Bitcoin
How the ‘Hamster’ Crypto Craze Took hold in Iran Ahead of Presidential Elections
DUBAI, United Arab Emirates (AP) — Taxi drivers and motorcyclists type furiously on their cellphones as they wait at red lights in the Iranian capital during a heat wave in early June. Some pedestrians in Tehran are doing the same. They all believe they could get rich.
The object of your rapt attention? The “Hamster Kombat” app.
A broader crypto craze aside, the app’s rise in Iran highlights a harsher truth facing the Islamic Republic ahead of Friday’s presidential election to replace the last President Ebrahim Raisi, who died in a helicopter crash in May: an economy crippled by Western sanctions, stubbornly high inflation and a lack of jobs.
Even as presidential candidates make promises about restore the country’s economyIranians, who were hearing about bitcoin for yearsNow they are investing in this app with the hope that one day it might be successful – without knowing much about who is behind it.
“It’s a sign of desperation, honestly,” said Amir Rashidi, director of digital rights and security at Iran specialist Miaan Group. It’s about “trying to hold on to anything that you have a little hope that someday can turn into something valuable.”
Those who managed to divest from holdings in Iran’s beleaguered currency, the rial, bought propertyart, vehiclesprecious metals and other hard assets since the collapse of Tehran’s nuclear deal with world powers in 2015.
More than 50 countries go to the polls in 2024
At the time of the agreement, the exchange rate was 32,000 rials to US$1. Today, the dollar is close to 580,000 rials – and many have found that the value of their bank accounts, retirement funds and other assets has been destroyed for years of rapid depreciation.
Meanwhile, fruit and vegetable prices have increased by 50% since last year, while meat prices have increased by 70%. The cost of a trip in a shared taxi, common in the Iranian capital, has almost doubled. Even trips on the Tehran metro, which is still the cheapest option for commuters in the city, have increased by around 30%.
“Since morning, I have received three visitors to my store, none of them have bought anything,” said Mohammad Reza Tabrizi, who runs a clothing store in central Tehran. “Most customers prefer to buy from street vendors or used items elsewhere.”
In the underground walkways and other areas of the city, street vendors sell almost everything they can get their hands on. It is this desperate environment that has seen increased public interest in cryptocurrencies and mobile games that offer coins.
The proliferation of smartphones throughout Iran, as well as the relatively low cost of mobile service compared to other nations, makes access to applications like “Hamster Kombat” attractive.
The app is accessed through the Telegram messaging app, which remains popular in Iran despite efforts by authorities trying to block access to it. It works like an incremental or “clicker” game – users repeatedly click on an object or complete repetitive tasks to earn points.
In “Hamster Kombat,” users believe they can access a supposed cryptocurrency associated with the game that is not yet publicly traded.
In an email, individuals calling themselves developers of the game declined to answer questions about their identities or business plans, but insisted they were “not offering any cryptocurrency in the game.”
“We are educating our audience about cryptography through game mechanics,” the email stated.
Still, the game resembles another app that has offered cryptocurrency to Iranians in the past — and it appears that just the promise of what could be free money could drive some Iranians to distraction.
Online jokes show a man tapping a tombstone as if it were a cell phone. Another uses a massage gun to quickly punch a hamster on screen.
But the public’s fascination with the game also caught the attention of authorities.
Rear Admiral Habibollah Sayyari, deputy head of the Iranian military, described the app as part of the West’s “soft war” against Iranian theocracy ahead of the elections.
“One of the characteristics of the enemy’s soft war is the game of ‘Hamster’,” Sayyari said, according to state news agency IRNA. He theorized that the “enemy” is popularizing the game so that people are distracted and don’t “pay attention to the presidential candidates’ plans.”
“So (the people) cannot choose the best candidates,” said Sayyari. Hard-line experts on Iran have expressed similar views.
The daily JameJam, published by Iranian state television, also warned that the growing interest in the game was a sign of “the dream of becoming rich overnight and gaining wealth effortlessly”. He said players range from “builders, mechanics and refrigerator repairmen to colleagues and classmates at university.”
“A society that, instead of working and trying to succeed and earn money, resorts to these games and looks for shortcuts and unexpected gains, gradually loses the culture of effort and entrepreneurship and moves towards convenience”, says the newspaper, without recognizing that The country’s economic problems were potentially driving interest in the app.
The app even caught the attention of a 97-year-old Shia religious scholar, Ayatollah Nasser Makarem Shirazi, known for his fatwas declaring things “haram” or “forbidden,” in his office in the holy city of QomIran’s center of Shia learning, filled with religious schools and revered shrines.
Calling cryptocurrency “the source of a lot of abuse,” Shirazi said people should not use the “Hamster Kombat” app or similar apps involving bitcoin.
