Biden's Exit Spurs $28M Daily Volume on Polymarket; Swan Bitcoin Drops IPO Plans

Poly market volume surges on Biden's dropout and Swan Bitcoin halt its plans for an IP O. You're watching Coin desk daily, I'm your host, Jen Sani President Joe Biden's decision to drop out from the presidential race just a month before the Democratic National Convention has fueled a surge in poly market volume. According to data from Dune analytics daily volume on the platform pushed past a record $28 million as better rushed to take a position on the presidential race bets on the US presidential election winner rocketed past $300 million while the punters have put $200 million in a market for the potential Democrats nominee and $10 million for the party's VP. The US government has transferred 58.742 Bitcoin worth nearly $4 million to Coinbase. That's according to data tracked by Arkham intelligence. The transfer originated from an address labeled us government. Ryan fasi seized funds like the name stated. The funds were seized three years ago from Ryan Fasi who was convicted in 2018 for selling Xanax pills on the dark web. Ryan's father was later convicted as well for laundering and trafficking. Bitcoin proceeds intended for federal forfeiture. The DOJ eventually recovered 2933 Bitcoin from the Father son Duo and announced its intention to liquidate holdings in January of this year. And Swan Bitcoin has pulled its plan to take the company public discontinued its managed mining unit and cut staff across several units. Swan Ceo Corey Clipston said in a social media post that the company will still offer Bitcoin financial services and free Bitcoin education. The move comes a time when the mining landscape has become more competitive after the recent Bitcoin having which cut the block rewards by half the availability of the spot. Bitcoin ETF has also deterred some investors from the mining industry. That's it for coin desk daily, get more updates on coindesk.com and we'll see you next time.