Trump’s UAE Deal in Hot Water

Good Morning,

Here's a quick preview of today's content: Fake influencer gets 15 months for $1.4M staking fraud, Congress weighs risks of Fed accounts for crypto firms, Mark Cuban and Dallas Mavs face appeal over crypto case, BlackRock tells investors to put bitcoin in their portfolios, Meme stock traders make bet on Wendy's, and so much more

Happy Thursday - Let's dive in.

Market Snapshot

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• Bitcoin collapses below $60,000 to 21-month low as tech rout engulfs crypto

  • BTC drops -4% while ETH falls harder at -5%, dragging XRP, DOGE, and crypto stocks

  • Strategy shares crash below $100 for first time since March 2024

  • BTC ETP outflows push one-year flows negative for first time since 2023

• Gold and silver tumble as 'debasement' trade unwinds, though BTC claws back some losses

Prediction Markets

• Bettors on Polymarket are predicting next UK Prime Minister?

• Track and trade live odds on any event, only on Polymarket

Headline Roundup
^{_{The major headlines driving crypto markets}}

• Trump cancels signing of bill containing CBDC ban (DC)

• Senate demands hearing on $500M Trump-UAE deal (TD)

• Saylor faces a Bitcoin dilemma with no easy way out (BBG)

• Crypto deal between Cantor SPAC and Adam Back gets delayed (BBG)

• Mark Cuban and Dallas Mavs face appeal over crypto case (TB)

• Farage says he can spend Tether's $6.7M gift 'On Ferraris' (DC)

• BlackRock tells investors to put bitcoin in their portfolios (BM)

• CZ wants to clear up misunderstandings about who he is (CD)

• Meme stock traders make bet on Wendy's (DC)

• FTX exec's wife scheduled for November trial (CT)

• World Cup boom sends Polymarket volume up 300% (TB)

• Pump.fun offers $5M salary for chief legal officer role (TB)

• Researcher throws cold water on Microsoft quantum claims (DC)

• Sweden's H100 greenlights deal to triple Bitcoin holdings (CT)

• Credit unions join stablecoin infrastructure program (CT)

• A16z-linked wallet pulls 25,560 ETH (TD)

• Black Lake and Nuva Labs tokenize $25M in mortgages (TB)

• Kraken-incubated Ink upgrades to Optimism in multi-year deal (TB)

• CEA Industries ends proxy fight with YZi (TB)

Venture Capital

• Kalshi targets massive $40B valuation (CD)

• Sports prediction market Onyx Odds raises $20M led by Payward (TB)

• Libeara, a tokenization provider, raises $14M led by GSR, Openspace Ventures, and more (FN)

• Blockchain data firm Cambrian raises $6M co-led by Franklin Templeton and Polychain Capital (TB)

• Ground, a startup founded by Superstate, raises $3.6M co-led by Bain Capital Crypto and ParaFi (TB)

Access the complete VC deal flow on Fundable.

Launches

• Cboe launches prediction market suite (TB)

• Blockchain.com and KuCoin expand payment rails (CT)

• Uniswap adds no-code token tool (TD)

Regulation

• Congress weighs risks of Fed accounts for crypto firms (TB)

• Kalshi sues Illinois over tax on prediction markets (DC)

• Binance withdraws license application in Greece (DC)

• South Korean officials meet with SEC on crypto rules (DC)

• Crypto PAC Adrian Boafo wins in Maryland (TB)

Cybersecurity

• Fake influencer gets 15 months for $1.4M staking fraud (DC)

• SecondFi loses $2.4M in wallet exploit (CD)

Extra Reads

• One man tattooed a memecoin ticker across his forehead to collect a bounty, it's the starkest sign yet that the attention economy has crossed into real-world harm - Here's how memecoin hype turned people into living ads

• Fintech was supposed to wipe out community banks, yet the biggest fintech bank holds less than 0.2% of US deposits, and stablecoins are following the same overhyped path - Here's why the banking lobby is wrong about stablecoins

Chart of the Day

Pokémon cards returned +3,800% over the past 15 years

Meme Dump

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