In an unexpected turn, **Harris** has openly embraced **cryptocurrency**, signaling a strategic move to engage with younger demographics. This initiative reflects a growing recognition of the importance of **digital currencies** in modern financial discussions. As young men increasingly turn to **crypto** for investment and financial independence, Harris's overture could be a game changer in political engagement. The implications of this shift are profound, potentially reshaping the dialogue around **financial literacy** and **economic empowerment** for the youth. 

![Crypto Connection](https://www.axios.com/favicon.ico)

The embrace of cryptocurrency by political figures not only highlights its growing legitimacy but also its crucial role in attracting a new generation of voters. As the landscape of money continues to evolve, so too must the strategies of those seeking to connect with the populace. This could lead to a more informed and involved youth, ready to participate in the **financial ecosystem** of the future.

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Harris's Bold Move: Embracing Cryptocurrency to Connect with the Youth

On Monday, **Cathie Wood**-led **Ark Invest** made some significant trades. Notably, the firm bought shares of **PayPal Holdings Inc** and **Pinterest Inc**, while selling its stake in **ARK 21Shares Bitcoin ETF**.

## The PayPal Trade
**Ark Invest’s Fintech Innovation ETF** added 57,824 shares of PayPal, valued at approximately **$4.5 million** based on the closing price of **$77.67**. This move comes in the wake of analysts expressing diverse opinions about the company, with an average 12-month price target of **$78.62**. PayPal has recently made a **strategic shift** to penetrate the U.S. point-of-sale (POS) payments market, integrating its debit card with Apple Inc.’s mobile wallet and offering different cashback rewards.

## The Pinterest Trade
**Ark Invest’s Next Generation Internet ETF** purchased 115,211 shares of Pinterest, amounting to approximately **$3.51 million** based on the closing price of **$30.46**. Pinterest reported solid second-quarter results at the end of July, with revenue slightly surpassing expectations. However, third-quarter guidance came in below analyst projections, raising concerns about sustained growth for the rest of 2024.

## The Bitcoin ETF Trade
**ARKW** sold 44,609 shares of **ARK 21Shares Bitcoin ETF**, valued at approximately **$2.82 million** based on the closing price of **$63.25**. This sale occurred on the same day that Bitcoin hit a new high of **$63,500**, causing a significant surge in pre-market activity for several Bitcoin ETFs. On Monday, Bitcoin steadily declined below **$63,000** after a spike to **$64,600**, following positive comments about cryptocurrency from Democratic presidential candidate **Kamala Harris**. Total cryptocurrency liquidations surpassed **$124 million** in the past 24 hours, with bearish bets at **$67 million**, while Bitcoin’s funding rate remained positive, reflecting bullish trader dominance.

## Other Key Trades:
- **ARK Innovation ETF** sold 7,747 shares of **Palantir Technologies Inc.** in a transaction valued at **$293,998**.
- ARKF sold shares of Adyen NV. ARKG also sold shares of Vertex Pharmaceuticals Inc and bought shares of Pacific Biosciences of California Inc.
- ARKK sold shares of Roku Inc and ARKQ bought shares of 3D Systems Corp.

Cathie Wood's Ark Invest purchased PayPal and Pinterest shares and sold Palantir and ARKB On Monday, Sept. 23, 2024.

Cathie Wood's Bold Moves: Ark Invest's $4.5M in PayPal and $3.5M in Pinterest Amid Crypto Surge

### Bitcoin Options Market Signals a Potential Price Surge

Traders seeking to anticipate Bitcoin’s next major price movement should focus on the **derivatives market**, particularly **options contracts**. According to **Nick Forster**, founder of the DeFi derivatives protocol **Derive**, the options market is entering a phase he describes as **“reflexivity season.”**  

**Reflexivity** suggests that the actions and expectations of market participants influence asset prices, which in turn affects their behavior, creating a **feedback loop**. Forster highlights that the **30-day call/put skew** for Bitcoin options is trending **higher**, indicating that traders are heavily betting on **upside volatility** and are anticipating more significant market swings.  

### What Are Traders Expecting?

As prices rise, traders expect this momentum to continue, fueling a **self-reinforcing cycle of higher prices**. Specifically, they are targeting a price range between **$80,000 and $90,000** by the end of November.  

