GM Explorer,

Hackers are at it again, and this time, Cardano’s X Account has been hit with posts spreading some pretty wild misinformation.

Here’s what we got for you today:

• 👺 Cardano’s X account got hacked!

• 🤑 US Treasury declares Bitcoin 'digital gold'!

• 🔎 Market Insight

• 🧱 Around the Block: Microsoft is set to vote on adding Bitcoin to Its portfolio this week.

👺 Cardano’s X Account Got Hacked!

Sunday proved to be anything but peaceful for Cardano and its community. What happened, you wonder?

The official Cardano Foundation account on X was hijacked, leading to a rapid series of events.

The hacker initiated their scheme with a striking post about a new token called $ADASOL, which they misleadingly claimed was a Cardano token “reimagined” for Solana’s speed and innovation.

What made this situation even more alarming was the hacker's attention to detail:

The post included 13 well-crafted tweets (though already taken down) that thoroughly explained the token's supposed benefits, complete with links to official Cardano content that made the information shockingly plausible.

Unfortunately, this was nothing more than a façade.

But before anyone could catch on, traders had already funneled over $500,000 into this fraudulent token within just one hour before the post was eventually taken down.

But the mischief didn’t end there.

The hacker struck again with an even more bizarre post, claiming that the Cardano Foundation had been hit with an SEC lawsuit and would halt support for the $ADA token to comply with "regulatory requirements."

At this point, panic had spread like wildfire, with the post amassing over 256,000 views.

To compound the confusion, replies were disabled, leaving many in a state of uncertainty.

Fortunately, the Cardano team quickly intervened to clarify the situation.

They confirmed that their X account had indeed been compromised and assured the community that they were working tirelessly to restore security, emphasizing that no other platforms were affected.

However, by this time, the damage had been done—$ADA’s price took a hit, dropping 4.3% to $1.15 at the time of writing. Ouch!

The Cardano team advises everyone to steer clear of any content that comes from the compromised account and not to click on any links.

They also recommend following their LinkedIn page for authentic updates.

The takeaway here? Well, it's simple: Hackers are honing their skills these days, so it’s crucial to stay vigilant and exercise caution before making any decisions.

For deeper insights into this ongoing story, you can read the full details here!

🤑 US Treasury Declares Bitcoin 'Digital Gold'!

The U.S. Treasury Department has officially dubbed Bitcoin as "digital gold" signaling its rising influence as a store of value in our rapidly evolving financial world.

This landmark recognition comes alongside a comprehensive report exploring the surge of digital assets like Bitcoin, Ethereum, and stablecoins.

And believe me, the numbers are staggering!

According to reports, Bitcoin's market valuation skyrocketed from a mere $6.4 billion in 2015 to approximately $1.3 trillion by 2024.

This remarkable growth positions it more closely with traditional gold within the decentralized finance (DeFi) sector.

However, the Treasury's report also highlights that many still view cryptocurrencies as speculative ventures, while more traditional assets, such as Treasury bonds, continue to dominate the investment landscape.

Stablecoins are also stealing the spotlight!

The Treasury acknowledges their rising significance and how they are reshaping demand for U.S. Treasury bills, serving as a haven in the burgeoning crypto ecosystem.

 Check out the full report here.

🔎 Market Insight

The market is bleeding badly today, and during times like this, we often look to Bitcoin to gauge when the downturn might end.

As the saying goes, “When Bitcoin sneezes, the rest of the crypto market catches a cold.”

Until Bitcoin stabilizes, it is likely that the declines will continue.

So, how low will Bitcoin go?

For now, we suggest monitoring the first major support level (indicated by the red line) for a potential rebound.

However, since this level is already showing signs of weakness, if Bitcoin doesn’t rally back and close the day above the red line, you'll want to keep an eye on the green and white support lines for possible rebounds.

In the meantime, you have two options:

1. Sit on your hands and wait, or…

2. Add to your altcoin holdings, particularly those that are showing strength against their Bitcoin charts.

🧱 Around The Block

• Microsoft is set to vote on adding Bitcoin to Its portfolio this week.

• Hawk Tuah Girl is being investigated by law firms over a possible lawsuit as fans 'lose life savings' after buying her cryptocurrency.

• Amazon shareholders tell the company to consider adding Bitcoin to its treasury.

• Wallstreetbets X account compromised, victim drained on Solana for over $2.2m worth of meme coins.

• Deny Defend Depose Cryptocurrency reaches $3 million market Cap.

• PEPE Market Cap hits $10 billion, flips Litecoin after 18% price increase.

• Elon Musk’s Tesla missed out on $3 billion by selling Bitcoin at $31

That's all we've got for you today.

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Catch you soon.

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell assets or make financial decisions.