Good Morning Crypto Enthusiasts!

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

1. Drake Lost $500,000 NBA Finals Bitcoin Betting: Rapper Drake recently lost $500,000 worth of Bitcoin on a bet placed on the Dallas Mavericks during the NBA Finals. Drake, who placed the wager via the betting platform Stake, would have won $1.375 million if the Mavericks had won.

2. Waka Flocka Flame Insider Trading Allegations: Rapper Waka Flocka Flame is facing allegations of insider trading after launching his cryptocurrency FLOCKA. Blockchain investigator ZachXBT and on-chain analytics platform Bubblemaps reported suspicious activity involving a wallet that acquired a large portion of FLOCKA's supply before distributing it to multiple addresses.

3. 📈Technical Analysis Masterclass - Bitcoin's current movements offer both risks and opportunities. Watch UseTheBitcoin’s latest Youtube video “Bitcoin is down again! What Should I do?” to understand key technical indicators and maintain a strategic approach or join our Official Discord Channel for more alpha!

4. Trump MemeCoin DJT Skyrockets: The DJT meme coin on the Solana blockchain saw a massive surge in trading activity and price following unverified rumors of an official link to former U.S. President Donald Trump.

5. Binance Offers Own ZK Token Airdrop: In response to criticism of zkSync's zkSync (ZK) token airdrop for inadequate anti-Sybil measures, Binance announced its own ZK token airdrop. Binance will distribute 10.5 million ZK tokens to over 52,000 users who meet specific criteria, each receiving 200 ZK tokens.

6. 💡Feature of the Day - Tether Gold-Backed US Dollar Stablecoin Alloy: Tether has introduced a new gold-backed stablecoin called Alloy (aUSDT), pegged to the U.S. dollar and overcollateralized by Tether Gold (XAUt). Alloy is designed to offer the stability of the dollar while providing gold exposure.

   
   All this and more in today’s headlines!

📰 News Highlights:

Drake Lost $500,000 NBA Finals Bitcoin Betting [Source][Source]

Famed rapper Drake recently lost $500,000 worth of Bitcoin on a bet placed on the Dallas Mavericks during the NBA Finals. Drake, known for his lavish lifestyle and frequent displays of wealth on Instagram, shared a screenshot on June 6 showing his massive wager via the betting platform Stake.

Had the Mavericks won, Drake would have netted $1.375 million. However, the Boston Celtics clinched the title with a decisive 106-88 victory in game five, resulting in a substantial loss for the rapper.

In addition to his NBA wager, Drake also placed a $500,000 Bitcoin bet on the Edmonton Oilers in the NHL’s Stanley Cup Finals. If successful, this bet could yield $1.025 million. However, the Oilers are trailing 3-1 against the Florida Panthers, making the odds steep for Drake.

Despite these potential losses, Drake, who is an official partner of Stake, appears unfazed given his considerable wealth and success in the music industry.

Waka Flocka Flame Insider Trading Allegations [Source][Source][Source][Source]

American rapper Waka Flocka Flame, whose real name is Juaquin James Malphurs, launched his cryptocurrency FLOCKA on June 17, but the project quickly came under scrutiny for alleged insider trading.

Blockchain investigator ZachXBT and onchain analytical platform Bubblemaps pointed out suspicious activity involving a wallet that acquired roughly 40% of FLOCKA's total supply before dispersing it to multiple addresses soon after the launch.

This raised concerns of market manipulation and deliberate planning. ZachXBT noted the swift distribution of FLOCKA tokens from a newly funded wallet, suggesting premeditated actions to influence the market.

Bubblemaps' CEO Nicolas Vaiman criticized celebrities entering the crypto space without proper knowledge, often leading to dubious practices. He cited Flame's history of promoting questionable crypto projects and undisclosed paid promotions as red flags.

📈Technical Analysis Masterclass:

Bitcoin is down again! What Should I do?

