Good Morning Crypto Enthusiasts!

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

1. Gemini Returns $2.18B to Earn Users: Gemini has started reimbursing users of its defunct lending program, Earn, with a $2.18-billion distribution. This follows an 18-month suspension of withdrawals and a settlement with Genesis, a former partner in the Earn program, during Genesis Global's bankruptcy proceedings.

2. Iggy Azalea Token 'Huge Insider Activity': Blockchain analytics firm Bubblemaps reported significant insider trading activity in the new memecoin, Mother Iggy (MOTHER), launched by rapper Iggy Azalea. An insider known as “JEET” allegedly sold about 10% of the token supply, profiting significantly.

3. 📈Technical Analysis Masterclass - Having a hard time timing the market? Watch UseTheBitcoin’s latest Youtube video “Technical Analysis for Bitcoin, BRETT, and NOTCOIN” to know which trending token to trade and what you should do!

4. Rep. Emmer Says Crypto Opponents Are ‘Fading’: U.S. Congressman Tom Emmer emphasized growing bipartisan support for cryptocurrency, suggesting diminishing influence for crypto opponents like Senator Elizabeth Warren and SEC Chair Gary Gensler.

5. 💡Feature of the Day - PayPal Expands PYUSD to Solana: PayPal has expanded its stablecoin, PayPal USD (PYUSD), to the Solana blockchain, aiming to offer faster and cheaper transactions compared to Ethereum.

   
   All this and more in today’s headlines!

📰 News Highlights:

Gemini Returns $2.18B to Earn Users [Source][Source]

Crypto exchange Gemini has begun reimbursing users of its now-defunct lending program, Earn, following an 18-month withdrawal suspension. On May 29, Gemini announced a $2.18-billion distribution to its Earn users, representing 97% of the assets owed. This distribution came after a settlement with Genesis, a former partner in the Earn program, and other creditors during Genesis Global's bankruptcy proceedings.

The reimbursement means that users will receive their original digital assets along with any appreciation since they were lent. This recovery is seen as unprecedented in the crypto space, with Gemini highlighting the successful settlement that facilitated this outcome.

New York Attorney General Letitia James secured a $2-billion settlement with Genesis to address fraud claims, mandating Genesis to return funds to investors and cease operations in New York.

Iggy Azalea Token 'Huge Insider Activity' [Source]

The new memecoin, Mother Iggy (MOTHER), launched by rapper Iggy Azalea, has shown signs of significant insider trading activity, according to blockchain analytics firm Bubblemaps. On May 29, Bubblemaps reported that an insider sold approximately 10% of the MOTHER token supply, profiting from the transactions.

The insider, known by the pseudonymous account “JEET,” allegedly acquired 109 million MOTHER tokens through an over-the-counter deal, subsequently selling a large portion for a substantial profit.

Blockchain data from Solscan revealed that JEET received 127.5 million MOTHER tokens from the deployer account, transferring these tokens across several wallets. Significant portions were sold into the Raydium liquidity pool, netting JEET $1.4 million in profits, with an additional $400,000 in unrealized gains.

Bubblemaps pointed out that over 20% of the token’s total supply was purchased by insiders from the launch team, raising concerns about the fairness and transparency of the token distribution.

📈Technical Analysis Masterclass /🫨 What’s Buzzing? / 📜 Your Daily Thread:

Technical Analysis on Trending Coins

Bitcoin: Current Status and Future Prospects

• Current Price: Around $67,000

• Market Phase: Sideways movement, indicating consolidation

• Strategic Opportunity: This consolidation phase can be a strategic buying opportunity.

  • Buying Below $70,000: Beneficial for long-term investors.

  • Potential Breakout: High likelihood of breaking through current resistance levels in the next few weeks or months.

BRETT: A New Entrant in the Crypto Market

• Market Age: 42 days

• Price Movement: Consistent upward trajectory without major retracements

• Concerns: Lack of robust support levels due to absence of pullbacks

• Investment Strategy:

  • Wait for Retracement: Ideal entry points around $0.07 or $0.06, where previous resistance can act as new support.

  • Focus on Timing: Invest strategically rather than based on current trending status.

NOTCOIN: Observing Before Investing

• Market Age: 14 days

• Recommendation: Wait and observe for at least a month to determine long-term potential.

• Current Pattern: Upward trading pattern but lacks solid support levels.

• Trading Strategy:

  • Swing Trading or Position Trading: Suitable for those interested in short-term gains.

  • Ideal Buying Zones: Around $0.008 or $0.007, post-initial hype.

Thorough research and strategic planning are essential for successful trading and investment. To learn the best way to trade and invest, watch UseTheBitcoin’s latest YouTube video “Technical Analysis for Bitcoin, BRETT, and NOTCOIN”

Rep. Emmer Says Crypto Opponents Are ‘Fading’ [Source]

U.S. Congressman Tom Emmer, a prominent crypto advocate, emphasized that cryptocurrency is a nonpartisan issue, suggesting that both political parties are increasingly supportive of digital assets. Speaking at the 2024 Consensus event, Emmer noted that Senate Majority Leader Chuck Schumer and 70 other Democrats support overturning the SEC’s controversial SAB 121 crypto rule.

Emmer indicated that this bipartisan support suggests diminishing influence for crypto opponents like Senator Elizabeth Warren and SEC Chair Gary Gensler.

Emmer highlighted the potential for the Financial Innovation and Technology for the 21st Century Act (FIT21) to pass in the current Congressional session. The bill, which passed in the House on May 22, aims to provide clearer regulatory frameworks for crypto.

Emmer was critical of Federal Reserve Chair Jerome Powell’s stance on central bank digital currencies (CBDCs), arguing that the Federal Reserve is confused about its role in developing a CBDC.

💡 Feature of the Day: 

PayPal Expands PYUSD to Solana [Source][Source][Source]

PayPal has expanded its stablecoin, PayPal USD (PYUSD), to the Solana blockchain, enhancing its utility for transactions. Initially launched on Ethereum, PYUSD’s integration with Solana aims to offer users faster and cheaper transactions.

The move to Solana is part of PayPal’s strategy to make PYUSD a widely used payment method for everyday purchases. According to Jose Fernandez da Ponte, PayPal's senior vice president of blockchain, integrating with Solana furthers their mission to enable digital currency for commerce and payments.

Solana has emerged as a leading blockchain for stablecoin transfers, with a transfer volume reaching $1.5 trillion in the past year, surpassing Ethereum’s $885 billion. However, Solana has faced challenges, including network outages. An upgrade named Firedancer is expected to improve Solana’s reliability and scalability.

😂 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