France reviews Polymarket: changes ahead

🧐 France opinions Polymarket: modifications forward?

Plus: Might the US quickly maintain Bitcoin?

GM. No pulp fiction right here – simply the juiciest headlines, squeezed and served day by day to maintain your crypto thirst at bay.

⛔️ The French Nationwide Playing Authority (ANJ) is contemplating a ban on Polymarket.

👀 Senator Cynthia Lummis posts a reminder a few strategic Bitcoin reserve within the US.

🍊 Information drops: FTX’s Gary Wang asks for zero jail time, Elon Musk’s internet value elevated by $20B + extra

Divider

🍍 Market taste immediately

The market’s hotter than a summer season sidewalk 🌞 The Concern and Greed Index simply cranked as much as a 77, exhibiting traders are feeling greedier than a child in a sweet retailer. Bitcoin smashed via the $76K barrier, setting new all-time highs and making HODLers do a contented dance 🕺

After BTC’s rise, Ethereum and the altcoin crew additionally began getting into the highlight. ETH has elevated by practically 25% because the begin of 2024, and a few analysts assume it is nonetheless obtained loads of room to develop. Crypto dealer Byzantine Basic chimed in with this take: “This huge open curiosity build-up comprises a f*ck ton of shorts, and I believe that ETH has a really actual likelihood of happening a monster rally now.”

In addition to, phrase is that with the brand new authorities on the town, staking for spot ETH ETFs would possibly get allowed – which means traders may maintain ETH tokens and capitalize on their interest-bearing potential. No shock, then, that ETH ETFs noticed $52.3M in inflows yesterday.

To not be outdone, BTC ETF inflows reached $621.9M. Bloomberg analyst Eric Balchunas famous that BlackRock’s IBIT had its greatest buying and selling day ever, with $4.1B altering fingers. That is extra quantity than huge pictures like Berkshire, Netflix, or Visa noticed yesterday.

And as if this all wasn’t thrilling sufficient, the Fed is asserting immediately whether or not they’ll minimize rates of interest. Again in September, they shocked everybody with a 50 bps fee minimize, kicking off a liquidity get together that is been nice for danger property like crypto. This time round, individuals are anticipating a 25 bps minimize, however who is aware of what Chairman Jerome Powell has up his sleeve?

With inflation cooling off this 12 months, the Fed’s been specializing in boosting the labor market. However with Trump’s plans for tax cuts and unfastened fiscal insurance policies – to not point out excessive import tariffs – inflation would possibly get a second wind. That might drive the Fed to maintain charges increased for longer.

So, clearly, the market fireworks are simply getting began. Do not blink – you would possibly miss one thing wild 🎇

Divider

✊ Vive la résistance!

France is thought for lots of wonderful stuff – the Eiffel Tower, tremendous wine, trend, romance… the listing goes on and on. That is what you’d hear from somebody who simply came upon France exists. The actual ones know that this nation is actually well-known for saying “non” to simply about every thing.

And we’re not speaking in regards to the French Revolution, both; protests nonetheless occur each 3-5 enterprise days right here. My current private fave: Parisians threatening to poop within the Seine earlier than the Olympics to protest the river’s poor situation. Say no matter you need – solely the French would have the balls to tug one thing like that.

Now, the newest resistance is not from the folks – it is truly from the federal government. And so they’re concentrating on Polymarket, a blockchain-based prediction platform.

The French Nationwide Playing Authority (ANJ) apparently needs Polymarket out 😡 The plan? Block the area identify and put strain on anybody serving to it attain French customers.

In concept, although, since Polymarket does not require ID verification – solely a crypto pockets – customers may nonetheless entry it via VPNs (for authorized causes, you did not hear that from me).

So, why the sudden crackdown? Effectively, the platform grew to become tremendous well-liked in the course of the US election season, with $3.6B in bets on who’s gonna win. To put it into perspective, that is like 3.6 billion baguettes.

And one high bettor was a French dealer named Théo. He put $30M on Trump’s victory and cashed out $19M in revenue. To place it into persp… jk, not going there once more. Clearly, when the stakes are that prime, the federal government needs to know what’s up.

Lawyer William O’Rorke commented that Polymarket’s principally like a sports activities guess, as individuals are placing cash on random outcomes. And in France, playing is tightly regulated – solely licensed operators can legally provide stuff like sports activities bets, whereas video games like roulette are utterly banned.

As for when ANJ is gonna take motion? I might guess it is gonna occur quickly… or I truly cannot anymore?

👀 From promise to pump?

Informal day in politics: candidate makes huge guarantees to get votes → wins → does no matter they need.

However what? We’d see one thing completely different this time.

One in all Trump’s guarantees – organising a strategic Bitcoin reserve – would possibly truly turn into a actuality. Why am I saying this? Our woman, Wyoming Senator Cynthia Lummis, posted >>this bombshell<< proper after Trump’s win was confirmed.

Lummis pitched the Bitcoin Act again in July, the place she advised the US ought to purchase 1,000,000 BTC (5% of the whole provide) and hodl it till not less than 2044.

And with extra pro-crypto candidates touchdown seats in each the Home and Senate than their anti-crypto counterparts, there’s hope that this daring proposal may make it via.

Positive, we’re nonetheless speaking logistics: market volatility, regulatory roadblocks, impression on the US debt… so yeah, it isn’t dropping tomorrow or subsequent week both.

Let’s be affected person. And subsequent factor , the greenback image’s gonna have laser eyes.

📰 Information drops

⚖️ FTX co-founder Gary Wang requested a US decide for zero jail time. Why? He was the star witness who helped lock up his former accomplice, Sam Bankman-Fried.

📈 Elon Musk, one in all Donald Trump’s greatest supporters, noticed his internet value rise by $20B after the election outcomes got here out. It now reaches $285.6B.

💭 Lawyer Jake Chervinsky thinks SEC Commissioner Mark Uyeda may step in as the brand new Chair, changing Gary Gensler. In the meantime, he does not see a lot likelihood of “crypto mother” Hester Peirce touchdown the position.

🚀 Arkham Intelligence launched its personal perpetuals alternate. Buying and selling begins in a single week.

Divider