Good Morning,

Here's a quick preview of today’s content: Market cools its nerves after yesterday’s fed meeting, Nvidia invests in its all time competitor, NBA players dabble in crypto and even partnerships, Sen. Warren demands answers from the DOJ, and so much more

It’s finally Friday - Let’s dive in.

Market Snapshot

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• Major cryptos rallied following the Fed’s rate cut, but analysts remain cautious about the sustainability of the rally

  • BTC’s price topped $117,900, the highest level since Aug. 17

  • ETH was up +2.7%, but remained locked within the four-week-long narrowing price range

  • Other majors such as DOGE, SOL, and BNB were up over +4% while XRP traded nearly +3% higher

  • The DeFi sector has seen significant growth, with TVL reaching $170B 

• With post-Fed market volatility still playing out, traders are watching closely for confirmed moves

Market Predictions

• Bettors on Kalshi are predicting when will PumpFun conduct an airdrop?

• Trade your predictions on a range of events, only on Kalshi

• Sign up with code LIT and get a $20 bonus when you trade $100

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

• NBA star Kevin Durant admits that he’s been unable to access a Bitcoin stash he bought nearly a decade ago (CS)

• Gensler is back and gets wrecked live on CNBC - see video here

• Coinbase CEO says the next major crypto bill is a ‘freight train’ - full statement here

• The first ETFs offering exposure to XRP and DOGE start trading in the U.S. (CD)

• PayPal's U.S. dollar stablecoin expands to nine additional blockchains (CD)

• BNB token crosses $1,000 for the first time ever, surging 4.5% (CD)

• Kalshi reaches $1B in monthly volume, dominates 62% of the global prediction market industry (DC)

• DBS, Franklin Templeton, and Ripple sign an MoU to offer trading and lending solutions (CD)

• More than 40% of Americans are open to using DeFi if legislation is made, according to a recent poll (CT)

• PayPal’s stablecoin tops $1.3B (DC)

• Hyperliquid native token, HYPE, hits an ATH of $59 (CT)

• Enthusiasts speculate that former Binance CEO “CZ” is close to receiving a pardon from President Trump (CT)

• Gemini stock trades below the IPO price of $28 (CD)

• The U.S. and the UK sign an MoU to collaborate on AI, quantum computing, nuclear energy development (CT)

• Pudgy Penguins’ PENGU memecoin jumps by double digits over the past 24 hours (DC)

• Nubank, Latin America’s largest digital bank, to integrate dollar-pegged stablecoins for payments (CT)

• JPMorgan analysts say Tether’s USAT stablecoin, Hyperliquid’s USDH, and fintech stablecoins will intensify competition for Circle (TB)

• STBL, a startup, converts crypto into a dollar-pegged stablecoin and yield-bearing NFTs (CD)

• Peter Thiel-backed Bullish reports a net income of $108.3M in Q2 of this year (TB)

• KuCoin Pay partners with Swiss fintech provider DFX.swiss to support crypto payments across Switzerland (CS)

• Sora Ventures joins Columbia Teachers College initiative to integrate Web3 in education (CS)

Venture Capital

• Nvidia to invest $5B in Intel (CD)

• Solmate raises $300M to build a SOL-focused treasury, backed by ARK Invest and the Solana Foundation (CD)

• Bio Protocol secures $6.9M in funding from Maelstrom Fund, Animoca Brands and more to advance science using AI and crypto (CT)

• Titan raises $7M in a seed round led by Galaxy Ventures and several angels (BW)

Launches

• NBA player Tristan Thompson teams up with Improbable to roll out a Web3 which brings basketball fandom on-chain (CD)

• Coinbase launches USDC lending powered by DeFi protocol Morpho (CD)

• DeFi Tech subsidiary Valour introduces a Bitcoin staking ETP on the London Stock Exchange (CT)

• Crypto custodian BDACS launches KRW1, South Korea's first fully regulated won-backed stablecoin (DC)

• Kraken to launch Legion token sales, a fundraising platform backed by VanEck (BW)

• DeLorean Labs, the Web3 arm of DeLorean brand, announces the listing of its DMC utility token (CD)

• Plasma, a blockchain for stablecoins, to launch mainnet beta blockchain (CD)

• Pixelverse launches an arcade platform on Base (DC)

• Titan Content, the U.S.-based KPop leader, announces the launch of 2GATHR, a fan engagement app powered by TITAN (CD)

Regulation

• Sen. Warren demands answers from the DOJ about its enforcement of Binance’s 2023 settlement (DC)

• Two members of Congress call on the SEC to answer questions that could impact how crypto companies go public (CT)

• The SEC approves generic listing standards, allowing exchanges to list products without individual reviews (CD)

• Australia's ASIC exempts stablecoin intermediaries from needing a financial services license (CD)

• The SEC gives Grayscale’s GDLC the green light to trade on markets (TB)

Cybersecurity

• CEO of ‘Textbook Ponzi’ pleads guilty in $200M Bitcoin fraud case (DC)

• RCMP executes the country’s largest crypto seizure to date, recovering more than $56M CAD (CD)

• Crypto whale loses $6M to sneaky phishing scheme targeting staked Ethereum (CS)

• DeFi platform New Gold Protocol’s NGP token is exploited for $2M (TB)

• Binance co-founder warns of North Korean hackers after SEAL team uncovers 60 fake IT worker profiles used for impersonation (CT)

Extra Reads

• Settling event contracts in Bitcoin isn’t just philosophical, it may deliver efficiency, alignment, and upside, argues a new paper - Why Bitcoin-Settled Prediction Markets Might Be a Smart Bet

• Once clunky and confusing, crypto wallets are evolving into tools that could soon hold not just money, but identity, data and more - Are crypto wallets becoming the control centers of our digital lives?

• After the Fed decision on Wednesday, analysts were upbeat that Bitcoin would rise throughout the remainder of 2024 - Where Is Bitcoin Headed Next Following Fed Chair Powell's Remarks?

Chart of the Day

ETH unrealized profits of mid-sized whales hit levels last seen at ATH in Nov 2021

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