Hello Crypto Enthusiasts!

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

📰 Today's headlines:

1. Visa and MetaMask Partner On Crypto Debit Card: Visa enables MetaMask users in 145 countries to convert crypto directly to fiat via Visa debit cards, significantly bridging crypto with traditional finance.

2. Circle's USDC on Celo Blockchain: Circle expands the reach of USDC by launching natively on the Celo blockchain.

3. Abracadabra's $6.49M Loss: A security breach in Abracadabra Money's Ethereum cauldrons results in a $6.49 million exploit, destabilizing its MIM stablecoin.

4. Bitpanda Launches Institutional Platform: Bitpanda introduces Bitpanda Wealth, an institutional-grade crypto trading platform with proprietary cold storage, targeting high-net-worth individuals and corporate treasuries in Europe.

5. Feature of the Day - Jupiter Exchange's JUP Token Launch: The Jupiter ecosystem launches its native token, JUP, promising an enhanced experience and active community engagement in its decentralized finance journey.

6. Technical Analysis - Market Trends: Our analysis covers the latest trends and price movements in BTC, ETH, SOL, MANTA, ALT, and TAO, highlighting significant gains in altcoins and key market dynamics.
   
   All this and more in today’s headlines!

📰 News Highlights:

Visa Enables Crypto Withdrawals on Debit Cards in 145 Countries🌐💳 [Source][Source][Source]

In a bold move to accelerate cryptocurrency adoption, Visa has joined forces with Web3 infrastructure provider Transak to introduce a groundbreaking feature. MetaMask users can now seamlessly sell their crypto assets directly to a Visa debit card, eliminating the need for centralized exchanges. 

This integration empowers users to withdraw cryptocurrencies, such as Bitcoin, from wallets like MetaMask and use them at 130 million merchant locations where Visa is accepted. The partnership not only broadens the options for converting crypto to fiat but also marks a significant step toward bridging the gap between the crypto and traditional finance realms. 

Users from 145 countries, including Cyprus, Malta, Singapore, Turkey, Portugal, and the United Arab Emirates, can now convert at least 40 cryptocurrencies to fiat hassle-free.

Visa Direct’s North America Head, Yanilsa Gonzalez-Ore, emphasized the collaboration's role in delivering a faster, simpler, and more connected experience for users. This development showcases the increasing interest in real-world crypto applications and paves the way for more accessible and convenient transactions.

Circle’s USDC Token Goes Native on Celo Blockchain⭕🚀 [Source][Source][Source]

Circle’s USD Coin (USDC) is set to make waves as it launches natively on the Celo blockchain, marking a strategic partnership that benefits both parties. As Celo advances real-world use cases, Circle expands its reach and enhances USDC's convertibility into fiat currencies. USDC will not only join Celo’s native governance token CELO but also become the gas currency for the ecosystem, pending approval through a community vote. 

This collaboration offers a unique proposition, allowing USDC users to tap into Celo’s mobile-first user base, particularly in regions with high blockchain adoption.

Circle’s move aligns with its global expansion strategy, following its conditional registration as a virtual assets service provider in France and partnership with SBI in Japan. The integration of USDC on Celo not only amplifies the stablecoin’s market reach but also grants institutional and enterprise users access to Circle’s Mint on/off-ramp, fostering increased activity on the Celo blockchain.

Abracadabra’s $6.49M Loss Leads to MIM Destabilization⚗️💸 [Source][Source][Source]

Abracadabra Money, a cross-chain lending platform, faced a significant setback as it confirmed a $6.49-million exploit. The exploit involved the protocol’s Ethereum cauldrons, allowing users to borrow the Magic Internet Money (MIM) stablecoin using various collateral assets. 

The MIM development team promptly acknowledged the exploit, assuring users of a compensation plan through a buy-back and burn process.

