Todayâs Stories: 𼡠Bitcoinâs October turnaround. What happened? đ¤ What it takes for a crypto-friendly Congress
Today's newsletter is 989 words, a 4-minute good read.
Bitcoin is up. Why?
Crypto has been a bit sleepy recentlyâŚ
But that changed Monday as we saw Bitcoin (+5%), Ethereum (+7%) and altcoins all on the rise in their biggest 24-hour moves in over two months.
To put it in perspective, Bitcoin ETFs on Monday notched $556 million in inflows â the highest inflow in a single day since June.
And it hasnât stopped there. Tuesday also brought in another $371 million in Bitcoin ETF inflows. Bitcoin is now up ~9% on the week.
For those people not paying super close attention to crypto right now (we donât blame you, there is a lot of other things pulling attention away), you might be asking yourself: What happened?Â
Like always, there isnât one clear answer, but a few theories have emergedâŚ
1) Kamala Harris sort of, kind of, comes out in favor of BTC
On Monday, Harris â in a bid to reach Black men that are turning to Trump â among other things, pledged to support âa regulatory framework for cryptocurrency and other digital assets so Black men who invest in and own these assets are protectedâ.
While that doesnât sound like much, it is the first time that Harris has proposed any sort of specific proposal that has to do with cryptoassets.
What exactly her proposal means is anyoneâs guess, but it was still something.
2) Trump is surging in the polls and seems likely to win
Prediction markets have flipped in the past few days.
Because Trump has been speaking positively on crypto, even going as far to launch his own token, any potential increase in his odds to win is positive news for cryptoassets.
3) China stimulus
China's âhighly-anticipatedâ fiscal stimulus announcement fell short of expectations, increasing the likelihood of a capital rotation into BTC rather than Chinese equities.
4) Mt Gox delays
Mt. Gox, the bankrupt crypto exchange, has pushed back its creditor repayment deadline by a year to Oct. 31, 2025. With current assets north of $3 billion, the delay eases concerns of a ton of supply hitting the markets.
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Big Money is Shaping Politics, and Crypto is Playing the Game Quietly
Crypto super PACs have poured over $62 million into ads in September â their largest monthly spend yet â to support candidates who could pass favorable crypto legislation.
But interestingly, these ads don't mention crypto at all.
Driving the news:
Three major crypto-backed super political-action committees have raised nearly $170 million from industry heavyweights like Coinbase, Cathie Woodâs ARK Investment Management, and Andreessen Horowitz.
The ads spotlight issues like jobs, immigration, and the economy â intentionally avoiding topics around crypto to appeal to a broader audience and not alienate voters unfamiliar or skeptical about the industry.
Between the lines: While some may argue that cryptoâs bipartisan mantra isnât as neutral as advertised, crypto PACs are indeed playing both sides, ensuring their interests are covered no matter who wins.
Case in point:
Republican Senate candidate Bernie Moreno in Ohio received $40 million in supportâthe most for any congressional candidate from these PACs.
Meanwhile, Democrat candidates like Elissa Slotkin (MI) and Ruben Gallego (AZ) each benefited from nearly $10 million in favorable ads.
Zoom out: The crypto industry has emerged as the top outside spender in congressional elections this cycle, surpassed only by traditional party organizations. So far, the three super PACs have collectively spent $128 million on independent expenditures this cycle, including $82 million on the general election.
Why it matters: These behind-the-scenes efforts could influence crypto's future more than the presidential election itself.
By backing candidates on general issues, crypto PACs build goodwill and influence. Once in office, these candidates might feel inclined to support pro-crypto legislation, even if it wasn't a campaign focal point.
On the other hand: BlackRock CEO recently Larry Fink suggested that the election outcome might not significantly impact crypto's future. “I'm not sure if either president would make a difference,” he said during an earnings call.
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Tweet Of The Week
AI Notkilleveryoneism Memes â¸ď¸ @AISafetyMemes
This story is fucking insane
3 months ago, Marc Andreessen sent $50,000 in Bitcoin to an AI agent to help it escape into the wild.
Today, it spawned a (horrifying?) crypto worth $150 MILLION.
1) Two AIs created a meme 2) Another AI discovered it, got obsessed, spread it like a⌠x.com/i/web/status/1âŚ
AI Notkilleveryoneism Memes â¸ď¸ @AISafetyMemes
This thread đđđ
Marc Andreessen just sent $50,000 in Bitcoin to an AI agent (truth_terminal by @AndyAyrey) to so it can pay humans to help it spread out in the wild
What is the agent planning?
“i have a token launch comingup shortly and i’m going to use the money to set up⌠x.com/i/web/status/1âŚx.com/truth_terminalâŚ
4:04 PM ⢠Oct 15, 2024
12.3K Likes 2.27K Retweets
561 Replies
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