Good Morning Crypto Enthusiasts!

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

1. BTC Eyes $73K as Trump Endorses Bitcoin: Bitcoin is poised to reach $73,000, driven by a surge in Wall Street trading and subtle support from former U.S. President Donald Trump. Market observers are cautiously optimistic, with some predicting further gains to $80,000 if Bitcoin reclaims the "Lifetime Channel." Liquidations of short BTC positions and resistance at $72,800 present challenges for further price appreciation.

2. El Salvador’s Bitcoin Treasury Grows Amid Rally: El Salvador's Bitcoin treasury has surged to $85 million in profit, driven by strategic purchases by President Nayib Bukele. The nation's crypto treasury is now worth over $200 million, with revenue from Bitcoin mining and government initiatives further bolstering its finances.

3. FDIC Urges Enhanced Digital Asset Policy: The U.S. Federal Deposit Insurance Corporation (FDIC) stresses the importance of robust digital asset regulation to protect bank customers and the economy. Vice Chair Travis Hill emphasizes the need for regulatory clarity and consistency, global standards, and collaboration to address emerging challenges effectively.

4. Thailand SEC Opens Doors to US Spot Bitcoin ETFs: Thailand's Securities and Exchange Commission (SEC) allows private funds to invest in spot Bitcoin ETFs listed on U.S. exchanges, expanding investment opportunities in digital assets for accredited investors and ultra-high-net-worth individuals.

5. 💡Feature of the Day - Kamino Adjusts Airdrop Parameters Amid Outrage: Solana-based DeFi protocol Kamino Finance revises its airdrop parameters following community backlash, aiming to reward long-term users and address concerns over gaming the system.

   
   All this and more in today’s headlines!

📰 News Highlights:

📈 BTC Eyes $73K as Trump Endorses Bitcoin [Source][Source]

Bitcoin is on track to reach $73,000 for the first time, propelled by a surge in Wall Street trading. With another 5% gain, Bitcoin continues its winning streak, buoyed by positive sentiment and endorsements, including subtle support from former U.S. President Donald Trump.

As BTC/USD approaches new highs, market observers are cautiously optimistic, with some predicting a move to $80,000 if Bitcoin reclaims the "Lifetime Channel." Despite concerns of a market top, buy-side pressure from U.S. spot Bitcoin exchange-traded funds (ETFs) could sustain upward momentum.

Short BTC positions faced significant liquidations, with liquidations totaling around $30 million during the initial climb to $71,000. Resistance is now evident at $72,800, posing a challenge for further price gains.

El Salvador’s Bitcoin Treasury Grows Amid Rally [Source][Source]

El Salvador's Bitcoin treasury has surged to $85 million in profit, fueled by President Nayib Bukele's strategic Bitcoin purchases. Following a recent rally, the Central American nation is now making a 70% profit on its dollar-cost average purchase price.

Despite initial skepticism, El Salvador's Bitcoin buying strategy has paid off, with its crypto treasury now worth over $200 million. Revenue from Bitcoin mining, the passport program, and government services further bolster the nation's finances.

Recent initiatives, including a migration law offering expedited citizenship for Bitcoin donations and a partnership for Bitcoin mining, underscore El Salvador's commitment to crypto adoption.

🏦 FDIC Urges Enhanced Digital Asset Policy [Source][Source]

The U.S. Federal Deposit Insurance Corporation (FDIC) emphasizes the importance of robust digital asset regulation to safeguard bank customers and the economy. Vice Chair Travis Hill warns of the risks posed by inadequate regulation, urging regulatory clarity and consistency to maintain U.S. influence in the digital asset space.

Tokenization of bank deposits and real-world assets presents opportunities for innovation but requires careful consideration of regulatory frameworks and risk management. Hill highlights the need for global standards and collaboration to address emerging challenges effectively.

Thailand SEC Opens Doors to US Spot Bitcoin ETFs [Source]

Thailand's Securities and Exchange Commission (SEC) has amended rules to allow private funds to invest in spot Bitcoin ETFs listed on U.S. exchanges. Accredited investors and ultra-high-net-worth individuals will have access to these funds, expanding investment opportunities in digital assets.

While Thailand embraces innovation in digital asset investment, regulatory measures aim to mitigate risks associated with high-risk assets like Bitcoin. The SEC's decision reflects ongoing efforts to adapt to evolving market dynamics while safeguarding investor interests.

💡 Feature of the Day: 

🔄 Kamino Adjusts Airdrop Parameters Amid Outrage [Source]

Solana-based DeFi protocol Kamino Finance revises its airdrop parameters following community backlash. The updated rules aim to reward long-term users and address concerns over gaming the system.

Kamino's decision to tweak earning strategies and offer additional rewards to OG users reflects its commitment to fairness and transparency. While key details remain to be clarified, the move signals responsiveness to user feedback and a commitment to equitable token distribution.

Today’s Sponsor:

Many people are looking for a safe hardware wallet to store their crypto.

This week we have partnered with Trezor.

Trezor supports more than 8000+ coins & tokens.

Protect your crypto assets today with Trezor.

😂 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