouTube during the launch of the iPhone 16 on Sept. 9. The AI-generated Cook urged viewers to send cryptocurrency to a wallet, promising to return double the amount in a typical “double-your-money” scheme.

Scammers impersonated the official “Apple US” YouTube channel, complete with a verification tick, drawing in thousands of viewers, although many were likely bots.

The scam coincided with Apple's “Glowtime” event, creating a sense of legitimacy.

YouTube responded to the issue after the event by removing the fake videos and shutting down the fraudulent accounts.

However, concerns about AI-generated content and deepfakes are on the rise, as scammers increasingly target high-profile figures and live events.

 📈Technical Analysis Masterclass:

Is Bitcoin on the Brink of a Crash?

Key Factors Behind the Prediction

• Market Volatility: The crypto market is in a correction phase, increasing price swings and putting Bitcoin under pressure.

• Network Activity Decline: Active Bitcoin addresses dropped from over 1 million in late 2023 to under 600,000 by September 2024. This decline in user activity signals weakening demand, potentially leading to lower prices.

• Selling Pressure: Both short-term and long-term Bitcoin holders began selling off their assets in 2024, further driving down prices.

Recent Price Drop

• From $73,000 to $55,000: Bitcoin reached an all-time high of $73,000 in March 2024, but has since fallen to around $55,000, reflecting broader market volatility and reduced user engagement.

Economic Influence

• US Economy: A weak US economy, combined with Bitcoin futures liquidations, is adding downward pressure on Bitcoin’s price.

Historical Context

• September Struggles: September has historically been a tough month for Bitcoin, with increased selling pressure. This year is no different, with Bitcoin stuck in a "painful consolidation."

Hope for a Rebound

• Long-Term Optimism: Despite short-term bearish signals, experts like Dan Tapiero believe the market is setting up for a future bullish trend. Investors are encouraged to remain patient and hold their assets (HODL).

North Carolina Bans CBDC [Source][Source][Source]

The North Carolina Senate successfully overturned Governor Roy Cooper’s veto on a bill that bans the implementation of a CBDC in the state.

On Sept. 9, the Senate passed House Bill 690 with a narrow 27–17 vote, surpassing the 60% majority required to override the governor's opposition.

The bill prohibits North Carolina from accepting CBDCs as payment or participating in future Federal Reserve CBDC tests.

However, 12 Democratic senators who had previously supported the bill switched their stance, voting to uphold the veto in a closer-than-expected Senate vote.

💡 Feature of the Day: 

$5.6B Lost to Crypto Fraud [Source][Source]

Cryptocurrency fraud surged in 2023, with Americans losing $5.6 billion to various scams, according to the FBI's Internet Crime Complaint Center. This marks a 45% increase from 2022, with older Americans being the most vulnerable, losing nearly $1.6 billion.

Of the 69,000 crypto-related complaints filed, investment schemes accounted for the majority of losses, followed by call center fraud and government impersonation scams.

The report also highlighted the growing use of crypto ATMs in illicit activities, with over 5,500 cases linked to scams like extortion, romance fraud, and government impersonation.

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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