Hello Crypto Enthusiasts!

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

1. Tether Halts USDT Minting: Tether announced it would discontinue issuing new USDT on the Eos and Algorand blockchains to optimize its resources and focus on more secure networks.

2. Jason Derulo Lied About $JASON?: American singer Jason Derulo allegedly sold thousands of dollars worth of his newly launched JASON tokens despite assuring that he would never sell them. Analytics firm Bubblemaps found that Derulo and his co-creator, Sahil Arora, profited significantly from selling the tokens shortly after promoting them.

3. 📈Technical Analysis Masterclass - Despite a current downturn, there are reasons to remain optimistic about Bitcoin's future. Watch UseTheBitcoin’s latest Youtube video “A Tough Time, But Hope Ahead” and know the latest trends, miner activities, and potential catalysts for a price rebound and join our Official Discord Channel for more alpha!

4. Julian Assange Plea Deal with US: Julian Assange, founder of WikiLeaks, was released from a London prison following a plea deal with U.S. authorities. Assange agreed to plead guilty to one count of conspiracy to obtain and disclose U.S. national defense information, preventing his extradition and resulting in a five-year sentence, with credit for time already served.

5. 💡Feature of the Day - Jump Crypto President Steps Down: Kanav Kariya, president of Jump Crypto, resigned amid reports of a pending Commodity Futures Trading Commission (CFTC) investigation into the firm’s activities. Kariya's departure follows a series of incidents, including the Wormhole bridge hack and allegations of manipulating Terra’s UST.

6. 
   All this and more in today’s headlines!

📰 News Highlights:

Tether Halts USDT Minting [Source]

Tether has announced the discontinuation of new USDT issuance on the Eos and Algorand blockchains as part of a strategic move to optimize its resources and focus on more secure and efficient networks.

This decision, effective June 24, follows Tether's earlier actions to cease USDT minting on Kusama, Bitcoin Cash SLP, and the Omni Layer Protocol.

Tether will continue to redeem USDT on Eos and Algorand for the next 12 months, ensuring minimal disruption for users during the transition.

The company emphasized that the move aligns with their goal to maintain balance within the Tether ecosystem by prioritizing network security and sustainability. Tether currently supports USDT transactions on 17 different blockchains, with Ethereum, Tron, and Solana among the prominent ones.

Eos and Algorand represent a small fraction of the total USDT in circulation, with $75.5 million and $17 million, respectively, out of nearly $113 billion.

Jason Derulo Lied About $JASON? [Source][Source][Source]

American singer Jason Derulo has reportedly sold thousands of dollars worth of his newly launched JASON tokens despite assurances that he would never sell them.

Analytics firm Bubblemaps discovered that Derulo, real name Jason Desrouleaux, offloaded the tokens following his promotion of the Solana-based cryptocurrency. The token, co-created by the controversial figure Sahil Arora, experienced a pump and dump within minutes of Derulo sharing its contract address on social media.

Bubblemaps' investigation found that wallets linked to Arora held half of the JASON token supply, selling off a significant portion and profiting $180,000 shortly after Derulo’s initial post.

They also identified a wallet connected to Derulo that sold about $20,000 worth of tokens, contradicting his public claims. Arora admitted to orchestrating the plan and defended Derulo’s actions, implying that their strategy was transparent to those paying attention.

 📈Technical Analysis Masterclass:

A Tough Time, But Hope Ahead

Bitcoin's price has recently struggled, now sitting around $60,000. Yesterday, it dropped to about $58,000, showing a steep decline and indicating a shaky market.

Understanding the Trends

• Moving Averages: Bitcoin is close to the 200-day exponential moving average (200 EMA), a key support level. Falling below this could see prices drop to $56,000-$57,000.

Impact of Bitcoin Miners

• Increased Selling: Bitcoin miners are selling more due to recent reward cuts, pushing prices down.

Reasons for Optimism

1. Political Support: The upcoming election might boost Bitcoin. For example, former President Donald Trump's support could encourage more investment.

2. Bitcoin ETFs: Approval of Bitcoin Exchange-Traded Funds (ETFs) could attract big investors and drive prices up.

Despite current challenges, there are positive signs for Bitcoin's future. Political support and potential ETF approvals could provide the boost needed for a price recovery. Stay informed and watch for these developments.

Julian Assange Plea Deal with US [Source][Source]

Julian Assange, founder of WikiLeaks, was released from a London prison on Monday following a plea deal with U.S. authorities. Assange agreed to plead guilty to one count of conspiracy to obtain and disclose U.S. national defense information.

This deal prevents his extradition to the U.S. and results in a sentence of five years, of which he has already served three years and three months in London’s Belmarsh Prison since April 2019.

Assange’s legal saga began in 2010 when WikiLeaks published over 700,000 classified U.S. documents, leading to a prolonged battle against extradition to the U.S. after being granted asylum in Ecuador’s London embassy.

WikiLeaks announced Assange's bail, and he has left the U.K. to return to Australia. Assange’s sentencing is scheduled for June 25, where he is expected to receive credit for time already served.

💡 Feature of the Day: 

Jump Crypto President Steps Down [Source][Source][Source]

Kanav Kariya, president of Jump Crypto, has resigned amid reports of a pending Commodity Futures Trading Commission (CFTC) investigation into the firm’s activities.

Kariya announced his departure on June 24, stating he plans to focus on personal relationships and new ventures. His resignation follows a series of incidents and legal challenges faced by Jump Crypto.

The firm’s troubles began in February 2022 when hackers exploited the Wormhole bridge, resulting in a loss of 120,000 wrapped Ethereum tokens (wETH), valued at $321 million.

Jump Crypto covered the damages but continued to face challenges, including a lawsuit alleging manipulation of Terra’s UST and substantial exposure to the FTX collapse. These incidents have sparked regulatory scrutiny and investor concerns.

😂 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