Good Morning Crypto Enthusiasts!

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

1. CZ Faces 4 Months in Prison: Former Binance CEO Changpeng Zhao, also known as CZ, has been sentenced to four months in prison for violating U.S. money laundering laws. Despite pleading guilty and expressing remorse, Zhao received a sentence longer than the prosecutors' recommendation, highlighting the severity of the offense.

2. 🔍 MicroStrategy's 'Decentralized ID': MicroStrategy's Michael Saylor unveiled the MicroStrategy Orange Decentralized Identity protocol, aiming to revolutionize decentralized identification by anchoring digital identities in the security of the Bitcoin blockchain.

3. 🌉 Solana-to-Bitcoin Bridge: The Zeus Network plans to launch a Solana-to-Bitcoin cross-chain bridge powered by the Zeus Program Library (ZPL), aiming to enhance interoperability between Solana and Bitcoin ecosystems.

4. 💡Feature of the Day - Pike Finance $1.6M Exploit: Pike Finance clarified a $1.6 million exploit, attributing it to lapses in security measures rather than flaws in USDC Coin (USDC).

5. 🫨 What’s Buzzing? - We’ve got something special for you! Hot from the sunny beaches of Thailand, CryFi is launching their Founder Pass NFTs. To learn more, read UseTheBitcoin’s latest article and inside scoop “Signals-Trading Platform Cryfi Is Launching Founder Pass NFTs On May 3rd, 2024”

6. 📈 Technical Analysis Masterclass - Your crypto portfolio is melting away! Understand what’s happening with the current crypto market dynamics from UseTheBitcoin’s latest Youtube video “What is Happening to the Crypto Market now?“

   
   All this and more in today’s headlines!

📰 News Highlights:

🚔 CZ Faces 4 Months in Prison [Source][Source][Source][Source]

Former Binance CEO Changpeng Zhao, popularly known as CZ, has been sentenced to four months in prison for violating U.S. money laundering laws. The sentencing comes after Zhao pleaded guilty to the charges in November, following accusations of failure to maintain an effective Anti-Money Laundering (AML) program during his tenure at the crypto exchange.

Despite prosecutors recommending a three-year sentence, the judge settled on four months, emphasizing the need to reflect the seriousness of the offense.

During the hearing, Zhao's legal team argued for probation, citing his lack of direct knowledge of specific illegal activities at Binance. However, prosecutors contended that incarceration was necessary to deter similar behavior and prevent others from exploiting the law.

Following the verdict, Zhao expressed remorse for Binance's failure to implement an effective AML program and accepted responsibility for his actions.

🔍 MicroStrategy's 'Decentralized ID' [Source][Source][Source][Source]

MicroStrategy's Michael Saylor unveiled the groundbreaking MicroStrategy Orange Decentralized Identity protocol at the MicroStrategy World conference in Las Vegas.

The open-source protocol aims to revolutionize decentralized identification, anchoring digital identities in the robust security of the Bitcoin blockchain. Saylor emphasized the importance of decentralization and the inherent security of Bitcoin in safeguarding digital identities.

The announcement of the MicroStrategy Orange specification on Github accompanied the unveiling, signaling MicroStrategy's commitment to open collaboration and innovation in the blockchain space. Saylor's previous interest in Ordinals hinted at the company's foray into identity and authentication solutions, setting the stage for this groundbreaking development.

The protocol's architecture, centered around a service cloud and prepackaged applications, promises to simplify the issuance and management of decentralized identifiers (DIDs) while ensuring the integrity and security of user data. By leveraging Bitcoin's blockchain and the SegWit feature, MicroStrategy Orange offers a robust foundation for decentralized identity solutions.

🌉 Solana-to-Bitcoin Bridge [Source][Source]

The Zeus Network's ambitious Solana-to-Bitcoin cross-chain bridge, powered by the Zeus Program Library (ZPL), is slated for launch in the third quarter of 2024. This groundbreaking initiative aims to bridge the gap between the Solana and Bitcoin ecosystems, unlocking a myriad of opportunities for users to engage with decentralized finance (DeFi) and other applications seamlessly across both blockchains.

ZPL, comprising a set of Solana Virtual Machine (SVM) programs, empowers developers to seamlessly integrate native Solana support into decentralized applications, facilitating cross-chain transactions and interoperability. By bridging Solana and Bitcoin, ZPL-Assets enable users to leverage the speed and scalability of Solana's network for activities previously constrained by Bitcoin's limitations.

Through the Apollo bridging protocol, users can deposit Bitcoin and receive ZPL-wrapped zBTC tokens, unlocking access to a wide range of DeFi applications, NFT marketplaces, gaming platforms, and more within the Solana ecosystem.

