Meta’s Prediction Market

Good Morning,

Here's a quick preview of today's content: New York man sentenced for $1.4M crypto fraud, 100 Catholic leaders oppose Clarity Act over safeguards, AI agent triggers nuclear strike, Ether-linked nonprofit cuts budget 40%, CFTC sues Kentucky over prediction markets, and so much more

Happy Wednesday - Let's dive in.

Market Snapshot

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• Bitcoin tests two-week low at $62,000 as tech selloff sparks risk-off mood across markets

  • BTC falls amid ETF outflows and $10.6B options expiry

  • Nasdaq tech selloff spills into crypto with $170M in ETH longs liquidated

• Crypto market drops as tech stocks waver on Wall Street, dragging crypto lower

Prediction Markets

• Bettors on Polymarket are predicting XRP price in June?

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

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

• Mark Zuckerberg wants a prediction market (DC)

• Ethereum Foundation cuts 20% of workforce (DC)

• Ether-linked nonprofit cuts budget 40% (BBG)

• Dems urge Republicans to hold hearing on Trump crypto ties (TB)

• 100 Catholic leaders oppose Clarity Act over safeguards (TB)

• Congress schedules CLARITY Act hearing (BM)

• AI agent triggers nuclear strike (DC)

• Crypto critic Nouriel Roubini finds use for blockchain (BBG)

• Chainlink teams with foreign banks to speed up transfers (CD)

• Barry Silbert's Zcash miner proposes merger (TB)

• Ark Invest buys $32M worth of SpaceX (TB)

• Hut 8 agrees to $2.35M settlement (TB)

• DeFi Education Fund seeks to harden crypto against threats (TB)

• THORChain resumes trading after exploit (TB)

• Zcash miner Fortitude gets Nasdaq listing (CT)

• David Bailey's Nakamoto closes healthcare clinics (TB)

• Former Robinhood Crypto COO joins Agora (CD)

• Ghanaian crypto exchange eyes foreigners (BBG)

Venture Capital

• Allium, a blockchain platform, raises $40M led by Amplify Partners (BW)

Access the complete VC deal flow on Fundable.

Launches

• SBI Group issues yen stablecoin (TD)

• MiniPay launches Visa debit card (CT)

• Oobit brings USDT to PIX network (TB)

Regulation

• CFTC sues Kentucky over prediction markets (TD)

• CFTC says perp trading not suitable for all assets (CT)

• ESMA orders unlicensed crypto firms to exit EU (BM)

• Ripple wins preliminary MiCA approval (CD)

• EU advances digital euro bill (CT)

Cybersecurity

• DOJ seizes Huione account used to launder billions (TB)

• Thailand expands probe into $300M laundering network (DC)

• New York man sentenced for $1.4M crypto fraud (TB)

Extra Reads

• $1B in demand, refunds instead of shares, the SpaceX token frenzy proved blockchain can't create scarcity that doesn't exist in the real world - Here's why tokenized SpaceX shares broke before retail could buy them

• The danger in tokenizing equities isn't the technology, it's bolting round-the-clock trading onto compliance systems still built for two-day settlement - Here's why the SEC's tokenization delay is a relief

Chart of the Day

Bitcoin ETFs record their worst monthly performance ever

Meme Dump

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*DISCLAIMER: Investment advice provided by Autopilot advisers LLC, an SEC registered investment advisor. Past performance does not guarantee future results. Investing carries risks including the risk of the loss of principal. Performance doesn't include fees. See more here.