Iran is not alone in having concerns about the game.
Authorities in Ukraine, involved in a devastating war with Iranian-armed Russia since the 2022 Moscow hack, it has warned that users’ data remains stored in Russia and could put them at risk.
Then there is the broader risk of exposure to malware, as consumers in Iran are often unable to legally purchase new software or even access legitimate app stores. They also face risk of state-sponsored hackers targeting them for their political views.
Meanwhile, as Iran’s election campaign progresses, presidential candidates are using Instagram, X and Telegram – all services previously banned by the theocracy following rounds of nationwide protests.
“As long as we are able to pay the price, everything will be available,” said Rashidi, the Iran expert.
___
Karimi reported from Tehran, Iran.
Photo: Andrew Harnik (Getty Images)
After witnessing one of the largest global IT outages on record, affecting the travel, finance and healthcare sectors worldwideThis week is set to see more political drama, events, and earnings reports from tech giants.
Donald Trump’s ‘Lovefest’ Sets Jamie Dimon Up for Consideration for Treasury Secretary Job
Let’s take a look at what awaits us:
Major companies will release their earnings reports
Major tech companies and others will release their earnings reports this week, paving the way for what the second half of 2024 will look like.
Monday
- Verizon will report earnings before the start of operations.
Tuesday
- Coca-Cola, Comcast and UPS are all set to report earnings before the market opens.
- Tesla will report earnings in the morning, while General Motors will report earnings in the evening.
- Alphabet and Visa will report results after the market closes.
Wednesday
- AT&T will release its report before the market opens.
- Ford and Chipotle will report earnings after the market closes.
Thursday
- Earnings reports from AstraZeneca, American Airlines and Southwest Airlines will be released before the market opens.
Trump to speak at Bitcoin conference
Presumptive Republican presidential nominee Donald Trump will speak at the next Bitcoin Conference in Nashville, Tennesseewhich is scheduled for July 25-27. While this is the first time a presidential candidate will attend the conference, it has sparked a debate over whether the crypto-friendly Trump will receive support from the crypto community in the upcoming election.
In addition to Trump, independent presidential candidate Robert F. Kennedy Jr. will also discuss crypto during the conference. Crypto advocates such as ARK Investment’s Cathie Wood, MicroStrategy’s Michael Saylor, and whistleblower Edward Snowden are among some prominent names who will be participating in the conference.
Ether ETFs are on the way
New Ether Spot ETFs are set to begin trading on Tuesday, July 23. Much like the spot Bitcoin ETFs, these ETFs will allow investors to buy the second most popular cryptocurrency like stocks. BlackRock, Ark Invest/21Shares, VanEck, Grayscale, Fidelity, Bitwise, Franklin Templeton, and Invesco/Galaxy Digital are all set to offer Ether ETFs. Crypto asset manager Bitwise predict that trading in the Ether ETF will drive the price of Ether higher, potentially surpassing $5,000.
Bitcoin miners and cryptocurrency companies that have been blocked from going public in the U.S. could ultimately be the biggest winners in the digital asset world under a second Donald Trump presidency. Foreign companies at risk of losing market share could end up being the biggest losers.
That’s the view that’s taking hold among market participants and observers in the wake of the former president’s growing embrace of cryptocurrency as his chances of election grow. survey released Thursday by CBS News showed Trump with the majority — 52 percent — of likely voters in his likely November rematch with President Joe Biden.
Bitcoin
Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske
Cryptocurrency investor Chris Burniske says Bitcoin (BTC), Ethereum (ETH), Solana (SUN) and the cryptocurrency market in general seem poised for a run.
Former Head of Cryptocurrency at ARK Invest account his 292,200 followers on social media platform X that several catalysts are aligning, suggesting that digital asset markets are on the verge of a bull run.
According to Burniske, a partner at venture capital firm Placeholder, the highly anticipated launch of Ethereum-based exchange-traded funds (ETFs), Republican presidential candidate Donald Trump speaking at an upcoming Bitcoin event, and the current state of the BTC, ETH, and SOL charts all suggest significant optimism for the cryptocurrency markets.
“With ETH ETFs set to go live, Trump speaking at The Bitcoin Conference, and BTC, ETH, and SOL charts looking [they do] (while stocks are weak), it’s hard to imagine a world where we don’t ship next week.”
Reuters recently reported that preliminary approval for ETH ETFs has been granted as the Bitcoin Conference is scheduled to take place from July 25-27.
BTC, ETH, and SOL are trading at $67,333, $3,528, and $174 at the time of writing, respectively.
