France reviews Polymarket: changes ahead

🧐 France opinions Polymarket: adjustments forward?

Plus: May 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 price elevated by $20B + extra

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🍍 Market taste at present

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

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

Apart from, phrase is that with the brand new authorities on the town, staking for spot ETH ETFs would possibly get allowed – meaning traders might 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 arms. That is extra quantity than large pictures like Berkshire, Netflix, or Visa noticed yesterday.

And as if this all wasn’t thrilling sufficient, the Fed is saying at present 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 social gathering that is been nice for threat belongings like crypto. This time round, persons are anticipating a 25 bps minimize, however who is aware of what Chairman Jerome Powell has up his sleeve?

With inflation cooling off this yr, the Fed’s been specializing in boosting the labor market. However with Trump’s plans for tax cuts and free 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 larger for longer.

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

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✊ Vive la résistance!

France is understood for lots of wonderful stuff – the Eiffel Tower, advantageous wine, vogue, romance… the record goes on and on. That is what you’d hear from somebody who simply discovered France exists. The actual ones know that this nation is actually well-known for saying “non” to only 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 most recent resistance is not from the folks – it is really from the federal government. They usually’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 idea, although, since Polymarket does not require ID verification – solely a crypto pockets – customers might nonetheless entry it by VPNs (for authorized causes, you did not hear that from me).

So, why the sudden crackdown? Properly, the platform turned tremendous in style throughout 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 prime 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 top, the federal government needs to know what’s up.

Lawyer William O’Rorke commented that Polymarket’s principally like a sports activities wager, as persons 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 fully banned.

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

👀 From promise to pump?

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

However what? We would see one thing totally different this time.

One in every of Trump’s guarantees – organising a strategic Bitcoin reserve – would possibly really 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 one million BTC (5% of the overall provide) and hodl it till no 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 might make it by.

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 choose for zero jail time. Why? He was the star witness who helped lock up his former accomplice, Sam Bankman-Fried.

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

💭 Lawyer Jake Chervinsky thinks SEC Commissioner Mark Uyeda might 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 change. Buying and selling begins in a single week.

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