GM citronauts. Your crypto fruit ninjas are back in action. We're slicing through the noise, dicing up the facts, and serving you the juiciest bits of blockchain buzz.
🌞 Sky is planning to get rid of WBTC.
🦾 OpenAI has launched o1, an AI model that can think before it answers.
🍊 News drops: the Trumps are launching their DeFi platform on Monday, Tether is being called out about the reserves backing USDT, Hamster Kombat announces HMSTR token release date + more
🍍 Market flavour today
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| Crypto Market Cap $2.13 Trillion -0.4% (24H) | |||
| Name | Price | 24H % | 7D % |
|---|---|---|---|
 Bitcoin BTC |
$57,854.94 | 0.65% | 3.41% |
 Ethereum ETH |
$2,347.03 | 0.40% | -0.78% |
 BNB BNB |
$550.57 | 1.37% | 9.28% |
 Solana SOL |
$132.26 | -1.58% | 0.67% |
| Prices as of 10:05 AM EST. Click here to see live data. |
Fear and Greed Index ticks up to 32 - we're still in the fear zone but inching closer to neutral territory. Bitcoin's been creeping up, though its next move remains uncertain. Even the ECB cutting rates barely rippled the crypto waters - typical BTC, marching to its own beat.
Meanwhile, U.S. election chatter is heating up. Standard Chartered sees two wildly different futures: Bitcoin potentially hitting $125K under Trump or $75K with Harris. On the ETF front, Bitcoin's seeing some cash flow in, while Ethereum's experiencing some outflows. Just another day in crypto, right? Keep those eyes peeled - this market never sleeps 👀
🌞 No more Sun in the Sky
…and that’s all we have for sports today. Now, back to you, weather boy.
There is a big storm coming to Sky (formerly Maker), as it’s getting rid of Wrapped Bitcoin (WBTC) as collateral. The whole process will start with some executive votes on September 26.
So, if you’ve got any WBTC positions in SparkLend or Legacy Vaults, you’re gonna want to close them ASAP. Or don’t, and have them liquidated.
Why the change? WBTC had some ownership changes that Sky wasn’t super happy about. In August, its custodian, BitGo, partnered with the BitGlobal crypto exchange. A BA Labs analyst pointed out that BitGlobal is probably controlled by Justin Sun or his affiliates, concealing that through shell companies and nominee directors.
And why are we hatin' on Sun? Well, Sky sees his link to the project as problematic due to his interesting record, which is: Sun gets involved in a project → the project fails, which is pretty much what happened with HBTC and HUSD.
Obviously, Sky doesn’t wanna risk it, so they’re trying to make changes fast before WBTC's control shifts to BitGlobal on October 8.
The thing is, with WBTC gone, Sky is left with a hole. However, they're exploring alternatives, like Coinbase’s cbBTC and Treshold's tBTC. You know, something more of a moon-type beat.
This was the Daily Squeeze, thank you for the privilege of your time, and good night.
🦾 Think before you speak
Remember that time when you said a joke, and no one laughed ‘cause you didn’t read the room well enough? Or when you accidentally insulted someone when you didn’t mean to? Or when you called your teacher “mom”? Yeah, we’ve all been there and probably will be there a million more times.
Well, unless you’re ChatGPT—then these cringe moments are over for you.
OpenAI just dropped its latest AI model, the o1, which is designed to actually think before answering.
What makes this model stand out is its ability to do something called chain-of-thought reasoning—basically, it solves problems step-by-step.
When it comes to stuff like dates, biographies, and trivia, it’s still pretty much on the same level as smaller language models, like the GPT-4o mini. However, o1 takes the crown in a bunch of areas, like math, coding, PhD-level science questions, and school exams (if you’re still a student, you didn’t hear that from me, btw).
OpenAI flexed the skills of this model in some videos where it solved a logical problem, coded a game, and translated a sentence that was half-gibberish. We tried it out, too, and lemme tell you—now there’s one less thing that’ll keep me up at night.
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For the moment, it's only out in "preview" and "mini" versions for ChatGPT Plus subscribers, but better versions are already in the works and should be launching soon.
📰 News drops
🏦 The Trump family’s DeFi project, World Liberty Financial, is scheduled to launch on Monday. "We're embracing the future with crypto and leaving the slow and outdated big banks behind," Trump said when announcing the news.
🤨 A consumer advocacy group is calling out Tether for not being transparent about the reserves backing USDT. They claim Tether has promised a full audit of its dollar reserves multiple times but still hasn’t delivered one from a reputable independent firm.
🐹 Hamster Kombat’s long-awaited HMSTR token is dropping on September 26, with a total supply of 100 billion. 3 billion are set aside for Binance users.
🚀 Grayscale has launched a new crypto trust that gives exposure to XRP. “We believe Grayscale XRP Trust gives investors exposure to a protocol with an important real-world use case,” said Grayscale’s head of product and research, Rayhaneh Sharif-Askary.
🇷🇺 Russia's central bank is pushing the country's largest banks to offer digital ruble transactions to their customers by next July. The goal is to roll out the digital currency for widespread use starting then.
🤝 Rootstock, the longest-running Bitcoin sidechain, is about to launch its own DAO, the RootstockCollective. This will let developers on Rootstock directly contribute to its economy and value creation.
⛓️ The US is pushing Nigeria to free Binance executive Tigran Gambaryan, who’s been arrested there since February and is dealing with serious health issues. This detention is said to be straining US-Nigeria diplomatic ties.
⚖️ US Congressman John Rose introduced a bill to set up a joint advisory committee on digital assets between the SEC and CFTC. The committee would include at least 20 nongovernmental nongovernmental stakeholders who represent a broad spectrum of interests.
🍌 Juicy memes
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