Good Morning Crypto Enthusiasts!

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

1. MATIC May Be ‘Brewing’ Reversal: Polygon's native token, MATIC, is showing signs of a potential resurgence, with on-chain activity revealing a spike in active addresses and dormant coins reactivating.

2. Pavel Durov Barred from Leaving France: Telegram CEO Pavel Durov has been indicted by French prosecutors on charges related to his role at Telegram, including complicity in illegal activities and refusal to cooperate with authorities.

3.  📈Technical Analysis Masterclass - DOGS coin is currently displaying an unpredictable pennant flag pattern. Watch UseTheBitcoin’s latest Youtube video “Made a Quick Buck with DOGS Coin | Technical Analysis“ to see a concise breakdown of the analysis or join our Official Telegram Channel for more alpha!

4. SEC Criticized Over OpenSea Notice: The U.S. Securities and Exchange Commission (SEC) issued a Wells notice to NFT marketplace OpenSea, signaling potential enforcement action over alleged unregistered securities.

5. 💡Feature of the Day - Durov’s Phone Hacked Revelation: It has been revealed that Telegram CEO Pavel Durov's phone was hacked in 2017, a year before his meeting with French President Emmanuel Macron. The hack, reportedly conducted by French and UAE spies, targeted Durov's iPhone due to concerns over Telegram's use for recruiting operatives.

   
   All this and more in today’s headlines!

📰 News Highlights:

MATIC May Be ‘Brewing’ Reversal [Source][Source]

Polygon's native token, MATIC, might be poised for a resurgence as on-chain activity for the Ethereum layer-2 network shows signs of revival. On August 28, blockchain analytics platform Santiment reported a "notable spike" in active addresses and dormant coins reactivating on the network.

This spike is reflected in a significant uptick in Polygon addresses interacting with the network, marking the second-highest level of activity this year.

Despite this increase, Polygon remains entrenched in bear market territory. MATIC saw a brief price jump to a two-month high of $0.58 on August 25 but quickly fell back, dropping 24% to a low of $0.437 on August 29.

As the community anticipates the upcoming token migration from MATIC to POL on September 4, announced by Binance, there is cautious optimism about a potential reversal.

Pavel Durov Barred from Leaving France [Source][Source][Source]

Telegram CEO Pavel Durov has been indicted by French prosecutors on multiple criminal charges related to his role at the messaging platform, including complicity in illegal activities and refusal to cooperate with authorities.

Arrested on August 24 at an airport near Paris, Durov was later released on bail of 5 million euros but has been barred from leaving France. A video widely circulated by Russian state media showed Durov walking free from a Paris courthouse on August 28.

The charges against Durov, including money laundering and providing cryptology services without prior declaration, stem from a judicial investigation that began in July.

French authorities allege that Telegram was used to facilitate illicit activities, including the spread of child pornography.

Critics of the arrest argue that it represents an attack on freedom of expression, while French President Emmanuel Macron denied any political motivations behind the detention.

 📈Technical Analysis Masterclass

Made a Quick Buck with DOGS Coin | Technical Analysis

Current Market Behavior

• Breakout & Consolidation: DOGS has broken out of the pennant flag and is now consolidating above its previous resistance levels. This consolidation is a positive sign, allowing DOGS to establish stronger support.

Trading Strategy

• Stop Loss: Consider placing a stop loss around 0.001436 to manage risk.

• Profit Targets:

  • Initial Range: 0.001522 to 0.001531

  • Extended Range: If momentum is strong, aim for 0.001597 to 0.001612.

Risk Considerations

• Meme Coin Volatility: DOGS is a meme coin with no real market utility, making it highly volatile. Market sentiment can change quickly, leading to rapid price dumps.

• Caution Advised: Only invest what you’re willing to lose and always trade with caution.

SEC Criticized Over OpenSea Notice [Source][Source][Source][Source][Source]

The U.S. Securities and Exchange Commission (SEC) has issued a Wells notice to NFT marketplace OpenSea, indicating potential enforcement action over alleged unregistered securities.

This move has drawn sharp criticism from crypto industry leaders and advocacy groups, who argue that the SEC's stance on NFTs as securities is legally flawed and could have far-reaching implications for the digital collectibles market.

OpenSea CEO Devin Finzer expressed his commitment to defending the platform against any charges, even offering up to $5 million to support legal fees for NFT creators and developers facing similar challenges.

The notice marks one of the few instances where the SEC has considered NFTs as securities, raising concerns about the future regulation of the industry.

The broader crypto community has also voiced opposition to the SEC's approach, with leaders like Uniswap Labs' Katherine Minarik arguing that treating NFTs as securities could misclassify many digital assets.

💡 Feature of the Day: 

Durov’s Phone Hacked Revelation [Source][Source]

Recent revelations suggest that Telegram CEO Pavel Durov's phone was hacked in 2017, a year before his meeting with French President Emmanuel Macron, raising questions about the timing and implications of the breach.

The joint operation, reportedly conducted by French and UAE spies, targeted Durov's iPhone due to concerns over Telegram's use for recruiting operatives and planning attacks, according to sources familiar with the matter.

Durov was later detained in France on August 24, 2024, after arriving from Azerbaijan, further complicating the situation.

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😂 Crypto Meme of the Day: 

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com