Good Morning Crypto Enthusiasts!

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

1. MonoSwap Hacked: MonoSwap, a decentralized exchange and staking platform, suffered a hack on July 24, 2024, due to a phishing attack on one of its developers.

2.  📈Technical Analysis Masterclass - While the bears appear to be in control for now, vigilant observation and strategic planning can position you to capitalize on future opportunities. Watch UseTheBitcoin’s latest Youtube video “Overview of Toncoin's Current Situation (TON)” and see if its viable for you to trade now or join our Official Telegram Channel for more alpha!

3. Thailand Digital Money Give Away: Thailand will distribute 10,000 baht (approximately $280) in digital money to 45 million eligible citizens starting August 1, 2024.

4. Solana ETFs Soon?: Franklin Templeton is exploring the launch of a Solana-based exchange-traded fund (ETF), building on the success of its spot Bitcoin and Ethereum ETFs.

5. 💡Feature of the Day - Fold to Go Public: Fold, a Bitcoin-based cashback app, plans to go public on the Nasdaq through a special purpose acquisition company (SPAC) deal with FTAC Emerald Acquisition, valuing Fold at $365 million.

   
   All this and more in today’s headlines!

📰 News Highlights:

MonoSwap Hacked [Source]

On July 24, 2024, MonoSwap, a decentralized exchange and staking platform, announced it had suffered a malicious hack, urging users to withdraw their funds immediately and avoid adding new deposits.

The hack occurred after one of MonoSwap's developers accidentally installed a phishing application, leading to scammers gaining access to the platform's wallets and contracts. This allowed the hackers to withdraw most of the staked liquidity, significantly impacting the platform's operations.

In a bid to mitigate further losses, MonoSwap warned users against interacting with a malicious link identified in a social media post and advised immediate fund withdrawal.

 📈Technical Analysis Masterclass:

Overview of Toncoin's Current Situation (TON)

As of today, July 25, the landscape appears rather gloomy across multiple asset classes, including the stock, forex, and crypto markets. However, seasoned investors understand that these downturns are often necessary corrections rather than indicators of long-term trouble.

Understanding the Current Market Trends

• Toncoin's Shift: Toncoin, a prominent player in the cryptocurrency space, is experiencing a notable shift.

• Descending Triangle: The daily chart reveals a descending triangle pattern, a bearish signal in technical analysis.

• Breakout: Toncoin has broken out of this pattern, typically signifying a bearish trend continuation and indicating that sellers are currently in control.

Technical Indicators and Support Levels

• Below 100-day MA: Toncoin is trading below the critical 100-day Moving Average (100MA), which traditionally acts as a robust support level.

• Overwhelming Selling Pressure: The current selling pressure suggests a decidedly bearish market sentiment in the short term.

• Next Support Levels: Investors are eyeing the next support levels around the 6.35 mark, which may serve as pivotal points for potential stabilization.

Practical Trading Advice

• Exercise Caution: Traders should exercise caution, as volatility can provide opportunities for significant gains but also carries substantial risks.

• Risk Management: Only trade with funds you can afford to lose, particularly during periods of heightened market uncertainty and downtrends.

Thailand Digital Money Give Away [Source][Source]

Thailand's finance minister, Pichai Chunhavajira, confirmed that the government will distribute 10,000 baht (approximately $280) in digital money to 45 million eligible citizens starting August 1, 2024.

This initiative, aimed at stimulating the economy, was a campaign promise by the Pheu Thai party, which won the last general election. The program will cost $13.8 billion and targets Thais aged 16 or older with incomes under $23,000 and savings below $13,700.

The digital wallet plan is designed to boost domestic spending, addressing the country's sluggish economic growth, which has been below 2% annually for the past decade.

The government will distribute the funds via a digital wallet app, available on major app stores, with provisions for those without smartphones to register and use the benefit in person.

Strict Know Your Customer (KYC) verification will ensure that the funds are used appropriately, excluding prisoners and entities with records of economic abuse.

Solana ETFs Soon? [Source][Source][Source]

Building on the success of its spot Bitcoin and Ethereum ETFs, Franklin Templeton is exploring the launch of a Solana-based exchange-traded fund (ETF). The firm, which recently introduced its Franklin Ethereum ETF (EZET) on the Chicago Board Options Exchange’s BZX exchange, has highlighted Solana’s growing adoption and technological maturity as key factors in considering this new product.

Franklin Templeton's interest in a Solana ETF reflects the broader trend of diversification in cryptocurrency investment products.

The firm’s head of global ETFs, Patrick O’Connor, expressed optimism about the potential of Solana, noting its high-throughput capabilities and the ongoing interest from major investors and firms.

VanEck and 21Shares have also filed for Solana ETFs, with decisions expected from the U.S. Securities and Exchange Commission (SEC) by mid-March 2025.

💡 Feature of the Day: 

Fold to Go Public [Source][Source][Source]

Fold, a Bitcoin-based cashback app, announced plans to become a publicly traded company on the Nasdaq through a special purpose acquisition company (SPAC) deal with FTAC Emerald Acquisition, valuing Fold at $365 million.

The transaction, expected to close by the end of 2024, will see Fold launch on the Nasdaq, significantly boosting its public profile and market reach.

Fold allows users to earn Bitcoin rewards for everyday purchases, offering a unique value proposition in the competitive fintech market.

Since its inception in 2019, the app has processed over $2 billion in transaction volume and distributed more than $45 million in Bitcoin rewards.

The SPAC deal will provide Fold with the necessary capital to accelerate growth and expand its operations, with existing shareholders expected to retain a significant stake post-merger.

😂 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