US politics ♥️ Crypto
American politics is no stranger to crypto. AI-generated hoax of Pentagon explosion leads to chaos. Tokenised securities hit $220 M market cap. Crypto traders flock to decentralised exchanges.
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Robert F. Kennedy, Jr. just dropped a bombshell at Bitcoin Miami.
He declared that his presidential campaign is totally down with crypto and will happily accept Bitcoin donations - the first presidential candidate to do so.
The Democratic presidential candidate has been seriously promoting crypto lately.
Also referred to Bitcoin as an "exercise in democracy."
If he becomes president, he plans to "make sure that your right to hold and use Bitcoin is inviolable." Also he is an "ardent defender and lifelong defender of civil liberties, and Bitcoin is both an exercise and a guarantee of those freedoms."
But hold on. This is not as groundbreaking as it seems. Except for a few party poopers like Senators Elizabeth Warren and Roger Marshal, loads of politicians, political action committees, and party organizations are already on board the crypto train.
Republican candidate Vivek Ramaswamy also now has similar interests:
People can donate up to 6,600 USD worth of crypto and mint a commemorative NFT using the Proof of Attendance Protocol (POAP).
But here's the kicker: crypto donations have been allowed for almost a decade now. The Federal Election Commission (FEC), the regulatory agency in charge of campaign finance, gave it the green light back in 2014.
What does Coinbase say?
Former Coinbase CTO Balaji Srinivasan also thinks that that Bitcoin will play a major role in shaping the 2024 U.S. presidential election.
"If 2016 was the first Twitter election, 2024 may be the first Bitcoin election," he said.
Then there's this TV AD
Coinbase is hitting the TV screens in Washington, D.C., to spread the word about the awesomeness of digital assets.
Coinbase is serious about making sure the regulatory climate in the U.S. doesn't hinder crypto development. They has been in a fierce battle with the SEC. They've been pushing for new rules and regulations for the industry. Coinbase is even suing SEC, and they've created a Global Advisory Council with former senators and congressmen to fight for their cause.
Apparently, Coinbase is now considering the UAE as a “strategic hub” for its business.
Maybe Biden and The US should chill a bit and it is important for the US to provide regulatory clarity to crypto and be a little nice to it; otherwise, they'll lose the leading position in crypto industry to UAE, South Korea, Australia or Switzerland.
TTD Hoax 🙆♂️
We know the power of AI. We talk about it everyday. The good, the bad, and everything that comes in between.
What happened? AI-driven panic, even though momentarily.
An AI-generated image depicting a fabricated explosion at the Pentagon went viral on social media. The spread of the hoax prompted the Arlington County Fire Department to clarify that there was no actual explosion or danger.
The false image caused a momentary sell-off in the U.S. stock market, but markets quickly recovered after the hoax was exposed. Bitcoin also experienced a brief "flash crash" in response to the fake news but has since recovered.
The incident highlights concerns about the potential misuse of advanced AI systems for spreading misinformation and causing online chaos. Viral AI-generated images and deepfakes have previously deceived the public.
Tech experts have called for safety guidelines and regulation in AI development. The episode fuels the ongoing debate about the need for a regulatory and ethical framework for AI.
As a powerful tool for agents of disinformation, the event raises questions about the potential for AI to manipulate social media and financial markets, emphasising the need for caution and preparedness.
#FearTheAI
TTD Numbers 🔢
$220 Million
The tokenisation market capitalisation spread across six measured projects.
What? Tokenisation, the process of issuing financial securities on the blockchain, is gaining momentum. The interoperability of tokenised assets and DeFi unlocks significant potential for new products. Tokenised assets and DeFi platforms provide new opportunities and increase lending efficiency.
What do we know?
Firms like Matrixport, Backed Finance, Ondo, and Franklin Templeton have created ERC-20 tokens representing government bonds or ETF stocks.
Most tokenised securities are issued on Ethereum, but some are also on Polygon and Gnosis Chain.
