• WAGMI
  • Posts
  • Crypto Alpha, 8 September 2024

Crypto Alpha, 8 September 2024

Daily Alpha on All Things Crypto, Web3 and Blockchain

TL;DR

  • The U.S. CFTC filed an emergency motion to stop the prediction market Kalshi from launching an election contract within two weeks.

  • Former Mt. Gox CEO raised concerns about excessive centralization in the industry and an increase in scam projects.

  • Trump announced that the integrity of the 2024 election will be closely watched, and any fraudulent activities will be fully prosecuted.

  • Arthur Hayes ended his BTC short position, making a 3% profit.

  • U.S. Treasury Secretary Yellen assured that the U.S. economy is stable and moving toward a "soft landing."

Grab Your 7 Day Free Trial

You're invited to upgrade your subscription to our Premium membership with a 7 day FREE trial!

No catches. No strings attached. Just pure crypto alpha to get you ahead!
Upgrade now for:

Ad-Free Experience 🚫👀
Weekly News Summary 📰🔥
Weekly Market Summary 💸📈
Weekly Airdrop Summary 🎁💎

All for just $15/month after the trial.
Don't miss out! Get your FREE trial today 👇

Alpha of the Day

CFTC Puts the Brakes on Election Bets: Not Today, Kalshi

Apparently, betting on elections is a thing. But, just as Kalshi was gearing up to let people place their wagers on the 2024 race, the U.S. Commodity Futures Trading Commission (CFTC) stepped in with an emergency motion like, "Hold your horses!" Turns out, the CFTC is not feeling too hot about the idea of people turning democracy into a Vegas game night. They slapped a two-week stop on Kalshi’s plans, probably to make sure we don't start treating elections like the next Super Bowl. Kalshi’s like the friend trying to bet on everything, and the CFTC is the responsible adult saying, “Let’s not do that.”

Mt. Gox CEO Spills the Tea on Scammy Projects

Mark Karpelès, the former CEO of Mt. Gox, has been around long enough to see the crypto industry glow-up, and now he's here with a hot take: too many scams and not enough accountability. He’s basically that one guy at the party who’s like, “This place has gone downhill since the good ol' days." Karpelès warned that the increasing centralization is making things risky, and scammy projects are popping up faster than meme coins. It’s like crypto is becoming one big infomercial—"Buy now, regret later!"—and he’s had enough.

Trump 2024: "We'll Be Watching You!"

In typical Trump fashion, he’s made it clear that he’s going to be keeping an eye on the 2024 election like a hawk. He’s basically saying, “We’re watching every move, and if you’re up to no good, we’re coming for you!” Fraudsters, beware. Trump is on a mission to make sure there’s no funny business this time around, and he’s made it known that anyone caught messing with the system will be fully prosecuted. Think of it as the reality TV version of election monitoring—complete with drama, intensity, and some serious side-eye.

Receive weekly Bitcoin summaries with news, insights and analysis on all things Bitcoin, all for free.

Arthur Hayes Cashes Out: The 3% Profit Flex

Arthur Hayes, the former CEO of BitMEX, decided it was time to call it quits on his Bitcoin short position. And, of course, he did it with style, pocketing a cool 3% profit. It’s like showing up to a party, grabbing a free drink, and leaving before things get awkward. Sure, 3% might not sound like much in the world of crypto, but hey, a win’s a win. Hayes is probably sitting back now, feeling like the guy who cashed out of Dogecoin right before it tanked—small flex, but still a flex.

Yellen Says the Economy's on Cruise Control (But Soft)

Janet Yellen, the U.S. Treasury Secretary, has come out with some soothing words for all the stressed-out investors out there: “Don’t worry, we’ve got this.” According to Yellen, the U.S. economy is cruising toward a “soft landing,” which basically means she’s promising things won’t crash and burn. It’s like she’s the pilot over the intercom saying, “We might hit a few bumps, but we’re not going down.” So, buckle up, but no need to brace for impact just yet. The turbulence might be real, but Yellen’s here to assure us that the plane’s still in the air.

Behind-the-scenes stories from across the creator economy.

Penpie Hacker Goes All In: Tornado Cash Jackpot

The hacker behind the Penpie exploit decided to make one last move and sent the remaining 1,661 ETH straight into Tornado Cash. It’s like hitting the escape button in a video game—now you see me, now you don’t. Tornado Cash is basically a crypto mixer that makes tracking those funds like trying to find a needle in a haystack. So, while regulators might be fuming, the hacker’s probably feeling like they’ve pulled off the perfect disappearing act. Houdini would be impressed. The only question left is, what’s next for the hacker—retirement, or round two?

Crypto Index Eases to 29: Panic? What Panic?

In the rollercoaster ride that is the crypto market, the Fear and Greed Index has dropped to 29, meaning everyone’s chill—well, for now. It’s like the market collectively decided to take a deep breath and relax, at least temporarily. We’re still in “fear” territory, but at least it’s not full-on panic mode. Think of it like that moment when you realize you didn’t bomb the test, but you definitely didn’t ace it either. The market’s trying to play it cool, but there’s still a lot of “wait and see” happening behind the scenes.

Hong Kong Police: Web3 Needs to Step Up!

Hong Kong’s Police Force is giving the Web3 industry a nudge, saying, “Hey, it’s time to get your act together.” They’re basically calling on Web3 companies to organize better and share information more proactively. Oh, and while they’re at it, they’d love some public-private partnerships. It’s like the police are throwing a block party, and they want Web3 to bring the snacks and actually talk to the neighbors. The message is clear: Web3 can’t just be the cool new kid on the block, they’ve got to show up and play nice with everyone else.

Startup insights, stories, and vibes sent to your inbox every Tuesday.

Follow us on X

Check out the Podcast

Listen to crypto founders and our weekly roundup on your favourite podcast platform