Good Morning Crypto Enthusiasts!

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

1. Biden Vetoes SAB 121 Repeal: President Joe Biden vetoed a resolution to overturn SEC’s Staff Accounting Bulletin No. 121, which requires institutions custodying crypto assets to record them as liabilities.

2. Michael Saylor Settles Tax Case for $40M: Michael Saylor and MicroStrategy settled a lawsuit with the District of Columbia for $40 million over alleged income tax evasion. Saylor was accused of evading over $25 million in D.C. income tax, with MicroStrategy allegedly aiding the evasion.

3. 📈Technical Analysis Masterclass - Are you having a hard time identifying potential entry and exit points in yoour trades? Watch UseTheBitcoin’s latest Youtube video “Trading Tutorial: Support and Resistance” to know how to identify these levels accurately or join our official Discord Channel for more alpha and learn crypto trading the right way!

4. Roaring Kitty’s Billionaire Status Soon?: Keith Gill, known as "Roaring Kitty," is close to becoming a billionaire due to the surge in GameStop (GME) stock value. Gill's holdings in GME shares and call options have grown significantly, with the stock seeing a 74% increase in pre-market trading on June 3.

5. 💡Feature of the Day - Google Chrome Plugin Exploit: Binance co-founder Yi He denied a security breach on Binance, attributing a user’s $1 million trading loss to a hack via the Google Chrome extension Aggr, which saves cookie login information.

   
   All this and more in today’s headlines!

📰 News Highlights:

Biden Vetoes SAB 121 Repeal [Source][Source][Source][Source]

United States President Joe Biden has vetoed a resolution aimed at overruling the SEC’s Staff Accounting Bulletin (SAB) No. 121, which requires institutions that custody crypto assets to record these holdings as liabilities. In his veto statement on May 31, Biden emphasized that he would not support measures that risk the well-being of consumers and investors.

The decision has sparked significant criticism from the cryptocurrency community and advocacy groups, such as the Blockchain Association, which expressed disappointment over the administration's choice to overrule bipartisan majorities in Congress.

Biden’s veto follows considerable backlash against SAB 121 from both crypto proponents and lawmakers. The House of Representatives had voted 228 to 182 to repeal the guidelines, with the Senate following suit with a 60 to 38 vote.

Critics argue that the guidelines hinder innovation and impose unnecessary burdens on the cryptocurrency industry.

Digital Chamber chief policy officer Cody Carbone and Ripple CEO Brad Garlinghouse voiced their frustrations, labeling the decision as a setback for financial innovation and freedom.

Michael Saylor Settle Tax Case for $40M [Source][Source]

Michael Saylor, co-founder of MicroStrategy, and his company have reached a $40 million settlement with the District of Columbia to resolve a lawsuit alleging Saylor evaded income taxes for over a decade.

This settlement, announced on June 3, marks the largest income tax fraud recovery in the district's history. The lawsuit, filed in August 2022, accused Saylor of avoiding more than $25 million in D.C. income tax, with MicroStrategy allegedly aiding in this evasion.

The legal battle led to Saylor stepping down as CEO of MicroStrategy in August 2022, though he continues to serve as executive chairman and remains a prominent Bitcoin advocate.

Despite the tax case, Saylor has maintained MicroStrategy’s pro-Bitcoin stance, with the company holding 214,400 BTC as of May 1, 2024.

📈Technical Analysis Masterclass:

Trading Tutorial: Support and Resistance

Support and resistance levels are essential concepts in technical analysis, helping traders identify potential entry and exit points. Here's how to identify these levels accurately:

Key Concepts

• Support: A price level where a downtrend is expected to pause due to a concentration of demand.

• Resistance: A price level where an uptrend is expected to pause due to a concentration of supply.

In simpler terms:

• Support: Where the price stops falling and starts rising.

• Resistance: Where the price stops rising and starts falling.

Tips for Identifying Support Levels

• Historical Price Levels: Examine historical data to see where the price has previously found support. These levels often act as support again in the future.

• Visual Example: In a chart, look for the price repeatedly bouncing off a particular level, indicating strong support.

Tips for Identifying Resistance Levels

• Historical Price Levels: Identify levels where the price has struggled to move higher in the past.

• Visual Example: In a chart, observe the price repeatedly failing to break through a particular level, indicating strong resistance.

Trading Strategies

• Buying at Support: The best areas to buy are typically at support levels, where the price has historically paused and reversed upwards due to strong demand. These levels act as a cushion, providing a favorable entry point with a higher probability of the price rising.

• Selling at Resistance: The best areas to sell are at resistance levels, where the price has previously encountered selling pressure and reversed downwards. Selling at resistance allows traders to capitalize on the likelihood of a price decline from these higher levels, optimizing profit potential.

Remember, practice makes perfect, so keep analyzing those charts! For a more in-depth look, watch UseTheBitcoin’s latest Youtube video “Trading Tutorial: Support and Resistance”

Thanks for watching, and happy trading!

Roaring Kitty’s Billionaire Status Soon? [Source][Source][Source]

Keith Gill, known as “Roaring Kitty,” is on the brink of becoming the first GameStop (GME) billionaire, thanks to a dramatic surge in the stock’s value. Gill, who played a pivotal role in the GameStop saga of 2021, has seen his GME position soar over $300 million.

According to a June 3 update from The Kobeissi Letter, Gill’s holdings, consisting of $115.7 million in GME shares and $65.7 million in call options, could push him into billionaire status if the stock’s rally continues.

Interest in GME stock has surged, with a 74% increase in pre-market trading reported on June 3. This follows a renewed interest sparked by Gill’s recent Reddit post, where he disclosed his significant holdings.

GME’s stock price has risen over 25% in the past five days and more than 40% in the past month, trading at $23.13 as of June 3. The resurgence has led to significant losses for short sellers, with S3 Partners reporting a $1.4 billion month-to-month loss for those betting against GME.

💡 Feature of the Day: 

Goggle Chrome Plugin Exploit [Source][Source][Source]

Binance co-founder Yi He has denied that a security breach on the platform led to a $1 million trading loss for a user. The user, Nakamao, claimed that their account was compromised through the Google Chrome extension Aggr, which saves cookie login information. He responded on June 3, stating that the user’s computer was hacked, leading to unauthorized trades and losses.

Nakamao alleged that the hacker manipulated their account by leveraging web cookies to make trades without obtaining login credentials. Binance customer service noted that while they acted swiftly to freeze the account, the hacker had already executed several leveraged trades.

Nakamao criticized Binance for not issuing security alerts during the breach and suggested that Binance had prior knowledge of the plugin’s risks.

😂 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