The incident caused MIM to temporarily lose its dollar peg, dropping to $0.77 before recovering to $0.94. Blockchain security firm PeckShield flagged the attack, revealing that the exploiter leveraged a unique approach, repeatedly borrowing and repaying loans to drain funds from the contract.

The exploit raises questions about the security of algorithmic stablecoins, emphasizing the need for robust protocols to prevent such incidents. Despite the setback, the MIM team's commitment to compensating victims showcases a proactive approach to mitigating the impact of exploits on users.

Bitpanda ‘s Institutional Crypto Platform with Cold Storage❄️🔐 [Source][Source]

Bitpanda, the Austrian fintech unicorn, is responding to the growing demand for institutional crypto services in Europe with the launch of Bitpanda Wealth. This institutional-grade cryptocurrency trading platform targets high-net-worth individuals, family offices, external asset managers, and corporate treasuries.

Leveraging Bitpanda’s proprietary custody solution, Bitpanda Wealth offers a suite of services, including crypto investment, management, reporting, leverage products, and access to a range of assets.

The institutional platform underscores Bitpanda’s commitment to providing secure and reliable services. With its proprietary cold storage solution, Bitpanda Custody ensures the safety of clients’ assets, offering segregated wallets for institutional investors. This move follows Bitpanda’s previous launch of Bitpanda Pro in 2019 and aligns with the company's mission to address the underserved institutional crypto market in Europe.

💡 Feature of the Day:

Jupiter Exchange Poised for Token Launch: JUP Debuts on January 31st [SOURCE] 

The promising Jupiter ecosystem prepares for a pivotal moment, as its native token, JUP, just launched, January 31st, 2024, at 10:00 AM Eastern Standard Time (EST). With the official launch site now live at lfg.jup.ag/jup, anticipation for JUP's debut amongst the crypto community is reaching a fever pitch.

Launch Mechanics and Initial Parameters:

The JUP launch will utilize a designated Launch Pool, initially offering 250 million tokens for purchase. The starting price for JUP tokens will be set at 0.4, with a potential maximum price of 0.7. A carefully calibrated curve with a coefficient of 1.6 ensures roughly half the available tokens will be accessible within the 0.4-0.5 price range. This design aims to provide sufficient liquidity for early participants while mitigating the risk of oversupply.

Enhanced Experience and Community Engagement:

The Jupiter team has emphasized significant improvements compared to previous launches, striving for a smooth and user-friendly experience. Additionally, an active Discord server (discord.gg/jup) serves as a platform for community engagement and real-time updates surrounding the launch.

Pre-Launch Checklist for Aspiring Participants:

To navigate the JUP launch effectively, potential participants are encouraged to:

• Verify Airdrop Allocation: Visit the launch site to determine their assigned JUP tokens from the airdrop program.

• Formulate Investment Strategy: Plan purchase orders through the available DCA and Limit order options on the launch site.

• Monitor Launch Countdown: Stay informed about the remaining time until JUP becomes available for trading.

• Explore Curve Design Tool: Gain insights into the potential price distribution during the launch using the interactive curve design tool.

• Review Resources: Familiarize themselves with the latest Jupiter ecosystem statistics and key project information through the provided links.

A New Chapter for the Jupiter Ecosystem:

The JUP launch marks a significant milestone for the Jupiter Exchange, signaling its transition towards decentralized governance and fostering further ecosystem development. As the project enters this new phase, the community eagerly awaits the debut of JUP and its potential to unlock greater possibilities for the decentralized finance (DeFi) landscape.

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🔍 Technical Analysis:

Price Analysis 30/01: BTC, ETH, SOL, MANTA, ALT, and TAO [SOURCE]

Welcome, everyone! Today, let's dive into some trendy coins and juicy pumps that have been making waves in the past few days or weeks. It's been quite a ride, with most altcoins pumping heavily and outshining BTC. While BTC takes its time with a slow grind, we're seeing altcoins soar high, experiencing periodic chops and consolidations to give them room to spread their wings and fly. Get ready for some thrilling insights into the latest trends in the crypto market!

