Good Morning,

Here's a quick preview of today’s content: The son of the President continues to be ultra bullish on crypto, apparently the ‘smartest person in the world’ has gone all in on crypto, Polish lawmakers approve a bill regulating the crypto asset market, New CFTC licence will allow Crypto.com to offer margin derivatives in the U.S., and so much more

Happy Tuesday - Let’s dive in.

Market Snapshot

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• The crypto market recovered from last week’s pullback after upbeat U.S. growth and jobs data dimmed expectations for Fed rate cuts - the total crypto mcap increased by +3.2% over the past day, reaching $4T 

  • ETH is also in the green over the past 24 hours

  • Overall BTC futures open interest has dropped to $29B from a recent high of $32B 

  • The top-10 altcoins outpaced the majors with SOL up nearly +5% to $210 and XRP up +4.5% to $2.90 

• In the derivatives market, futures are showing a shift away from a bullish stance while options are sending out mixed messages

Market Predictions

• Bettors on Kalshi are predicting will an acquisition of TikTok be announced this year?

• 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}}

• BlackRock’s IBIT surpasses Coinbase’s Deribit platform to become the world’s largest venue for Bitcoin options (BM)

• New York’s 'pro-crypto' mayor Eric Adams drops reelection bid (CT)

• SEC halts trading of firm QMMM after recent crypto purchases (DC)

• Eric Trump predicts that Q4 will be “unbelievable” - see full statements here

• World’s ‘Highest IQ Holder’ says he converted entire wealth to Bitcoin, predicts 100× surge (BM)

• Top New York crypto regulator Adrienne Harris steps down after four-year tenure (TB)

• Tokenized gold market climbs to $2.9B (CD)

• Strategy purchases 196 BTC for $22.1M (CD)

• Global TradFi payments system SWIFT partners with Consensys to add a blockchain-based ledger to its network (CD)

• Stablecoins record more than $46B in net inflows in the last 90 days (CT)

• Crypto regulator Adrienne Harris resigns as Head of DYDFS (DC)

• Perp platform Aster climbs to first spot for daily fees and volume among DEXs at $25M (TB)

• World’s 'Highest IQ Holder' says he converted entire wealth to Bitcoin (BM)

• Qatar National Bank Group adopts JPMorgan’s blockchain platform faster US dollar payments (CT)

• Chainlink partners with major financial institutions to improve corporate action processing using blockchain (CD)

• U.S. SEC to make decision on 16 crypto ETFs next month (CT)

• Bitcoin wallet holding $44M moves funds after 12 years (TB)

• Revolut, a London-based fintech company, explores a dual listing in London and New York for a potential IPO (CD)

• Solana devs consider removing block limits (DC)

• AllUnity and Privy team up to integrate EURAU stablecoin into wallet infrastructure (CD)

• Maple Finance and Elwood Technologies partner to expand institutional access to crypto credit (CD)

• Sazmining, a Bitcoin mining firm, opens a new data center in Ethiopia (BM)

• Sonic Labs appoints Mitchell Demeter as its new CEO (CD)

Venture Capital

• DNA Holdings, a crypto advisory firm, executes a $344.4M capital formation for a Strategic Compute Reserve (CD)

• Andre Cronje’s startup Flying Tulip raises $200M at a $1B token valuation (TB)

• True Labs LLC, an AI DEX dev, announces a $10M seed investment from UAE-based Core Holding (FM)

M&A Announcements

• Crypto broker GCEX Group acquires GlobalBlock Europe UAB (CD)

Launches

• Binance launches CaaS solution for institutions looking to offer trading (TB)

• Kazakhstan debuts state-backed crypto fund with BNB (CT)

• Hyperliquid unveils its Hypurr NFT collection (TB)

• FalconX launches 24/7 electronic OTC crypto options platform (BW)

• McKay Brothers launches private transport for crypto & FX trading between London and Singapore (CD)

• Crypto AML firm Notabene introduces compliance platform for stablecoin payments (CD)

• Web3 Anoma launches on Ethereum with governance and token (BW)

• Quatrefoil Data debuts to build benchmarks for institutional crypto products (CD)

• Predictive Oncology launches $344M DePIN treasury focused on Aethir (CT)

• Plan B Network launches $850K Bitcoin pitch contest (BM)

• Gate launches Gate Perp DEX (CD)

• GMX debuts multichain to unlock perp trading across all public blockchains (CD)

Regulation

• New CFTC licence will allow Crypto.com to offer margin derivatives in the U.S. (FM)

• The SEC asks issuers to pull their 19b-4 filings (CD)

• Polish lawmakers approve a bill regulating the crypto asset market (CT)

• Massachusetts to hold hearing to consider Bitcoin reserve bill (CT)

Cybersecurity

• Chinese woman pleads guilty in UK Bitcoin laundering case tied to $7B crypto seizure (BM)

• Leaked documents expose $8B crypto web behind Russia's sanctions evasion (DC)

• Turkey to empower watchdog to freeze crypto accounts in AML crackdown (CT)

Extra Reads

• Government shutdown threat could delay jobs data Bitcoin traders need to predict Fed rate cuts, spiking crypto volatility this week - Here’s what’ll happen to Bitcoin if the U.S. government shuts down

• ChatGPT can synthesize social media and news sentiment to reveal early narratives and market buzz around emerging tokens - Here’s how to use ChatGPT to find hidden gems in the crypto market
  

Chart of the Day

Perp trading volume surged 203% last week, hitting $472.6B

Meme Dump

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