Today's Top Crypto Headlines: Stay Ahead Of The Curve!

Hello, Crypto Enthusiasts!

I am thrilled to bring you the second edition of the UseTheBitcoin.com newsletter.

We've been buzzing with excitement since our last edition, and your overwhelming response, with over 1,000 readers on Monday, has left us beaming! 😊

The positive feedback has been truly heartening, and we're grateful for your support. We're here again today, committed to delivering even better content.

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Without further ado, let's dive right into the latest crypto news, keeping you in the loop on all things cryptocurrency!

📰 News Highlights:

Crypto Courtroom Drama  (Link) (Link) (Link) (Link)

Digital Currency Group (DCG), struck a deal to settle a $620 million lawsuit. DCG has agreed to repay the remaining $324.5 million in loans by April next year. This agreement is part of Genesis' strategy to pay back creditors, who will vote on the plan before it reaches bankruptcy judge Sean Lean for a final decision. 

Genesis stated that the repayment deal will provide “immediate significant and near-term benefits” and avoid “risk, expense, and diversion of resources that would be required by litigation.”

The drama doesn't end there, as Genesis recently sued crypto exchange Gemini for nearly $670 million in transfers.

Meanwhile, a U.S. federal judge has approved a $1.65 billion settlement between Voyager and the Federal Trade Commission (FTC). Voyager is now permanently restrained from marketing or providing digital asset-related products or services.

This legal tussle doesn't significantly impact proceedings in bankruptcy court, where Voyager filed for Chapter 11 protection in July 2022.

The crypto courtroom is becoming a regular stage for high-stakes legal drama.

Coinbase's Bybit Subpoena Shakeup (Link) (Link)

Coinbase, a major crypto exchange, drops a regulatory bombshell by alerting users about a subpoena related to ByBit, a crypto exchange. 

The Commodity Futures Trading Commission (CFTC) is involved, and Coinbase emphasizes that users need not take any action. However, if served before November 30, Coinbase may respond to the subpoena. The government's interest in obtaining information from Coinbase users hints at a broader effort to establish ByBit's engagement with American consumers, a crucial aspect as ByBit maintains it does not operate within the United States.

This move by the Commodity Futures Trading Commission (CFTC) is strategic, potentially aiding the argument that Bybit has been conducting business unlawfully in the U.S. This regulatory shift adds a layer of complexity for users navigating multiple platforms, emphasizing the increased scrutiny faced by crypto exchanges from U.S. regulators shedding light on the intricate global landscape of cryptocurrency operations and the accompanying legal intricacies. 🌐💼🔍

Fireblocks' Counterparty Risk Cure (Link) (Link)

 In response to the collapse of centralized crypto giants like FTX, Fireblocks, a crypto infrastructure firm, introduces "Off Exchange." This new product aims to address institutional investors' concerns about counterparty risk.

Through Collateral Vault Accounts (CVA) using on-chain multiparty computation (MPC) wallets, Fireblocks allows users to lock funds, issue credits to exchanges, and engage in real-time, on-chain settlement.

Deribit, a crypto derivatives exchange, is the first to integrate with this offering. Fireblocks emerges as a superhero mitigating risk exposure in the aftermath of FTX's downfall.

Bitfinex's Tether Bond Fiasco (Link) (Link)

Bitfinex's ambitious Tether tokenized bond, ALT2611, falls short of expectations, raising only 15% of its $10 million target two weeks after launch.

This tokenized bond, considered a "new era for capital raises," seems to have struggled to attract the anticipated investment in its two-week offer period.

According to the official website and it appears to have been extended by another fortnight as just 15,000 ALT2611 or 15% of the target has been reached so far.

SEC's Strategic Move: Coordinated Approval of Bitcoin ETFs on the Horizon (Link)

The Securities and Exchange Commission (SEC) surprised the market by announcing a delay in the approval decision for a Spot Bitcoin ETF nearly a month ahead of schedule, raising speculation that the SEC is planning to approve all Spot BTC ETFs simultaneously in January.

This move is seen as an attempt to eliminate any first-mover advantage and ensure fair play among applicants. Crypto enthusiasts and analysts believe that this coordinated approval, expected by January 10, 2024, could trigger the next bull run as institutional and retail investors flood the market with money.

