Good Morning Crypto Enthusiasts!

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

1. Cyberattacks On French Government: Several French government websites were targeted in a denial-of-service (DDoS) attack by a Russian hacker group following the arrest of Telegram founder Pavel Durov in France.

2. Pavel Durov's Detention Extended: French prosecutors extended the detention of Telegram founder Pavel Durov until August 28 as part of an investigation into cryptology services and alleged complicity in illegal activities.

3. 📈Technical Analysis Masterclass - Many traders sold DOGS immediately after it was listed, particularly those who received airdrops, driven by fear and panic. Watch UseTheBitcoin’s latest Youtube video ”Trading Recap: A Review of My Trade with DOGS” to know what I did or join our Official Telegram Channel for more alpha!

4. Bitcoin Liquidity Dips: Bitcoin's price momentum has stalled, with BTC trading below $64,000, raising concerns of a potential short-term correction.

5. 💡Feature of the Day - Tokenizing Airdrop Points: Rumpel Labs is set to launch a new decentralized finance (DeFi) protocol in September, aiming to tokenize and trade airdrop points, addressing issues with the current airdrop model.

   
   All this and more in today’s headlines!

📰 News Highlights:

Cyberattacks On French Government [Source][Source][Source]

French government websites have been targeted in a denial-of-service (DDoS) attack, reportedly by a Russian hacker group, following the arrest of Telegram founder Pavel Durov in France.

Among the affected websites were the Administrative Court of Paris, the French Health Department’s site, and the Court of Cassation’s page.

The attacks are believed to be a response to Durov’s arrest on August 24, with the hacker group retaliating against French authorities.

French President Emmanuel Macron issued a statement on August 26, insisting that Durov's arrest was not politically motivated and reaffirming France's commitment to freedom of expression.

However, Macron's statement has drawn criticism from prominent figures such as Ethereum co-founder Vitalik Buterin and billionaire Elon Musk, who questioned the legitimacy of Durov's detention.

Pavel Durov's Detention Extended [Source][Source]

French prosecutors have announced that the detention of Telegram founder Pavel Durov has been extended until August 28 as part of an ongoing investigation into cryptology services and alleged complicity in illegal activities.

Durov was initially detained on August 24, and the extension allows authorities more time to question him regarding charges of money laundering, criminal association, and providing cryptology services without prior declaration.

French President Emmanuel Macron has responded to growing criticism, emphasizing that Durov's arrest was not a political decision and reiterating France’s commitment to freedom of expression.

Despite this, the arrest has ignited controversy, with critics arguing that it represents an attack on free speech.

The situation has garnered international attention, with the UAE’s Ministry of Foreign Affairs expressing concern and requesting consular support for Durov.

 📈Technical Analysis Masterclass:

Trading Recap: A Review of My Trade with DOGS

How I Traded DOGS/USDT:

• Initial Short Position: I entered a short position on DOGS/USDT due to concerns surrounding Telegram, believing the price would decline given its association with the platform. Initially, the price dropped as expected but then unexpectedly reversed and started moving upwards.

• Support Levels: The price bounced off key support levels at 0.00149 and 0.001129, eventually rising to around 0.0014, which made me reconsider my approach.

• Switching Strategies: Realizing that DOGS was more resilient than anticipated, I began trading normally, alternating between long and short positions based on market movements. Given that DOGS is a meme coin and has issues related to Telegram, I only allocated a small amount of capital.

• Current Hedging: Currently, I am hedging DOGS by holding both long and short positions simultaneously due to ongoing uncertainties. This strategy allows me to manage risk in a ranging and undecided market. I plan to close the losing position and let the winning one run after a few hours.

Bitcoin Liquidity Dips [Source][Source][Source][Source][Source]

Bitcoin's price momentum has stalled as Wall Street opens, with BTC trading below $64,000, prompting concerns of a potential short-term correction.

On August 26, Bitcoin briefly dropped to $63,128 on Bitstamp, its lowest level since before the weekend. Market analysts have noted signs of weakness, with shifting order book liquidity on Binance favoring bearish sentiment.

Popular traders and analysts have expressed caution, highlighting the lack of aggressive follow-through typically seen in a true breakout.

Concerns have been raised about a possible "Bart Simpson" pattern, where the price could gap lower, potentially reversing recent gains.

Despite the recent positive macroeconomic news from the U.S., Bitcoin has not capitalized on the momentum, leaving traders wary of overtrading in the current environment.

💡 Feature of the Day: 

Tokenizing Airdrop Points [Source][Source]

Rumpel Labs is set to launch a new decentralized finance (DeFi) protocol in September, aiming to tokenize and trade airdrop points, addressing long-standing issues with the current airdrop model.

Supported by venture capital firms like Dragonfly and Variant, the platform seeks to enhance liquidity and price discovery for off-chain loyalty points, creating new opportunities for users and point issuers alike.

The current airdrop system has been plagued by underperformance and arbitrary payouts, often leading to disappointment among users.

Rumpel Labs aims to revolutionize this by allowing users to wrap their earned points into Rumpel Point Tokens, which can then be traded or sold.

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😂 Crypto Meme of the Day: 

And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com