Why did the FBI come knocking on Polymarket's door

🚪 Why did the FBI come knocking on Polymarket’s door?

Plus: Caitlyn Jenner faces token troubles

GM. Step up to the Daily Squeeze bar! We’re pressing market pulp into a cocktail of news that’s ripe for sipping.

🚔 The FBI raided the house of Polymarket CEO Shayne Coplan.

🍊 News drops: Donald Trump nominates pro-Bitcoin Matt Gaetz for Attorney General, Caitlyn Jenner is facing a lawsuit over a memecoin + more

🍍 Market flavor today

What’s going on? The Fear and Greed Index just cranked up to 88, pushing deeper into “Extreme Greed” territory. Bitcoin blasted past $93.4K yesterday, and even after the dip, it’s still hanging around $91K.

What’s fueling this surge? US inflation numbers dropped – the Consumer Price Index (CPI) went up by 0.2% for the month and 2.6% over the year, right in line with what everyone expected. And why does this matter? Steady inflation despite the Fed cutting interest rates means there’s a good chance we’ll see even more rate cuts soon – according to CME FedWatch, there’s now an 82.3% chance of a 0.25% rate cut in December.

Bitcoin bulls are loving it, and Bitwise’s Chief Investment Officer Matt Hougan thinks $100K is just around the corner. He also believes that even if you’re feeling late to the party, you’re still early until Bitcoin hits $500K.

Why $500K, you may ask? That’s when Bitcoin would hit “mature” status, similar to gold. Gold’s market cap is about $18T, and Bitcoin’s is roughly $2T. So, a “grown-up” Bitcoin sharing the $20T store-of-value market equally with gold would price it at around $500K per coin. So yeah, still early days 🚀

Meanwhile, institutional interest is still off the charts – Bitcoin ETFs pulled in $510.1M in inflows just yesterday. Ethereum ETFs aren’t slacking either, raking in $146.9M.

Basically, the market’s more electrifying than ever. What an exciting time to be in the game! ⚡️

😎 Didn’t predict this, huh?

If you grew up with siblings, you already know that there are a few survival skills that are essential to learn:

– Splitting everything into scientifically precise halves;

– Hiding snacks;

– Handling the “you’re adopted” bomb (even when you look exactly like the sibling who said it);

– Realizing early on that you don’t always get what you want.

But here’s one paradox for ya: somehow, some people miss that last lesson.

Exhibit A: Donald Trump. Exhibit B: Kamala Harris.

They both have siblings, yet they’re both sore losers. Btw, I know, nothing says “bonding with the audience” like roasting both sides of the political spectrum.

Anyways, why are they sore losers? Well, Trump loses the election – the Capitol gets stormed (but let’s not open that can of worms today). Harris loses – Polymarket gets a little visit.

And by “visit,” I mean at 6 AM, Polymarket’s CEO Shayne Coplan gets a knock on his door, and it’s not DoorDash – it’s the FBI. They raided his house, demanding immediate access to his phone and other electronics.

… But why? Coplan himself doesn’t know for sure, but rumor has it that this might’ve been politically motivated. See, unlike mainstream polls, Polymarket predicted that Trump was gonna win (which, spoiler alert: they were right). And now, the authorities might wanna build a case against this platform, claiming they rigged their polls in favor of Trump.

Polymarket, of course, denies it all. Their rep insists they’re just a prediction market giving people a clearer view of current events – no fees, no insider bets, and full transparency.

Guess that’s just one more life lesson that having siblings also teaches you: sometimes, you just happen to be in the wrong place at the wrong time, and suddenly – you’re grounded.

📰 News drops

💼 Donald Trump nominated Rep. Matt Gaetz for Attorney General. Psst, he’s pro-Bitcoin.

⛓ Ross Ulbricht, the guy who started the Silk Road marketplace, is hopeful that Trump will follow through on his campaign promise to cut his sentence. “After more than 11 years in darkness,” he posted, “I can finally see a light at the end of the tunnel.”

⚖️ A bunch of memecoin buyers sued Caitlyn Jenner, saying she pushed a token without registering it as a security. They’re claiming losses of over $56K from buying into JENNER and argue they wouldn’t have touched it if not for Jenner’s misleading statements.

📊 Crypto data powerhouse Kaiko bought Vinter, a major European crypto index provider. Vinter’s CEO, Jacob Lindberg, sees this as a game-changer, positioning the companies as the leaders for crypto data and indexing.

🇰🇷 A South Korean financial influencer, dubbed Mr. A, got caught up in a $232M crypto scam. After investors started demanding refunds for his flopped stock tips, authorities launched an investigation that led to the arrest of 215 people tied to the scheme.