Backed by industry luminaries like Solana co-founder Anatoly Yakovenko and Stacks co-founder Muneeb Ali, Zeus Network's cross-chain bridge represents a significant milestone in the evolution of decentralized finance, bridging traditional and blockchain-based financial systems for greater accessibility and inclusivity.

💡 Feature of the Day: 

🛠️ Pike Finance $1.6M Exploit [Source][Source]

Following a $1.6 million exploit, Pike Finance issued a clarification regarding a vulnerability found in USDC Coin (USDC), emphasizing that the exploit stemmed from lapses in its security measures rather than flaws in USDC's product offerings.

Pike attributed the exploit to improper integration of third-party technologies such as the Cross-Chain Transfer Protocol (CCTP), highlighting the need for enhanced security measures and diligence in contract functions.

The protocol's commitment to transparency and accountability is evident in its prompt clarification and acknowledgment of the root cause of the exploit.

🫨 What’s Buzzing?:

Cryfi announces the launch of its limited-edition Founder Pass NFT collection on May 3rd, 2024, to honor early supporters.

What is Cryfi?

• Cryfi is a marketplace where professional traders share their insights via Telegram, enabling users to earn and learn from blockchain-verified traders.

• The platform fosters a fair marketplace where signal quality determines success, not marketing budgets.

• Founder and CEO, Yura Mizin, envisions Cryfi as a Telegram Mini App and plans to integrate it with other platforms like Discord in the future.

Key Partnerships:

• Analog and Cryfi partnered to enhance DeFi trading experiences, leveraging Analog's Launch Partners Program to access benefits like tokenomics assistance and cross-chain application brainstorming.

• Cryfi's use of Analog Watch, a tool retrieving blockchain data for smart contracts, facilitates real-time market price comparisons.

Launchpad Event:

• Pixel Realm and TrustFi host the launchpad event for Cryfi's Founder Pass NFTs on May 3rd, 2024, at 13:00 UTC.

• The collection includes Shark Pass and Whale Pass NFTs, offering varying levels of benefits and exclusivity to early supporters.

Founder Pass NFT Benefits:

• Lifetime Subscriptions: Access to educational resources and trading courses.

• Exclusive Community: Membership in private groups connecting users with experienced traders.

• Trading Benefits: Premium signal provider access, profit-sharing, and discounts on Cryfi's services.

• Future Token Whitelists: Priority access to future token offerings.

• Beta Testing & New Features: Early access to new features and participation in beta testing.

Availability and Pricing:

• Only 430 Founder Pass NFTs available, divided into Shark Pass ($300) and Whale Pass ($3,000) tiers, minted in USDT on the Polygon Network.

Are you a trader or a content creator? Get the benefits of both worlds with CryFi! To learn more about it, read UseTheBitcoin’s latest article and inside scoop “Signals-Trading Platform Cryfi Is Launching Founder Pass NFTs On May 3rd, 2024”

📈 Technical Analysis Masterclass

📉 What is Happening to the Crypto Market now? Is it the Bear Season? 📉

Bitcoin:

• Current Price: ~$56,000.

• Key Points: Bitcoin faces significant attention as it approaches a critical support level. Weakness is evident below the 100-day Moving Average (MA), with potential further decline towards the $53,000 to $51,000 range. The 200-day MA at $51,000 acts as crucial support, suggesting a revisit if weakness persists.

Ethereum:

• Current Price: Similar vulnerability to Bitcoin.

• Key Points: Ethereum's price close below the 100-day MA may lead to a revisit of $2,700 levels. Leverage traders should closely monitor Ethereum's performance to mitigate risks associated with potential downturns.

BNB (Binance Coin):

• Current Price: Showing resilience compared to other cryptocurrencies.

• Key Points: BNB remains buoyant above the 50-day MA, indicating bullish sentiment. Anticipation for a breakout is high, especially if it breaches the consolidation box, offering an attractive trading opportunity around $640 levels.

Solana:

• Current Price: Facing vulnerabilities like Ethereum and Bitcoin.

• Key Points: Solana's position below the 100-day MA calls for a rebound around $121 to $117 levels to avoid regression towards the 200-day MA at $112. Despite uncertainties, confidence in Solana's potential remains strong, with plans to accumulate at lower levels.

BNB emerges as the strongest contender amidst market turbulence. For a more detailed insight, watch UseTheBitcoin’s latest Youtube Video “What is Happening to the Crypto Market now?”💡

😂 Crypto Meme of the Day: 

And that’s it for this today.
See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com