Bitcoin Market Analysis

BTC surged to $42,700 during today's Asia session on January 31, 2024, aligning perfectly with our earlier bullish forecast. Despite Grayscale's continuous BTC deposits to Coinbase, whale activity drove prices higher and squeezed out numerous short positions. As of now, our strategy remains unchanged. However, it's important to exercise caution as BTC may continue to rise, potentially reaching up to $46,000. The BTC range is clearly defined, with $44,500 serving as the upper boundary and $40,200 as the lower boundary. These pivotal levels are crucial for identifying potential reversals or breakouts. The chart below illustrates the same plan outlined previously.

Ethereum Market Analysis

Ethereum has followed the outlined strategy perfectly by bouncing back from its recent lows. Despite ETHBTC showing some weakness, the plan has unfolded as expected. The current focus is on the price's ability to sustain momentum. If the lack of strength persists, Ethereum may see further downside. However, the bullish structure remains intact, with the current support showing resilience against potential downward pressure. Ethereum's market sentiment remains bullish, especially after bouncing from its previous support at $2180 to its current level of $2340. Vitalik Buterin, Ethereum's founder, has also been actively supporting ETH through bullish posts and sharing relevant information, adding to the positive sentiment surrounding the cryptocurrency.

Altcoin Watchlist: 

SOL

Solana is currently experiencing a bullish surge in the market, especially with the imminent JUP airdrop and its strong performance against the ETHSOL pair. The ecosystem's excitement for the airdrop, coupled with the overall bullish sentiment in the market, has propelled SOL's price upwards. Notably, SOL recently broke out of its daily bearish trendline, indicating a potential retest scenario. If this retest holds and generates increased volume and momentum, SOL could aim for its next target at $143. This bullish momentum is further supported by various optimistic theses, including the upcoming JUP airdrop, which is set to solidify Solana's position in the crypto ecosystem.

MANTA

Following the disappointing MANTA airdrop, which left many depositors underwhelmed, MANTA has been gradually climbing, thanks to the efforts of its market maker, DWF Labs. DWF Labs has been a strong supporter of MANTA's growth and advancement. Despite the lackluster launch and airdrop, MANTA surprisingly maintained its price, showing minimal dumping as depicted in the chart below. Instead, it moved sideways, resembling accumulation, and has now surged upwards by over 60% since its initial accumulation phase. The overall price action appears bullish, with key support and resistance levels highlighted in the image below.

ALT 

Since our last update on January 26, 2024, $ALT has surged by more than 50% from its lows, and roughly 20% overall. The bullish momentum surrounding altcoins continues to surge as market makers actively seek deals, while venture capital firms show significant interest in the project, further bolstering its momentum and strength.Currently priced at $0.40170, $ALT boasts a market cap of $308 million and a fully diluted market cap of $2.8 billion. Depending on their participation in Altitude campaigns or ownership of AltLayer OG Badge NFTs, holders can expect to receive anywhere from 300 to 129,859 $ALT tokens. This recent surge in price has significantly increased the value of the airdrop for eligible holders.

TAO

TAO has been on a roll, doubling its price in recent weeks, and it's not even on big exchanges like Binance yet. Despite that, it's catching the eye of onchain whales who are diving into the token. TAO is all about strong basics, aiming to shake up the centralized AI scene, especially with giants like Google splurging on machine learning. Bittensor's Peer-to-Peer Intelligence Market is the place to be, with an open-source protocol driving a decentralized neural network. Engineers can jump in with the BitTensor API, monetizing their genius and tapping into top-notch machine intelligence models. It's all about teamwork here as nodes work together to mine machine knowledge, earning their spot in a ranking system that dishes out tokens. With a seasoned crew from heavyweights like Google and IBM leading the charge, Bittensor is set to grow its AI squad, offering TAO tokens for governance decisions and network rewards.

😂 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