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Here are 5 Things to Know in Crypto This Week… 👇💡

AI-Related Tokens Lead Crypto Surge; Bitcoin Sees Strong Catalysts in Q4 🚀

• AI-related cryptocurrencies led a significant altcoin rally, with Near (NEAR) and Render (RNDR) tokens surging 18%-20% and Bittensor (TAO) climbing 17%.

• Bitcoin (BTC) saw modest gains, struggling to reclaim its 200-day moving average, while Ethereum (ETH) showed stronger performance with a 3.5% rise.

• The months between October and March are historically the strongest period for Bitcoin, and the FTX estate is expected to redistribute ~$16 billion of assets to creditors in the next months.

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Polymarket Considering Token Launch to Raise Over $50 Million 🎲

• Polymarket is considering a token launch to raise over $50 million to support its crypto betting platform, according to sources cited by The Information.

• The tokens could be used by users to validate the outcomes of real-world events, though no final decision has been made on the token launch.

• In May, Polymarket raised $45 million in a Series B funding round led by Founders Fund, with participation from notable investors including Vitalik Buterin and Kevin Hartz.

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Federal Judges Skewer SEC for Refusing to Answer Straight Questions on Bitcoin, Ethereum 🏛️

• Federal judges in Philadelphia expressed frustration with the SEC's lack of clear rules on crypto regulation during a hearing involving Coinbase.

• The SEC's attorney, Ezekiel Hill, refused to clarify whether Bitcoin and Ethereum are considered commodities, leading to criticism from the judges.

• Judge Stephanos Bibas highlighted the SEC's ambiguity on applying the Howey Test to Bitcoin and Ether, questioning the agency's regulatory stance.

• Judge Thomas Ambro suggested the SEC's approach might appear as an attempt to "crush the industry" without proper rulemaking.

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Crypto VCs are on a Fundraising Spree 💸

• Crypto VCs have raised over $2.2 billion in new capital through closed funds this year as of August, with recent weeks seeing over $500 million raised by at least half a dozen VCs.

• Notable funds include ParaFi Capital's $120 million, Borderless Capital's $100 million, Hack VC's $77 million, and Robot Ventures' $75 million.

• Dragonfly Capital is actively seeking $500 million, having already raised half of that amount.

• Borderless Capital's $100 million DePIN Fund III focuses on Decentralized Physical Infrastructure Networks (DePINs), leveraging blockchain for connectivity networks like GPU clusters.

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This Week on Crypto Twitter: Trump Devours the Timeline, Iggy Azalea Throws Wild Party in Singapore 💃

• Former President Trump made headlines by completing an on-chain Bitcoin transaction at PubKey, a Bitcoin-themed bar in Manhattan.

• Donald Trump also hosted Rug Radio’s Farokh Sarmad at Mar-a-Lago to discuss digital assets policy, marking his first interview post an apparent assassination attempt.

• Across the world, at the Solana Breakpoint conference in Singapore, Iggy Azalea added even more flash to the week by hosting a wild party to help promote her new memecoin.

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