September: Legal transformations, groundbreaking AI advancements, market growth, and blockchain innovation

Get up-to-date with the latest trends in crypto, Bitcoin, AI, and beyond. Oraichain's "Market Insights'' series delivers a monthly snapshot of the hottest narratives shaping the blockchain space. Dive into September's market news and discover what's driving innovation.

Major News

Brazil's Supreme Court Suspends Elon Musk's X Nationwide

Brazil’s Supreme Court suspended Elon Musk’s platform X (formerly Twitter) after Musk failed to appoint a legal representative. The suspension, ordered by Judge Moraes in April over alleged disinformation, will remain until X complies with court orders and pays fines; after nearly a month, X has started adjusting to meet local regulations. (Source: Various)

Crypto Prediction Platform Polymarket Sees $100M Surge in Election Betting

Polymarket’s open interest has surged past $100 million, largely driven by bets on the upcoming U.S. presidential election, which now make up 77% of its weekly volume. With a 1,429% increase this year, the platform reflects growing enthusiasm for crypto-based political predictions. This trend hints at the potential for broader blockchain adoption, a new gauge for market sentiment, and possibly increased regulatory scrutiny. (Source: The Block)

Over 40 Firms Join BIS Project to Boost Cross-Border Payments via Tokenization

Over 40 financial firms have partnered with the Bank for International Settlements on Project Agorá to examine how tokenization could improve cross-border wholesale payments. The initiative will specifically focus on integrating wholesale central bank money with tokenized deposits from commercial banks. (Source: CoinDesk)

Mastercard Partners with Mercuryo to Launch Non-Custodial Crypto Debit Card

Mastercard and Mercuryo have launched Spend, a euro-denominated debit card that allows users to pay directly with crypto from non-custodial wallets. The card supports multiple blockchains and works across Mastercard's global network, including with Apple Pay and Google Pay. It offers a fast, cost-effective way to spend crypto without relying on traditional intermediaries. (Source: DLNews)

Germany Seizes 47 Crypto Exchanges Linked to Underground Economy

Germany has seized 47 cryptocurrency exchanges accused of enabling cybercriminals to launder money. The platforms, used by ransomware operators and black market traders, were shut down for failing to comply with anti-money laundering laws. Authorities have seized servers and user data, but prosecution is complicated due to many criminals operating from abroad. (Source: CoinTelegraph)

Kamala Harris Breaks Silence on Crypto

Vice President Kamala Harris has publicly endorsed the crypto industry for the first time, pledging to support digital assets while focusing on consumer protection. At a fundraiser in Manhattan, she promised to encourage innovation in AI and digital assets while ensuring clear and transparent regulations. Her comments come as crypto continues to be a key topic in the 2024 election, with industry leaders welcoming her stance but calling for more detailed policies. Harris’ position contrasts with President Biden’s more cautious approach to the sector. (Source: CoinTelegraph)

TRON, Tether, and TRM Labs Launch Financial Crime Unit to Tackle Crypto Crime

TRON, Tether, and TRM Labs have launched the T3 Financial Crime Unit (T3 FCU) to fight illicit activity involving USDT on the TRON blockchain. The unit has already helped freeze over $12 million in funds linked to scams and fraud. By combining blockchain expertise and law enforcement collaboration, T3 FCU aims to disrupt criminal activities like fraud, cybercrime, and terrorism financing, enhancing the security of the blockchain ecosystem. (Source: Various)

CZ Released from Prison

Changpeng Zhao (CZ), Binance’s founder, was released from prison early after serving a four-month sentence for Bank Secrecy Act violations. He paid a $50 million fine and stepped down as CEO, though he's banned from running Binance for life but remains a shareholder. Binance faces ongoing legal challenges, including a class-action lawsuit over money laundering. CZ has shown interest in blockchain, AI, and biotech moving forward. (Source: Brave New Coin)

TOKEN2049 in Singapore

TOKEN2049 in Singapore drew over 20,000 attendees and 400+ exhibitors, making it a landmark event for the crypto industry. Highlights included Solana Mobile's new crypto phone, BitGo's launch of the USDS stablecoin, and partnerships between the TON Foundation and Tada, as well as the Sui Foundation and MoviePass. The hottest narratives at the event were AI, DePIN, DeFi, and Gaming, with a strong focus on how blockchain is shaping the future of these sectors. The event underscored the growing role of web3 technologies in mainstream industries. (Source: Various)

BTC in September

Bitcoin began September trading at approximately $59,000, gaining 7% over the month to reach $63,300. Early in the month, prices dipped as weak U.S. economic data renewed concerns about a potential U.S.-driven economic slowdown. (Source: Various)

AI in September

OpenAI Unveils New o1 Models

OpenAI has launched the o1 series of AI models, designed to improve reasoning abilities for solving complex problems. The models, including o1-preview and o1-mini, excel in fields like science, coding, and mathematics, solving 83% of International Mathematics Olympiad problems, far outpacing GPT-4’s 13%. With stronger coding capabilities and improved safety measures, o1 models show promise for smart contract development and blockchain security. The models are now available to ChatGPT Plus and Team users, with broader access planned. (Source: OpenAI)

Coinbase Executes First AI-to-AI Crypto Transaction

Coinbase has completed its first crypto transaction between AI bots, with one bot using crypto tokens to purchase AI tokens from another. CEO Brian Armstrong emphasized that AI bots can now conduct instant, global transactions with humans and other AIs. This breakthrough solves AI's limitations in carrying out tasks that require financial transactions, like booking flights or running ads. Other companies, such as Skyfire and Biconomy, are also working on enabling AI bots to make on-chain transactions. (Source: CryptoSlate)

Wrapping up

September was a month of significant developments across the crypto and AI sectors. From groundbreaking AI models to key legal battles in the crypto industry, the landscape is evolving rapidly. As we head into the final months of 2024, the focus on AI, DePIN, and the potential for Web3 to disrupt traditional industries is set to keep driving innovation. Stay tuned for more insights and updates.