Forster notes that the current market sentiment is gearing up for **potential volatility**, especially with significant political and economic events on the horizon, including the upcoming **U.S. presidential election**.  

This scenario is promising for those who are familiar with the **wild volatility** that often accompanies Bitcoin, which has fluctuated between **$53,000 and $64,000** in recent months. Currently, Bitcoin is down **1.5%** to **$63,000**, according to **CoinGecko** data.  

While the options market remains relatively small compared to the billions traded daily in the **spot market**, it could see growth as larger traditional players incorporate these contracts into their trading strategies, particularly with the speculation surrounding **U.S.-based Bitcoin exchange-traded funds (ETFs)**.  

Options are financial derivatives that grant buyers the right, but not the obligation, to buy or sell an asset at a specified price before or on a certain date. They enable traders to **hedge risk** or speculate on price movements with limited downside by paying a premium, while also offering significant potential for gains.  

On Friday, the **Securities and Exchange Commission (SEC)** approved a rule change requested by **Nasdaq’s International Securities Exchange** to list and trade options on the **iShares Bitcoin Trust (IBIT)**, part of **BlackRock’s** popular ETF.  

Although BlackRock's Bitcoin ETF options approval may lead to **long-term skew compression** or muted volatility as traditional financial traders eventually sell covered calls, the immediate impact remains to be seen. Forster asserts, **“For now, we’re still seeing a strong bid for upside as traders capitalize on the current volatility yields.”**

The Bitcoin options market is beginning to see "reflexivity season" kick in as traders focus on prices between $80,000 and $90,000.

Is Bitcoin About to Soar? Traders Bet on $80K to $90K as Options Market Heats Up!

### China's Central Bank Takes Action

China's **central bank**, the **People's Bank of China (PBOC)**, has introduced a **major stimulus package** designed to revive the nation's struggling economy. Governor **Pan Gongsheng** announced initiatives aimed at **lowering borrowing costs** and enabling banks to boost their lending capabilities.

### Economic Context

This announcement follows **disappointing economic data** that has heightened concerns about China's ability to meet its **5% growth target** for the year. In response, stock markets across **Asia** surged after the news broke.

### Key Measures Introduced

1. **Reserve Requirement Ratio (RRR) Cut**: The PBOC plans to reduce the amount of cash banks must hold in reserve by **half a percentage point**, freeing up approximately **1 trillion yuan** (around **$142 billion**). Another cut may be on the horizon later this year.
2. **Support for the Property Market**: To address the crisis in the **real estate sector**, the measures include lowering **interest rates** on existing mortgages and reducing the minimum down payment for homes to **15%**.

The **real estate industry** has been in turmoil since 2021, with numerous developers failing, resulting in many unsold homes and unfinished projects.

### Global Influences

This stimulus package was unveiled shortly after the **US Federal Reserve** cut interest rates for the first time in over four years, creating a ripple effect in Asia's financial markets. During afternoon trading, major **stock indexes** in **Shanghai** and **Hong Kong** saw gains of over **3%**.  

As China navigates through these economic challenges, the effectiveness of these measures remains to be seen.

It comes just days after the US central bank cut interest rates for the first time in over four years.

China's Bold Economic Stimulus: Will It Revive the Flagging Economy?

## Analyst Insights on AI-Focused Altcoins

A **closely followed crypto analyst** has identified a **clear bull trend** forming for an **AI-focused altcoin**, while also providing updates on three other tokens.

Pseudonymous trader **Altcoin Sherpa** recently shared with his **223,300 followers** on X that a **bullish pattern** is emerging for the **machine learning protocol Bittensor (TAO)**. He indicates that TAO has successfully broken out of its **multi-month accumulation range**.  

> _"TAO never dropped to the range low. Expansion and clear bull trend now IMO (in my opinion), dips are for buying."_

![TAO Chart](https://pbs.twimg.com/media/GYCpOkzbQAA94Fk?format=jpg&name=large)

As of now, TAO is trading at **$488.88**, marking a **5.20% increase** in the last 24 hours.

### Outlook on FET and Other Tokens

Next, the focus shifts to the **native asset of the Artificial Superintelligence Alliance (FET)**. Altcoin Sherpa mentions he's waiting for a **minor pullback** before considering a long position.

