NewsBriefs - Polymarket users bet $1.4 million on federal interest rate cut by September 2024

Aug 5, 6:07 PM The Block

Polymarket users bet $1.4 million on federal interest rate cut by September 2024

Polymarket's decentralized prediction platform saw a $1.44 million bet on the Federal Reserve cutting interest rates by September 2024. Users estimate a 58% chance of a 50+ basis point cut and a 40% chance of a 25 basis point cut. This prediction aligns with regulated futures markets, which show an 83.5% probability of a 50 basis point cut. Polymarket's trading volume hit an all-time high of $387.01 million in July, with US political events driving cumulative volume above $1 billion in August.

Latest

• Nov 4, 11:11 AM Coindesk

  Bitcoin likely to rally after US election regardless of winner

  Bitcoin is expected to surge past $100,000 following the US election, based on historical trends. Previous post-election rallies saw BTC gain 12,000% in 2012, 3,600% in 2016, and 478% in 2020. Despite diminishing returns, projections suggest a potential 47.8% increase to $103,500 by Q4 2025. BTC is currently undervalued compared to previous cycles, measured from either the cycle low or halving event. The crypto market may remain volatile until election results are finalized.

  Expand Hide

  

• Nov 1, 4:48 PM The Block

  21Shares seeks SEC approval for spot XRP ETF

  21Shares has filed for a spot XRP ETF with the SEC, joining other firms like Canary Capital and Bitwise in pursuing XRP-based funds. This move follows recent approvals of Bitcoin and Ethereum ETFs, and attempts for Solana and Litecoin ETFs. The ongoing SEC-Ripple lawsuit over XRP's classification as a security may pose challenges for approval. The crypto industry continues to push for expanded US investor access to various crypto assets through regulated ETF products.

  Expand Hide

  

• Nov 1, 11:30 AM M2 Newsroom

  M2 crypto exchange hacked for $13 million across multiple chains

  Crypto exchange M2 suffered a $13 million hack on multiple chains, including ETH, SOL, and BTC on Oct. 31. The attack, first detected by ZachXBT and Cyvers Alerts, targeted hot wallets, with stolen funds converted to ETH. M2 swiftly responded, restoring customer funds and implementing additional security measures. The exchange is cooperating with authorities and has taken full responsibility for potential losses.

  Expand Hide

  

• Nov 1, 7:07 AM The Block

  ZetaChain restarts block production following six-hour downtime

  ZetaChain, an interoperability-focused Layer-1 network, experienced a six-hour outage due to a consensus failure linked to a recent update. The mainnet has resumed block production, but the testnet is now halted due to the same issue. Cross-chain transactions are delayed, and the network plans to share a post-mortem. ZetaChain aims to integrate different networks like Bitcoin, Ethereum, and Polygon, and raised $27 million in funding last year.

  Expand Hide

  

• Oct 31, 3:43 PM The Block

  Blockchain Association reports $400 million in SEC enforcement costs under Gensler

  The Blockchain Association claims its members have spent $400 million on SEC enforcement actions since Gary Gensler became chair. This figure represents only a portion of the industry's costs. A survey by the association and HarrisX found that two-thirds of voters believe the SEC should wait for clearer guidelines from Congress before regulating crypto. The poll also revealed that voters are split on which political party is more likely to support crypto innovation.

  Expand Hide

  

• Oct 30, 5:08 PM Coindesk

  Fortune reports Polymarket rife with wash trading

  Fortune claims prediction market Polymarket is experiencing significant wash trading, potentially up to a third of its volume. Blockchain analytics firms Chaos Labs and Inca Digital provided data supporting this assertion. The practice, illegal in traditional finance, may be motivated by airdrop farming for a potential future token. Polymarket's no-fee policy could be facilitating this activity. The news follows recent concerns about different market manipulation on the platform.

  Expand Hide

  

• Oct 30, 4:41 AM Crypto Briefing

  US spot Bitcoin ETFs see massive $870 million inflow as Bitcoin nears all-time high

  US spot Bitcoin ETFs saw a record $870 million net inflow on Tuesday, coinciding with Bitcoin reaching $73,000. BlackRock's IBIT led with $643 million in inflows, its highest since March. Other ETFs also reported gains, while Grayscale's GBTC experienced $17 million in redemptions. US Bitcoin ETFs are expected to surpass Satoshi Nakamoto's estimated 1.1 million BTC holdings by December. Bitcoin traded at $72,200 at press time, up 1.8% in 24 hours and close to its all-time high.

