Good Morning Crypto Enthusiasts!

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

1. Deribit Bet Options on US Election: Crypto derivatives exchange Deribit will introduce bitcoin and ether options expiring in early November, allowing investors to speculate on the impact of the U.S. election on crypto markets. These options will go live on July 18.

2. Ripple Backs Deaton: Ripple has donated $1 million to the Commonwealth Unity Fund to support John Deaton's campaign against incumbent Senator Elizabeth Warren in the Massachusetts Republican senatorial primary.

3. 📈Technical Analysis Masterclass - Have you been wondering what’s up with Bonk right now? Check out UseTheBitcoin’s latest Youtube video “Bonk is Moving Upwards” to know what’s latest in the market or join our Official Discord Channel for more alpha!

4. Blast Rebrands on X: Ethereum layer-2 network Blast has reduced its withdrawal times from 14 days to 7 days, following a period of monitoring. Additionally, Blast rebranded its X account from @blast_l2 to @blast, sparking speculation about its future direction.

5. 💡Feature of the Day - Mt. Gox Reimbursements Begin: Kraken users have been notified that Mt. Gox reimbursement funds are being processed, with distributions expected within 7 to 14 days.

   
   All this and more in today’s headlines!

📰 News Highlights:

Deribit Bet Options on US Election [Source][Source]

Crypto derivatives exchange Deribit is set to introduce bitcoin and ether options that will expire in early November, enabling investors to speculate on the impact of the U.S. election on crypto markets. The new trading products will go live on July 18.

Deribit announced the decision on X, highlighting strong client demand for the early introduction, allowing traders to position themselves effectively ahead of the November 5 U.S. elections.

Deribit is a leading platform in crypto derivatives trading, with over $2 billion in open interest across its perpetuals and futures markets in the past 24 hours.

This year has seen a rise in "PoliFi" memecoins and prediction markets like Polymarket, which facilitate betting on election outcomes.

Ripple Backs Deaton [Source]

Ripple has donated $1 million to the Commonwealth Unity Fund, a super PAC supporting John Deaton's campaign against incumbent Senator Elizabeth Warren in the Massachusetts Republican senatorial primary on November 5.

Deaton, a well-known lawyer in the crypto community, is challenging Warren, a staunch crypto opponent. Deaton's campaign, supported by various figures in the crypto space, has raised $1.7 million, with Ripple Labs being a significant contributor.

Despite his strong ties to the crypto industry, Deaton's campaign has not prominently featured crypto issues. However, his support from the crypto community, including contributions from the Winklevoss twins, Chris Larsen, and others, highlights his influence.

Elizabeth Warren, with $18 million in campaign funds, remains a formidable opponent. Pro-crypto entities like the Fairshake PAC and the Sentinel Action Fund have not endorsed Deaton.

📈Technical Analysis Masterclass:

Bonk is Moving Upwards

Bitcoin

• Strategic Buy Zone: Previously identified buy zone was between $62,000 and $63,000.

• Recent Price Movement:

  • Dipped to the predicted levels from a high of $65,000 to around $62,000.

  • Rebounded to $66,000 within hours.

• Current Status: Facing resistance at $66,000.

• Investment Strategy:

  • Wait for a retracement to secure an optimal entry point.

Bonk

• Ascending Triangle Pattern: Indicates a potential bullish trend.

• Support and Resistance:

  • Adhering to an uptrend support level.

  • Encountering horizontal resistance at $0.00003000.

• Historical Attempts: Multiple rejections at the $0.00003000 resistance.

• Current Status: Testing the $0.00003000 resistance again.

• Investment Strategy:

  • Observe how it performs at this level before making investment decisions.

Both Bitcoin and Bonk are experiencing upward trends and are at significant resistance points. Wait for retracements and optimal entry points for investment.

Blast Rebrands on X [Source][Source]

Ethereum layer-2 network Blast has halved its withdrawal times from 14 days to 7 days, as announced on July 16. The decision follows four months of monitoring withdrawal activity, with the team concluding that a shorter buffer is sufficient. The network's previous 14-day period was to accommodate Lido withdrawals, but the team believes the change will not significantly impact most users.

In a related update, Blast has rebranded its X account from @blast_l2 to @blast, reflecting a shift in its branding strategy.

This change has sparked speculation about Blast’s future as a layer-2 solution. Critics suggest the rebranding might indicate a move away from Ethereum alignment, potentially positioning Blast as a standalone chain.

💡 Feature of the Day: 

Mt. Gox Reimbursements Begin [Source][Source]

Kraken users have received notifications that Mt. Gox reimbursement funds are being processed, with distributions expected within 7 to 14 days.

On July 16, Arkham Intelligence flagged a transfer of 48,641 Bitcoin, valued at $3.1 billion, from a Mt. Gox trustee wallet to a Kraken-associated wallet, marking a significant step in the long-awaited reimbursement process.

Over recent weeks, the Mt. Gox trustee has been moving funds from cold to hot wallets. Currently, Mt. Gox holds approximately 138,985 BTC, valued at around $8.93 billion.

The potential impact of these reimbursements on the crypto market is a topic of debate among analysts. Some predict a significant sell-off could drive Bitcoin prices down, while others believe the effect will be short-term.

😂 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