Today's Top Crypto Headlines:

Musk Interviews Trump | Ted Cruz for U.S. Senate | Hamster Kombat Declines VCs | Institutions Stopped Buying Stablecoins and more…

Author

King Fatrick Gil Añasco
August 13, 2024

Good Morning Crypto Enthusiasts!

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

  1. Musk Interviews Donald Trump: Elon Musk's interview with former President Donald Trump on X (formerly Twitter) was delayed by a massive DDoS attack. Despite the disruption, 120,000 users tuned in as Trump discussed various topics, including immigration and his critiques of President Biden.

  2. Ted Cruz Endorsed for U.S. Senate: The Texas Blockchain Council (TBC) endorsed Senator Ted Cruz for reelection, highlighting his support for Bitcoin mining and its benefits for Texas' energy grid.

  3. 📈Technical Analysis Masterclass - XRP is showing signs of a potential trend reversal! Watch UseTheBitcoin’s latest Youtube video “XRP's Hidden Rally: Are We Witnessing a Trend Reversal?” to know your next move or join our Official Telegram Channel for more alpha!

  4. Hamster Kombat Declines VCs: The developers of Hamster Kombat, a successful Web3 game with over 300 million users, have rejected offers from venture capital firms to protect the player base and maintain a fair gaming experience.

  5. 💡Feature of the Day - Institutions Stop Buying Stablecoins: Bitcoin's price fell below $59,000 as institutional investors paused their stablecoin purchases, leading to a decrease in buying pressure.


    All this and more in today’s headlines!

    Trade crypto directly with your bank account!

📰 News Highlights:

Musk Interviews Donald Trump [Source][Source][Source]

Elon Musk, the owner of X (formerly Twitter), revealed that the platform was targeted by a massive Distributed Denial-of-Service (DDoS) attack just as his scheduled interview with former President Donald Trump was about to begin.

Musk took to X to inform users of the disruption, which delayed the livestream by 30 minutes. Despite the technical difficulties, around 120,000 users managed to join the interview, where Trump discussed topics including immigration, the attempt on his life, and his critiques of President Joe Biden.

The DDoS attack coincided with complaints from multiple X users who were unable to access the stream. He attributed the attack to opposition against Trump, suggesting that it was an attempt to silence the former president.

Meanwhile, X CEO Linda Yaccarino criticized a letter from EU Commissioner Thierry Breton, who warned Musk to comply with EU laws, labeling it an overreach into U.S. political activities.

Ted Cruz Endorsed for U.S. Senate [Source][Source]

The Texas Blockchain Council (TBC) has officially endorsed Senator Ted Cruz for reelection to the U.S. Senate, praising his support for Bitcoin mining and its potential benefits for Texas’ energy grid.

TBC President Lee Bratcher made the announcement during an event at a Core Scientific mining facility, where Cruz emphasized his belief in crypto as the future and touted Bitcoin’s role in ensuring individual freedom and enhancing grid stability.

Cruz vs. Allred (Texas Senate)

Cruz, who has been a vocal advocate for Bitcoin, has participated in several crypto-related events, including the North American Blockchain Summit. His pro-crypto stance has earned him a strong rating from Coinbase’s Stand With Crypto political initiative.

 📈Technical Analysis Masterclass:

XRP's Current Market Analysis

  • Downtrend Continues: Despite recent positive news, XRP remains in a significant downtrend and has yet to break through its major resistance levels.

  • Fibonacci Retracement:

    • Key Levels: XRP is currently hovering around the 0.5 and 0.618 Fibonacci levels.

    • Reversal Zones: These levels are often considered potential reversal zones, indicating that XRP might be establishing a new support level.

  • Moving Averages:

    • Key Indicators: XRP’s price has risen above the 100 MA and 200 MA, which could suggest a possible shift from a bearish to a bullish trend.

    • Caution: For a confirmed bull trend, XRP still needs to break through additional resistance levels and establish new support above them.

  • Investment Strategy:

    • Test the Market: If you're considering buying XRP at its current price, start with a small amount to gauge the market's reaction before committing more capital.

Hamster Kombat Declines VCs [Source][Source]

The developers behind Hamster Kombat, a wildly successful Web3 game with over 300 million users, have announced their decision to reject all offers from venture capital firms.

Hamster Kombat Announcement

​​Hamster Manifest 🐹Dear CEOs🐹 Since our explosive growth began, we’ve received numerous investment offers from some of the biggest venture capital firms in the Web3 space. We’ve turned down every single one. To this day, Hamster Kombat doesn’t have any external investors. Why, you ask? First and foremost, we value you—our players—far more than any investor. The only way to obtain the future $HMSTR token is by playing the game. 60% of the total supply is reserved for the players, with the rest reserved for providing market liquidity, future ecosystem partnerships and grants, rewarding squads, and other items. This approach ensures that everyone has the same opportunity, regardless of wealth. In Hamster Kombat, anyone can win, and ultimately, we all win together. Second, too many Web3 projects have built audiences only to use them as exit liquidity for their venture capital backers. This has, unfortunately, become the norm in the industry. Instead of creating innovative projects that generate real value and revenue, companies often focus on making a convincing pitch to secure funding, spend it on marketing, conduct an airdrop or even a public ICO, and then walk away—leaving users holding the bag. We stand against this practice. We want the web3 space to return to its fundamentals. We invite founders and builders to focus on creating profitable businesses first. Build for your community and not for the investors. The only way to _purchase_ the $HMSTR token is to go to exchanges after the airdrop, where you will buy it from our users—if they wish to sell at all. The true power of Hamster Kombat comes from our community, in your unwavering support and incredible efforts. And we will always protect you and put your interests first. When the Hamster family comes together, it creates an unstoppable force unlike anything seen in the history of finance and blockchain. ❤️Thank you for reaching this final stretch with us❤️

t.me/hamster_kombat/282

The team cited the need to protect the player base and maintain a meritocratic gaming experience as the primary reasons for declining outside funding.

Unlike many crypto games that rely on venture capital, often prioritizing investors' exit strategies over long-term player interests, Hamster Kombat aims to reward players through actual gameplay.

The developers also revealed that 60% of the upcoming HMSTR token will be reserved for players, with the remainder allocated for liquidity, partnerships, and ecosystem development.

💡 Feature of the Day: 

Institutions Stop Buying Stablecoins [Source][Source][Source]

Bitcoin’s price has dropped below the $59,000 mark as institutional investors paused their stablecoin purchases, leading to a decrease in buying pressure.

The halt in stablecoin accumulation, particularly USDT from Tether, signals a potential slowdown in market activity.

Despite Tether minting $1.3 billion in stablecoins between August 5 and 9, which temporarily boosted Bitcoin’s price by 21%, the lack of ongoing institutional support has resulted in the current price dip.

Analysts suggest that Bitcoin could recover above the $60,000 resistance level if large-scale stablecoin inflows resume.

However, inflows to U.S.-based Bitcoin ETFs have been weak, with over $89 million in net negative outflows recorded on August 9.

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😂 Crypto Meme of the Day: 

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See you all tomorrow’s edition!


Jonathan Gibson
UseTheBitcoin.com