Good Afternoon!

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

1. Poll Finds Trump More Popular Than Biden Among Cryptocurrency Holders: In a recent Paradigm poll it’s been found that Trump now leads Biden among U.S. crypto policy voters, with an an overwhelming 48% in support of Trump with just 39% backing Biden. How does this effect the future of the crypto market? Read more to find out.

2. DOGE Rises as Elon Musk Signals Potential Tesla Adoption: Elon Musk, Tesla's CEO, suggested that Tesla might accept Dogecoin as payment for cars. Elon kicked off the last bull run, will he do it again?

3. When Will ADA's Price Match The Blockchain’s True Potential?: The Cardano blockchain has recently seen a massive surge in active wallets. Despite this, the price of ADA has been struggling to keep up with the recent bullish trend in the crypto market. Is this the end of ADA?

4. Chainlink's Revenue Hits New Heights, Reflecting Massive Adoption: Chainlink's revenue has surged by 180% in just two months, This growth shows that more people are using it to add real world value to the Web3 ecosystem than ever before but will this trend continue?

5. 💡Feature of the Day - Investment Banking Giant Benchmark’ Rates Bitcoin Mining Company Bitdeer as a 'Buy' with an impressive $13 Price Target: Bitdeer, a Bitcoin mining company, is praised for being cost-effective by Benchmark. They gave it a "buy" rating and a target price of $13. Despite a drop in share prices recently, Bitdeer is still seen as a major player in the industry. They've also tested a new Bitcoin mining chip successfully.

6. 🫨 What’s Buzzing? - There are more Crypto scams today than ever before. That’s why it’s the perfect time to protect your crypto. Stay up to date with technology and check out UseTheBitcoin.com’s review of the Top 5 Crypto Hardware Wallets in 2024.

All this and more in today’s headlines!

📰 News Highlights:

📈Trump Tops Biden Among Cryptocurrency Holders, Survey Finds [Source]

A recent poll conducted by crypto investment firm Paradigm reveals that among U.S. voters who own cryptocurrencies, the former President Donald Trump is currently the preferred candidate, with 48% of crypto holders expressing their intention to vote for him, compared to 39% favoring President Joe Biden. 

Despite the election being eight months away, Trump and Biden are already seen as the expected nominees of their respective parties, with other polling suggesting a close race between the two candidates.

Interestingly, when asked which political party they trust to address crypto-related issues, nearly half of the voters polled (49%) chose "neither." According to Paradigm's Justin Slaughter and Dominique Little, many voters are seeking leaders who can offer clear direction on crypto policy. Moreover, the poll found that over 10% of respondents either already own or plan to buy a bitcoin exchange-traded fund (ETF), indicating growing interest beyond institutional investors following the recent approval of bitcoin spot ETFs by the Securities and Exchange Commission. 

🐶DOGE Rises as Elon Musk Signals Potential Tesla Adoption [Source]

Elon Musk, the CEO of Tesla Inc., has been a supporter of Dogecoin (DOGE) since 2019. When he first expressed his interest for the cryptocurrency on social media. 

Despite loosing credibility with investors (think SNL fiasco) Elon’s comments still can have a significant impact on DOGE's price.

Musk's latest comments on DOGE were made during a visit to Tesla's gigafactory in Berlin, where he indicated openness to accepting DOGE as payment for Tesla vehicles, citing its popularity among regular users. However, he also noted concerns about the environmental impact of DOGE, similar to those that led Tesla to halt Bitcoin payments. 

This consideration is important because DOGE, like Bitcoin, uses a proof-of-work consensus mechanism, which consumes a considerable amount of electricity. This could potentially limit DOGE's utility for large-scale transactions, such as buying a Tesla car. 

Despite these challenges, Musk's comments had an immediate impact on DOGE's price, causing it to surge by over 15%. This reaction indicates a bullish sentiment towards DOGE, with some speculating that if Tesla were to adopt DOGE on a large scale, achieving a $1 price target could be possible.

Does this recent meme coin mania indicate the beginning of a “bull run” or is this a clear sign that are we approaching a local top?

🚀Can ADA's Price Match Cardano Blockchain's Record Achievement? [Source]

Cardano's blockchain achieves a record high in active wallets, yet ADA's price struggles to keep pace.

Over the past month, Cardano's blockchain has witnessed a surge in user engagement, with active wallets reaching more than 600,000, marking a 40% increase and doubling the previous low over the past 30 days, as reported by Danogo, a decentralized exchange (DEX) on Cardano.

