🤔 Crypto Strategies for Trump vs. Harris Elections
In today’s edition: 📉 Surge in WBTC redemptions post-BitGo changes, 🌟 SunPump's early success tied to TRON founder, 🌐 TON community stands with Pavel Durov, and more!
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What’s Poppin’?
by Frederick Munawa and Sage Young
How to Invest In Crypto Depending on Whether Trump or Harris Becomes President
Trump’s ascension would be good for bitcoin and certain crypto stocks, but much less is known about Harris’ stance on crypto.
Wrapped Bitcoin (WBTC) Redemptions Vastly Outpaced Minting Since BitGo’s Custodial Changes Announcement
Before the current increase in redemptions, crypto users did not redeem any WBTC in the 14 days before BitGo’s revealing operational changes to WBTC.
TRON Memecoin Factory SunPump’s Success Seems to Be Predicated on One Thing: Justin Sun
Despite — or perhaps because of — the controversy surrounding the TRON founder, SunPump has already garnered early success, helping boost TRX to a multi-year high in price.
Daily Bits… ✍️✍️✍️
📉 The TON blockchain community expressed support for Telegram CEO Pavel Durov after his arrest in France, with Toncoin dropping 12% in value following the news.
🛑 The U.S. Trustee overseeing FTX's bankruptcy raised objections to the reorganization plan, particularly criticizing the unequal treatment of smaller creditors and costs related to a data breach.
💹 USDC's market capitalization surged to $34 billion, marking a 15-month high, signaling a significant recovery from its previous lows in 2023, although it still trails well behind USDT's $117 billion market cap.
🔒 Polygon secured control of its Discord server after a hack led to a user losing $145,000, just ahead of the network’s token upgrade from MATIC to POL.
💸 Digital Currency Group (DCG) announced that it has fully repaid its short-term debts as of June, leaving only a $1.1 billion promissory note to its bankrupt subsidiary Genesis.
🚫 A U.S. judge denied Kraken's motion to dismiss the SEC's case against it, allowing the lawsuit, accusing the exchange of operating as an unregistered securities exchange, broker-dealer, and clearing agency, to proceed.
🎥 Do Kwon was allegedly recorded by Serbia's intelligence agency meeting with Montenegro's prime minister, despite the PM's previous denials of such meetings.
Today in Crypto Adoption...
💵 Wyoming is moving forward with plans to launch a US dollar-backed stablecoin by early 2025, aiming to create a model for a potential U.S. digital dollar and generate new state revenue.
What Do You Meme?
📈 Your Market Update 📉
BTC is down 0.2%, trading at $63,863
ETH is down 0.6%, trading at $2,742
BTC dominance: 53.38%
Crypto market cap: $2.34T
*All data as of today, 07:13 am ET. Source: CoinGecko
Recommended Reads
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The Defiant: Tron Community Shaken By 12,000 BTC Withdrawal From USDD Reserves
1confirmation’s Q2 2024 LP letter
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