Venezuela turns to USDT for oil exports 🛢️

Welcome back to the daily Coinsauce Newsletter, your go-to source for the latest crypto updates 🗞️. We've enriched our newsletter with more market updates and educational content available every Tuesday through Friday. If you enjoy these additions, let us know in the poll at the bottom of the newsletter.

📈 Markets

• Bitcoin is currently trading at $66,800 which is a crucial resistance

• This level is in confluence with a horizontal resistance, 4H equilibrium zone, 1H Premium zone, AVWAP resistance, the range midzone & a bearish order-block.

• BTC can be rejected off this area, making it possible to take intraday shorts here.

• However, if BTC breaks $67,200, the short term bias turns bullish & it can then target the $70,000 FVG, making it a good intraday long opportunity.

• Bitcoin Dominance has successfully re-tested 55% & held it’s weekly breakout zone , indicating that BTC is set to outperform alts for the near future.

• On a macro level, as long as we hold $60,100 on the daily close, the mid term bias still remains bullish.

📅 Today

Karma for the SEC 😇 

SEC lawyers Michael Welsh and Joseph Watkins have resigned from their roles, after a federal judge sanctioned the SEC for abusing power in it’s case against Debt Box, a Utah-based crypto company.

The SEC had accused Debt Box of defrauding investors of $49 million and froze its assets. However, Judge Robert Shelby reversed the freeze, citing false representations by the SEC.

This is not the first time Gary Gensler & his squad have been seen abusing their power, and it is great to see lawmakers stand up against the same 💯 

Crypto X Crude Oil 🛢️ 

In response to renewed U.S. sanctions, Venezuela has ramped up its utilization of digital currencies in oil transactions.

PDVSA, the state oil company, has increasingly integrated USDT into its payment methods for crude oil and fuel exports to evade freezing of export proceeds & as a hedge against having foreign bank accounts frozen.

Venezuela had previously launched its first experiment with crypto in 2018 as a way to bypass the dollar, but it never really took off, with no major exchanges accepting it and the government sunsetting the program in early 2024.

📊 Stats

Solana meme-coins that raised millions of dollars last month, which are now inactive 👇️ 

Educational 📔 

10 advance tools to DYOR :

1. Coinglass : Funding rates, liquidity heatmaps, ETF inflows, etc.

2. Dune : Useful dashboards inlcude Bitcoin ETFs, Alpha Screener, VC Printer, etc.

3. Alphanomics : Wallet P/Ls, dex whale transactions, trending altcoins, etc.

4. Chainbroker : VC funding, Tokenomics, ICO details, Social media scores, etc.

5. Dextools : Charts & security checks for the newest launched altcoins

6. Mobcharts : Orderbook analysis, Open interest trends, Limit order heatmaps, etc

7. Bubblemaps : Identifies fishy token distribution & whale wallet holdings.

8. Token Unlocks : Vesting schedules for altcoins.

9. Alphascan : Social media sentiment analysis.

10. Token Terminal : Fundamental metrics like P/S, P/F, user growth, TVL growth, FDV/TVL etc.

🤣 Meme of the day

Day trader’s be like… 🤣 

That concludes our update for today!

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