Good Morning Crypto Enthusiasts!

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

1. Politicians’ Plea to Biden: U.S. politicians have called on President Biden to secure the release of Binance compliance officer Tigran Gambaryan, detained in Nigeria for over three months on money laundering and tax evasion charges. Describing his detention as "wrongfully detained," they highlighted Gambaryan's deteriorating health and the lack of medical care, urging immediate diplomatic action to ensure his safety.

2. Polkadot’s Hybrid Blockchain JAM: Gavin Wood, founder of Polkadot, introduced JAM, a new hybrid transactionless blockchain model, at the Token2049 conference.

3. 📈Technical Analysis Masterclass - If you’re looking to trade or invest in Bitcoin and Ethereum, watch UseTheBitcoin’s latest Youtube video “Price Prediction for Bitcoin and Ethereum” and follow a strategic approach based current market conditions and resistance levels. For a deeper dive, join our Discord Channel for more Alpha!

4. Roaring Kitty Sparks Market Manipulation Claims: Keith Gill, known as "Roaring Kitty," faces allegations of market manipulation from Citron Research due to his significant position in GameStop (GME) stock.

5. 💡Feature of the Day - FTX Settles with IRS: Bankrupt cryptocurrency exchange FTX has reached a tentative $200 million settlement with the IRS to resolve a $24 billion tax dispute, pending court approval.

   
   All this and more in today’s headlines!

📰 News Highlights:

Politicians Urge Biden to Bring Back Binance Exec from Nigeria [Source][Source]

Several U.S. politicians have called on President Joe Biden to secure the release of Binance compliance officer Tigran Gambaryan, who has been detained in Nigeria for over three months on charges of money laundering and tax evasion.

In a letter addressed to President Biden, Secretary Antony Blinken, and the Presidential Envoy for Hostage Affairs Roger D. Carstens, the politicians described Gambaryan's detention as "wrongfully detained" and urged immediate action to ensure his safety.

Gambaryan, a former federal agent, was detained after being invited by the Nigerian government to discuss Binance's compliance issues, but the situation turned hostile, leading to his arrest and detention in the notorious Kuje Prison.

The U.S. politicians have accused the Nigerian government of using baseless charges to extort Binance. Gambaryan, who has tested positive for malaria, has not received adequate medical care despite a court order, and his physical condition has deteriorated significantly.

The letter highlighted an incident where Gambaryan collapsed in court due to his weakened state, raising concerns for his life. The politicians are pushing for the Special Presidential Envoy for Hostage Affairs to take charge of the case, emphasizing the urgent need to act before the situation worsens.

Polkadot’s Hybrid Blockchain JAM [Source][Source][Source]

Gavin Wood, founder of Polkadot, has unveiled a groundbreaking vision for blockchain technology through the introduction of JAM, a new hybrid transactionless blockchain model.

This innovative approach aims to make blockchain more modular and minimalistic, addressing current challenges such as high costs, complexity in creating parachains, and limited interaction between them.

The JAM model, detailed in a technical paper presented at the Token2049 conference, seeks to combine the strengths of Polkadot and Ethereum, creating a unified platform capable of supporting smart contracts and enhancing interoperability.

JAM proposes a global singleton permissionless object environment similar to Ethereum's smart contract environment, paired with secure, parallelized computation over a scalable node network.

This hybrid approach aims to ensure operational integrity, support Turing-complete computations, and maintain low operational costs, making blockchain more accessible and efficient for developers and users alike.

📈Technical Analysis Masterclass:

Price Prediction for Bitcoin and Ethereum

When considering investing in Bitcoin and Ethereum, it’s important to follow a strategic approach due to current market conditions and resistance levels.

Bitcoin Investment Strategy

• Initial Investment:

  • Resistance Level: Bitcoin faces a strong resistance at $71,000. It has failed to break this level three times.

  • Cautious Approach: Start with a small investment if Bitcoin breaks $71,000 to mitigate potential losses.

• Increasing Investment:

  • Next Resistance: If Bitcoin breaks and consolidates around $73,000, increase the investment.

  • Upward Momentum: This area has a weaker resistance, and a breakthrough could lead to significant gains.

  • All-Time High: Breaking the previous all-time high would confirm strong momentum, indicating potential for higher levels.

Ethereum Investment Strategy

• Current Market Behavior:

  • Consolidation Phase: Ethereum is currently in a consolidation phase, presenting a buying opportunity.

  • Low Price: Invest while the price is relatively low before significant market movements occur.

• Potential Risks:

  • Market Manipulation: Be aware of the risk posed by "whales" who may manipulate the market, potentially pushing the price down to around $3,400.

  • Bullish Outlook: Despite short-term risks, the approval of the Ethereum ETF and overall bullish outlook make it a compelling investment.

Take advantage of the current low price during the consolidation phase but be cautious of potential market manipulation by large investors. Both Bitcoin and Ethereum offer strategic investment opportunities. Watch UseTheBitcoin’s latest Youtube video “Price Prediction for Bitcoin and Ethereum” to learn more!

Roaring Kitty Sparks Market Manipulation Claims [Source][Source][Source]

Keith Gill, known as "Roaring Kitty," is facing allegations of market manipulation from Citron Research due to his substantial position in GameStop (GME) stock. Gill recently revealed that he is up over $300 million on his GME position, having purchased five million shares and invested heavily in call options.

Citron Research, a prominent GME short seller, has accused Gill of manipulating the market, citing his significant near-term option position and the stock's 2,000% increase since his initial video nearly four years ago.

The firm's claim that Gill's position may be backed by a larger entity has sparked further controversy, as Citron suggests that Gill's reported finances do not support the scale of his trades.

This assertion has fueled speculation and backlash among retail investors, who have a history of opposing short sellers like Citron.

💡 Feature of the Day: 

FTX Settles with IRS [PDF][Source]

Bankrupt cryptocurrency exchange FTX has reached a tentative settlement with the Internal Revenue Service (IRS) to resolve a substantial tax dispute, marking a significant step in its bankruptcy proceedings.

The agreement, which awaits court approval, involves FTX settling a $24 billion tax claim by paying $200 million in priority tax claims within 60 days of the plan's approval and an additional $685 million as a subordinated claim.

This settlement covers all tax claims up to October 31, 2022, and is expected to reduce litigation risks and provide clarity for creditor and customer recovery.

😂 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