🌊💥 OpenSea Comes Under Fire
In today’s edition: 🤫 Crypto pros reveal secrets to memecoin profits, 🤝 Lombard and Veda partner for new DeFi vault, and more!
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Bits + Bips: Fed Moves, Election Plays & DeFi Token Valuations
The crew also discusses how to invest in memecoins, the “Tron Summer,” and when we’re likely to see bitcoin options ETFs.
In this episode of Bits + Bips, hosts James Seyffart, Alex Kruger, and Joe McCann welcome venture capitalist Rennick Palley to explore the implications of Fed chair Jerome Powell’s recent shift from focusing on inflation to employment, analyzing how it might influence crypto and global markets.
Palley also shares some incisive analysis for why he thinks blue-chip DeFi projects might be overvalued, and both McCann and Palley highlight why they are still bullish on memecoins.
Finally, the gang discusses the growing political influence of the crypto industry, the potential impact of Kamala Harris presidential run on future regulations, and whether Justin Sun is using Tron as his “personal piggy bank.”
Plus, what’s the latest with bitcoin ETF option applications, and what Telegram CEO Pavel Durov’s arrest means.
Listen to the episode on Apple Podcasts, Spotify, Pods, Fountain, Podcast Addict, Pocket Casts, Amazon Music, or on your favorite podcast platform.
What’s Poppin’?
by Nelson Wang and Sage Young
OpenSea’s Wells Notice From the SEC Could Prove ‘Disastrous’
The SEC is planning to recommend action against the second-largest NFT marketplace for selling unregistered securities.
2 Professional Crypto Investors Made Huge Gains on Memecoins: Here’s How They Did It
Hedge fund manager Joe McCann and venture capitalist Rennick Palley shared their rules for assembling a portfolio of memecoins and where they see the best opportunities in the space now.
Bitcoin Restaker Lombard and Yield Protocol Veda Team Up To Launch New DeFi Vault
The announcement of a new DeFi vault from Lombard and Veda highlights increasing overlap between Bitcoin and Ethereum’s DeFi ecosystems.
Daily Bits… ✍️✍️✍️
😬 The TON blockchain experienced a second outage due to heavy load from DOGS token minting, causing block production issues. The network is now back up.
🚨 Telegram CEO Pavel Durov has been indicted in France on charges related to organizing or facilitating illicit transactions, including complicity in distributing narcotics and child pornography.
🛑 Binance CEO Richard Teng denied allegations that the exchange froze all Palestinian funds, stating that only specific accounts linked to illicit activities were blocked as part of compliance with anti-money laundering laws.
🩺 Haru Invest CEO Hyung-soo 'Hugo' Lee was stabbed in court during his fraud trial in South Korea; his injuries are not life-threatening and the attacker has been apprehended by police.
📈 US spot Ethereum ETFs saw a reversal with $5.84 million in net inflows after nine consecutive days of outflows, while spot Bitcoin ETFs experienced a $105.19 million net outflow on the same day.
🚀 Memecoin PHIL, launched by a wallet connected to Ethereum's Genesis block, skyrocketed to a $125 million market cap on Uniswap shortly after its debut.
🛠️ Following a $230 million exploit in July, crypto exchange WazirX's parent company — Zettai Pte Ltd — filed for a moratorium in Singapore to restructure its liabilities and facilitate recovery for affected users.
⚡ Starknet's latest upgrade introduced "parallel execution," allowing multiple transactions to be processed simultaneously on its layer 2 chain. The upgrade also includes a feature that reduces confirmation times by optimizing block space usage.
🌉 Renzo Protocol expanded its REZ governance token to Solana using Wormhole for cross-chain transfers, aiming to boost its liquidity on Solana’s major automated market makers.
The $$$ Corner…
💰 Investment firm Lemniscap raised a $70 million fund to invest in early-stage Web3 projects, focusing on zero-knowledge infrastructure, consumer applications, and decentralized physical infrastructure within the Bitcoin ecosystem.
What Do You Meme?
📈 Your Market Update 📉
BTC is down 0.1%, trading at $59,698
ETH is up 0.8%, trading at $2,543
BTC dominance: 53.66%
Crypto market cap: $2.20T
*All data as of today, 07:12 am ET. Source: CoinGecko
Recommended Reads
Why defi? by blockchain developer Andre Conje
Paradigm’s policy manager Brendan Malone on the intersection of crypto and policy since ~2013
DL News: Stacks co-creator on how the Nakamoto upgrade will drive a $70bn market for Bitcoin DeFi
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