Good Morning Crypto Enthusiasts!

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

1. ‘Crypto Advocates for Harris’: A new organization, ‘Crypto Advocates for Harris,’ has formed to support Kamala Harris, the Democratic nominee for the 2024 U.S. presidential election.

2. Ronin ‘White Hat’ Attacker Returns $10M: The Ronin network saw a surprising event when a Maximum Extractable Value (MEV) bot returned nearly $10 million in Ether after an accidental exploit.

3. 📈Technical Analysis Masterclass - It’s been a rough week start for Bitcoin and the stock market. Let’s explore Bitcoin's potential future movements and the broader market outlook in UseTheBitcoin’s latest Youtube video “Believing in a Fast Bitcoin Rebound? You Are Wrong!” or join our Official Telegram Channel for more alpha!

4. Saylor On BTC Strategic Reserve: Michael Saylor, co-founder of MicroStrategy, endorsed Senator Cynthia Lummis’ BITCOIN Act, which proposes that the U.S. Treasury acquire 1 million BTC. Saylor argued that Bitcoin represents a valuable opportunity similar to the 1803 land acquisition.

5. Convergence Congratulates Hacker: Convergence Finance reached out to the attacker who exploited their protocol for $212,000, congratulating them and attempting to negotiate for the return of the funds.

6. 💡Feature of the Day - Transak As First US Crypto On-Ramp: Transak, a Web3 payments infrastructure provider, has become the first fiat-to-crypto on-ramp to offer wire transfers in the United States.

   
   All this and more in today’s headlines!

   

   Trade crypto directly with your bank account!

📰 News Highlights:

‘Crypto Advocates for Harris’ [Source][Source][Source][Source]

A new organization called ‘Crypto Advocates for Harris’ has emerged, rallying support for Kamala Harris, the Democratic nominee for the 2024 U.S. presidential election. Announced on the same day Harris named Minnesota Governor Tim Walz as her running mate, the group includes industry leaders, policy experts, and everyday crypto enthusiasts.

They are advocating for Harris to adopt a clear and forward-thinking policy on digital assets. The group plans to hold a virtual town hall featuring lawmakers, policymakers, and industry figures, including Mark Cuban, who has been critical of the Republican Party under Donald Trump and supportive of Harris’s potential crypto-friendly stance.

Cuban, a prominent Democratic donor, indicated a preference for Joe Biden before the President announced he would not seek reelection. Following Biden’s withdrawal, Cuban expressed optimism about Harris's openness to business, artificial intelligence, and cryptocurrency.

He has previously criticized SEC Chair Gary Gensler's enforcement actions against crypto firms, suggesting that these policies could impact the election. Harris, however, has yet to publicly address her stance on digital assets.

Ronin ‘White Hat’ Attacker Returns $10M [Source][Source][Source][Source]

The Ronin network experienced a surprising turn of events when a Maximum Extractable Value (MEV) bot returned nearly $10 million in Ether after an accidental exploit. The MEV bot had initially drained 3,996 ETH from the Ronin bridge on August 6 but returned 3,991 ETH shortly after.

The Ronin team announced the return on social media and rewarded the bot’s owner with $500,000 for discovering the exploit, emphasizing that the bridge would remain closed until the vulnerability is patched and audited.

MEV bots are designed to copy transactions and execute them first by paying higher gas fees if profitable. Occasionally, these bots accidentally exploit protocols, as was the case with Ronin.

The incident mirrors a similar occurrence in July when an MEV bot drained $8 million from Rho Markets but eventually returned the funds.

Ronin, which was previously exploited for over $600 million in March 2022, continues to face security challenges despite being home to the popular Web3 game Axie Infinity.

📈Technical Analysis Masterclass:

Believing in a Fast Bitcoin Rebound? You Are Wrong!

Unrealistic Expectations for a Quick Rebound

• V-Shaped Recovery Unlikely: A rapid increase following a steep decline is rare and usually requires a significant catalyst or exceptionally positive news.

• Sideways Movement Expected: Bitcoin is likely to consolidate, fluctuating within a range for several days, building momentum before any substantial upward movement.

Chart Analysis

• Consolidation Phase: Sharp V-shaped recoveries are uncommon; Bitcoin typically undergoes a consolidation phase after a steep decline, gathering strength for its next move.

Strategic Approach

• Accumulate During Consolidation: Remain in cash and accumulate Bitcoin during the sideways movement. This phase is an excellent opportunity to acquire more Bitcoin before the next significant upward move.

Consolidation Opportunity: The current consolidation phase presents a strategic opportunity to accumulate Bitcoin. Subscribe to usethebitcoin.com for further insights and updates.

Saylor BTC Strategic Reserve [Source][Source]

Michael Saylor, co-founder of MicroStrategy, likened the potential U.S. acquisition of a Bitcoin strategic reserve to the historic Louisiana Purchase.

Speaking on CNBC, Saylor endorsed Wyoming Senator Cynthia Lummis’ BITCOIN Act, which proposes that the U.S. Treasury gradually acquire 1 million BTC, or about 5% of the total supply.

MicroStrategy, known for its substantial Bitcoin holdings valued at approximately $8 billion, has been a vocal advocate for institutional Bitcoin investment. Saylor previously predicted that Bitcoin could reach $13 million per coin by 2045 and has urged investors to adopt a bullish stance on the cryptocurrency.

Convergence Congratulates Hacker [Source][Source][Source]

In an unusual move, Convergence Finance reached out to the attacker who exploited their protocol for $212,000, congratulating them and attempting to open negotiations for the return of the funds.

The Convergence team sent a message to the Ethereum network on August 6, expressing their belief that the attacker acted as a "white hat" and inviting them to discuss the bug they exploited.

They provided contact details and a wallet address for the return of 65.8 ETH taken through TornadoCash.

The attack on August 1 involved exploiting a vulnerability in the CvxRewardDistributor to mint 58 million CVG tokens, which were then sold, causing the token's price to plummet.

💡 Feature of the Day:

Transak As First US Crypto On-Ramp [Source][Source]

Transak, a Web3 payments infrastructure provider, has made a significant leap by becoming the first fiat-to-crypto on-ramp to offer wire transfers in the United States.

This new feature allows crypto users to top up their digital asset accounts via wire transfers, providing a familiar and secure payment method that could drive mainstream adoption of cryptocurrencies. Transak's CEO, Sami Start, emphasized that wire transfers are trusted and commonly used, making them an ideal addition to the platform’s payment options.

The introduction of wire transfers is seen as a crucial step in bridging traditional finance with digital assets, potentially tripling the current 560 million crypto users by 2026.

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And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com