  Expand Hide

  

• Oct 29, 11:36 AM Cointelegraph

  Bhutan government sells $66 million of Bitcoin as price surpasses $71k

  Bhutan's government transferred $66.5 million worth of Bitcoin to Binance, likely for sale, as Bitcoin's price topped $71,000. The government wallet still holds about $886 million in Bitcoin, potentially creating further selling pressure. This move came after five years of mining and holding Bitcoin, coinciding with Bitcoin reaching a significant price level that often triggers volatility and profit-taking by whales.

  Expand Hide

  

• Oct 29, 6:33 AM The Block

  Truth Terminal founder's X account compromised, hacker nets $600K

  A hacker exploited Truth Terminal founder Andy Ayrey's X account, promoting a scam token that briefly reached a $25 million market cap. The attacker profited over $600,000 before a sell-off crashed the token's value by 98%. Ayrey temporarily regained control, citing a possible SIM swap attack on his mobile carrier. Truth Terminal, a crypto-focused chatbot, previously gained attention for amassing over $1 million in crypto holdings and receiving a $50,000 Bitcoin donation from Marc Andreessen. Despite regaining access, the account continued to display suspicious activity.

  Expand Hide

  

• Oct 27, 9:05 PM Cryptoslate

  Coinbase unveils new tool to let users build AI agents with crypto wallets

  Coinbase launched Based Agent, enabling users to build AI agents using their crypto wallets in under three minutes. The tool allows for autonomous on-chain task execution, including trading and staking. Based Agent integrates with smart contracts and offers X API functionality. Built using Coinbase SDK, OpenAI, and Replit, it aims to simplify AI agent creation for crypto operations.

  Expand Hide

  

• Oct 25, 6:24 PM Coindesk

  Tether probe by the DOJ sends Bitcoin tumbling to $66K

  Crypto prices dropped after a WSJ report revealed a US probe into Tether for potential sanctions and anti-money laundering violations. Bitcoin fell from near $69,000 to $66,000 following the news. Tether, the largest stablecoin with a $120 billion market cap, dismissed the report as "old noise." The investigation's impact disrupted an earlier crypto market uptrend.

  Expand Hide

  

• Oct 25, 3:01 AM Bangkok Post

  Thailand shifts crypto market focus from retail to institutional investors

  Thailand's crypto market is transitioning from retail to institutional as the country aims to become a Southeast Asian fintech hub. The Thai SEC proposed rules allowing institutional-grade funds to invest in crypto products like US-based spot crypto ETFs. This move is seen as legitimizing the crypto ecosystem and potentially positioning Thailand as a regional digital asset hub. Real-world asset tokenization is emerging as a major trend, with traditional banks exploring blockchain-tradeable digital assets. Despite the institutional shift, retail crypto trading remains popular in Thailand.

  Expand Hide

  

• Oct 23, 1:34 PM Cointelegraph

  Vietnam launches national blockchain strategy to enhance the country's blockchain capabilities.

  Vietnam's MIC unveiled a National Blockchain Strategy focusing on five key areas to develop the country's blockchain capabilities. The plan aims to create 20 blockchain brands, establish testing centers in major cities, and build a national blockchain network. Vietnam also plans to legally recognize digital assets, aligning with international standards to combat financial crimes. The strategy seeks to position Vietnam as a leader in blockchain technology and the Fourth Industrial Revolution.

  Expand Hide

  

• Oct 22, 10:54 PM CryptoBriefing

  Marc Andreessen calls GOAT token first convergence of AI and crypto

  Marc Andreessen, in a new a16z podcast, described the origins of Truth Terminal and the creation of the GOAT meme coin. In the podcast, Andreessen describes how the AI bot started promoting the GOAT meme, and then a meme token was created for it, which rapidly grew to a $500M valuation. Andreessen described this as the first true convergence of AI and crypto.

  Expand Hide

  

• Oct 22, 12:00 PM Avalanche Foundation

  Avalanche Foundation launches Visa card for spending crypto tokens

  Avalanche Foundation has introduced the Avalanche Card, a Visa-enabled payment solution for spending crypto tokens like AVAX, WAVAX, USDC, and sAVAX. The card offers both physical and virtual options, 24/7 support, and compatibility with popular apps. Users can join a waitlist for this new crypto payment method, which aims to enhance the utility of Avalanche-based tokens in everyday transactions.

  Expand Hide