🇺🇸 Harris' Careful Wordplay 🫢
🇺🇸 Harris' Careful Wordplay 🫢
In today’s edition: 🤔 Fading rewards spark PYUSD drop on Solana, 🚀 SUI soars 45% ahead of token unlock, and more!
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With Rate Cuts and Upcoming Elections, What’s the Best Play in Crypto?
With the Fed cutting rates, what’s the next move for crypto? Two macro investors discuss bitcoin’s sluggish summer, how the 2024 elections could impact crypto markets, and much more.
The Fed just made its first rate cut in years, slashing 50 basis points off interest rates—but what does this mean for the crypto markets? With Bitcoin lagging behind traditional finance, and the looming US elections, uncertainty is growing.
In this episode, Quinn Thompson of Lekker Capital and Travis Kling of Ikigai Asset Management break down the major factors influencing the markets: from bitcoin’s sluggish summer and the unwinding of the Japan yen carry trade, to why the 2024 elections could be a pivotal moment for crypto. Are these the catalysts we’ve been waiting for, or should we brace for more turbulence ahead?
Also, they cover which assets could benefit the most under a Trump administration, and why they believe SOL could have a negative catalyst in the near future.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
Earn bitcoin on Gemini here.
What’s Poppin’?
by Nelson Wang, Sage Young, and Juan Aranovich
Harris Commits to Prioritizing Emerging Industries Like Blockchain in Speech
The Democratic presidential candidate gave a speech outlining her economic policy goals in Pittsburgh on Wednesday.
PayPal’s PYUSD Stablecoin Sees Sharp Decline in Market Cap on Solana Amid Falling Incentives
PYUSD’s decline on Solana raises questions: Are fading incentives pushing users to abandon ship?
SUI Surges 45% in Past Week Ahead of $100 Million Token Unlock
The majority of the upcoming unlock has been earmarked for Series A and B investors in the Sui blockchain, while SUI’s early contributors will receive about 16% of the unlocked tokens.
Daily Bits… ✍️✍️✍
🔒 Truflation was hacked for over $5 million, effecting multiple wallets across different blockchains, as the project faces a malware attack and collaborates with law enforcement for recovery.
💵 Ethena is set to introduce a new stablecoin, UStb, which will be backed by BlackRock's tokenized U.S. Treasuries fund, BUIDL.
⚖️ A Utah judge ruled that the SEC's case against Green United, accused of running a fraudulent crypto mining scam, will proceed to trial, after claims that the company misled investors with phony mining equipment and returns.
🛡️ WazirX has been granted a four-month moratorium by the Singapore High Court to restructure its liabilities, following a $230 million hack, as the platform works to recover user funds and implement transparency measures.
❌ Curve Finance is considering removing TrueUSD as collateral for its crvUSD stablecoin due to concerns over TUSD's regulatory issues and stability, while also proposing to reduce the minting capacity of crvUSD backed by PayPal's PYUSD.
🍌 Banana Gun, a popular Telegram trading bot, pledged to fully compensate users after a $3 million exploit, while introducing new security measures like two-factor authentication and a delay on transfers to prevent future attacks.
📊 Binance's new pre-market spot trading service allows users to trade actual tokens before they officially list, setting it apart from competitors that typically offer derivatives trading for early access.
🚨 Former prosecutors and compliance officers rallied at the United Nations, advocating for Binance executive Tigran Gambaryan, who has been held in Nigeria's Kuje Prison since February on charges tied to Binance's money laundering allegations.
Today in Crypto Adoption...
💻 Visa is expanding its blockchain services, enabling banks to issue fiat-backed tokens on Ethereum through its new Tokenized Asset Platform, with Spanish bank BBVA set to pilot the initiative in 2025, pushing real-world asset digitization into mainstream finance.
💼 PayPal expanded its crypto services to US business accounts, allowing them to buy, hold, and sell cryptocurrencies directly, although New York state businesses are initially excluded due to regulatory limitations.
The $$$ Corner…
🌐 Initia secured $14 million in its Series A funding round to drive forward its "interwoven optimistic rollups" technology.
🧬 AminoChain raised $7 million in pre-seed and seed funding, with Andreessen Horowitz leading the seed round, marking the venture firm's first investment in decentralized science (DeSci).
What Do You Meme?
📈 Your Market Update 📉
BTC is up 1.2%, trading at $64,367
ETH is up 0.3%, trading at $2,629
BTC dominance: 53.8%
Crypto market cap: $2.37T
*All data as of today, 07:04 am ET. Source: CoinGecko
Recommended Reads
Volatility Supercycle by BitMex co-founder Arthur Hayes
Bitcoin: A Global Liquidity Barometer by Sam Callahan, a bitcoin and macro analyst
DL News: Do airdrops lead to price dumps? New study says not if they get this one thing right
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