TL;DR

• Fold, a Bitcoin-focused financial services company, has filed S-4 documents with the U.S. SEC.

• A U.S. judge has approved FTX’s bankruptcy restructuring plan, paving the way for creditors to receive compensation soon.

• Infinex raised $65 million through NFT sales and is collaborating with Wormhole to enable cross-chain functionality.

• Speculation about the FTX 2.0 relaunch fizzled out as investors showed little enthusiasm.

• Over 87% of newly minted DEX tokens this year have been launched on the Solana blockchain.

• Fed’s Musallem hinted at potential interest rate cuts in the future, given the current economic outlook.

• There’s an 86.3% chance that the Federal Reserve will cut interest rates by 25 basis points in November, with a 13.7% likelihood of holding steady.

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Alpha of the Day

Fold Files with the SEC: Bitcoin Banking is Getting Official

Fold, the Bitcoin-focused financial services company, just took things up a notch by filing S-4 documents with the U.S. SEC. For the uninitiated, that's the paperwork you file when you're getting serious about mergers, acquisitions, or restructuring. Fold has been making waves in the Bitcoin world, offering rewards for everyday purchases in BTC, and now they're setting their sights on even bigger things. What’s next? Maybe a rewards program for buying coffee that gives you 0.00000001% of a Bitcoin, but hey, it adds up! Fold's got a bright future, and they’re ready to take their place on the main stage of financial institutions.

FTX Restructuring: The Judge Gives a Thumbs Up

FTX may have had a spectacular flame-out, but the drama is far from over. A U.S. judge just gave the green light to FTX’s bankruptcy restructuring plan, which means creditors might actually see some of their money back. While it’s no guarantee that everyone will be popping champagne, there’s at least hope on the horizon. The creditors, probably skeptical after months of roller-coaster news, are gearing up for what could be a much-needed payout. The whole crypto world is watching, because let’s face it, FTX's collapse was the reality show we didn’t want, but couldn’t stop watching.

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Infinex Raises $65M and Teams Up with Wormhole: Cross-Chain is in the House

Infinex is making moves, raising a cool $65 million through NFT sales like it’s no big deal. What’s even cooler? They’re joining forces with Wormhole to bring cross-chain functionality into the mix. Basically, they’re making it easier for all your favorite blockchains to talk to each other, like turning a middle school dance into a social mixer. With this partnership, Infinex is pushing the boundaries of what’s possible in the crypto world, connecting networks and bridging gaps. Who knew NFTs could be this powerful? Well, Infinex did, apparently.

FTX 2.0 Speculation Fizzles: Investors Give It a Hard Pass

If you were hoping for an FTX 2.0 comeback, let’s just say the hype didn’t live up to reality. Speculation about a possible restart ended with all the excitement of a deflated balloon. Investors? Yeah, they weren’t exactly lining up to get back in bed with the former crypto giant. After all, once bitten, twice shy. The whole thing felt more like a rumor that spiraled out of control than an actual business plan. For now, it looks like FTX will remain in the crypto history books—right next to other cautionary tales.

Solana’s DEX Tokens Are Dominating: 87% and Counting

Solana is flexing hard in 2024, with over 87% of newly minted DEX tokens being launched on its blockchain. While other networks are out here scrambling, Solana is busy racking up numbers like it's no big deal. Its lightning-fast transaction speeds and low fees make it the go-to for DeFi projects looking to get their tokens out to the masses. If Solana were a person, it’d be that friend who’s always on top of their game, making everyone else look bad. With these stats, it’s safe to say that Solana isn’t just winning the race—it’s leaving everyone else in the dust.

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Fed’s Musallem Teases Rate Cuts: The Economic Outlook Soap Opera Continues

Fed official Musallem is out here dropping hints like they’re breadcrumbs in the forest, suggesting that more interest rate cuts could be on the horizon. Given the current economic outlook (read: kind of a mess), it’s not entirely surprising. Still, the market’s holding its breath like a contestant on a reality show waiting for a rose. Interest rates, of course, are the unsung heroes or villains of our financial lives, so any talk of cuts is big news. For now, we’ll have to wait and see if Musallem’s cryptic comments turn into actual policy moves.

86.3% Chance of a Rate Cut in November: Place Your Bets

According to the latest numbers, there’s an 86.3% chance the Federal Reserve will cut interest rates by 25 basis points in November. And hey, a 13.7% chance they’ll do nothing at all. It’s like we’re all sitting at a blackjack table waiting for the next card to flip. Rate cuts are the talk of the town these days, especially with inflation acting like that one annoying guest who just won’t leave the party. So, if you’re a betting person, the odds are pretty clear—get ready for lower rates, or just enjoy the 13.7% suspense.

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