You are about to leave the website of SDM Inc. ("SDM") and will be redirected to the website of SDM Financial Inc. ("SDM Financial"), a US affiliate of SDM providing crypto derivatives trading services.
Please be aware that SDM Financial's services are not intended for, and should not be used by, residents of Canada.
By clicking on the link to SDM Financial's website, you acknowledge and agree that: You are not a Canadian resident.
SDM Financial is not registered with any regulatory authority in Canada and is strictly prohibited from entering, or otherwise engaging in, any transactions with Canadian residents.
Non-Canadian residents who deal with SDM Financial do so at their own risk, and SDM will not be held liable for any losses or damages incurred as a result.
By clicking 'I Accept' below, you confirm that you have read, understand, and agree to the above . If you do not agree, please select 'I Decline' and you will be redirected back to SDM's website.
Judge Approves $12.7 Billion Settlement Between FTX and CFTC, Concluding 20-Month Lawsuit
A U.S. judge has approved a $12.7 billion settlement between defunct crypto exchange FTX, its associated trading firm Alameda Research, and the Commodity Futures Trading Commission (CFTC). The settlement resolves a lawsuit accusing FTX and Alameda of defrauding customers, resulting in $8 billion in losses. As part of the agreement, FTX and Alameda will pay $8.7 billion in restitution to victims and an additional $4 billion in disgorgement. The funds will be managed through ongoing bankruptcy proceedings, with distribution overseen by FTX’s interim CEO or the plan administrator. The settlement also imposes permanent trading bans on FTX and Alameda and requires their full cooperation in any further investigations by the CFTC. This legal resolution comes after FTX's bankruptcy filing in November 2022 and follows the criminal conviction of former FTX CEO Sam Bankman-Fried.
Kamala Harris and Donald Trump Neck-and-Neck at 49% Election Odds on Polymarket
Polymarket bettors have shifted the odds for the upcoming U.S. presidential election, putting Kamala Harris and Donald Trump in a tie at 49%. Harris’ odds have climbed from 44% last week, while Trump’s have dropped significantly from 70% in mid-July. The changes come as Harris picks Minnesota Governor Tim Walz as her running mate and strengthens her campaign's pro-crypto stance. Meanwhile, concerns about Harris' rising chances have led to speculation that Bitcoin's price could be impacted.
Franklin Templeton Launches On-Chain Money Market Fund on Arbitrum
Franklin Templeton has launched its OnChain U.S. Government Money Fund (FOBXX) on the Ethereum Layer 2 network, Arbitrum, in collaboration with the Arbitrum Foundation. The fund, represented by the BENJI token, was previously available on Stellar and Polygon and is now expanding to Arbitrum as part of Franklin Templeton's efforts to integrate traditional finance with DeFi. This move follows an application to Arbitrum's Stable Treasury Endowment Program and aims to offer investors exposure to government securities through blockchain technology. The BENJI product, with $402 million in assets under management, is the second-largest in its niche, following BlackRock's BUIDL fund. Franklin Templeton continues to explore blockchain and crypto opportunities, including the launch of spot Bitcoin and Ethereum ETFs.
Trading Desk Insights
Bitcoin is starting to regain momentum, navigating through some volatile swings. We've finally seen a decisive break above the key $58,000 resistance level, with prices now eyeing the next targets at $60,250 and $63,000. Funding rates have settled across the board, and with the rally being largely spot-driven, the signs are looking bullish.
The long-awaited XRP settlement is here. A federal judge slapped Ripple with a $125 million fine, ruling that its institutional XRP sales violated federal securities laws. However, the judge reaffirmed that Ripple's retail sales through exchanges didn't breach any laws. In response, XRP surged from $0.50 to $0.64 (+28%), with trading volume skyrocketing to $4.2 billion (compared to $1.2 billion on Tuesday) and open interest jumping by $200 million.
The saga between FTX, Alameda Research, and the CFTC has reached a resolution. A New York judge approved a consent order requiring them to pay $12.7 billion to creditors, putting an end to the 20-month lawsuit. While they've avoided civil penalties, the order bans them from trading digital assets and acting as market intermediaries.
The Brazilian Securities and Exchange Commission (CVM) has given the green light to a Solana-based ETF, though it's still in a pre-operational phase and awaiting approval from the Brazilian stock exchange, B3.
Shifting to the US political landscape, Donald Trump’s odds have dropped by 13% over the past month, while Harris has seen a 34% increase on Polymarket. Trump-themed meme coins are also feeling the heat, plunging over the past month. Meanwhile, equity futures ticked higher on Thursday as fresh labor market data boosted investor confidence following a sharp sell-off earlier in the week.
Crypto Charts
Macro Charts
Disclaimer
This research is for informational use only. This is not investment advice. Other than disclosures relating to Secure Digital Markets this research is based on current public information that we consider reliable, but we do not represent it is accurate or complete, and it should not be relied on as such. The information, opinions, estimates, and forecasts contained herein are as of the date hereof and are subject to change without prior notification. We seek to update our research as appropriate.
Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. The price of crypto assets may rise or fall because of changes in the broad market or changes in a company's financial condition, sometimes rapidly or unpredictably. Past performance is not a guide to future performance, future returns are not guaranteed, and a loss of original capital may occur. Fluctuations in exchange rates could have adverse effects on the value or price of, or income derived from, certain investments. We and our affiliates, officers, directors, and employees, excluding equity and credit analysts, will from time to time have long or short positions in, act as principal in, and buy or sell, the securities or derivatives, if any, referred to in this research.
The information on which the analysis is based has been obtained from sources believed to be reliable such as, for example, the company’s financial statements filed with a regulator, company website, company white paper, pitchbook and any other sources. While Secure Digital Markets has obtained data, statistics, and information from sources it believes to be reliable, it does not perform an audit or seek independent verification of any of the data, statistics, and information it receives.
Unless otherwise provided in a separate agreement, Secure Digital Markets does not represent that the report contents meet all of the presentation and/or disclosure standards applicable in the jurisdiction the recipient is located. Secure Digital Markets and their officers, directors and employees shall not be responsible or liable for any trading decisions, damages or other losses resulting from, or related to, the information, data, analyses, or opinions within the report.
Crypto and/or digital currencies involve substantial risk, are speculative in nature and may not perform as expected. Many digital currency platforms are not subject to regulatory supervision, unlike regulated exchanges. Some platforms may commingle customer assets in shared accounts and provide inadequate custody, which may affect whether or how investors can withdraw their currency and/or subject them to money laundering. Digital currencies may be vulnerable to hacks and cyber fraud as well as significant volatility and price swings.
Contact Us
Sign up to receive more exclusive market coverage:
.png)
.png)
.jpeg)
