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  • 7/19/24: All Systems Down 🚨🤑🇭🇰

7/19/24: All Systems Down 🚨🤑🇭🇰

Top News

  1. Global IT outage disrupts banks, exchanges, airlines, and more

  2. Trump charging $850k for roundtable seat at Bitcoin conference

  3. Hong Kong to trial stablecoin with Standard Chartered and Animoca

Specs’ Breakdown

1. Global IT outage disrupts banks, exchanges, airlines, and more

⌐◪-◪ → A global Microsoft outage just knocked thousands of businesses offline, including major banks, payment processors, and tech companies like the London Stock Exchange, Visa, Google, Facebook, American Airlines, and British Airways.

Sources are calling it the largest IT crash in history, all thanks to a single point of failure: a popular cybersecurity software called Crowdstrike.

It’s basically the Y2K bug, except it actually happened this time. Naturally, Polymarket bettors are already on it.

Meanwhile, Bitcoin is still producing blocks, secured by a global army of Bitcoin miners — true decentralization at work.

Flying home from Thailand tomorrow is going to be an absolute shit show. Wish me luck.

2. Trump charging $850k for roundtable seat at Bitcoin conference

⌐◪-◪ → Trump is charging $844,600 for a seat at an exclusive roundtable he's hosting at the Bitcoin Conference in Nashville.

The roundtable will feature other prominent politicians like Sen. J.D. Vance, Sen. Bill Hagerty, Rep. Tulsi Gabbard, and former Republican presidential candidate Vivek Ramaswamy.

These price tags show the incredible interest crypto investors/companies have in influencing Trump’s crypto policies ahead of a potential victory.

If that wasn’t enough, he's also charging $60,000 for photo-ops or $100,000 per crypto couple.

As exciting as it may be to meet a former U.S. President, I’d much rather buy myself more Bitcoin.

The real question is, will Trump announce Bitcoin as a strategic reserve asset for the U.S.? The market on Polymarket is still early on this one, with only $10.8k bet and 20% odds so far.

3. Hong Kong to trial stablecoin with Standard Chartered and Animoca

⌐◪-◪ → The Hong Kong Monetary Authority (HKMA) just announced the first batch of participants for their stablecoin sandbox. The participants are:

  • Standard Chartered Bank

  • Animoca Brands

  • HK Telecom

  • Jindong Coinlink Tech

  • RD InnoTech.

This program is part of Hong Kong’s broader initiative to drive growth and innovation for the crypto industry, securing its place as Asia’s digital asset hub.

It looks like The Great Bitcoin Race is already expanding beyond Bitcoin to stablecoins. Can the U.S. keep up?

Everything Else

⛓️ Crypto & DeFi

  • Polymarket bettors optimistic CrowdStrike will resolve today

  • Shape announces L2 for creators, with 80% of fees to contract owners

  • Tornado Cash sees $1.9B in deposits in first 6 months

  • Raydium integrates with MoonPay for Solana ecosystem access

  • LI.FI incident report nearly $12M hack, blames ‘human error’

🏦Wallstreet & VC

  • Chainbase raises $15M to grow omnichain data network

🌎 Rest of the World

  • Hong Kong’s ZA opens reserve bank services for stablecoin issuers

  • Italy's top banks issue €25M digital bond on Polygon in ECB trial

  • Kraken Custody expands to institutional clients in UK and Australia

  • Jack Dorsey's Cash App platform for UK in September

  • South Korea’s inaugural crypto law goes into full effect

🖼️ NFTs & Metaverse

  • Yuga partners with Pixel Vault to bring Reboot wagering to ApeChain

  • Otherside announced Project Dragon for all Yuga Labs IP

  • Reddit discontinuing Polygon-based animated expressions NFTs

  • Decentralised ‘Untitled Mint’ soars to 0.09 BTC floor from $100 mint

  • Coinbase meme MIGGLES hits $76M in 2 days on Base

  • Moonshot enables memecoins buys with Apple Pay