This rise in active wallets aligns with a growing decentralized finance (DeFi) ecosystem on Cardano, which now stands at around $500 million, according to DefiLlama data. Additionally, the total value locked (TVL) across DeFi protocols on the network has steadily increased, especially in DEXs and lending platforms, which have seen double-digit gains in the past thirty days.

With all this growth will ADA’s price follow suit?

Despite positive metrics and ongoing developments within Cardano, ADA has struggled to match the overall bullish sentiment in the crypto market. ADA is currently trading at $0.74, marking a roughly 35% increase over the past 30 days according to CoinGecko. However, its performance in the last two weeks has been subdued compared to other leading altcoins.

Similarly, other major alts from previous cycles like Ripple (XRP) have also remained stagnant, being clearly hesitant to join the bullish momentum seen in other altcoins. Nonetheless, some analysts speculate that a new bull run for these major alts could soon materialize after the Bitcoin halving.

💡Chainlink's CCIP Revenue Hits New Heights, Reflecting Massive Adoption [Source]

Chainlink's Cross Chain Interoperability Protocol (CCIP) has experienced a remarkable surge in revenue, jumping by an impressive 180% over the past two months. This surge in revenue is indicative of a notable uptick in the adoption of the platform, which facilitates seamless communication and interaction between different blockchains.

CCIP serves as a critical protocol that enables smart contracts to securely access data from external systems, thereby facilitating trustless data connectivity between different blockchains and off-chain systems through a decentralized oracle network.

Since its launch in July 2023, the total cumulative revenue generated by CCIP has now reached $377,724. The significant growth in revenue is primarily driven by a substantial increase in fee revenue, which soared from approximately $61,000 in January to over $171,000 in just the first two weeks of March.

In addition to revenue from CCIP, Chainlink also derives revenue from network node operators, staking, and enterprise products. Notably, the majority of Chainlink's total revenue, amounting to $373 million, comes from oracle feeds. With CCIP adding yet another revenue source, Chainlink’s dominance in the marketplace and ability to add even more functionality to the blockchain is becoming a clear trend this cycle.

Despite achieving its highest price levels in over two years $LINK has since experienced a slight decline, dropping below $20 at the time of writing.

💡 Feature of the Day: 

🔒Benchmark Rates Bitdeer as 'Buy' with $13 Price Target, Cites Cost Efficiency [Source] [Source]

Analyst Mark Palmer of Benchmark is giving Bitdeer, a "buy" rating and setting a shocking price target of $13.

The Singapore-based Bitcoin Mining Company, a spin-off from Chinese parent company Bitmain, has garnered attention with it’s low average power cost of around $0.04 per kilowatt hour.

Because of this cheap electricity Bitdeer is one of the most cost-effective Bitcoin miners among publicly traded mining firms, making it much more likely to survive the post-Bitcoin halving than it’s competitors, as noted by Analyst Mark Palmer, of investment banking firm Benchmark.

Despite a recent decline in share prices, Bitdeer remains one of the largest crypto miners by market capitalization.

To learn more about how crypto miners are effect by Bitcoin’s halving cycle check out this article from UseTheBitcoin.com

Today’s Sponsor:

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🫨 What’s Buzzing? / 📜 Your Daily Thread:

🔍 Here are Top 5 Crypto Hardware Wallets In 2024.

1. Ledger Stax - At the Ledger Op3n Conference in Paris, Ledger announced their brand new hardware storage device called the Ledger Stax. Seeking to make crypto management more seamless, Ledger approached and partnered with the legendary designer of the iconic Apple iPod, Tony Fadell, to create a next-generation hardware wallet that is both secure and user-friendly for everyday use. 

2. Trezor - (Editors Choice ✅) Trezor hardware wallets are renowned for their user-friendly design and top-notch security. These devices function as secure storage solutions for your cryptocurrencies, akin to a physical vault for your digital assets. A great balance of security and affordability.

3. Tangem Ring - Tangem debuted its first 100 prototypes of its ring-shaped wallet at the 2023 Cardano Summit, generously giving them to the attendees for valuable feedback in shaping the final product. 

4. Arculus - Arculus is a crypto storage solution designed to keep your digital assets secure. It combines a physical component, the Arculus Key Card, with a mobile app to provide a unique blend of security and convenience. 

5. Safepal - SafePal is a company offering a suite of products and services related to cryptocurrency management. They launched in 2018 and have gained over 10 million users worldwide. Their core product is a non-custodial crypto wallet suite. This means that users hold the private keys to their own cryptocurrency, giving them complete control over their assets.

Read everything in UseTheBitcoin’s latest article talking about the Top 5 Crypto Hardware Wallets in 2024.

😂 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