Good Morning Crypto Enthusiasts!

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

1. BTC Price Correction Follows Historic Pre-Halving High: Bitcoin's surge to its first-ever pre-halving all-time high led to a significant 7% correction, causing mass volatility. While market observers remain cautiously optimistic, considering such pullbacks as part of Bitcoin's cyclical nature, long-term holders celebrated a historic milestone as BTC/USD hit new record levels before a block subsidy halving event.

2. Alleged OrdiZK Rug Pull with $1.4M: The OrdiZK (OZK) project allegedly executed a rug pull, disappearing with approximately $1.4 million worth of investors' cryptocurrency. Blockchain security platform CertiK's investigation revealed the project's deployer account dumped tokens on a decentralized exchange, leading to a 98% price plunge and contributing to a total 99% slippage.

3. SEC Seeks Intervention in Binance.US Investigation: The U.S. SEC raised concerns over Binance.US's lack of cooperation in an ongoing investigation, prompting a request for court intervention. The SEC alleges that Binance.US has been "unable or unwilling" to provide crucial information regarding customer assets, raising questions about asset custody practices and regulatory compliance.

4. Terra Founder Wins Appeal Against US Extradition: Do Kwon, co-founder of Terraform Labs, has won an appeal against his extradition to the United States. The Appellate Court of Montenegro overturned a lower court's decision, citing "significant violations" of criminal procedure laws, marking a significant development in Kwon's ongoing legal saga.

5. 💡Feature of the Day - Meta Stock Plummets Amid Facebook Outage: Meta's record-high stock price plummeted following a widespread outage affecting Facebook, Instagram, and other Meta apps. The outage disrupted access to key social media platforms, coinciding with heightened user activity during primary elections and caucuses, exacerbating concerns about Meta's infrastructure resilience and its implications for investor confidence.

6. 🫨 What’s Buzzing? - Do you know the 3 signs to look for to know if “Bitcoin is Headed for Another Bull Run?” Check out UseTheBitcoin’s latest article to stay ahead of the curve!

   
   All this and more in today’s headlines!

📰 News Highlights:

📉 BTC Price Correction Follows Historic Pre-Halving High [Source][Source][Source]

Bitcoin's monumental surge to its first-ever pre-halving all-time high triggered a significant 7% correction, causing mass volatility in the market. On March 5, Bitcoin experienced a rapid $5,000 drop, with BTC/USD shedding 6.7% in just over an hour, highlighting the inherent volatility of the cryptocurrency.

While this correction follows a period of unprecedented highs, market observers remain cautiously optimistic, considering such pullbacks as part of Bitcoin's cyclical nature. Vijay Boyapati, a prominent crypto author and educator, emphasized the normalcy of these corrections, attributing them to large sellers capitalizing on high liquidity moments.

During the correction, approximately $150 million in liquidations occurred, signaling intense market activity. However, long-term Bitcoin holders celebrated a historic milestone, as 2024 marked the first time BTC/USD hit new record levels before a block subsidy halving event. This achievement, dubbed "unprecedented" by crypto experts, reflects Bitcoin's evolving market dynamics.

As Bitcoin navigates this critical juncture, traders speculate on whether current price action heralds a new era for BTC's trajectory. With BTC/USD's rapid ascent prompting questions about the acceleration of the price cycle, analysts closely monitor market behavior for insights into Bitcoin's future trajectory.

🚨 Alleged OrdiZK Rug Pull with $1.4M [Source]

The OrdiZK (OZK) project has allegedly executed a rug pull, disappearing with approximately $1.4 million worth of investors' cryptocurrency, according to blockchain security platform CertiK.

CertiK's investigation revealed that the project's deployer account dumped 489 million OZK tokens on a decentralized exchange, causing a 98% price plunge. Subsequent sales further exacerbated the situation, contributing to a total 99% slippage.

Blockchain data corroborates these findings, indicating substantial token swaps and withdrawals from liquidity pools. The sudden disappearance of the project's team, coupled with the deletion of social media accounts, underscores the severity of the alleged exit scam.

🔍 SEC Seeks Intervention in Binance.US Investigation [Source]

The U.S. Securities and Exchange Commission (SEC) has raised concerns over Binance.US's lack of cooperation in an ongoing investigation, prompting a request for court intervention.

The SEC alleges that Binance.US, operating as BAM Trading Services, has been "unable or unwilling" to provide crucial information regarding customer assets, impeding the discovery process.

Central to the investigation is whether Binance.US employees had access to customer assets, raising questions about asset custody practices and regulatory compliance. Despite Binance.US's assertion of compliance with the SEC's requests, the regulator contends that certain key questions remain unanswered, necessitating judicial intervention.

🛑 Terra Founder Wins Appeal Against US Extradition [Source]

Do Kwon, co-founder of Terraform Labs, has won an appeal against his extradition to the United States, marking a significant development in his ongoing legal saga.

The Appellate Court of Montenegro overturned a lower court's decision approving Kwon's extradition, citing "significant violations" of criminal procedure laws.

The ruling represents a pivotal moment in Kwon's extradition process, which began with his arrest in March 2023. The court's decision underscores the complexity of extradition proceedings, with multiple jurisdictions vying for legal jurisdiction over the Terraform Labs co-founder.

💡 Feature of the Day: 

🔌 Meta Stock Plummets Amid Facebook Outage [Source][Source]

Meta's record-high stock price took a nosedive following a widespread outage affecting Facebook, Instagram, and other Meta apps. The outage, occurring on Super Tuesday in the United States, disrupted access to key social media platforms, coinciding with heightened user activity during primary elections and caucuses.

Reports of the outage triggered a sharp decline in Meta's share price, with Meta stock plummeting from its all-time high as the outage persisted. The outage's timing exacerbated concerns about Meta's infrastructure resilience and its implications for investor confidence.

While service restoration efforts were underway, Meta's stock price continued to fluctuate, reflecting broader market sentiment towards tech stocks amidst the outage.

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🫨 What’s Buzzing?:

🚀 Ready to decode the signs pointing towards a potential Bitcoin bull run? Let's dive into the key factors and insights you need to know:

1. Halving Hype: Scheduled for April 2024, the next Bitcoin halving event could significantly impact the market. Historically, halvings have triggered market rallies by reducing the supply of new Bitcoin, potentially driving up demand and prices. But remember, past performance doesn't guarantee future results.

2. Self-Custody Surge: Investors are increasingly moving their Bitcoin off centralized exchanges and into personal wallets, signaling long-term commitment and potentially reducing selling pressure. This trend could lead to further market growth and the development of user-friendly self-custody services. But beware: self-custody requires careful security measures to avoid permanent loss of assets.

3. Growing Interest: Google search interest in Bitcoin has been on the rise, indicating increasing awareness and potential market participation. However, be cautious of speculative hype and consider other factors like accessibility and media coverage.

Read the whole nine yards of UseTheBitcoin’s latest article “Is Bitcoin Headed for Another Bull Run? 3 Signs to Watch” to get up-to-date in this fast-paced industry.

😂 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