Some Won't Be Happy 👀💸
In today’s edition: 📢 Gensler doubles down on exchange definition,⚡️ Regulatory storm brewing for the crypto industry?, 🐕 Memecoins leading the charge for crypto rally, 🚪 ETH: A buying opportunity?
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Why Bitcoin ETF Options Could Unlock Massive Amounts of Capital for Crypto
As Bitcoin ETF options come closer to launching, Joshua Lim breaks down how these options could bring more capital into crypto, affect volatility, and even ignite a new boom for altcoins and NFTs.
With Bitcoin ETF options on the horizon, the crypto market is bracing for significant changes. In this episode, Joshua Lim, co-founder and CEO of Arbelos Markets, joins us to explain what the launch of Bitcoin ETF options means for the broader market. Could they unlock vast amounts of capital and set off a new altcoin boom? Josh also dives into the potential effects on bitcoin volatility, DeFi lending, and even the onchain options markets. Plus, what could the 2024 US presidential election mean for bitcoin?
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 Tikta, Jason Brett, Veronica Irwin and Sage D. Young
FTX Bankruptcy Estate Reveals Up To $230 Million Will Be Set Aside For Certain Shareholders
FTX creditors did not take well to a last-minute revelation by the bankruptcy estate, which earmarked 18% of forfeiture proceeds to a preferred shareholders remission fund.
Gary Gensler Reiterates in Speech That Coinbase, DeFi Should Be Defined as ‘Exchanges’
Fresh off a Congressional hearing that lambasted the SEC chair for his approach to crypto, Gary Gensler still advocates for a rule to redefine the term “exchange” so the SEC can regulate crypto and DeFi.
Crypto Industry Braces for Wave of SEC, CFTC Actions as Fiscal Year Draws to a Close
The SEC and CFTC typically aim to issue enforcement actions before the end of Sept. 30, but political considerations could be getting in the way this time around.
As Memecoins Surge, Could They Lead the Way for a Broader Crypto Market Rally?
Six of the top 10 performing cryptocurrencies over the last 24 hours are memecoins, including SHIB, FLOKI, PEPE, BONK, and DOGE.
Ether-Bitcoin Ratio Is at Multi-Year Lows, But It’s Just ‘Temporary’ and an ‘Opportunity’
Daily Bits… ✍️✍️✍
🕊️ Changpeng Zhao, former Binance CEO, was released from prison two days earlier than expected following his four-month sentence for anti-money laundering violations.
💥 BlackRock's Ethereum ETF surpassed $1 billion in value just two months post-launch, driven by the highest weekly inflows since August.
🔥 Mango Markets has settled its case with the SEC by agreeing to destroy its MNGO tokens and cease soliciting trading platforms, following allegations of unregistered offerings and broker activities, which also included a $700,000 civil penalty.
💰 Tether joined forces with the US DOJ to freeze over $6 million in crypto scam proceeds from a Southeast Asian fraud, marking another example of the stablecoin issuer's cooperation in fighting cybercrime, having reportedly frozen over $1.8 billion in illicit funds to date.
🔗 The Ethena community is considering a proposal to integrate Ethereal, a decentralized exchange, into Ethena’s reserve management, aiming to enhance transparency and provide onchain spot and derivatives trading while distributing 15% of governance tokens to Ethena holders.
The $$$ Corner…
🚀 Initia secured an additional $2.5 million via Cobie's Echo platform at a $250 million valuation, reportedly offering a unique token purchase agreement that provided a discounted rate compared to its earlier $350 million Series A valuation.
🇨🇭 Matrixport acquired Crypto Finance's asset management unit in an all-cash deal, rebranding it as Matrixport Asset Management AG (MAM), with the Swiss firm offering institutional-grade digital asset solutions, including the first FINMA-approved crypto fund.
What Do You Meme?
📈 Your Market Update 📉
BTC is down 3.0%, trading at $63,539
ETH is down 1.6%, trading at $2,602
BTC dominance: 53.53%
Crypto market cap: $2.35T
*All data as of today, 06:35 am ET. Source: CoinGecko
Recommended Reads
Crypto lawyer Austin Campbell on the U.S. approach to crypto
Making Ethereum alignment legible by Ethereum co-founder Vitalik Buterin
Ryan Berckmans, an Ethereum community member and investor, on why he disagrees with Kyle Samani’s take that SOL will flip ETH
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