🧑‍⚖️ 🤯 Is It Enough?

In today’s edition: 🌟 BNY sets stage for crypto ETP custody, 🗳️ Post-election dip for prediction markets?, 🔥 Gensler grilled by GOP, 🔻 Grayscale's ETHE faces major outflows, and more!

Sep 25, 2024

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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.

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What’s Poppin’?

by Veronica Irwin, Jason Brett, and Juan Aranovich

Caroline Ellison Sentenced to 2 Years in Prison for Role in FTX Fraud

In a surprising move, the judge gave the former Alameda CEO some prison time, though he acknowledged that her former boss and ex-boyfriend, Sam Bankman-Fried, was her “kryptonite.”

BNY Clears Path With SEC to Custody Bitcoin and Ether for Exchange-Traded Products

The banking giant will be able to custody crypto assets for exchange-traded products without being subject to onerous balance sheet requirements.

Trading Volumes on Prediction Markets Will Drop After the November Election. Will New Market Entrants Still Attract Users?

Election bets made up nearly 80% of trading volume in August on Polymarket.

Daily Bits… ✍️✍️✍

👥 Sean Combs and Sam Bankman-Fried find themselves sharing the same jail dormitory in Brooklyn, with Combs facing charges of racketeering and sex trafficking.
🤝 Sky, formerly known as MakerDAO, is reconsidering its plan to remove wrapped bitcoin (WBTC) as collateral after concerns surrounding Tron founder Justin Sun’s involvement in WBTC custody were addressed in discussions with BitGo’s CEO.
⏳ The SEC delayed its decision on allowing options trading for BlackRock’s Ethereum ETF until November, after recently approving similar options for Bitcoin ETFs.
🪙 TrustToken and TrueCoin settled with the SEC over allegations of misleading investors about the backing of TrueUSD, agreeing to pay fines after it was revealed that funds meant to back TUSD were invested in a speculative offshore fund.
⚙️ Solana developers are considering a proposal to modify the "compute budget" system, aiming to make the blockchain's use of resources more efficient, though some in the community believe the proposed changes don't go far enough in addressing broader technical challenges.
🕹️ Farcaster’s Warpcast client introduced a new "mini apps" feature, allowing developers to create interactive applications, such as NFT minting and games, directly within the decentralized social media platform.
🧠 Bitcoin-based zero-knowledge rollup Citrea launched its BitVM-powered bridge, Clementine, on the Bitcoin testnet, aiming to turn Bitcoin into a foundational layer for global finance while allowing Ethereum-like smart contracts on the network.
🇹🇷 Turkey shelved its proposed tax on stock and crypto profits, with the country’s Vice President Cevdet Yilmaz confirming that the plan has been dropped for now, following earlier concerns that the tax could harm the country's financial markets.

What Do You Meme?

📈 Your Market Update 📉

BTC is flat, trading at $63,685
ETH is down 0.8%, trading at $2,628
BTC dominance: 53.68%
Crypto market cap: $2.33T

*All data as of today, 06:22 am ET. Source: CoinGecko

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