Ondo and MatrixDock dominate the market with 61.4% and 32.1% share, offering tokenised US government bonds with yields of 4% to 5%.
These firms provide digital asset management tools, trading services, and financial products.
Ripple has acquired Swiss digital asset custody company Metaco, which offers tokenisation tools and custody infrastructure for institutions.
Backed Finance offers tokenised fixed-income bonds accepted as collateral on DeFi protocols.
Where are we now?
Regulatory clarity is the biggest block for growth and adoption for the blockchain technology which has shown promise of innovation with tokenised securities.
Backed Finance’s head of marketing Kit Popplestone.
“Interoperability between tokenised assets and DeFi platforms unlocks significant opportunities for new products and makes lending more efficient. To continue this rapid growth, we need regulatory clarity and consistency, and just as importantly, tokens must be interoperable and composable with DeFi.”
TTD Traders 📊
Centralised crypto exchange volumes are at their lowest point of the year. Decentralised exchange volumes, on the other hand, are at a high, with the DEX to CEX ratio reaching over 20% for the first time.
Traders have been flocking to decentralised exchanges, particularly during the memecoin mania.
Justin Sun, owner of Poloniex and advisor to Huobi, stated that memecoins have contributed significantly to revenue on Huobi Exchange, and he plans to start trading memecoins in his personal wallet.
"The memecoin narrative has contributed a lot of the revenue on Huobi Exchange. The top ten tokens, at least four of them are the most tradable assets on Huobi, like four of them are our memecoins."
Centralised exchanges were slow to list memecoins, leading traders to turn to DEXes instead. Some centralised exchanges are now trying to catch up by listing memecoins quickly.
TTD NFT 🐝
💸Hedge fund flop turns NFT jackpot
In a twist that even Wall Street couldn't predict, failed crypto hedge fund firm Three Arrows Capital saw its NFTs soar to new heights of fame and fortune. With a stroke of luck, these digital collectibles raked in a staggering $2.5 million in a dazzling auction at the prestigious Sotheby's. The star of the show, "Fidenza #725," stole the spotlight by selling for over $1 million—leaving even its highest offer on OpenSea in the dust. This mind-boggling price tag, over ten times its previous public offer, surely had jaws dropping and keyboards clacking.
🐧Pudgy in Amazon
Pudgy Penguins struck gold by not only capturing hearts in the blockchain realm but also conquering the toy market. In a move that proves NFTs are here to stay, Pudgy Penguins racked up a staggering $500,000 in sales through their Amazon storefront. These delightful toys, ranging from fluffy penguin plushies to collectible figurines, come with an extra surprise—a QR code unlocking Pudgy World, a universe of blockchain wonders. Rumor has it that these adorable creatures will soon grace the shelves of renowned retail giants worldwide.
👟Stepn Steps Up
Who says exercise can't be rewarding? Stepn has now unveiled an in-app marketplace for NFT sales, bringing sneaker enthusiasts and crypto aficionados together in perfect harmony. But here's the twist: no need to delve into the complex world of cryptocurrencies. With Stepn's ingenious in-app currency called Sparks, users can purchase their coveted NFT sneakers directly through the app using good ol' Apple Pay. While the Spark prices might make your eyebrows raise, this seamless experience offers a gateway to sneakerhead dreams without navigating the crypto labyrinth.
TTD Surfer 🏄
Deutsche Digital Assets (DDA) is set to launch a crypto exchange-traded product (ETP) tracking the 10 largest cryptocurrencies by market cap. Bitcoin makes up 60% of the ETP, with Ethereum around 26%.
Yves La Rose, the CEO of EOS Network Foundation, has urged community members to take legal action against Block.One (B1) after the company failed to provide promised investments.
As countries acknowledge global need for crypto crime regulation, IRS is set to deploy attachés in Germany, Colombia, Australia and Singapore.
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"As countries acknowledge global need for crypto crime regulation, IRS is set to deploy attachés in Germany, Colombia, Australia and Singapore." What the Hillary Clinton. We need to defund the IRS, not ship them around the world! #endtheIRS