Good Morning Crypto Enthusiasts!

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

1. Kamala Harris Supports Blockchain: Democratic presidential nominee Kamala Harris voiced her support for the U.S. leading in emerging technologies like blockchain.

2. NYC Mayor Eric Adams Indicted: New York City Mayor Eric Adams has been indicted in a federal corruption probe, reportedly linked to dealings with the Turkish government involving illegal campaign donations.

3. 📈Technical Analysis Masterclass - Despite potential short-term pullbacks, the overall trend looks strong for Bitcoin. Watch UseTheBitcoin’s latest Youtube video “Is Bitcoin on the Verge of a MASSIVE Breakout?” to see what could be a major breakout or join our Official Telegram Channel for more alpha!

4. Truflation Hacked: Truflation, a blockchain-based inflation data platform, suffered a security breach resulting in a loss of up to $5.2 million.

5. 💡Feature of the Day -Terraform Labs May Shut Down: Terraform Labs announced that it might shut down several of its products and services by Oct. 30 unless third parties step in to take over.

   
   All this and more in today’s headlines!

📰 News Highlights:

Kamala Harris Supports Blockchain [Source][Source][Source]

In a recent speech at the Economic Club of Pittsburgh, Democratic presidential nominee Kamala Harris voiced her support for the U.S. to remain a global leader in emerging technologies, including blockchain.

Harris also briefly touched on her views on digital assets, stating that the U.S. should encourage their development while ensuring strong consumer protections.

Harris's statements mark a shift from her previous silence on cryptocurrency, and she outlined her vision for advancing technology in her 82-page economic plan.

The plan highlighted her intention to foster blockchain innovation while safeguarding investors and consumers.

NYC Mayor Eric Adams Indicted [Source][Source][Source]

New York City Mayor Eric Adams has been indicted following a federal corruption investigation, making him the first sitting mayor in the city's history to face such charges.

While the indictment remains sealed, it is reportedly linked to Adams’ dealings with the Turkish government, including allegations of illegal campaign donations and improper influence over the approval of a high-rise building.

Adams, a vocal proponent of cryptocurrency, made headlines during his tenure for accepting his first three paychecks in Bitcoin and Ether, and for pledging to make New York a hub for the crypto industry.

Adams has maintained his innocence and vowed to fight the charges.

📈Technical Analysis Masterclass:

Is Bitcoin on the Verge of a MASSIVE Breakout?

Bitcoin might be on the edge of something big. Here’s why October could be explosive for Bitcoin.

Key Resistance Levels

• Trendline Resistance: Bitcoin is sitting at key resistance levels on the weekly chart. While some expect a pullback, this may only be short-term.

• Possible Pullback: A small dip in shorter timeframes could build new support, but the larger trend points towards a breakout.

RSI Indicator Shows Promise

• Breaking the RSI Barrier: Bitcoin’s RSI has moved above its moving average (black line) for the first time since April.

• Historical Pattern: Whenever Bitcoin’s RSI moves above this level, it tends to lead to strong price increases, hinting at a potential repeat of this pattern.

October: The Start of a Bull Run?

• Election Catalyst: With both Donald Trump and Kamala Harris expressing positive sentiment towards Bitcoin, the November election could act as a major bullish trigger.

• Pro-Bitcoin Sentiment: Regardless of the election outcome, the broader sentiment is turning bullish for Bitcoin.

Short-Term Outlook

• Short-Term Bearish Moves Possible: While the long-term outlook is bullish, there may still be retracements or consolidation in the short term as Bitcoin finds stronger support.

• Ideal Buy Zone: If Bitcoin retraces, a good buying range is between $60,500 and $60,600. Be prepared for volatility.

Truflation Hacked [Source][Source][Source][Source]

Truflation, a blockchain-based inflation data platform backed by Coinbase Ventures, has confirmed a security breach that resulted in the loss of up to $5.2 million.

The team detected abnormal activity on Sept. 25, revealing that the attack was carried out using malware.

While customer funds were not affected, the attacker managed to siphon funds from Truflation’s multisignature and personal wallets on Ethereum and seven other chains.

Blockchain analysts estimate that Truflation lost approximately $3.89 million in TRUF tokens, $1.07 million in Ether, and $236,000 in DAI.

Following the attack, the TRUF token dropped 15.6%, although it quickly recovered some of its value. Truflation assured its users that staking funds remain secure.

💡 Feature of the Day:

Terraform Labs Shut Down [Source][Source][Source][Source]

Terraform Labs has announced that several of its products and services could be shut down by Oct. 30 if no third parties take over.

This move is part of the company's ongoing bankruptcy wind-down after it settled with the U.S. Securities and Exchange Commission (SEC) in June.

The company listed services such as the Luna Foundation Guard and its blockchain explorer as up for potential takeover but noted that discussions with interested parties have been slow.

Terraform’s CEO Chris Amani previously expressed pride in the company’s resilience but acknowledged that they can no longer operate after losing their legal battle with the SEC.

The community may need to assume responsibility for key services, such as maintaining the blockchain, in order to keep the ecosystem functional.

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😂 Crypto Meme of the Day:

And that’s it for this today.

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See you all tomorrow’s edition!

Jonathan Gibson
UseTheBitcoin.com