Good Morning Crypto Enthusiasts!

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

1. El Salvador's Bitcoin Holdings Soar to Record Highs: Bitcoin adoption in El Salvador has proven lucrative for the government, with profits surpassing $50 million amid BTC's meteoric rise.

2. MicroStrategy Expands Convertible Notes Offering Amid Market Rally: Corporate Bitcoin investor MicroStrategy seeks to raise $700 million through convertible notes, up from its initial target of $600 million. The notes, with an interest rate of 0.625% per annum and a conversion price representing a 21% premium, aim to capitalize on the ongoing cryptocurrency bull market.

3. Spanish Regulators Halt Worldcoin's Data Collection Activities: The Spanish Agency for the Protection of Data (AEPD) has ordered Worldcoin to cease collecting and processing data within Spain. The temporary injunction follows complaints alleging unauthorized data collection, particularly from minors, prompting a three-month ban on operations.

4. Lena Network's Candy Token Plummets Following Rug Pull: Lena Network's Candy (CANDY) token experiences an 87% decline after the protocol suffers a rug pull, resulting in a loss of 753 Ether, valued at $2.9 million.

5. 💡Feature of the Day - Coinbase Offers In-Game Rewards for Ethereum NFT Game 'Parallel': Cryptocurrency exchange Coinbase partners with Base to offer free in-game items and currency for Ethereum NFT card game Parallel. New players accessing the game through Coinbase's platform or Base's social media posts receive $5 worth of in-game credits and two free packs of non-NFT cards.

6. 📜 Your Daily Thread - Let’s officially welcome the Bull Market now! But how do you survive the whole thing and not get obliterated (I mean liquidated🫠)? @PixSorcerer got some advice for you!

   
   All this and more in today’s headlines!

📰 News Highlights:

El Salvador's Bitcoin Holdings Soar to Record Highs [Source][Source][Source]

Bitcoin adoption in El Salvador has proven lucrative for the government, with profits surpassing $50 million amid BTC's meteoric rise.

The government's Bitcoin holdings, acquired through its daily purchases of 1 BTC, now exceed $150 million, marking a substantial increase against their initial cost basis.

President Nayib Bukele's decision to integrate Bitcoin as legal tender has transformed El Salvador's financial landscape, with the country's BTC holdings skyrocketing amidst historic market highs. At an average purchase price of $44,300 per BTC, El Salvador's holdings have surged by 53%, reaching $164.7 million at Bitcoin's latest all-time high.

While critics previously scrutinized the government's Bitcoin strategy during market downturns, Bukele emphasized the profitability of the investment amid surging prices.

Despite speculation surrounding other nations embracing a "Bitcoin standard," El Salvador stands as a pioneer in adopting cryptocurrency as legal tender.

💼 MicroStrategy Expands Convertible Notes Offering [Source][Source]

Corporate Bitcoin investor MicroStrategy seeks to raise $700 million through convertible notes, up from its initial target of $600 million. The 2030 MicroStrategy convertible notes, bearing an interest rate of 0.625% per annum, aim to capitalize on the ongoing cryptocurrency bull market.

With a conversion price of $1,497.68 per share, representing a 21% premium, the notes offer accredited or institutional investors an opportunity to participate in MicroStrategy's growth. The company intends to utilize the proceeds to purchase additional Bitcoin or for corporate expenses.

MicroStrategy's relentless accumulation of Bitcoin, currently totaling 193,000 BTC, has propelled its balance sheet to $12.9 billion, delivering substantial returns amidst the broader market rally. Chairman Michael Saylor remains bullish on Bitcoin's long-term prospects, foreseeing AI and exchange-traded funds as catalysts for sustained growth.

🔒 Spanish Regulators Halt Worldcoin's Data Collection Activities [Source][Source]

The Spanish Agency for the Protection of Data (AEPD) has ordered Worldcoin, founded by OpenAI's Sam Altman, to cease collecting and processing data within Spain. The temporary injunction follows complaints alleging unauthorized data collection, particularly from minors, prompting a three-month ban on operations.

Worldcoin's mission to establish a global identity and financial network faces regulatory scrutiny amid concerns over privacy and consent. While the company asserts its commitment to user privacy and protection, regulators cite insufficient information and withdrawal restrictions as key issues.

Despite Worldcoin's ambition to revolutionize identity verification using biometric scanning technology, regulatory hurdles pose significant challenges to its operations.

📉 Lena Network's Candy Token Plummets Following Rug Pull [Source][Source]

Lena Network's Candy (CANDY) token experiences an 87% decline after the protocol suffers a rug pull, resulting in a loss of 753 Ether, valued at $2.9 million. The abrupt decline in the Candy token's price underscores the risks associated with new liquidity protocols in the cryptocurrency space.

The rug pull occurred shortly before Lena Network renounced ownership of the token contract, raising questions about the project's integrity and investor protection measures. Despite raising over 850 ETH ($3.2 million) during its initial farm offering, Lena Network faces scrutiny over its handling of user funds.

Cryptocurrency hacks and rug pulls continue to pose significant challenges to investor confidence, with over $200 million lost to such incidents in 2024 alone.

💡 Feature of the Day: 

🃏 Coinbase Offers In-Game Rewards for Ethereum NFT Game 'Parallel' [Source][Source][Source]

Cryptocurrency exchange Coinbase partners with Base to offer free in-game items and currency for Ethereum NFT card game Parallel, which recently launched its open beta.

New players accessing the game through Coinbase's platform or Base's social media posts receive $5 worth of in-game credits and two free packs of non-NFT cards.

Parallel's integration with Base's on-chain transactions marks a significant milestone for Ethereum scalability, showcasing the platform's potential to support innovative projects.

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📜 Your Daily Thread:

😂 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