November 14, 2024 | Read Online

FBI Raids Polymarket Founder Amid DOJ Probe

Plus Trump Eyes Bitcoin Whale Lutnick for Treasury Secretary

The Breakdown First Five - Thursday, November 14, 2024

Welcome back to The Breakdown First Five — the 5 most interesting and/or important stories in bitcoin, crypto, and markets to start your day.

FBI Raids Polymarket Founder Amid DOJ Probe

5. CPI Nothingburger

October CPI came in perfectly in line with expectations. Headline CPI is ticked up to 2.6% while Core remained level at 3.3%. A small drop in energy costs was offset by a small rise in food costs. Generally the print was a nothingburger, checking another box on the way to a December rate cut. Over the longer term, inflation is no longer making progress and could demand a pause early next year.

Nick Timiraos @NickTimiraos

An uncomfortably firm CPI print would have made a December rate cut a closer call that would've been trickier to communicate.

But the number wasn't as bad as feared, removing an obstacle to a December cut

wsj.com/livecoverage/c…
Inflation Report Keeps December Rate Cut in Play
The October consumer-price index keeps the door open for Federal Reserve officials to cut interest rates at their meeting next month. A monthly rise of 0.28% in prices, excluding volatile food and energy items, was in line with what economists had anticipated. Early estimates from inflation forecas

3:40 PM • Nov 13, 2024

214 Likes 51 Retweets

14 Replies

4. Listings Galore

With the threat of an SEC enema dissipating, exchanges are rushing to catch up on two years of listings. Robinhood has relisted SOL, Cardano and XRP after removing them in 2023 in deference to the SEC’s lawsuits. Coinbase has added WIF and PEPE, their highest profile listings since they were sued. Binance appears to be listing memecoins somewhat at random, creating accidental millionaires. With no cop on the beat, anything goes.

MoneyPrinterGoBrrr @printer_brrr

Baldy has opened the floodgates to list all the memes

7:33 PM • Nov 13, 2024

3 Likes 1 Retweet

0 Replies

3. Kashkari Softens Bitcoin View

Minneapolis Fed President Neel Kashkari is softening his views on Bitcoin, if only slightly. During a brief discussion with Coindesk, he said, "I will have an open mind." Less than a month ago, Kashkari called cryptocurrencies "worthless," "fraudulent" and "nonsense." He is on record as suggesting they are useless because no one transacts with them.

Caitlin Long 🔑⚡️🟠 @CaitlinLong_

OK can @custodiabank have its master account now?? @neelkashkari called #bitcoin "worthless" just last month. Like many, he didn't understand it at first. Times, they are a changin'!!!
.

coindesk.com/policy/2024/11…
Senior Federal Reserve Official Who Blasted Bitcoin Now Says He'll Have an Open Mind
Minneapolis Federal Reserve President Neel Kashkari, who previously called the cryptocurrency industry "worthless" and "nonsense," still isn't an uber-bull, though.

5:48 PM • Nov 13, 2024

642 Likes 98 Retweets

53 Replies

2. Lutnick for TresSec

Cantor Fitzgerald CEO and owner of a “shit-ton” of Bitcoin Howard Lutnick is reportedly being considered for Treasury Secretary in the Trump administration. As recently as Tuesday morning, former hedge fund manager Scott Bessent was viewed as the consensus pick. However reports suggest Lutnick, who is also the co-lead of the transition team, has been "campaigning hard" to secure the job.

Sam Lyman @SamLyman33

“Bitcoin is the same as gold. And Bitcoin should trade the same as gold—everywhere in the world, without exception.”

This man, Howard Lutnick, could be the next Treasury Secretary.

If it feels like we’re in the middle of a global paradigm shift, it’s because we are.

2:22 PM • Nov 13, 2024

71 Likes 16 Retweets

2 Replies

1. FBI Raids Polymarket

The FBI raided the home of Polymarket founder Shayne Coplan on Wednesday morning, seizing his phone and electronics. No arrests were made. According to Bloomberg, the platform is under DOJ investigation for allowing access to US citizens in contradiction of a CFTC settlement. The raid is being viewed as political retribution after Polymarket correctly showed Trump having better odds than mainstream polling.