NewsBriefs - Polymarket becomes the largest 2024 presidential election prediction platform

Jul 1, 5:00 PM Decrypt

Polymarket becomes the largest 2024 presidential election prediction platform

Bernstein Research identifies Polymarket as the largest blockchain-based prediction market for the 2024 US presidential election, highlighting its role in enhancing transparency and efficiency in political betting. The platform, running on the Ethereum-Polygon blockchain, has amassed over $200 million in bets, with current odds favoring former President Donald Trump at 63%. The analysis also underscores a significant decline in bets on President Joe Biden, reflecting recent shifts in public sentiment and market dynamics.

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• Jul 3, 9:25 PM Cointelegraph

  Bitwise amends S-1 for Ether ETF, hints at July trading start on NYSE Arca

  Bitwise has updated its S-1 registration with the SEC, paving the way for a spot Ether ETF to be traded on NYSE Arca. The amendment includes a fee waiver and aims for a swift post-registration launch. While no specific date was provided, expert commentary suggests trading could commence in July, following the recent SEC filings and prior approvals for similar crypto ETFs.

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• Jul 3, 7:58 PM Bitcoinist

  Donald Trump supports Bitcoin as a potential strategic reserve for the US

  Former President Donald Trump has endorsed Bitcoin, suggesting its potential role as a strategic reserve asset to enhance US geopolitical power and economic stability. He warned that restrictive policies would favor China and Russia, aligning with views from influential figures who propose that Bitcoin could safeguard the US dollar's value and diversify Federal Reserve holdings. This has spotlighted Bitcoin’s relevance in international trade and statecraft.

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• Jul 3, 5:20 PM Crypto Briefing

  Solana meme coins outpace Ethereum in 2024 gains

  In 2024, Solana-based meme coins have substantially outperformed their Ethereum counterparts, recording average returns of 8,469% versus 962% for Ethereum. This discrepancy underscores a major influx of speculative investment into the Sol relief. Notable crypto tokens like WIF and BONK on Solana have fueled further capital migration and investment due to their substantial rallies. Additionally, the emergence of political meme coins, specifically the MAGA (TRUMP) token, has gained significant attention with a 5,100% increase, spurred by political endorsements and campaign support, reflecting a broader integration of crypto in the upcoming November US elections.

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• Jul 3, 3:21 PM Coindesk

  Polymarket odds on Biden's dropout surge following New York Times report

  Following a New York Times article suggesting President Joe Biden might reconsider his 2024 campaign plans, the crypto betting platform Polymarket saw odds that Biden will drop out of the presidential race jump to nearly 80%. This significant increase from 55% earlier reflects a volatile week where $10 million was staked on this outcome after recent debates raised concerns about Biden's electability against Donald Trump.

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• Jul 3, 12:30 PM Crypto Briefing

  CoinShares study minimizes Mt. Gox Bitcoin sell-off concerns

  A CoinShares study revealed that fears over a major sell-off from the Mt. Gox Bitcoin cache are overblown, predicting minimal impact on Bitcoin prices despite potential market movements. The analysis showed that, even in the worst-case scenario where 75,000 BTC could be sold, the market has the capacity to absorb these volumes confidently, citing resilience shown during other large-scale liquidations like those from the Grayscale ETF. CoinShares also noted that selling pressure on Bitcoin Cash could be more significant due to its lower market cap and liquidity.

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• Jul 3, 10:30 AM Crypto Briefing

  BODEN meme coin collapses as PoliFi sector struggles amid US election

  The PoliFi sector is undergoing a significant downturn linked to the current US presidential race, impacting tokens such as the BODEN, which has seen a drastic 95% drop following a percieved poor debate performance by President Joe Biden. Other political tokens like TRUMP and TREMP also experienced losses, while platforms like Polymarket witnessed increased trading volumes, indicating a pivot toward traditional political betting avenues. Despite the downturn, NOOSUM token noted a slight increase, showing some resilience within the sector.

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• Jul 3, 7:23 AM Decrypt

  DAXA reveals new guidelines to prevent mass delisting in South Korea

  The Digital Asset Exchange Alliance (DAXA) in South Korea has issued new guidelines to prevent mass delistings and enhance market stability. This move comes in anticipation of the country's new "Virtual Asset User Protection Act," which aims to curb market manipulation. The guidelines promote transparency, prohibit trading support fees, and set standardized criteria for listing and delisting tokens across major exchanges. These measures are set to improve compliance and user protection amid regulatory changes effective from July 19.

