Bitcoin Eyes Breakout, Stablecoin Regulations Heat Up, and Kraken Expands in Europe - September 25, 2024
A quick and digestible recap of yesterday’s crypto news.
TL;DR: Market Insight in Seconds
FTX: Former Alameda CEO gets two years in prison for her role in the FTX collapse.
Stablecoins: U.S. House Democrats push for a stablecoin bill compromise.
Kraken: Expand in Europe by acquiring Dutch crypto broker BCM.
Polymarket: Presidential election bet passes $1 billion.
SEC: Settles charges against TrueUSD.
Hong Kong: Begins phase 2 of e-HKD pilot for tokenization.
Polymarket: Consider launching its own token.
Price Update
Bitcoin Pushes Past $64K, Eyes $65.2K for Breakout
Bitcoin has surged past $64,000, driven by expectations of further monetary easing. However, analysts suggest that Bitcoin needs to breach the $65.2K mark to confirm a break from its recent downtrend. Should this happen, it could set the stage for further gains as institutional interest in the asset continues to grow.
Market Trends and Future Expectations
Polymarket’s 2024 U.S. Presidential Election Bet Passes $1 Billion
Betting on the outcome of the 2024 U.S. presidential election has reached over $1 billion on the prediction market platform Polymarket. This milestone reflects the significant interest in political betting and the platform’s growing popularity.
Bitcoin Supply in Profit Points to Further Gains
According to CryptoQuant data, the majority of Bitcoin's supply is currently in profit, which is typically a bullish signal for the market. This metric suggests that Bitcoin could be poised for further gains as investors remain optimistic.
Regulatory Updates
Former Alameda CEO Caroline Ellison Sentenced to Two Years in FTX Scandal
Caroline Ellison, the former CEO of Alameda Research, has been sentenced to two years in prison for her involvement in the collapse of FTX. Her sentencing comes as part of ongoing legal proceedings against former FTX executives, another display of the growing regulatory crackdown on crypto fraud.
U.S. Democrats Urge Action on Stablecoin Bill as Time Runs Out
Rep. Maxine Waters has voiced concerns that “time is running out” to pass crucial stablecoin regulations. The lawmaker emphasized the need for a bipartisan compromise on stablecoin legislation, which would establish clearer rules for issuers and improve consumer protections.
SEC Settles Charges Against TrueUSD Issuer
The SEC has settled charges with TrueCoin LLC and TrustToken Inc., issuers of the stablecoin TrueUSD (TUSD), over alleged misrepresentations about the assets backing the stablecoin. This settlement is another demonstration of the increasing regulatory focus on stablecoins and the need for transparency in the sector.
Hong Kong Starts Phase 2 of e-HKD Pilot for Tokenization
Hong Kong has kicked off the second phase of its e-HKD pilot, which will explore the use of tokenization and offline payments. This initiative is part of Hong Kong’s push to integrate digital currencies into its financial system.
Don’t Miss Anything
Polymarket Considers Token Launch to Raise $50 Million
Polymarket, known for its prediction markets, is reportedly considering a token launch to raise over $50 million. This move could further increase the platform’s visibility and allow it to expand its services.
Kraken Expands European Operations with Dutch Crypto Broker Acquisition
Kraken has acquired Dutch crypto broker BCM, continuing its expansion in the European market. This move strengthens Kraken’s position as one of the leading exchanges in Europe.
The crypto market is buzzing with activity as Bitcoin eyes a key breakout level, institutional demand grows, and regulatory actions intensify. With stablecoins under increasing scrutiny and Polymarket gaining traction in the political betting space, the next few months are set to be pivotal for the crypto landscape. As the market evolves, being informed and adaptable is crucial for investors and participants. Stay tuned for tomorrow’s newsletter to get the latest insights and updates in the market.
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