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DOGE $0.0693 -0.80%
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LINK $8.82 +1.69%
HYPE $56.40 -1.27%
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Flash

Financial Times: JPMorgan Chase terminated banking services for Polymarket last year, but is still vying for its IPO underwriting opportunity

According to the Financial Times, JPMorgan Chase terminated its banking services for Polymarket last October due to regulatory concerns, requiring the company to seek new banking institutions. Previously, Polymarket was banned from providing services to U.S. customers after the Commodity Futures Trading Commission took enforcement action in 2022.Currently, Polymarket has partnered with a new bank, but the specific name has not been disclosed. JPMorgan Chase still maintains business dealings with Polymarket and invited its CEO Shayne Coplan to participate in a private banking client meeting held in Miami this February, where he spoke alongside former NFL player Tom Brady. Polymarket stated that the two parties continue to maintain a close and active relationship in various areas, including multiple entities, operational integration, and customer fund flow management.Since 2026, prediction market platforms like Polymarket and Kalshi have faced legal actions from multiple U.S. states regarding their alleged operation as illegal sports bookmakers, while the relevant platforms argue that they operate as exchanges facilitating trades between buyers and sellers, rather than as bookmakers. According to user aggregated data, the nominal trading volume of prediction markets has exceeded $250 billion since 2026.Meanwhile, Polymarket is seeking over $1 billion in financing, with a target valuation of $20 billion, more than doubling from the approximately $8 billion valuation during the last round of financing in 2025.

Garrett Jin: Hynix has rebounded to the profit-taking zone, planning to buy on Bitcoin's pullback, and be cautious of the remaining unlocks after SpaceX's short squeeze

Garrett Jin released this week's market report, characterizing the rebound in the South Korean market as a wide-ranging fluctuation rather than a new trend. SK Hynix rebounded continuously after retesting the 1.42 million won area, closing up 5.9% at 1,593,000 won. The KOSPI has risen 20% from the July low, entering a technical bull market, but foreign capital has not shifted to long-term holdings, and the drag from leveraged ETFs remains. Garrett Jin set the first profit-taking level at $1,150 (approximately 1.63 million won), with the next target at $1,300 (1.85 million won).Garrett Jin also noted that gold recorded its strongest weekly gain since January this week at +7.8%, priced at $4,388. The driving factors were a decrease of 23,000 in July non-farm payrolls and a moderate CPI that dampened September rate hike expectations. However, it is currently overbought in the short term, and a pullback could present an opportunity for incremental accumulation. Bitcoin has shown no response to the same macro-positive factors, remaining trapped between the support at $62,500 and resistance at $65,000-$70,000, with the bottom structure since $57,700 gradually being built. Garrett Jin will wait for the next buying opportunity after a pullback.Regarding SpaceX, Garrett Jin believes the recent performance is a classic case of "bad news fully priced in + short squeeze," with the unlocking itself becoming a washout rather than the starting point of a decline. However, the unlocking window has not yet ended, with an additional 319 million shares to be unlocked, approximately 700 million shares each in September and October. The current range up to $160 is a profit-taking zone rather than a high-entry zone.

Goldman Sachs: The Federal Reserve's decision to hold steady in July was absolutely correct, and it should remain open before September

Goldman Sachs analyst Robert Kaplan stated that the Federal Reserve's decision not to raise interest rates in July was "absolutely" correct and urged policymakers to keep an open mind before September, citing the complex factors influencing inflation, and that rigid forward guidance could be counterproductive.Kaplan said, "If I see meaningful improvement, I might be willing to stay put, but I want to make full use of every moment before September to make judgments, avoiding rigidity or preconceived notions." Kaplan believes that the current forces at play include: inflationary pressures from AI development, tariffs, labor constraints, and soaring oil prices; meanwhile, the application of AI works in the opposite direction, accelerating the trend of declining inflation.He stated that Waller should use his speech at this month's Jackson Hole symposium to briefly explain the reasons for the Federal Reserve's inaction in July, rather than delivering a purely "philosophical" speech. Kaplan expressed that his concerns about long-term U.S. Treasury yields are greater than his concerns about the federal funds rate itself.He indicated that the rise in long-term Treasury yields globally reflects a structural supply-demand imbalance driven by persistent large fiscal deficits, rather than Federal Reserve policy.
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