Good Morning Crypto Enthusiasts!

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

1. Biden's Surveillance Bill: President Joe Biden's approval of a surveillance bill, extending and amending Section 702 of the Foreign Intelligence Surveillance Act (FISA), sparks debate over the balance between national security and individual privacy rights.

2. Solana Abandoned Projects: Solana's ecosystem faces challenges as numerous presale memecoin projects collapse after raising substantial funds. Analysts highlight a series of abandoned projects, leaving investors disillusioned and raising questions about the viability and transparency of presale mechanisms in the crypto space.

3. Memes Driving Crypto Adoption: Jesse Pollak, creator of Base, attributes the platform's growth to memes, which play a crucial role in driving crypto adoption, particularly among new users. Memes serve as a creative and engaging way to introduce users to the crypto ecosystem, fostering community engagement and driving market sentiment.

4. ZKasino's Controversy: ZKasino faces controversy for diverting $33 million worth of user funds to the staking protocol Lido, contrary to its initial promise. The move sparks outrage and allegations of deceptive practices, leading to concerns about the project's integrity and transparency.

5. 💡Feature of the Day - Bitcoin Miners' Shift to AI: Bitcoin miners explore alternative revenue streams, including artificial intelligence (AI), to offset rising production costs resulting from the recent halving event. Companies like BitDigital and Hive venture into AI operations, signaling a trend towards diversification within the mining industry.

6. 📈Technical Analysis Masterclass - Bitcoin halving event just happened over the weekend. What should you do? Watch UseTheBitcoin’s latest Youtube Video “Bitcoin Halving has finally started” to learn more!

   
   All this and more in today’s headlines!

📰 News Highlights:

🔍 Biden's Surveillance Bill [Source][Source][Source]

President Joe Biden's recent approval of a contentious surveillance bill has sparked intense debate over the delicate balance between national security and individual privacy rights. The legislation, an extension and amendment of Section 702 of the Foreign Intelligence Surveillance Act (FISA), received bipartisan support, with proponents highlighting its importance in combating terrorism and safeguarding national interests.

Despite assurances from lawmakers, critics have raised concerns about the potential erosion of civil liberties, warning that the expanded surveillance powers granted to government agencies could infringe upon the privacy of American citizens. Elizabeth Goitein of the Brennan Center for Justice condemned the bill, accusing supporters of compromising civil liberties for perceived security gains.

The bill's passage signifies a significant expansion of government surveillance capabilities, allowing agencies like the NSA, FBI, and CIA to exert greater influence over internet-related services and access sensitive data.

💸 Solana Abandoned Projects [Source]

Solana's vibrant ecosystem has recently been marred by the collapse of numerous presale memecoin projects, leaving investors disillusioned and funds in jeopardy. Independent blockchain analyst ZachXBT highlighted a string of abandoned projects that collectively raised millions through presale fundraising methods, only to falter shortly after launch.

Projects like "I like this coin" and "MOONKE" raised substantial sums before plummeting in value, raising questions about the viability and transparency of presale mechanisms in the crypto space.

While some projects faced technical challenges or failed to deliver on promises, others were accused of outright fraud, further tarnishing the reputation of the nascent memecoin market.

🚀 Memes Driving Crypto Adoption [Source]

Jesse Pollak, the creator of Base, believes that memes play a crucial role in driving crypto adoption, particularly among new users entering the space. Base, a layer-2 network adjacent to Coinbase, has experienced a surge in popularity fueled by meme-driven onboarding strategies and increased transaction activity.

Pollak attributes Base's rapid growth to the proliferation of memes, which have served as a creative and engaging way to introduce users to the platform's ecosystem.

🎲 ZKasino's Controversy [Source][Source][Source][Source]

The blockchain-based gambling project ZKasino has come under fire for diverting $33 million worth of user funds to the staking protocol Lido, contrary to its initial promise of returning the funds to investors. The sudden change in plans has sparked outrage among users, who accuse ZKasino of reneging on its commitments and engaging in deceptive practices.

The project's decision to move user funds without prior notification has raised questions about its integrity and transparency, leading to allegations of an exit scam.

Concerns were further amplified by allegations of false claims regarding the project's technology and operational status.

Venture capital firm Big Brain added to the controversy by questioning the legitimacy of ZKasino and alleging fraudulent behavior.

💡 Feature of the Day: 

⛏️ Bitcoin Miners' Shift to AI [Source][Source]

Bitcoin miners are exploring alternative revenue streams, including artificial intelligence (AI), in response to the substantial cost increases resulting from the recent halving event. CoinShares' report suggests that miners may pivot towards AI technologies to offset rising production costs and maximize profitability.

The halving event has significantly increased electricity and production costs for miners, prompting a strategic shift towards more lucrative ventures.

Companies like BitDigital and Hive have already ventured into AI operations, signaling a broader trend towards diversification within the mining industry.

📈Technical Analysis Masterclass:

Bitcoin Halving has finally started

Bitcoin halving event unfolds, sparking anticipation among traders amidst subdued market activity.

Price Movement Analysis:

• Low volume and downward candle movement post-halving raise questions about immediate price action.

• Bitcoin halving drives gradual price upticks over extended periods, as explained in prior vlogs.

Consideration of Geopolitical Factors:

• Geopolitical tensions could further impact Bitcoin's price, potentially causing additional declines.

Historical Analysis and Future Projections:

• Historical data suggests an average of 500 days before reaching post-halving peak.

• Projection of 4th Bitcoin halving's peak around September/October, followed by bear cycle.

Importance of patience and long-term perspective reiterated for navigating Bitcoin's post-halving price trends. Watch UseTheBitcoin’s latest Youtube Video “Bitcoin Halving has finally started” to learn more!

😂 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