> _"FET – I think $1.50 could be an ok first entry, but pretty aggressive. If patient, you can hope for $1.37ish levels. Would probably do some entries at $1.50 though personally."_

Currently, FET is trading at **$1.62**.

Another token under his radar is **Celestia (TIA)**, a layer-1 modular blockchain. He notes that TIA experienced its **first major retracement** near its **100-day exponential moving average (EMA)**.

> _"Would target $5.11ish for first entries if you like this one."_

At present, TIA is priced at **$5.42**, reflecting a **7.34% decrease** over the past day.

### Popcat's Potential

Finally, Altcoin Sherpa discusses the memecoin **Popcat (POPCAT)**, suggesting that it may be just a **small correction away from a breakout**.

> _"POPCAT breaks soon after a bit of a pullback. Bullish on all the beta that comes with it (aura/ hehe/ etc)."_

POPCAT is currently trading at **$0.923**, with a **4.42% increase** today.

![Popcat Chart](https://pbs.twimg.com/media/GX-kMVGW4AAkpmg?format=jpg&name=large)

A closely followed crypto analyst says that a clear bull pattern is forming for one artificial intelligence (AI)-focused altcoin while updating his outlook on three other tokens.

Bullish Trend Alert: Analyst Highlights Promising AI Altcoins and Price Predictions!

### **Introduction**  
**HOUSTON** – Every year, it seems like scammers find new ways to defraud people. With the rise of **cryptocurrency**, criminals are increasingly using it as a means to scam individuals out of their hard-earned cash.  
  
### **Daily Reports of Scams**  
According to Lt. Abraham Alanis with the Harris County Sheriff’s Office, **“We’re getting these every day. Every day we’re getting calls from people getting these calls. A lot of them catch it before they’re scammed, but a lot of them are getting scammed out.”**  
  
### **How the Scams Work**  
One prevalent scam involves someone impersonating a law enforcement officer, claiming that the victim has a warrant for their arrest due to missed jury duty. These scammers often use **spoofed phone numbers** that can be traced back to legitimate agencies and may even use the names of actual officers to lend credibility to their claims.  
  
### **Payment in Cryptocurrency**  
The scammers typically demand that victims **transfer money** to avoid arrest, with **bitcoin** being a common payment method due to its **difficulty to trace**. Lt. Alanis notes, **“Bitcoin can be very difficult, because once it goes into bitcoin it could be transferred very quickly. And then it’s pretty much gone.”**  
  
### **National Statistics**  
This issue isn’t limited to Houston. The **FBI** reported 69,468 complaints of cryptocurrency scams nationwide in 2023, leading to combined losses of **$5.6 billion**. Texas ranked third in complaints, with **4,770 cases** and estimated losses of **$411,914,142**. The most common type of fraud was investment fraud.  
  
### **Reporting Scams**  
Anyone who falls victim to a cryptocurrency scam is encouraged to report it. The **FBI** has a dedicated link for such reports.  
  
### **Protecting Yourself**  
To avoid falling for scams, Lt. Alanis advises: **“When you get these calls, take a step back. Don’t rush to do anything. Wait. Get the information. I know once they tell you that you have to do it immediately, it’s a scam.”** If you feel uneasy about the call, he suggests hanging up and verifying the caller's identity through official channels.

Every year, it seems like scammers find new ways to defraud people.

Rising Cryptocurrency Scams in Houston: What You Need to Know to Protect Yourself

### Judges Question SEC's Crypto Regulations

A panel of **federal appeals court judges** in Philadelphia expressed skepticism towards the **U.S. Securities and Exchange Commission (SEC)** during a recent hearing. The judges scrutinized the SEC's ongoing refusal to provide **specific rules** regarding the sale of crypto tokens, particularly focusing on **Bitcoin** and **Ethereum**.

During the hearing before the **U.S. Court of Appeals for the Third Circuit**, lawyers for **Coinbase** and the SEC debated whether the regulator should clarify its rules after years of **"regulating by enforcement"** through sporadic lawsuits against crypto firms.

