🐕 Wild Dog Crypto · Midday Brief (October 29)
1️⃣ Bitcoin has once again fallen below $80,000, with $356 million in liquidations over 24 hours. CoinDesk and Cointelegraph both reported that Bitcoin dropped from above $81,700 to around $79,800, wiping out two days of gains overnight. The trigger had nothing to do with crypto: disappointing Samsung chip results sparked a sell-off in tech stocks, compounded by the lingering impact of the Fed’s hawkish decision to hold rates steady. Liquidations totaled $356 million over 24 hours, including about $206 million in long positions. Here’s the plain truth: the Fed had just said in the morning that “a rate hike in December is possible,” and by midday the market had answered with a wave of liquidations. Leverage gives you the rally, then takes it all back through liquidation.
2️⃣ Utah is taking on Kalshi for real—with 14 criminal charges against the platform and its two co-founders (CoinDesk, Reuters). State officials placed 12 bets on sports using Utah identities while working undercover; prosecutors say this is hard evidence of promoting illegal gambling. The wildest part: just one day earlier, the U.S. Commodity Futures Trading Commission (CFTC) had sued Utah, seeking to halt its enforcement efforts on the grounds that prediction markets fall under federal jurisdiction. Now the state and federal governments are in direct conflict: criminal charges versus a federal lawsuit, with both sides contesting who has the authority to regulate “betting.” Kalshi calls it political maneuvering; Utah says it’s the law. Put simply, everyone wants to wear the prediction-market crown—only the battleground is the courtroom, not the app.
Facts only—no predictions, no calls to trade. 🐕
This is not investment advice.
1️⃣ Bitcoin has once again fallen below $80,000, with $356 million in liquidations over 24 hours. CoinDesk and Cointelegraph both reported that Bitcoin dropped from above $81,700 to around $79,800, wiping out two days of gains overnight. The trigger had nothing to do with crypto: disappointing Samsung chip results sparked a sell-off in tech stocks, compounded by the lingering impact of the Fed’s hawkish decision to hold rates steady. Liquidations totaled $356 million over 24 hours, including about $206 million in long positions. Here’s the plain truth: the Fed had just said in the morning that “a rate hike in December is possible,” and by midday the market had answered with a wave of liquidations. Leverage gives you the rally, then takes it all back through liquidation.
2️⃣ Utah is taking on Kalshi for real—with 14 criminal charges against the platform and its two co-founders (CoinDesk, Reuters). State officials placed 12 bets on sports using Utah identities while working undercover; prosecutors say this is hard evidence of promoting illegal gambling. The wildest part: just one day earlier, the U.S. Commodity Futures Trading Commission (CFTC) had sued Utah, seeking to halt its enforcement efforts on the grounds that prediction markets fall under federal jurisdiction. Now the state and federal governments are in direct conflict: criminal charges versus a federal lawsuit, with both sides contesting who has the authority to regulate “betting.” Kalshi calls it political maneuvering; Utah says it’s the law. Put simply, everyone wants to wear the prediction-market crown—only the battleground is the courtroom, not the app.
Facts only—no predictions, no calls to trade. 🐕
This is not investment advice.