Good Morning Crypto Enthusiasts!

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

1. U.S. Treasury’s Proposal for Crypto: Deputy Treasury Secretary Adewale Adeyemo proposed three reforms to strengthen the US Treasury Department's efforts against illicit finance and terrorism financing facilitated by cryptocurrencies.

2. Arkham's Token Rumors: Blockchain analytics firm Arkham faced controversy after accusing unnamed competitors of spreading false rumors about its native ARKM tokens' movements.

3. Circle's Expansion on zkSync: Circle expanded the accessibility of its USD Coin (USDC) by integrating it with Ethereum's zero-knowledge layer-2 solution, zkSync.

4. Paradigm Backs a New "Solana Killer" L1: Crypto venture capital firm Paradigm led a $225 million funding round into Monad Labs, a new layer-1 blockchain network aiming to challenge established players like Solana. Monad Labs aims to offer a high-performance smart contract platform with faster speeds and lower costs than Ethereum, targeting scalability and high gas fees.

5. 💡Feature of the Day - Zeta Markets' Token Launch and Airdrop: Zeta Markets, a Solana-based decentralized exchange, announced plans for its token launch and airdrop of its governance token, Z. The token distribution includes allocations for active traders, strategic community members, and token stakers.

6. 🫨 What’s Buzzing? - Are you into cryptocurrencies? You might wanna take a look at UseTheBitcoin’s latest article “Top 3 Cryptocurrencies That Could Reach To Over $1 In 2024” to know what cryptocurrencies could potentially reach over $1 this year!

   
   All this and more in today’s headlines!

📰 News Highlights:

🔒 U.S. Treasury’s Proposal for Crypto [Source][Source]

Deputy Treasury Secretary Adewale Adeyemo's recent testimony before the Senate Banking Committee shed light on the Treasury Department's ongoing efforts to combat illicit finance and terrorism financing facilitated by cryptocurrencies.

The proposed reforms include the introduction of secondary sanctions targeting foreign digital asset providers engaged in illicit finance, expanding the powers of existing authorities to reach the digital asset ecosystem, and addressing jurisdictional risks associated with offshore cryptocurrency platforms. Adeyemo emphasized the need for congressional action to provide the necessary tools to counter these emerging threats effectively.

While highlighting the use of crypto by terrorist groups and rogue states like North Korea, Adeyemo acknowledged that traditional financial products remain the preferred choice for illicit actors. However, he warned that without adequate enforcement powers, the use of virtual assets by such actors is likely to escalate, posing significant risks to national security.

📉 Arkham's Token Rumors [Source][Source]

Arkham, a blockchain analytics firm, found itself embroiled in controversy after allegations surfaced regarding the movement of its native ARKM tokens. Accusations from competitors alleging suspicious token transfers prompted Arkham to refute these claims, accusing rival firms of spreading false rumors to create fear, uncertainty, and doubt (FUD) in the market.

While Arkham did not name the dissenting competitors, recent reports suggested that fellow blockchain analytics firm Nansen had raised concerns about ARKM token movements. Nansen's post highlighted significant token transfers to undisclosed wallets and cryptocurrency exchanges, raising questions about Arkham's transparency and token management practices.

Arkham swiftly responded, clarifying that the token movements were in line with its published tokenomics and protocol proposals. The firm attributed the transfers to unlocked tokens and ecosystem fund allocations, reassuring investors of its commitment to transparency and adherence to token lock-up schedules.

⚙️ Circle's Expansion on zkSync [Source][Source]

Circle, a leading stablecoin issuer, announced the expansion of its USD Coin (USDC) to Ethereum's zero-knowledge layer-2 solution, zkSync. The move comes in response to growing demand for stablecoins that support the burgeoning DeFi ecosystem built on zkSync, offering users faster and more cost-effective transactions.

With the addition of zkSync support, USDC now extends its reach to 16 blockchains, including Ethereum, Solana, Base, and Arbitrum, among others. The integration leverages zero-knowledge proofs and rollups to process transactions at record speed and low cost, addressing scalability challenges associated with Ethereum's main layer.

By expanding USDC's utility across multiple blockchains, Circle aims to foster broader adoption of stablecoins and facilitate seamless interoperability within the crypto ecosystem.

💰 Paradigm Backs a New "Solana Killer" L1 [Source][Source]

Crypto VC firm Paradigm has led a $225 million funding round into Monad Labs, a new layer-1 blockchain network poised to compete with Solana and other top networks.

Monad Labs' focus on execution and performance-driven solutions reflects a broader trend towards innovation in blockchain scalability and interoperability.

The new layer-1 network promises up to 10,000 transactions per second (TPS) and aims to provide a viable alternative to existing blockchain networks, particularly for decentralized finance (DeFi) applications.

💡 Feature of the Day: 

🔄 Zeta Markets' Token Launch and Airdrop [Source]

Zeta Markets, a Solana-based decentralized exchange (DEX) specializing in crypto perpetuals trading, is set to launch its governance token, Z, along with a massive airdrop of 100 million tokens.

The Z token will have a total supply of 1 billion, with 10% allocated for the airdrop to active traders, community members, and strategic partners. Additionally, Zeta Markets plans to pioneer the vote escrow model on Solana, incentivizing token holders to lock up their tokens for voting power and rewards.

Following the token launch, Zeta Markets plans to release a Solana layer-2 rollup, leveraging Solana's scalability and performance capabilities to enhance transaction speed and reduce costs.

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🫨 What’s Buzzing?:

🚀 Top 3 Cryptocurrencies That Could Reach Over $1 in 2024 🚀

XRP:

• XRP has faced regulatory challenges with the SEC lawsuit against Ripple Labs.

• Technical analysis suggests a potential pump, with a target of $1.30 per XRP if it reaches the 0.786 Fibonacci retracement level.

Coin98 (C98):

• Coin98 is a DeFi platform aiming to enhance accessibility to DeFi services.

• After two years of accumulation, C98 recently regained a key support level, indicating potential for a significant price increase.

• Initial take profit target is $1.15.

Dogecoin (DOGE):

• DOGE's price has been influenced by Elon Musk's tweets and speculation about its use in payments.

• Technical analysis suggests a breakout above $0.205 followed by a positive statement from Musk could trigger a buying frenzy, potentially pushing DOGE to $1.

These cryptocurrencies have potential to exceed $1 in 2024, but the outcome depends on various factors including regulatory developments and market sentiment. Learn all about it from UseTheBitcoin’s latest article “Top 3 Cryptocurrencies That Could Reach To Over $1 In 2024.”

😂 Crypto Meme of the Day: 

And that’s it for this today.

See you all for tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.comToday's Top Crypto Headlines: