Hello Crypto Enthusiasts!

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

1. US Republicans on Crypto: The Republican National Committee (RNC) has integrated cryptocurrencies into its official party platform, advocating for Bitcoin mining and opposing a Central Bank Digital Currency (CBDC).

2. Lionel Messi Promotes Memecoin: Soccer legend Lionel Messi has promoted WaterCoin (WATER), a Solana-based memecoin, on his Instagram Stories.

3.  📈Technical Analysis Masterclass - Despite a recent dip, experts remain optimistic about Bitcoin’s trajectory. Whether Bitcoin will explode or fizzle out remains uncertain, but as traders, navigating these waters with vigilance and resilience is key. Watch UseTheBitcoin’s latest Youtube video “Will Bitcoin explode in November? (BTC)” or join our Official Discord Channel for more alpha!

4. Multichain to Pay $2.1M to Fantom: The High Court of Singapore has ordered the Multichain Foundation to compensate the Fantom Foundation with $2.18 million following a $210 million hack in July 2023.

5. Ethereum $2M ‘Attackathon’: Ethereum's security team is launching its first-ever "Attackathon," a four-week hackathon with a $2 million reward pool to test the blockchain’s security. Hosted by bug bounty platform Immunefi, the event aims to crowdsource a security audit of Ethereum’s codebase.

6. 💡Feature of the Day - Unseat Elizabeth Warren: Pro-crypto Senator Cynthia Lummis has endorsed Republican Ian Cain in his campaign to unseat Democrat Elizabeth Warren for a Massachusetts Senate seat. Lummis cited Cain’s understanding of blockchain technology and the digital economy as key reasons for her support.

   
   All this and more in today’s headlines!

📰 News Highlights:

US Republicans on Crypto [Source][Source][Source]

The Republican National Committee (RNC) in the United States has included cryptocurrencies in its official party platform, advocating for Bitcoin mining and opposing a Central Bank Digital Currency (CBDC). Scheduled to meet from July 15-18, the RNC aims to select a nominee for the U.S. Presidency, with Donald Trump as the presumptive nominee.

The updated platform, shared on Trump’s campaign website on July 8, claims that Democrats have unlawfully cracked down on crypto and pledges to defend Bitcoin mining and self-custody of digital assets free from government surveillance.

This shift in policy marks a significant change for Trump, who previously called Bitcoin a "scam." Now, the campaign not only accepts crypto contributions but also advocates for all remaining Bitcoin to be mined within the U.S.

Lionel Messi Promotes Memecoin [Source]

International soccer legend Lionel Messi has entered the cryptocurrency arena by promoting WaterCoin (WATER), a Solana-based memecoin, on his Instagram Stories. WaterCoin aims to raise awareness for water-related ecological issues, aspiring to evolve into a charity-focused environmental currency.

Despite the lofty goals, the project's roadmap lacks detailed plans, and the token's price action suggests it might follow a "pump and dump" pattern.

Investing in memecoins like WaterCoin carries significant risks, as their value often isn’t tied to any practical utility. Nonetheless, traders continue to pursue potential windfall profits. Others argue that memecoins can serve as indicators of market sentiment and foster vibrant communities.

 📈Technical Analysis Masterclass:

Will Bitcoin Explode in November? (BTC)

After weeks of relentless selling pressure, Bitcoin (BTC) has shown a glimmer of hope with a small green candle.

The Current Situation

• Downtrend Continues: On the daily timeframe, Bitcoin remains in a downtrend. The rejection at the 200-day moving average (200MA) was a setback, but the recent bounce indicates that bulls are not entirely defeated. Key focus is on identifying potential support levels to prevent further downside.

• Bullish Divergence: Despite the bearish trend, the relative strength index (RSI) shows a bullish divergence on the daily timeframe. While prices declined, the RSI formed higher lows, suggesting underlying strength. However, divergences alone do not guarantee trend reversals.

The Election Catalyst

• Political Endorsement: The upcoming election is a potential catalyst. Former President Donald Trump has expressed support for Bitcoin, marking a significant shift. If Trump’s influence continues, it could drive prices upward and encourage broader adoption.

Trading Strategy

• Observe and Learn: Rather than actively trading, closely monitor the market. Look for patterns, observe price reactions, and stay informed about news and events.

• New Support Levels: The recent bounce suggests new support around the $55,000 to $57,000 levels. Keep an eye on these zones.

• Risk Management: Preserve your capital. If Bitcoin revisits the $50,000 to $52,000 levels or drops further to $42,000 to $46,000, consider it a buying opportunity. Always manage your risk.

November is still a few months away, and the crypto market is unpredictable. Stay informed, adapt to changing conditions, and remember that patience often pays off.

Multichain to Pay $2.1M to Fantom [Source][Source][Source]

The High Court of Singapore has ordered the Multichain Foundation to compensate the Fantom Foundation with $2.18 million following a $210 million hack.

The hack, which occurred in July 2023, resulted in significant asset losses across multiple chains, including Ethereum, BNB, and Polygon. Fantom was among the victims and sought legal redress for its losses.

Fantom representatives presented evidence to the court, emphasizing that the breach was due to the Multichain CEO's ultimate control over the assets. Despite Multichain's absence from the proceedings, the court ruled in Fantom’s favor, recognizing the breach of user agreements. This compensation is a fraction of the total losses.

Hacks and scams in the crypto sector have surged, with over $572 million lost in Q2 2024 alone, compared to $220 million in the same period in 2023.

Ethereum $2M ‘Attackathon’ [Source][Source]

Ethereum's security team is set to launch its first-ever "Attackathon," a four-week hackathon with a $2 million reward pool aimed at testing the blockchain’s security.

Scheduled to begin soon, this event will be the largest crowdsourced security audit of Ethereum’s codebase. Participants will actively search for vulnerabilities, following specific competition rules, and only impactful reports will be rewarded.

Hosted by bug bounty platform Immunefi, the Attackathon will kick off with a technical walkthrough of Ethereum’s code, ensuring participants are well-prepared. After the event, Immunefi will compile a report detailing the discovered vulnerabilities.

The Ethereum Protocol Security (EPS) research team plans to host similar hackathons for every future hard fork, starting with the upcoming "Pectra" hard fork, which includes significant updates like a "social recovery" feature for wallets.

💡 Feature of the Day: 

Unseat Elizabeth Warren [Source][Source][Source]

Pro-crypto Senator Cynthia Lummis has endorsed Republican Ian Cain in his campaign to unseat Democrat Elizabeth Warren for a Massachusetts Senate seat.

Cain, co-founder of Qubic Labs, is running against engineer Robert Antonellis and crypto lawyer John Deaton in the Republican primary.

Deaton, known for his advocacy in high-profile crypto court cases, has raised significant funds from crypto-focused backers but faces a challenging race. Warren, a vocal critic of cryptocurrencies, currently holds a strong lead in polls.

Cain’s support for the Financial Innovation and Technology for the 21st Century (FIT21) Act aligns with his pro-crypto stance, which could appeal to voters seeking innovation in financial regulation.

😂 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