Web3🌗Wednesday Roundup: Trump's NFTs, FTX Settlement, Deribit Options, and Mt. Gox's Bitcoin Moves
1. Trump announces a fourth NFT collection: "The People Want Me to Do Another One"
2. FTX settles $12.7 billion with CFTC over its collapse
3. Deribit launches early BTC and ETH options for the 2024 US elections
4. Mt. Gox moves $9B in BTC, market braces for impact
Keep reading for more insights!✨
Welcome to our latest Web3 roundup! Today's headlines showcase a whirlwind of developments shaping the digital currency landscape. From Donald Trump's bold NFT plans to FTX's monumental settlement with the CFTC, and Deribit's innovative options for the upcoming US elections, the crypto world is abuzz with activity. Meanwhile, Mt. Gox's significant Bitcoin transfer has sparked market anticipation and speculation. Join us as we delve into these pivotal events driving the future of finance and technology. Whether you're a seasoned investor or a curious observer, there's plenty to unpack in today's dynamic crypto ecosystem.
1. Trump announces a fourth NFT collection: "The People Want Me to Do Another One"
Donald Trump’s presidential campaign has raised about $3 million in crypto, mainly Bitcoin and Ether. Trump plans to release a fourth NFT collection, citing the success of his previous releases. He has embraced crypto, appointing pro-Bitcoin Senator J.D. Vance as his running mate. Major crypto industry figures, including the Winklevoss twins and Jesse Powell, have donated significant amounts to his campaign. Trump, once a crypto skeptic, now sees the industry as vital for U.S. dominance, warning that if the U.S. doesn’t lead, countries like China will. Trump believes the U.S. crypto industry has a strong foundation to build upon.
Cheyenne Ligon
2. FTX settles $12.7 billion with CFTC over its collapse
FTX has agreed to a $12.7 billion settlement with the Commodity Futures Trading Commission (CFTC) following its collapse in 2022. The settlement includes $4 billion in disgorgement fees and $8.7 billion in restitution, subject to court approval. This resolution aims to expedite the Chapter 11 process, enabling faster payouts to creditors and customers. FTX, once a major crypto platform, went bankrupt after it was revealed that customer funds were used for risky bets through its sister company, Alameda Research. FTX co-founder Sam Bankman-Fried has since been sentenced to 25 years in prison for fraud and money laundering.
Mat Di Salvo
3. Deribit launches early BTC and ETH options for the 2024 US elections
Deribit, with over $2 billion in open interest, continues to lead Bitcoin options trading. Following Donald Trump's survival of an assassination attempt, the crypto markets have surged. In response, Deribit is launching Bitcoin and Ether options tailored for the US 2024 elections, set to expire on November 8, three days post-election. This early introduction aims to help investors strategize for the November 5 elections. Trump's support for the crypto industry and potential pro-crypto policies are fueling market optimism. Recent spot Bitcoin ETF inflows have soared, indicating strong institutional participation and anticipation of a major rally.
Bhushan Akolkar4. Mt. Gox moves $9B in BTC, market braces for impact
On July 16, Mt. Gox transferred over 140,000 Bitcoin, valued at nearly $9 billion, to a known cold wallet and two unknown addresses, triggering market concerns. This massive movement caused Bitcoin's price to drop from $65,000 to $63,000, with a ripple effect impacting altcoins like Uniswap, Polkadot, and Bitcoin Cash. The transfers are part of Mt. Gox's repayment plan to creditors, as announced earlier this month. The market is now closely watching for the potential start of repayments, which could happen before August.
Josh O’Sullivan
Stay tuned as we navigate these exciting times together, exploring how these trends shape the future of finance and technology. Whether you're exploring investment opportunities or simply curious about the latest trends, our commitment to keeping you informed remains steadfast. Join us next time for more insights into the ever-evolving world of Web3.