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• Jul 3, 5:00 AM Crypto Briefing

  Spot Ethereum ETFs set to launch in mid-July

  Spot Ethereum exchange-traded funds (ETFs) are expected to start trading the week of July 15, as confirmed by ETF experts and analysts. The US Securities and Exchange Commission (SEC) has prompted issuers to finalize their S-1 forms by July 8, with potential further amendments. Galaxy Digital, in partnership with Invesco, has had their application approved, signaling a likely SEC endorsement for the spot Ethereum ETFs soon, reflecting similar structures to existing spot Bitcoin ETFs.

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• Jul 2, 9:02 PM Cointelegraph

  Ethereum Foundation recovers from email hack used in Lido staking scam

  The Ethereum Foundation's email account was compromised on June 23 to disseminate a phishing scam promoting a non-existent partnership with LidoDAO for staking cryptocurrencies at a 6.8% yield. The exposure led to nearly 35,794 scam emails sent, risking the crypto assets of subscribers by directing them to a malicious web app. Fortunately, no crypto losses were reported from the affected users, though 81 email addresses were exposed. The foundation has since regained control of the account and secured it against further malicious activity.

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• Jul 2, 7:52 PM Cryptoslate

  Judge approves fast-track process for Consensys vs SEC lawsuit

  A federal judge has set an accelerated court schedule for the lawsuit between Consensys and the US Securities and Exchange Commission. Key deadlines include September and November for opening and opposition briefs, with a potential decision expected by December. The case, pivotal in defining SEC's regulatory scope over Ethereum and other crypto tokens, also follows recent Supreme Court opinions potentially affecting SEC's enforcement authority.

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• Jul 2, 4:14 PM The Defiant

  Aave starts GHO stablecoin deployment on Arbitrum

  Aave has initiated the deployment of its GHO stablecoin on Arbitrum, leveraging the Aave v3 on this leading Layer 2 network to enable users to mint and burn GHO tokens. This integration aims to reduce transaction fees, speed up operations, and increase liquidity, thereby expanding GHO's utility in digital payments and other DeFi applications. The Arbitrum DAO supports this development by incentivizing GHO adoption with significant ARB token allocations. This move marks an important phase in GHO's broader cross-chain expansion strategy, which involves multiple networks and is backed by Chainlink's cross-chain interoperability protocol.

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• Jul 2, 1:52 PM The Block

  Top minds join Sam Altman's Worldcoin to bolster privacy and security

  Worldcoin, the crypto project co-founded by OpenAI CEO Sam Altman, has strengthened its team by hiring former executives from Apple, Google, Meta, Tesla, and X. These executives, including new Chief Device Officer Rich Heley and Chief Privacy Officer Damien Kieran, aim to enhance the project's security, privacy, and technology as part of their efforts to develop Worldcoin's biometrically-based digital identity system, World ID. This initiative seeks to distribute a global digital currency equitably and is currently preparing to transition to its Ethereum Layer 2 blockchain.

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• Jul 2, 1:11 PM CoinDesk

  Polkadot treasury to sustain current spending for two more years

  Polkadot, an early competitor of Ethereum in the crypto space, has reported spending $87 million of its DOT tokens in the first half of this year, significantly up from its previous expenditure. With over $245 million in DOT tokens remaining, the treasury estimates a financial runway of two years at the current spending rate. Major expenditures included marketing, software development, and liquidity provision for developers and trading platforms on its network. Concerns arise within the community regarding the sustainability of such high spending levels.

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• Jul 2, 8:49 AM Lookonchain

  German government transfers Bitcoin totaling $52 million

  The German Government recently moved 832.7 Bitcoin, valued at $52 million, to major exchanges including Bitstamp, Coinbase, and Kraken. This follows a larger transfer of 1,500 Bitcoin valued at $94.7 million. The government still retains 43,859 Bitcoin, equivalent to approximately $2.74 billion.

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• Jul 2, 8:06 AM The Block

  South Korea's crypto exchanges to reassess 1,300 tokens under new standards

  South Korea's twenty crypto exchanges, in collaboration with the Digital Asset Exchange Association (DAXA), will start reevaluating over 1,300 tokens currently traded domestically. These evaluations align with South Korea's new industry regulations that take effect from July 19, focusing on stringent compliance, security measures, and investor protection protocols. The revision will be part of a broader implementation of self-regulatory codes aiming to enhance transparency and fairness across all token listings.

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