Bitcoin is making significant market movements, attempting to reach the $65,000 to $64,000 range today. This range is crucial due to its historical role as major support and resistance levels, providing valuable insights into future price action.

Market Sentiment and Personal Strategy

• Contrarian Approach: Despite widespread market fear, I am increasingly bullish. I believe the current selling momentum is nearing its end.

• RSI Divergence: On the 4-hour timeframe, prices are trending downward while the Relative Strength Index (RSI) is rising, signaling a potential shift in momentum and suggesting a new upward trend could be imminent.

Technical Indicators and Analysis

• Support and Resistance: The $65,000 to $64,000 range is pivotal due to its historical significance. These levels act as strong psychological barriers, influencing buying and selling behaviors.

• RSI Divergence: The RSI on the 4-hour chart indicates an upward trend despite falling prices. This positive divergence often precedes a trend reversal, hinting at a potential price increase soon.

Investment Strategy

• Accumulation: Given these indicators, I am choosing to buy more Bitcoin while it is still below $70,000. My strategy focuses on long-term accumulation, capitalizing on lower prices and potential future growth.

Bitcoin's attempt to revisit the $65,000 to $64,000 range is a critical point for traders and investors. Always trade at your own risk and base your decisions on comprehensive research and analysis.

Trump MemeCoin DJT Skyrockets [Source][Source][Source]

A month-old meme coin named DJT on the Solana blockchain has seen a massive surge in trading activity and price following unverified rumors that it is an official token linked to former U.S. President Donald Trump.

The rumors, propagated by The Pirate Wires on Twitter, suggested that Trump's 18-year-old son Barron would spearhead the token project. Despite being labeled "fake news," the tweet ignited a frenzy, leading to over $129 million in trades within 24 hours.

Mike Solana, Editor-in-Chief of The Pirate Wires, later clarified that he had not spoken directly with Trump and was merely reporting information from sources. Nonetheless, the DJT token saw its price frequently doubling, reaching as high as $0.37 before stabilizing around $0.015 per token.

Trump's previous declarations of being a "crypto president" and his engagement with the cryptocurrency community have contributed to the coin's allure.

Binance Offers Own ZK Token Airdrop [Source][Source]

Ethereum layer-2 scaling platform zkSync has faced criticism over its zkSync (ZK) token airdrop, with some users accusing the platform of inadequate measures to prevent Sybil attacks.

In response to community concerns, zkSync explained in a detailed FAQ that it employed advanced anti-Sybil techniques, but some Sybil wallets inevitably slipped through.

Amid these issues, Binance announced its own ZK token airdrop to address the community's dissatisfaction. Binance's airdrop will distribute 10.5 million ZK tokens to over 52,000 users who met specific criteria. Each eligible user will receive 200 ZK tokens, and trading for the ZK token will begin on June 17, paired with Bitcoin, Tether, and First Digital USD.

💡 Feature of the Day: 

Tether Gold-Backed US Dollar Stablecoin Alloy [Source][Source][Source][Source]

Tether has unveiled a new gold-backed stablecoin called Alloy (aUSDT), pegged to the U.S. dollar, marking the issuer's first tethered asset. Alloy is designed to offer the stability and functionality of the dollar while being overcollateralized by Tether Gold (XAUt), which represents ownership of physical gold.

This innovative synthetic dollar can be minted on the new Alloy by Tether platform, allowing users to retain gold exposure while using a dollar-referenced asset for transactions.

Alloy provides long-term holders the opportunity to benefit from the stability of gold while facilitating everyday payments and economic activities. Tether's CEO, Paolo Ardoino, highlighted that Alloy by Tether is part of a broader initiative to launch a real-world asset tokenization platform later this year.

This platform aims to introduce various tethered assets, including yield-bearing products, to enhance financial inclusion and innovation. To encourage adoption, Tether is offering USDT holders a bonus at a 2:1 ratio, with 10 million aUSDT set aside for this purpose.

😂 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