TL;DR

• Tesla’s Bitcoin holdings remained unchanged in Q3 2024.

• DOJ issued a warning to Musk’s PAC.

• Crypto platform Variational raised $10.3M in seed funding.

• 93% chance the Fed will cut rates by 25 basis points in November.

• Citibank ended its banking relationship with Ripple’s Garlinghouse.

• ZachXBT claims OTC trader Yicong Wang helped launder millions for Lazarus Group.

• China’s Mu Changchun outlined three ways to improve currency bridge tech.

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Alpha of the Day

Tesla’s Bitcoin Stash: No Changes, No Surprises

In Q3 2024, Tesla’s Bitcoin holdings didn’t budge—nothing gained, nothing lost. It seems Musk is playing the long game with his crypto treasure chest, choosing to sit tight while the market does its thing. Maybe he's waiting for a moonshot, or perhaps he's just too busy launching rockets to check his crypto wallet. Either way, Tesla's BTC stash remains solid at an estimated $780 million, reminding us that sometimes doing nothing is still a move.

Musk’s PAC Gets a DOJ Scare

Elon Musk’s Political Action Committee (PAC) just got a virtual slap on the wrist from the U.S. Department of Justice. While the exact reasons are hush-hush, it’s safe to say that running a PAC tied to a billionaire’s rocket-sized ambitions is bound to attract some attention. Let’s hope this warning doesn’t end in legal turbulence, but hey, at least it's keeping things spicy in Elon’s political side hustle.

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Variational’s $10.3 Million Payday

Variational, the crypto derivatives trading platform you probably hadn’t heard of until now, just secured a sweet $10.3 million in seed funding. That’s right, big money is backing this platform to make waves in the crypto market. With fresh cash in hand, Variational is ready to build, scale, and potentially blow your mind with whatever crypto magic they’ve got up their sleeves. Keep an eye on these guys, they’re coming in hot!

Fed Rate Cut: 93% Chance We’ll Get a Discount

Feeling like interest rates are too high? Well, there’s a 93% chance that the Federal Reserve is going to chop 25 basis points off in November, giving everyone a bit of financial relief. It’s like the Fed is dangling a clearance sale for loans and mortgages, but will they really pull the trigger? With this kind of probability, it’s almost like betting on a sure thing. Almost.

Citibank and Ripple CEO: It’s Not You, It’s Us

In a financial break-up no one saw coming, Citibank decided to sever ties with Ripple CEO Brad Garlinghouse. The reasons behind the decision remain unclear, but we can only imagine it involved some awkward banking conversations. Ripple may be shaking things up in the crypto world, but Citibank clearly isn’t interested in tagging along for the ride anymore. Who’s next on their no-fly list?

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ZachXBT Exposes a Crypto Crime Plot

Crypto detective ZachXBT has blown the lid off an epic crime drama involving OTC trader Yicong Wang and the notorious Lazarus Group. Wang allegedly helped the hacker group launder tens of millions of dollars, making him the “money man” for one of the most infamous groups in crypto history. It’s a blockbuster crime tale with real-life consequences, and ZachXBT is the internet’s favorite detective uncovering all the dirty details.

China’s Digital Currency Vision: Mu Changchun’s Master Plan

Mu Changchun, head honcho at China’s Digital Currency Research Institute, just dropped a blueprint for improving currency bridge tech. His three-point plan includes boosting interoperability, enhancing cross-border transaction speed, and improving security. Basically, he’s laying the groundwork for a future where digital currencies flow across borders like texts from your ex—fast and unstoppable. Will this revolutionize finance? Only time (and Mu) will tell.

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