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It's Frriiddaaayyyyy Folks! Bitcoin is trading up at $34,234.12. So much for being firmly above $35K, let's get on to the news...
SUMMARY
Yesterday, Fidelity's Jurrien Timmer delves into Bitcoin's potential trajectory, positioning it as the "exponential gold" of the digital age.(4) Today, we learned that SBF was found guilty and is going to jail for a very long time; not really a shocker since it was clear he was a bad actor. Will Mashinsky find the same fate? Fingers crossed.
BTC price dips 3.5% as 'overheated' Bitcoin derivatives spark angst.(2) Meanwhile, $40 billion enters crypto markets in November as Bitcoin decides its next move. 4 signs Bitcoin is starting its next bull run:
- BTC price historical patterns, halving
- Bitcoin accumulation: Not only whales
- Bitcoin ETF approval becoming likely
- Crypto market sentiment upswing
Michael Saylor says 'unprecedented' demand is set to 10X Bitcoin.(2) Arthur Hayes says that a monetary policy tool known as the yield curve control (YCC) will act as a catalyst for Bitcoin to reach $1 million, a gain of around 2,738% from the current level. In a speech at National Taiwan University, Fubon Group Chairman and Taiwan’s richest man, Daniel Tsai, noted that the green economy would involve not only traditional investment and financing but cryptocurrency as well. Chris Burniske says the crypto markets may dip in early 2024 by printing higher low prices in the cycle.
Block Bitcoin revenue and stock price jump to shake off bear market blues as Bitcoin revenue increased by 37.5%, from $1.76 billion to $2.42 billion, largely driven by the performance of Block's CashApp.(3)
DWS Group, a $900 billion German asset manager, is reportedly looking to launch cryptocurrency exchange-traded funds for retail investors after a partnership between DWS and Galaxy Digital, a cryptocurrency fund management company, was announced in April this year to launch these funds on the European market. Argentinian presidential candidate Sergio Massa has left the crypto community in the country divided after he unveiled plans to use natural resources to boost Bitcoin mining operations, local news outlet CriptoNoticas reported.
Ethereum bears gain new weapon with first ETH short ETF. The Dubai Financial Services Authority (DFSA) has approved the use of Ripple’s $XRP cryptocurrency within the Dubai International Financial Centre (DIFC), enabling digital asset companies to incorporate XRP into their services.(2) In addition, Ripple to power Georgia’s central bank digital currency, the digital lari. Cardano on-chain activity signals bullish ADA price action. ‘I just bought $SOL’ — Arthur Hayes after Solana price rebounds 500% and Solana derivatives volume surges by 110%.(2) SOL has gained over 50% in two weeks with buyers from Coinbase playing a major role in powering the cryptocurrency higher.
SBF is guilty on all counts as jury rules he defrauded investors; $8B Fraud. FTX claims value surging upward as ex-CEO of cryptocurrency exchange will face massive jail time.(8)
The price of the native token of the smart contract platform Cardano, ADA, moved up nearly 20% over last 30 days and is up 26.4% so far this year, with historical data suggesting that November could see the cryptocurrency’s price go up by a whopping 43.5%.
The US Attorney's Office seeks to recover $54M in crypto, primarily Ethereum, linked to a New Jersey narcotics ring.
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Podcast of the Day: SBF Trial, Day 18: Sam Bankman-Fried Found Guilty on All 7 Counts in Swift Verdict | Unchained
