Good Morning Crypto Enthusiasts!

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

1. Nansen CEO Memecoin: Alex Svanevik, CEO of Nansen, launched a Solana-based memecoin called IQ, which rapidly reached a $5 million market cap within 24 hours.

2. Telegram In-App Browser For Dapps: Telegram introduced an in-app browser supporting decentralized websites, enhancing Web3 accessibility for its 950 million users.

3. 📈Technical Analysis Masterclass - When trading, recognizing patterns and understanding market behavior is crucial. Watch UseTheBitcoin’s latest Youtube video “Consider These Signs When You Trade” to understand retracement areas and the significance of long candlestick wicks on charts or join our Official Telegram Channel for more alpha!

4. USDY on Aptos: The Aptos Foundation launched Ondo Finance’s yield-bearing stablecoin, USDY, on the Aptos blockchain, aimed at non-U.S. residents.

5. Bitwise Take on Crypto: Bitwise CIO Matt Hougan expressed optimism about Bitcoin due to recent political support in the U.S. Politicians' proposals, such as Trump’s national Bitcoin stockpile and Senator Lummis' Bitcoin reserve bill, reflect growing acceptance.

6. 💡Feature of the Day - Trump’s Bitcoin Sneakers on eBay: Donald Trump's limited-edition Bitcoin-themed sneakers sold out quickly, with scalpers listing them on eBay for up to $2,500.

   
   All this and more in today’s headlines!

📰 News Highlights:

Nansen CEO Memecoin [Source][Source]

Alex Svanevik, CEO of the on-chain analytics platform Nansen, launched a new Solana-based memecoin called IQ, which skyrocketed to a $5 million market cap within 24 hours of its launch.

The token, created using the MakeNowMeme platform, allows users to launch a new memecoin directly from a post on X (formerly Twitter). Despite Svanevik's warning to investors not to "ape" into the token—an industry term for buying without research—IQ saw $20 million in trading volume within just a few hours.

The memecoin's rapid rise and subsequent fluctuations highlight the volatile nature of such tokens. The platform’s unique requirement to claim ownership of the token on X adds a social experiment aspect to its launch, driving curiosity and engagement.

Telegram In-App Browser For Dapps [Source][Source][Source]

Telegram has introduced an in-app browser supporting decentralized websites, making Web3 accessible to its 950 million users. Announced on July 31, the browser allows users to switch seamlessly between viewing websites and messaging, enhancing their online experience.

The decentralized websites, known as "TON Sites," are hosted on The Open Network (TON) blockchain, which supports Telegram's native cryptocurrency, Toncoin (TON).

The in-app browser is part of Telegram’s broader push into the Web3 space. The platform also launched a Mini App store, with over 500 million users interacting with Mini Apps monthly.

Popular Mini Apps include Hamster Kombat, a crypto game with 300 million players, and Catizen, which has garnered 26 million players and significant revenue since its March launch. These apps use Toncoin, which has seen a 467% increase over the past year.

📈Technical Analysis Masterclass:

Consider These Signs When You Trade

One key concept to grasp is the significance of long tails or wicks on candlestick charts. These formations provide valuable insights into potential price movements.

The Importance of Long Tails/Wicks

• Candlestick Anatomy: A candlestick represents price action for a specific period. The body shows opening and closing prices, while the wicks indicate the highest and lowest prices.

• Long Tail Significance: A long tail signifies a high or low point reached, followed by significant retraction before the period closed.

• Retracement Areas: Prices often revisit these areas, known as retracement areas, acting as support (prices stop falling and bounce back up) or resistance (prices stop rising and pull back down).

Plotting and Analyzing Long Wicks

• Pattern Recognition: Zoom out on your chart and plot all candles with long wicks to reveal a pattern. Prices frequently revisit these areas, encountering support or resistance.

• Practical Example: Examining Bitcoin's historical data can show how prices interact with levels indicated by long wicks.

Bitcoin's Current Retracement Zone

• Current Behavior: Bitcoin's price is revisiting the tail of a previous candle, indicating a retracement zone.

• Consolidation: This revisit often signals a period of consolidation, where price fluctuates within a narrow range, building momentum for the next move, typically upwards.

Strategic Recommendations

• Hold Cash: Given the current scenario, holding cash temporarily and considering buying Bitcoin during its consolidation phase is advisable.

• Accumulate: Accumulating during this phase positions you to benefit when the market rebounds.

USDY on Aptos [Source][Source][Source]

The Aptos Foundation has announced the launch of Ondo Finance’s yield-bearing stablecoin, USDY, on the Aptos blockchain. Backed by U.S. Treasurys, USDY will be available to non-U.S. residents, democratizing finance and serving underserved communities.

This launch aligns with a growing trend of stablecoin issuers becoming significant buyers of U.S. government debt, exemplified by Tether's $72.5 billion in U.S. Treasury holdings.

Stablecoins like USDY and Tether play a crucial role in maintaining demand for the U.S. dollar amid global de-dollarization efforts. Former U.S. House Speaker Paul Ryan has noted the potential for dollar-pegged stablecoins to extend the dollar’s dominance.

Regulatory approval has also been granted to Binance.US to invest customer funds in U.S. Treasury bills, further integrating stablecoins into traditional finance.

Bitwise Take on Crypto [Source][Source]

Matt Hougan, Chief Investment Officer of Bitwise, expressed heightened optimism about Bitcoin following recent support from influential U.S. politicians.

Speaking at a Bitcoin conference in Nashville, Hougan cited several politicians' proposals, including Donald Trump's plan for a strategic national Bitcoin stockpile and Senator Cynthia Lummis' Bitcoin reserve bill. Hougan noted that these ideas, once considered far-fetched, now seem increasingly plausible.

The embrace of Bitcoin by U.S. politicians reflects the growing acceptance and popularity of cryptocurrency among Americans. Hougan emphasized that political support for crypto, even if driven by its rising popularity rather than genuine belief, marks a significant shift.

Despite the bullish sentiment, Bitcoin's price has seen recent declines, trading over 8% down since its near-$70,000 peak on July 29.

💡 Feature of the Day: 

Trump’s Bitcoin Sneakers on eBay [Source][Source]

Scalpers are capitalizing on the demand for Donald Trump’s limited-edition Bitcoin-themed sneakers, with listings on eBay priced as high as $2,500.

The orange high-top sneakers, launched on July 31 with a run of 1,000 pairs, sold out within three hours. Some eBay sellers are offering pre-order spots, promising to ship the sneakers once they receive them between September and November.

The merch are being sold by CIC Ventures LLC, a company that claim it has nothing to do with Donald Trump’s political campaign but is listed as being fully owned by Trump on his 2023 financial disclosure.

😂 Crypto Meme of the Day: 

And that’s it for this today.

See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com