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- 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."
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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 Kalshiâs plans, probably to make sure we don't start treating elections like the next Super Bowl. Kalshiâs like the friend trying to bet on everything, and the CFTC is the responsible adult saying, âLetâs not do that.â
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. Heâs basically that one guy at the party whoâs like, âThis 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. Itâs like crypto is becoming one big infomercialâ"Buy now, regret later!"âand heâs had enough.
Trump 2024: "We'll Be Watching You!"
In typical Trump fashion, heâs made it clear that heâs going to be keeping an eye on the 2024 election like a hawk. Heâs basically saying, âWeâre watching every move, and if youâre up to no good, weâre coming for you!â Fraudsters, beware. Trump is on a mission to make sure thereâs no funny business this time around, and heâs made it known that anyone caught messing with the system will be fully prosecuted. Think of it as the reality TV version of election monitoringâcomplete with drama, intensity, and some serious side-eye.
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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. Itâs 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 winâs a win. Hayes is probably sitting back now, feeling like the guy who cashed out of Dogecoin right before it tankedâsmall 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: âDonât worry, weâve got this.â According to Yellen, the U.S. economy is cruising toward a âsoft landing,â which basically means sheâs promising things wonât crash and burn. Itâs like sheâs the pilot over the intercom saying, âWe might hit a few bumps, but weâre not going down.â So, buckle up, but no need to brace for impact just yet. The turbulence might be real, but Yellenâs here to assure us that the planeâs 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. Itâs like hitting the escape button in a video gameânow you see me, now you donât. 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 hackerâs probably feeling like theyâve pulled off the perfect disappearing act. Houdini would be impressed. The only question left is, whatâs next for the hackerâretirement, 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 everyoneâs chillâwell, for now. Itâs like the market collectively decided to take a deep breath and relax, at least temporarily. Weâre still in âfearâ territory, but at least itâs not full-on panic mode. Think of it like that moment when you realize you didnât bomb the test, but you definitely didnât ace it either. The marketâs trying to play it cool, but thereâs still a lot of âwait and seeâ happening behind the scenes.
Hong Kong Police: Web3 Needs to Step Up!
Hong Kongâs Police Force is giving the Web3 industry a nudge, saying, âHey, itâs time to get your act together.â Theyâre basically calling on Web3 companies to organize better and share information more proactively. Oh, and while theyâre at it, theyâd love some public-private partnerships. Itâs 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 canât just be the cool new kid on the block, theyâve got to show up and play nice with everyone else.
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Daily #Crypto Alpha | September 8 2024
⢠The U.S. #CFTC filed an emergency motion to stop the prediction⌠x.com/i/web/status/1âŚ
â WAGMI | Crypto, DeFi & Web3 News (@wagmiglobal_)
4:13 PM ⢠Sep 8, 2024
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