Good Morning Crypto Enthusiasts!

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

1. Yuga Labs Sells Gaming IPs: Yuga Labs, the creator of Bored Ape Yacht Club (BAYC), sells two gaming IPs—HV-MTL and Legends of the Mara—to Web3 gaming studio Faraway.

2. U.S. Senators’ New Stablecoin Bill: Senators Kirsten Gillibrand and Cynthia Lummis introduce the Lummis-Gillibrand Payment Stablecoin Act to regulate stablecoins, aiming to address stability concerns and prevent illicit use cases.

3. Kraken Unveils Self-Custody Crypto Wallet: Kraken launches its self-custody wallet, providing secure storage solutions for digital assets across eight blockchains. Kraken Wallet prioritizes user autonomy, privacy, and security, offering support for various coins, tokens, NFTs, and DeFi assets.

4. 💡Feature of the Day - Gensler's Resignation 'Troll' Post: SEC Chair Gary Gensler posts a cryptic message hinting at his resignation, sparking speculation and engagement in the crypto community.

5. 📈Technical Analysis Masterclass - Is Bitcoin in trouble? Learn more about it from UseTheBitcoin’s latest Youtube Video “Quick update for Bitcoin (Going to the moon or Doomed?)”

    
   All this and more in today’s headlines!

📰 News Highlights:

🐒 Yuga Labs Sells Gaming IPs [Source][Source]

Yuga Labs, the creative force behind the Bored Ape Yacht Club (BAYC), has made strategic moves to streamline its gaming division, offloading two gaming IPs—HV-MTL and Legends of the Mara—to Web3 gaming studio Faraway.

This transition signifies a concerted effort by Yuga Labs to sharpen its focus on its flagship gaming ventures, particularly the ApeCoin-powered metaverse gaming platform Otherside.

Spencer Tucker, Yuga Labs' Chief Gaming Officer, joins Faraway as its new Chief Product Officer, ensuring a seamless transition and continuity in game development.

📜 U.S. Senators’ New Stablecoin Bill [Source][Source][Source]

In a bid to establish regulatory clarity and safeguards for stablecoin issuers and users, U.S. Senators Kirsten Gillibrand and Cynthia Lummis introduced the Lummis-Gillibrand Payment Stablecoin Act.

The bill prohibits unbacked algorithmic stablecoins and mandates one-to-one reserves for issuers, fostering greater transparency and accountability in the stablecoin ecosystem.

Furthermore, it establishes state and federal regulatory frameworks to oversee stablecoin operations, fostering responsible innovation while safeguarding consumer interests.

💼 Kraken Unveils Self-Custody Crypto Wallet [Source][Source]

Kraken, a leading cryptocurrency exchange, has unveiled its self-custody wallet, joining the ranks of platforms offering secure storage solutions for digital assets.

With a focus on privacy and security, Kraken Wallet prioritizes user autonomy and data protection, leveraging mobile biometrics and password protection to safeguard assets.

The wallet's open-source code and audit by Trail of Bits underscore Kraken's commitment to transparency and robust security measures.

💡 Feature of the Day: 

🎭 Gensler's Resignation 'Troll' Post [Source][Source][Source]

SEC Chair Gary Gensler sparked intrigue and speculation with a cryptic post hinting at his resignation, only to reveal that he's "not done" yet.

The post's viral reception underscored the growing interest in crypto-related regulatory developments and their impact on market dynamics.

While Gensler's tenure at the SEC has been marked by increased scrutiny and enforcement actions in the crypto space, his resignation tease served as a lighthearted moment in an otherwise serious regulatory space.

Today’s Sponsor:

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📈Technical Analysis Masterclass:

🚀 Quick update for Bitcoin (Going to the moon or Doomed?)🌍

Bitcoin and altcoins face significant drop amid escalating conflict in Israel. While, concerns arise over potential further decline in Bitcoin's price due to geopolitical tensions.

Technical Analysis:

• Bitcoin could potentially drop to $56,000 with another 10% decline, as indicated by technical analysis.

Future Outlook:

• Despite challenges, Bitcoin's long-term trajectory remains optimistic, especially post-halving.

• Gradual price increase over time is anticipated, rather than immediate recovery.

Trading Philosophy:

• Patience and endurance are key in trading, emphasizing the importance of withstanding market fluctuations.

To understand it better and learn how to do your own Technical analysis next time, watch UseTheBitcoin’s latest Youtube Video “Quick update for Bitcoin (Going to the moon or Doomed?)” and give us follow for more Bitcoin and crypto insights!

😂 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