Meanwhile, Standard Chartered maintains its optimistic Bitcoin price target of $100,000 by the end of 2024, citing the ETFs as a catalyst for the cryptocurrency's rally, despite skepticism about reaching such a high valuation. 

Ronaldo's Legal Match (Link) (Link)

In our final news highlight of the day, pro-soccer star Cristiano Ronaldo faces a proposed class-action lawsuit for allegedly promoting unregistered securities through Binance-tied NFTs.

The lawsuit claims Ronaldo actively participated in offering these securities in coordination with Binance, potentially leading users to invest in unregistered assets.

Ronaldo's vast influence, with 890 million followers across social media, is highlighted as a key factor in promoting Binance. The lawsuit adds complexity to the regulatory challenges celebrities encounter in the crypto space, bringing legal scrutiny to the intersection of sports and finance. ⚽💼🏛️

💡 Feature of the Day: 

China's Money Printer Goes Brrr: The Coming Crypto Bull Market (Link)

The United States and China have recently mended their relationship, which will have positive implications for the crypto market.

China will likely engage in a massive round of stimulus to pump up the property market and increase infrastructure spending, which will lead to a weakening of the yuan and an increase in capital flight.

This will create an environment that is favorable for cryptocurrencies, as they will be seen as a safe haven asset.

Key Takeaways:

• China is likely to engage in a massive round of stimulus.

• The yuan will weaken and capital flight will increase.

• This will create an environment that is favorable for cryptocurrencies.

Investment Implications:

• Investors should consider allocating a portion of their portfolio to cryptocurrencies.

• Bitcoin and gold are likely to benefit from the weakening of the yuan.

Additional Notes:

• Arthur Hayes believes that the best place to be when China is in bull market mode is in Asia.

• He expects that Xi Jinping will provide his comrades with a "phat 红包" (Hong2Bao1) for Chinese New Year next year.

📈 Technical Analysis:

(Editors Note: Today we are adding a bit of TA to our newsletter provided by our in-house trading wizard. Send us some feedback of you like what he’s got, if we get enough responses we can make this a regularly featured section…)

Despite BTC dominance indicating increased attention on BTC over altcoins. We can interpret this in two ways, either BTC could significantly pull the market down as it experiences a minor or major drop, or a substantial number of investors are shifting to BTC in anticipation of the ETF news in January. Regardless, Bitcoin has remained within a narrow range for 7 out of the past 19 days, warranting caution. There's a possibility of deviation after testing the highs again, or a decline if we reject the range highs. A sustained position above the range would suggest a continuation of a bullish trend.

ETH, in contrast, hasn't shown significant developments in its price action, consistently bouncing within the range levels identified last week. Yesterday, it rebounded from the mid-range, coinciding with a moderate increase in BTC around its midrange. Despite considerable speculation about ETH ETFs, Ethereum's price has remained relatively stagnant over the past 19 days, confined within an 11% range. The strategy remains akin to BTC: a potential sweep of the highs with a subsequent deviation could lead to further downside, or if the range highs hold, an upward trend continuation is likely.

💥 Market Movers:

Top Gainer: Sei (SEI) up 33.6% - Although no new news was released on this token, the rise seems to be natural price movement, in simple terms the price went higher as a lot of investors and traders saw potential on the project.

Top Loser: GameAI (GAT) down -12.1% - Rumor in the crypto underground is that some of the core team is selling tokens to profit off the recently inflated prices, this is unsurprising as the project is heavily botted on-chain, with little to no marketing efforts on their Twitter.

😂 Crypto Memes of the Day:

Monday’s Poll Results:
Q - Do you think Bitcoin's 'Santa Claus Rally' will happen in 2023?

32% of our readers think that the the BTC market will Rally in December while 68% think that we will have a bearish end to the year.

And that’s it for today!

Thanks, for reading our second newsletter!

As we are just starting out feel free to reply back to this email with any recommendations or suggestions you might have on how we can improve the reading experience, any feedback is greatly appreciated.

See you Friday,
Jonathan Gibson
UseTheBitcoin.com