Crypto Market Updates: Bitcoin, CFTC, PayPal, FTX

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CMC's Crypto World: Today's Top Stories

Welcome to CMC's Crypto World, I'm Brennan Gomez. Today, we delve into the latest developments in the cryptocurrency market, regulatory actions, and key industry initiatives. As the crypto landscape continues to evolve, let's explore the impactful stories of the day.

Market Overview

This morning, the crypto markets showed mixed signals. By noon Eastern, Bitcoin had inched half a percentage point higher, trading at \(63,500, while Ether slipped by half a percent to \)2,600. Polygon's MATIC token surged 2.5% to $41. Meanwhile, Cipher Mining's stock saw a significant uptick, rising more than 15% by midday and up 33% over the past two days following an outperform rating from Macquarie.

Anthony Pompliano's Optimistic Outlook on Bitcoin

Professional Capital Management Founder and CEO Anthony Pompliano joined Squawk Box to share his bullish perspective on Bitcoin amid shifting Federal Reserve policies. Pompliano highlighted that Bitcoin, the best-performing asset amid interest rate cuts, is highly sensitive to global liquidity changes. A recent study by Lyn Alden and Sam Galligan shows that Bitcoin moves with global liquidity 83% of the time, outperforming assets like the S&P 500.

Pompliano emphasized that as we move from a tightening monetary regime to one with expanding M2 money supply and cuts in China, Bitcoin is poised to be a significant beneficiary. He also noted on-chain activity as an indicator of market trends, stating that more than 50% of Bitcoin has been held for over a year, signaling strong holding patterns despite recent price movements.

CFTC Chair Rostin Benham on Election Betting Platforms

CFTC Chair Rostin Benham also appeared on Squawk Box to discuss the agency's stance on election betting platforms, particularly those utilizing crypto. Benham reiterated that while price discovery in these markets has merit, they remain illegal under current law. He warned that such markets could lead to election manipulation if participants spread false information to influence outcomes.

Earlier this month, the CFTC lost a legal battle against prediction market CI over election betting markets, which the agency appealed. Benham did not rule out enforcement actions against offshore betting sites accessible to Americans, stressing the need for a rigorous and methodical approach to enforcement.

Caroline Ellison Sentenced for Role in FTX Collapse

Caroline Ellison, the former CEO of Alameda Research and ex-girlfriend of Sam Bankman-Fried, was sentenced to two years in prison and three years of probation. Additionally, she was ordered to pay $11 billion in forfeiture. Ellison's sentencing follows nearly two years of cooperation with federal regulators and the FTX bankruptcy estate, aiding in the recovery of lost assets and building the case against Bankman-Fried.

Despite her cooperation, Judge Kaplan emphasized that this did not absolve her from accountability. Ellison's testimony was crucial in the conviction of Bankman-Fried, who faces 25 years in prison.

PayPal's New Initiative for Merchants

PayPal has launched a new service allowing merchants to buy, hold, and sell cryptocurrency. This initiative expands the company's existing crypto services, previously available only to personal accounts. Jose Fernandez da Ponte, PayPal's blockchain and crypto unit leader, discussed the launch with Mackenzie Sigalos, highlighting the demand from merchants for faster, cheaper payment solutions and instant settlement capabilities.

Fernandez da Ponte noted that while consumer adoption of crypto for mainstream e-commerce remains limited in Western markets, there is significant interest in using stablecoins for B2B payments and cross-border transactions. He also mentioned that although the service is currently available only to U.S. merchants, there is potential for international expansion.

PayPal's Stablecoin Progress

Reflecting on the launch of PayPal's USD-pegged stablecoin PYUSD in August last year, Fernandez da Ponte shared that the stablecoin has been well-received, with its primary use being for payments rather than crypto trading. Despite a recent drop in market cap, the on-chain transfer volume of PYUSD continues to grow, indicating increasing adoption and usage.

Fernandez da Ponte emphasized that PayPal's stablecoin is designed for commerce and payments, with unique integration into PayPal's ecosystem, enabling seamless transactions for millions of consumers and merchants.

Stay tuned for more updates on CMC's Crypto World. We'll be back tomorrow with the latest news and insights from the world of cryptocurrency.

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