The venture capitalist too provides an update on his prediction that the total crypto market cap will eventually hit $10 trillion. According to his chart, the path to $10 trillion is currently “23%” complete, as it sits around $2.2 trillion.
Source: Chris BurniskeX
Earlier this month, Burniske he said in an interview with Real Vision CEO Raoul Paul that he has his eye on the Move ecosystem, which was originally built by social media giant Meta and then used to develop layer 1 blockchains Sui (IUE) and Apts (APT).
Don’t miss a beat – Subscribe to receive email alerts directly to your inbox
To check Price action
Follow us on X, Facebook It is Telegram
Surf Hodl’s Daily Mix
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be aware that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Image generated: DALLE3
Bitcoin’s recovery is going well, and the market is seemingly poised to create a new all-time high in the near term.
Technical analysis
Per NegotiationRage
The daily chart
As the daily chart shows, the price of Bitcoin has been rising since it broke above the 200-day moving average.
The market has also reclaimed the $60K and $65K levels and is moving towards the $68K resistance zone, which could be the last hurdle before creating a new all-time high. With the RSI also indicating that the price has clear bullish momentum, it could be just a matter of time.
The 4-hour chart
Looking at the 4-hour chart, it is evident that the price has been rising rapidly since breaking the downtrend line to the upside. The market also broke the $65K resistance level with momentum, turning it into a support.
While almost everything points to a new record high in the coming weeks, there is one worrying sign. The RSI is showing a clear bearish divergence between recent price highs, which could indicate a correction or even a reversal in the near term.
Source: TradingView SPECIAL OFFER (Sponsored)
Binance Free $600 (CryptoPotato Exclusive): Use this link to register a new account and receive an exclusive $600 welcome offer on Binance (Full details).
LIMITED OFFER 2024 on BYDFi Exchange: Welcome Reward Up to $2,888, use this link to register and open a 100 USDT-M position for free!
Disclaimer: The information found on CryptoPotato is that of the writers quoted. It does not represent the opinions of CryptoPotato about buying, selling, or holding any investments. It is advised that you conduct your own research before making any investment decisions. Use the information provided at your own risk. See Disclaimer for more information.
Cryptocurrency Charts by TradingView.
There is no Altseason for 2025. [PROOF]
Are Cryptocurrencies Losing Ground Due to Trump Hype? [SHAKEOUT DUMP INCOMING!]
Don’t panic, what happens next for cryptocurrencies will be fast!
Trump spends $500 billion on artificial intelligence! [Full Altcoin Buy List]
THESE x5 Altcoins will drive the next crypto pump!!
Wallet recovery firms are abuzz as stranded cryptocurrency investors panic in the bitcoin boom
Three Altcoins Poised for Significant Growth in 2024: ETFS, OP, BLAST
Bitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske
Accumulate these altcoins now for maximum gains
OG Crypto Artist Trevor Jones Unveils Groundbreaking Collection of Ordinals | NFT CULTURE | NFT News | Web3 Culture
There is no Altseason for 2025. [PROOF]
Are Cryptocurrencies Losing Ground Due to Trump Hype? [SHAKEOUT DUMP INCOMING!]
Don’t panic, what happens next for cryptocurrencies will be fast!
Trump spends $500 billion on artificial intelligence! [Full Altcoin Buy List]
THESE x5 Altcoins will drive the next crypto pump!!
-
News8 months agoWallet recovery firms are abuzz as stranded cryptocurrency investors panic in the bitcoin boom
-
Altcoins6 months agoThree Altcoins Poised for Significant Growth in 2024: ETFS, OP, BLAST
-
Bitcoin6 months agoBitcoin, Ethereum, Solana and Cryptocurrency Markets Look Ready to ‘Send’ as Stars Align, According to Investor Chris Burniske
-
Altcoins6 months agoAccumulate these altcoins now for maximum gains
-
Nfts6 months agoOG Crypto Artist Trevor Jones Unveils Groundbreaking Collection of Ordinals | NFT CULTURE | NFT News | Web3 Culture
-
Videos9 months agoATTENTION all cryptocurrency traders! [This Altcoin Dump Changes Everything]
-
Videos9 months agoLIVE FOMC 🚨 Could be CATASTROPHIC for Altcoins!
-
Bitcoin6 months agoBillionaires are selling Nvidia stock and buying an index fund that could rise as much as 5,655%, according to some Wall Street analysts
-
Videos8 months agoSTOCK MARKET FUD! ⚠️ [Why This Is GREAT For Bitcoin Traders!]
-
Videos9 months ago“This will be the BEST Altcoin call of this cycle.”
-
Altcoins8 months ago3 Solana Altcoins with 100X Potential in May
-
Videos8 months agoAttention: a historically significant BITCOIN signal has just appeared!