Welcome to the Beluga Brief, where we deliver data-driven insights to your inbox every day of the week, spending our time in the crypto trenches and combing through thousands of crypto news feeds so you don’t have to.

What happened today?

All eyes were on Donald Trump’s Twitter space last night which has had 1.4M listeners so far, during which he confirmed that his "World Liberty Financial” would indeed be launching a token. The token will be non-transferable and utilized for governance over the platform, and can be purchased during the public presale for accredited investors in the US. With 63% of the total supply up for grabs in this upcoming presale, it will be interesting to see how much participation it gets from crypto natives. Additionally, while they say the token is non-transferable this is likely just to avoid securities concerns – in the past, we have seen some tokens launch with this strategy only to later hold a governance vote to enable transferability and therefore trading.

During all this craziness, the US stock market hit an all-time-high this morning which has driven the crypto market to respond positively in turn. Bitcoin has now smashed through $60,000 once again and alt-coins like FTM and TAO are up over 10% in the last 24 hours. If BTC manages to hold the line, I think this might be the start of the alt-coin season we’ve all been hoping for. One thing to note is the increase in chatter around the AI field within crypto as OpenAI and others continually make headlines, which coincides with TAO (one of the largest AI coins) leading the market today. I’ll be keeping an eye on other AI coins as its possible that narrative returns.

Biggest Headlines

The Beluga intern has been hard at work gathering all the most important crypto news stories so you have them in one place!

The Majors

• Bitcoin gains 5% to $61K ahead of Fed, but order books suggest rally could be capped

• Bitcoin exchange depositing addresses at lowest level in years, indicating potential relief in selling pressure

Regulatory

• CFTC Chair Benham warns of election betting risks, says agency is keeping an eye on offshore prediction markets

• FTX’s accounting firm Prager Metis to pay SEC $1.95M to settle negligence allegations

Alt Coins

• Coinbase reports ‘degraded performance’ for Polygon transactions shortly after network upgrade

• TON Foundation collaborates with Curve Finance to incubate stablecoin swap project

New Launches

• Wintermute to launch predictions market called OutcomeMarket, beginning with TRUMP and HARRIS memecoins

Miscellaneous

• Trump ‘World Liberty Financial’ Twitter space recording

Tweet of the Day

It really feels like crypto conferences are cursed at this point:

Recent Beluga Content

The content on this site is for informational purposes only and should not be construed as investment advice. While Beluga strives to ensure the accuracy and timeliness of information, there may be discrepancies when comparing our data to that of financial institutions, service providers, or specific product websites. Always consult with a professional before making any financial decisions.

Will McKinnon is the Head of Content for Beluga and has spent every day for many years trading coins. For that reason there are too many to name, however his largest holdings by a significant margin are Ethereum and Bitcoin. NFA DYOR