### SEC's Lack of Clarity

The three-judge panel, which included both **Democrat** and **Republican** appointees, pressed the SEC's attorney, **Ezekiel Hill**, for over an hour. They were particularly frustrated by Hill's refusal to clarify whether the SEC considers Bitcoin and Ethereum as **commodities**. Judge **Stephanos Bibas** challenged Hill, stating, **"You won't even tell us how the Howey Test applies to Bitcoin or Ether."** This remark highlights the SEC's ambiguity concerning the status of these major cryptocurrencies.

Judge **Thomas Ambro** also criticized the SEC's unwillingness to publish rulemaking, suggesting that it **"almost looks... as if you're going after [crypto] platforms in a way that will crush the industry."**

### SEC's Inconsistent Approach

Despite the lack of clarity, the SEC has approved **spot Bitcoin and Ethereum ETFs** earlier this year, which integrated these assets into the American economy and effectively classified them as **non-securities**. Coinbase’s attorney, **Eugene Scalia**, expressed his frustration, stating, **"I leave this court understanding the SEC’s views on this topic even less than when I entered."** 

Scalia highlighted the confusion surrounding the SEC's stance, emphasizing that this lack of clarity poses significant challenges for both the industry and the court itself. He concluded with a note of optimism, stating, **“This court, though, can do something about it.”**

Judges appeared displeased at the SEC's approach to crypto, with one alleging intent to "crush the industry" in a hearing over Coinbase.

Federal Judges Challenge SEC's Stance on Bitcoin and Ethereum Regulation

### Key Developments in Bitcoin Mining

**Riot Platforms** has achieved a significant milestone in its ongoing efforts to acquire **Bitfarms**, a Canadian competitor, as the two companies announced a **settlement agreement** that will see an executive chosen by Riot join Bitfarms’ board of directors.

Earlier this year, Riot made a **$950 million offer** to acquire Bitfarms, which Bitfarms rejected, labeling it as a **lowball** offer. Following this, Riot began acquiring shares of Bitfarms, now owning approximately **20%** of the company.

In a move aimed at gaining more influence, Riot attempted to replace several members of the Bitfarms board with candidates more favorable to a potential acquisition. The settlement has resulted in **Amy Freedman**, a former banker and corporate advisor, joining Bitfarms’ board and participating in key committees.

Bitfarms' co-founder, **Andrés Finkielsztain**, has already resigned from the board as part of the agreement. While Riot has not fully acquired Bitfarms, the settlement allows Riot certain rights to buy more shares as long as it maintains a stake of over **15%**.

Riot's CEO, **Jason Les**, expressed optimism about the settlement, stating it represents a significant step towards **creating shareholder value**. Meanwhile, Bitfarms is actively seeking to secure its position against a hostile takeover; it recently acquired **Stronghold Digital Mining**, which could enhance its valuation and deter Riot's ambitions.

Despite the turbulence, Bitfarms' stock has seen a **16% drop** in the past month, currently trading at **$2.06**, while Riot's stock has similarly declined by **14%**.

### Market Sentiment

The developments indicate a **neutral** market sentiment as both companies navigate their strategic positions within the Bitcoin mining industry.

![Bitcoin Mining](https://example.com/bitcoin-mining-image.jpg)

In the latest update in the monthslong attempt by Riot to forcibly acquire Bitfarms, the two mining firms have come to a settlement.

Harris's Bold Move: Embracing Cryptocurrency to Connect with the Youth

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Cathie Wood's Bold Moves: Ark Invest's $4.5M in PayPal and $3.5M in Pinterest Amid Crypto Surge

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China's Bold Economic Stimulus: Will It Revive the Flagging Economy?

Bullish Trend Alert: Analyst Highlights Promising AI Altcoins and Price Predictions!

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Cathie Wood's Bold Moves: Ark Invest's $4.5M in PayPal and $3.5M in Pinterest Amid Crypto Surge

Is Bitcoin About to Soar? Traders Bet on $80K to $90K as Options Market Heats Up!

China's Bold Economic Stimulus: Will It Revive the Flagging Economy?

Bullish Trend Alert: Analyst Highlights Promising AI Altcoins and Price Predictions!

Rising Cryptocurrency Scams in Houston: What You Need to Know to Protect Yourself

Federal Judges Challenge SEC's Stance on Bitcoin and Ethereum Regulation

Riot and Bitfarms Settle Hostile Takeover Battle: What It Means for Bitcoin Mining