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Swan Bitcoin Drops IPO Plan, Cuts Staff and Will Shut Managed Mining Unit
Bitcoin financial services firm Swan Bitcoin pulled its plan to take the company public, discontinued its managed mining unit and cut staff across several units. Swan CEO Cory Klippsten said in a social media post that the company will still offer bitcoin {{BTC}} financial services and free bitcoin education. "Without the expectation of significant near-term revenue from our Managed Mining unit, we are pulling our plans to IPO in the near future," Klippsten wrote in the X post. "Accordingly, Swan is pulling back from our accelerated spending plan for our core financial services business. Unfortunately, this includes staff cuts across many functions," he added. ANNOUNCEMENT - @Swan is unlikely to continue with our Managed Mining business in the near term. Without the expectation of significant near-term revenue from our Managed Mining unit, we are pulling our plans to IPO in the near future.Accordingly, Swan is pulling back from our…
Taking Profits on Bitcoin Ahead of Trump Conference Appearance Could Be 'Expensive Exercise': Analyst
Traders could be forgiven for wanting to cash in after bitcoin's {{BTC}} quick rise of more than 20% to the current $67,000 from its early July lows, but another possibly major positive catalyst might be just days away, said 10x Research founder Markus Thielen.
Biden's Exit Spurs Record $28M Daily Volume on Polymarket as Election Enters Uncharted Territory
This week in prediction markets: Joe Biden's decision not to seek re-election isn't completely unprecedented: U.S. presidents from James Polk to Lyndon B. Johnson also declined to serve another term for one reason or another. But what is unique is how late Biden decided to throw in the towel, only a month before the Democratic National Convention (where the party officially decides who its presidential candidate is), and only days after he told party faithful that the "elites" wouldn't succeed in kicking him out. The decision fueled a surge in bets on election-related contracts on the Polymarket prediction market, pushing volume to levels never seen in the platform's history.
Kamala Harris Meme Coin Soars to All-Time High After Joe Biden Drops Out
Crypto traders are once again betting on the very serious business of presidential politics via very silly meme coins, including one for Vice President Kamala Harris that more than doubled in price Sunday. KAMA hit an all-time high of 2.4 cents in the minutes following President Joe Biden's announcement that he was dropping his re-election campaign. With a market cap of $24 million, KAMA is now nearly four times as large as the Biden-inspired coin BODEN, once the kingmaker crypto of so-called PolitiFi. BODEN fell by nearly 50% following Biden's announcement. Read more: Bitcoin Traders Brace for 'Fat Tails' as Focus Shifts to Trump's Nashville Bitcoin Conference Speech The political shake-up prompted traders to create a wave of new tokens lampooning Harris and Biden on the meme coin launchpad Pump.fun. If history is any guide, most of those tokens will likely crater in value as buyers and sellers play a game of order book chicken atop the Solana {{SOL}} blockchain, where most meme coins trade.
With Biden Out, Polymarket Favors Harris for Democratic Presidential Nominee
U.S. President Joe Biden will end his campaign for a second term, he announced Sunday, sending meme coins tied to his campaign plummeting and slightly decreasing Republican nominee and former President Donald Trump's chances on the Polymarket prediction market. Vice President Kamala Harris is now the leading contender for becoming the new Democratic Party nominee for the 2024 race, according to another Polymarket contract. Biden gave his No. 2 a shout-out in his departure letter, endorsing her in a second tweet shortly after announcing the end of his campaign. Read more: Kamala Harris Meme Coin Soars to All-Time High After Joe Biden Drops Out "Today I want to offer my full support and endorsement for Kamala to be the nominee of our party this year. Democrats – it's time to come together and beat Trump. Let's do this," he said in a post on X.
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