Good Morning Crypto Enthusiasts!

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

1. Vitalik Buterin Slams Celebrity Memecoins: Ethereum co-founder Vitalik Buterin criticized the rise of celebrity memecoins, arguing that they often lack substance and long-term value.

2. Coinbase No Gas Smart Wallet: Coinbase announced the launch of a new smart wallet with no gas fees and simplified onboarding. The wallet supports self-custody, integrates with major apps, and uses device-based passkeys like Face ID for security.

3. CoinGecko Potentially Affected By Airdrop Scams: Tether CEO Paolo Ardoino warned about potential airdrop scam emails following a data breach involving a prominent email list management provider used by several crypto firms. CoinGecko confirmed it might be affected, advising users to be cautious of phishing emails.

4. 📈Technical Analysis Masterclass - There’s been a turbulence in the market as the big boss of all cryptoocurrencies Bitcoin shows potential upside. Watch UseTheBitcoin’s latest Youtube video “Bitcoin’s Price Prediction” to learn what our expert has to say or join our Discord channel for more alpha!

5. $9B BSV Case Starts Hearing: The UK's Competition Appeal Tribunal began hearings on a case involving six cryptocurrency exchanges that delisted Bitcoin SV (BSV) in 2019, resulting in $9 billion in missed opportunities for BSV holders.

6. 💡Feature of the Day - Paxos' Regulated Interest-Paying Stablecoin: Paxos International is launching an interest-bearing stablecoin, the Lift Dollar (USDL), regulated by the Abu Dhabi Global Market (ADGM). USDL will offer overnight yields on reserves consisting of U.S. government securities and cash equivalents.

   
   All this and more in today’s headlines!

📰 News Highlights:

Vitalik Buterin Slams Celebrity Memecoins [Source][Source]

Ethereum co-founder Vitalik Buterin has expressed dissatisfaction with the recent surge in celebrity memecoins, highlighting that such projects often lack substance and long-term value. In a June 5 post on X, Buterin responded to discussions about Iggy Azalea's Mother Iggy (MOTHER) token, which some believe could lead the trend towards sustainable value creation.

Buterin emphasized that financialization should only be justified if it serves a broader societal purpose, such as supporting healthcare, open-source software, or the arts.

Buterin contrasted the current wave of celebrity tokens with Ashton Kutcher and Mila Kunis' Stoner Cats project, which funded an actual show. He argued that celebrity tokens should have a clear public benefit beyond enriching the celebrity and early investors.

He also mentioned the importance of longevity, stating that he values projects that last over 10 years rather than those that gain temporary popularity and then fade away.

Coinbase No Gas Smart Wallet [Source][Source]

Coinbase is set to enhance user experience with the launch of its new smart wallet, which promises no gas fees and simplified onboarding. The smart wallet allows users to create a wallet and access blockchain services without downloading a new app or dealing with recovery phrases.

Some of the key benefits include:

• Effortless onboarding: Create a new wallet and onboard in seconds without leaving the app you want to use, and without the hassle of recovery phrases, apps, or extensions. Use Face ID, your Google Chrome profile, fingerprint, or Yubikey to get started instantly.

• Easy to pay onchain: Pay with either your self-custodial wallet balance or your Coinbase account balances, and say goodbye to “insufficient balance” errors.

• Cross-app portability: Take your wallet, identity, and balances with you to thousands of popular onchain apps.

• Go gasless: Developers can choose to offer gasless experiences and sponsor transactions for their customers via paymaster integrations. 

The wallet will initially support multiple networks, including Ethereum, Polygon, and Avalanche, among others. A companion web app will serve as the primary platform, offering asset management, NFT transactions, and a comprehensive transaction history.

CoinGecko Potentially Affected By Airdrop Scams [Source][Source]

Tether CEO Paolo Ardoino has issued a warning about a potential new wave of crypto airdrop scam emails following a data breach involving a prominent email list management provider used by several crypto firms.

In a June 5 post on X, Ardoino urged users to exercise caution with any airdrop-related emails received recently. CoinGecko, a major cryptocurrency tracking site, confirmed it might be affected by the breach.

Co-founder Bobby Ong advised users to be wary of phishing emails promising new token launches, emphasizing that CoinGecko has no plans for a new token. This warning is crucial as phishing emails could lead to significant security risks for individuals receiving these compromised emails.

📈Technical Analysis Masterclass:

Bitcoin’s Price Prediction

A significant movement in Bitcoin's price is anticipated soon. While such forecasts are speculative, current market conditions suggest Bitcoin may reach its previous all-time high.

• Current Situation:

  • Bitcoin needs a 3-4% increase to surpass its previous peak.

  • Given Bitcoin's volatility, such a move is plausible as it often shifts by 7-8% within a day or week.

• Technical Indicators:

  • Unlike when Bitcoin last hit its all-time high and was oversold, it currently has ample room for growth.

  • This indicates potential not only to reach but also to significantly surpass the all-time high.

• Future Projections:

  • After breaking the all-time high, Bitcoin could potentially reach up to $100,000.

  • More immediate resistance levels are at $73,000, $75,000, $80,000, and $85,000.

• Investment Caution:

  • Investors should trade cautiously and only invest funds they are prepared to lose.

  • This reminder emphasizes the volatile and unpredictable nature of cryptocurrency investments.

Bitcoin's current market conditions and technical indicators suggest a potential for significant price movement. Stay informed and approach trading with caution by watching UseTheBitcoin’s latest Youtube video “Bitcoin’s Price Prediction”.

$9B BSV Case Starts Hearing [Source][Source]

The UK's Competition Appeal Tribunal has begun hearings on a significant case involving six cryptocurrency exchanges that delisted Bitcoin SV (BSV) in 2019. Plaintiffs claim that these delistings resulted in $9 billion in missed opportunities for BSV holders. The defendants include major exchanges such as Binance Europe Services, Kraken, and ShapeShift, each represented by extensive legal teams.

The delistings were controversial, with some exchanges citing the token's behavior as contrary to their standards. For example, Kraken described BSV's actions as "completely antithetical" to its values, even conducting a poll that labeled BSV as "toxic."

The plaintiffs argue that those who held BSV post-delistings missed out on substantial growth opportunities and seek compensation for these losses.

💡 Feature of the Day: 

Paxos' Regulated Interest-Paying Stablecoin [Source][Source]

Paxos International is set to launch an interest-bearing stablecoin, the Lift Dollar (USDL), regulated by the Abu Dhabi Global Market (ADGM).

Unlike typical stablecoins, USDL will offer overnight yields on the reserves backing it, which consist of liquid U.S. government securities and cash equivalents. This stablecoin represents a significant innovation in the crypto space by providing regulated, interest-bearing options to investors.

The USDL will not be available in several major markets, including the United States and the European Union, but will be accessible in Argentina through various distributors.

😂 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