Good Morning Crypto Enthusiasts!

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

1. Hamster Kombat Token Plunges: Hamster Kombat’s HMSTR token saw a steep decline after its listing on major exchanges like Binance, dropping by 30% in 24 hours.

2. Roman Storm Case Dismissal Denied: A judge denied Tornado Cash co-founder Roman Storm's request to dismiss federal charges related to money laundering and sanctions violations, moving his case to trial in December.

3. 📈Technical Analysis Masterclass - Bitcoin has crossed the $65,000 mark again, sparking speculation about its next move. Watch UseTheBitcoin’s latest Youtube video “BITCOIN Hits $65,000 - What's Next?” to know if Bitcoin can push it toward $70,000 or join our Official Telegram Channel for more alpha!

4. US Sanctions Russian Crypto Platforms: The U.S. sanctioned Russian crypto exchanges PM2BTC and Cryptex for processing illicit transactions linked to ransomware and cybercrime.

5. 💡Feature of the Day - Mark Cuban Wants Gary Gensler’s Job: Billionaire Mark Cuban hinted at wanting to replace U.S. SEC Chair Gary Gensler, criticizing Gensler's handling of cryptocurrency regulations.

   
   All this and more in today’s headlines!

📰 News Highlights:

Hamster Kombat Plunges [Source][Source][Source][Source][Source][Source]

Hamster Kombat’s HMSTR token has experienced a steep decline following its official listing on major exchanges like Binance and HashKey.

Despite the game’s celebration of this milestone, the token’s price has dropped significantly. According to CoinGecko, HMSTR plunged by 10% within an hour of trading and has plummeted around 30% in the past 24 hours, from $0.012 to $0.0087.

Hamster Kombat took to X to announce the start of HMSTR trading, just as the HMSTR airdrop became available.

While Hamster Kombat enjoys exposure on major platforms like Binance, OKX, Bybit, KuCoin, and others, the token’s decline remains a point of concern.

HMSTR is now available for spot trading against USDT, with withdrawals expected to begin shortly.

In addition to spot trading, Binance opened futures trading for HMSTR, allowing up to 75x leverage, and announced its inclusion in Binance Super Earn, with users able to earn up to 300% on their tokens within a seven-day locked period.

Roman Storm Case Dismissal Denied [Source][Source][Source]

Roman Storm, a co-founder of Tornado Cash, is set to face trial in December after a judge denied his request to dismiss federal charges against him.

Storm faces a potential 45-year prison sentence if convicted of charges including conspiracy to commit money laundering and sanctions violations.

In a court hearing, Judge Katherine Polk Failla ruled that prosecutors had provided sufficient grounds for the case to proceed, dismissing Storm’s argument that he was being targeted merely for writing code.

Storm, along with co-founder Roman Semenov, was accused of knowingly facilitating illegal transactions through Tornado Cash, a cryptocurrency mixing service.

Prosecutors allege that Tornado Cash laundered millions in illicit funds and received venture capital with the intent to profit.

📈Technical Analysis Masterclass:

BITCOIN Hits $65,000 - What's Next?

Key Events

• Resistance at $64,000: Bitcoin faced three rejections at the $64,000 level over four days, shaking investor confidence.

• Rebound: After dropping to $62,705 on September 26th, Bitcoin bounced back to $65,000, supported by a surge in the U.S. stock market.

Drivers of Bitcoin’s Momentum

• Macroeconomic Environment: Low U.S. interest rates encourage investment in riskier assets like Bitcoin.

• Institutional Demand: Long-term investors see Bitcoin as a hedge against inflation, further boosting its value.

Tech Stocks & Investor Confidence

• Tech Sector Gains: Strong performance in major tech stocks like Tesla and Apple has contributed to overall market confidence, indirectly benefiting Bitcoin.

• AI Optimism: Despite short-term hype, AI's long-term potential in sectors like chip manufacturing is seen as a positive influence on the broader market.

Bitcoin & Global Money Supply

• M2 Correlation: Investment researcher Lyn Alden noted Bitcoin’s correlation with the global monetary base. Historically, Bitcoin has risen when more money circulates in the economy, positioning it as a hedge against inflation.

Institutional Investments

• Bitcoin ETFs: In just two days, $242 million flowed into Bitcoin ETFs, signaling rising institutional interest. Initial skepticism has faded, with large players like BlackRock now driving demand.

What’s Next for Bitcoin?

• Push Toward $70,000?: Strong macro trends, institutional demand, and tech sector growth could fuel Bitcoin’s rise.

• Volatility Risks: Despite the momentum, Bitcoin remains volatile, and price swings are possible.

US Sanctions Russian Crypto Platforms [Source][Source][Source][Source][Source]

The U.S. government has imposed sanctions on two Russian cryptocurrency exchanges, PM2BTC and Cryptex, for their alleged involvement in underground financial networks.

Along with the sanctions, two individuals, Sergey Ivanov and Timur Shakhmametov, were also targeted for their roles in processing illicit transactions.

According to the U.S. Treasury’s Financial Crimes Enforcement Network (FinCEN), PM2BTC processed ransomware proceeds, while Cryptex handled over $720 million in transactions tied to Russian cybercriminals.

Cryptex and PM2BTC are accused of enabling large-scale financial crimes, with half of PM2BTC's activities reportedly connected to illegal operations.

Ivanov and Shakhmametov face multiple charges, including conspiracy to commit bank and access device fraud. U.S. officials have also launched a $10 million bounty for information leading to their arrests.

💡 Feature of the Day: 

Mark Cuban Wants Gary Gensler’s Job [Source][Source][Source][Source][Source]

Billionaire entrepreneur Mark Cuban has hinted that he would take over the role of U.S. Securities and Exchange Commission (SEC) chair if Kamala Harris were to win the presidency.

In an interview, Cuban expressed his desire to replace current SEC Chair Gary Gensler, whom he criticized for his handling of cryptocurrency regulation.

Cuban’s remarks followed his endorsement of Harris for the 2024 U.S. presidential election, citing her stance on technology and economic policies.

Speaking at the U.S. Treasury Market Conference, Gensler highlighted the need for regulatory updates to improve market efficiency. However, crypto proponents have raised concerns that these changes could extend oversight to DeFi platforms.

While Cuban’s comments may have been partly in jest, his critique reflects the ongoing tension between crypto advocates and regulatory bodies like the SEC.

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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