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Trump now wants to use Bitcoin to pay off the United States debt…

Let’s digest:  

1. Trump Suggests Using Bitcoin to Pay $35T U.S. Debt

2. Jump Crypto Moves $300B Amid Market Crash

3. DuelNow Raises $11M for Web3 Gambling

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📰 TODAY’S TOP STORY

Trump Suggests Using Bitcoin to Pay $35 Trillion U.S. Debt

In a bold assertion of the potential of cryptocurrencies, former U.S. President Donald Trump has proposed that the U.S. could use Bitcoin to offset its staggering $35 trillion national debt.

• In a recent interview with Fox Business, Trump emphasized the need for the U.S. to take a leading role in the crypto domain.

• Trump argued that failure to do so could see other nations, particularly China, outpacing the U.S in their crypto efforts.

• Trump described cryptocurrencies as “a different form of currency” that is both intellectually robust and massive in scale.

• “Crypto is a very interesting thing, very high level in certain ways,” he said, suggesting that the innovative nature of digital currencies could be leveraged to benefit the country significantly.

The discussion highlighted Trump’s vision for the U.S. as a frontrunner in the global crypto arena, advocating for minimal regulations to foster growth and innovation.

“We have the people that are the leaders,” Trump remarked, acknowledging the expertise within the U.S. crypto community.

He also criticized the current administration's approach to cryptocurrency, suggesting that President Joe Biden may not fully understand the technology or its potential impacts.

Trump’s comments reflect a growing sentiment that cryptocurrencies could play a crucial role in future economic systems, potentially even in debt management strategies.

🖼️ NFTs

Jump Crypto Moves $300M Amid Market Crash

In a significant move within the crypto landscape, Jump Crypto, has been actively managing its holdings, shifting a notable portion of its assets amid a market downturn.

According to blockchain data, Jump Crypto has transferred approximately $300 million worth of crypto since August 3.

• The bulk of these transfers involves ETH, particularly staked ETH that has been unstaked and moved to exchanges like Coinbase, Gate.io, and Binance.

• The trading firm has reportedly converted over $500 million worth of Lido's wstETH into unstaked ether, with $200 million already moved onto exchanges.

• Despite these large-scale movements, Jump still maintains about $130 million in staked ether.

This flurry of activity comes at a time when the broader crypto market faces significant price corrections, with Bitcoin falling below $60,000 before experiencing a slight recovery.

The downturn has been particularly harsh on DeFi-related tokens, which have seen an 18% decrease, though year-to-date figures for Bitcoin show a 45% increase.

The restructuring within Jump Crypto also follows the departure of its President, Kanav Kariya, amid scrutiny from the U.S. Commodity Futures Trading Commission regarding the firm’s crypto investment activities.

This shake-up points to a broader strategy of risk management and asset reallocation as the crypto market continues to evolve.

🟠 Crypto

DuelNow Raises $11 Million for Web3 Gambling

In a strategic move capitalizing on the burgeoning Web3 betting landscape, DuelNow, a decentralized sports betting market, has successfully closed an $11 million funding round.

This round was spearheaded by GEM Digital Limited, underscoring the growing investor interest in blockchain-based gambling platforms.

• DuelNow is part of a wave of investments in the Web3 gambling sector, which is currently experiencing a surge in activity, particularly on platforms like Polymarket.

• This crypto-betting platform, which operates on the Polygon network, reported over $1 billion in trading volume in July alone, largely propelled by bets on the upcoming U.S. presidential election.

• DuelNow is a decentralized peer-to-peer betting platform that eliminates traditional house advantages, offering lower fees and higher payouts.

Currently catering to fans of major sports leagues such as the NFL, MLB, NBA, and MMA, DuelNow plans to expand its betting offerings in the near future.

The platform has attracted notable investors from the cryptocurrency world, including Charlie Lee, the founder of Litecoin, and Billy Markus, creator of Dogecoin.

As the global online sports betting market, valued at nearly $60 billion, continues to grow, blockchain technology is increasingly integral. It reduces transaction costs and enhances transparency, critical factors in the scalability and user trust in betting platforms.

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• Crypto: Selloff Wipes Out $367B from Crypto Market

💡 INSIGHT

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