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Polymarket is back

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Plus: The firm that bought DOGE… after processing pork

Welcome

GM. We’re shaking up the juice bar special: one part market updates, one part memes, garnish with mint.

🇺🇸 Polymarket's return to the US.

🍋 Justin Sun going to space, Dogecoin treasury + more.

🍍 Bitcoin's consolidation phase + altcoins stealing the show.

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🦅 Polymarket is back

In Ancient Rome, long before anyone thought to call it a “prediction market,” people were already betting on the future - who’d win the consulship, whether the Senate would pass a law, or which gladiator would walk out alive.

Romans believed putting money on the line was the best way to show what you really believed would happen.

Roman looking at castle

And honestly, that hasn't changed much today.

Matter of fact, a University of Cincinnati study found that prediction markets outperformed traditional polls and pundits in forecasting the 2024 US election.

Now, say you’re an American and you want THE MOST accurate prediction on… uhhh... whether Jesus Christ returns before GTA VI drops.

You couldn't check it on Polymarket - the world’s biggest prediction market - because it’s been banned in the US since 2022.

(For the record, the odds are at 17% - and honestly, I don’t think Jesus will take that long.)

Polymarket: What will happen before GTA VI?

Source: Polymarket

The CFTC shut Polymarket down because it was offering real‑money prediction contracts without proper registration.

But yesterday, that changed.

Polymarket announced it’s buying QCEX, a licensed US derivatives exchange, for $112M - which means they can operate legally in the US again.

Shayne Coplan tweet 07-22

Source: @shayne_coplan

And it's quite a big deal, because:

1️⃣ Polymarket unlocks a relatable crypto use case.

Polymarket is decentralized, and every bet is actually a smart contract on the blockchain.

So it’s not just gambling - it’s a real-world use case for crypto technology that regular people can actually understand and use.

2️⃣ It taps into the biggest prediction market in the world.

The US has the largest audience for political and event betting.

And now, Polymarket can serve this huge market - which could increase usage, visibility, and awareness of blockchain-based apps in general.

3️⃣ It's one more proof that crypto and regulation can work together.

Polymarket's proving you don’t have to avoid the US - you can comply and still offer a distinctly crypto-native product.

Polymarket crypto Trojan horse

Source: @Alexnomads

Put simply: it's not just about betting on Jesus vs. GTA VI. Although that is hilarious.

It's about crypto-based platforms making real, tangible progress in mainstream markets.

That’s a win for the whole ecosystem and a promising sign for anyone who wants to see crypto keep growing and proving its value globally.

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🍋 News drops

🤔 Is HTX (formerly Huobi) still worth using these days? Check our review and see for yourself.

🐖 Bit Origin - which, fun fact, used to process pork - bought 40.5M Dogecoin. Their CEO said they picked DOGE because it’s getting handier for small payments.

🚀 Tron founder Justin Sun is gonna take a ride on Blue Origin's New Shepard rocket. It’s a trip to space and back - and maybe he’ll even kiss the ground like Katy Perry did after hers.

Kirawontmiss tweet 04-15

Source: @kirawontmiss

😎 Eric Trump couldn’t resist flexing that his February bet on Ethereum paid off, as the price topped $3.8K.

🌪️ Roman Storm’s lawyers might ask for a mistrial because one of the witnesses, they claim, has nothing to do with the case. The witness, Hanfeng Lin, testified that she lost $190K in a crypto scam and some of it passed through Tornado Cash.

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🍍 Market flavor today

Fear and Greed Index
Find out more about the Fear & Greed Index here.

 Crypto Market Cap: $3.94T -0.76% (24H)
  Name   Price 24H 7D
Bitcoin Bitcoin BTC $118,593.58 0.36% 1.88%
Ethereum Ethereum ETH $3,687.99 -3.70% 23.04%
XRP XRP XRP $3.50 -3.19% 22.18%
Solana Solana SOL $201.79 3.82% 27.03%
BNB BNB BNB $760.33 -1.83% 11.56%
Prices as of 10:00 AM EST. Click here to see live data.

Bitcoin had an all-time high party last week… and is now catching some z's 😴

Which is completely normal, btw - it's a typical consolidation phase where the market catches a breath while traders figure out what to do next.

Dog sleeping

The problem: most of those traders are sitting on big profits. Good for them 😃👍, but when people see gains, they feel more tempted to cash out.

Bitfinex analysts have already noticed that long-term holders are starting to take profits.

But those coins are being bought up, mostly by newer players: short-term traders, ETFs, and retail investors.

BTC ETF flows 07-22

Source: Farside Investors

This kind of switch from old holders to new ones happens in every bull market - it’s part of how rallies sustain themselves.

The issue is that it makes Bitcoin more fragile, because new buyers are usually quicker to panic and sell their coins if prices start dropping.

And right now, Bitfinex pointed out that Bitcoin is already trading at a price level where, historically, profit-taking increases.

If demand stays strong enough, Bitcoin could push higher - the next major resistance level is around $136K. But it'll likely take another big surge of ETF inflows or aggressive institutional buying to get there.

BTC price chart 07-22

Source: BitDegree

So yeah, Bitcoin's in a kind of a hangover phase: sleeping, waking up to eat some pizza, falling asleep again, trying to decide if it’s rallying again or just calling it a day.

But you know who's still going hard? Altcoins 😎

If you look at the weekly charts, you'll see that most of 'em are actually outperforming Bitcoin.

Party with cats

Why's that happening?

Because Bitcoin has already run up a lot, and feels kinda expensive rn - so traders chasing bigger returns are moving their money into riskier bets (aka altcoins).

This rotation is pretty obvious if you look at Bitcoin Dominance (Bitcoin’s share of the entire crypto market cap). It dropped ~5% from its recent peak - the biggest drop in 8 months.

Now, that doesn’t mean Bitcoin’s weak (it’s still near its highs); it just means altcoins are growing faster.

And that’s usually a sign that confidence in the market is high - people feel the bull run has more room to go, so they’re willing to gamble on riskier assets.

Total crypto market cap by cryptocurrencies

Source: BitDegree

That's the vibe today - and whatever comes next, we’ll be here to break it down for you as it happens!

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🥝 Memecoin harvest

We’re not saying these coins are cursed, but the vibes are... paranormal 🧟‍♂️

Data as of 07:10 AM EST.

Check out these memecoins and plenty more here.

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🍌 Juicy memes

First week vs. 3 months in memecoins

Source: @naiivememe

Crypto scammer watching people buy a coin he'll rug pull

Source: @alifarhat79

It hurts when I HODL

Source: @CryptoTea_

Gode S. Web3 Market Analyst
Gode is a Web3 Market Analyst who researches the most important industry events and interprets how they affect the wider Web3 space. Her formal education in media culture & digital rhetoric allows her to employ a methodical approach to evaluating critical Web3 news data, including large-scale events and the wider social sentiment within the ecosystem.
Gode is a mutilingual professional, having studied in multiple universities all across Europe. This allows her to have a one-of-a-kind opportunity to analyze Web3 social sentiments spanning different cultures and languages and, in turn, develop a much deeper understanding of how the Web3 space is growing within different communities. With the rest of her team, Gode works to identify crucial crypto news patterns and provide unbiased and data-driven information.
Gode’s passions include working and communicating with people, and when she’s not researching Web3 news, she spends her time traveling and watching true crime documentaries.

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