Bitcoin $233K Prediction, SEC

Top news of the week

Trump’s World Liberty Financial tokens crashed and were burned.

Former US President Donald Trump’s token launch was a failure.

On October 16, former US President Donald Trump launched the World Liberty Financial (WLFI) token. The token’s website claimed that investors would be able to get voting rights on future decentralized finance (DeFi) protocols.

However, token sales were minimal even after almost a full day of trading. As of 10:00 AM (UTC) on October 17, according to the token website, only 848.63 million WLFI (equivalent to $12.7 million at pre-sale price) had been sold, with 19.1 billion unsold coins (287 million). dollars). The amount sold on the first day was only 4.24% of the total.

Several reasons can explain why a token fails: Unlike most cryptocurrencies, WLFI cannot be transferred from one wallet to another. This means that accredited investors cannot sell tokens to non-accredited investors, and no one outside the United States can sell them to US residents.

Moreover, despite only selling hundreds of millions of tokens, the website was unable to handle even this small amount of traffic. Some users reported receiving a “message that this page is not working” when trying to purchase tokens.

U.S. spot Bitcoin ​ETF sees $556 million inflows in biggest day since June

The U.S. spot Bitcoin exchange-traded fund (ETF) recorded its highest daily inflow in more than four months, with inflows exceeding $500 million.

The 11 ETFs had total net inflows of $555.9 million on Oct. 14, the largest single-day net inflows since early June, according to data from Farside Investors. The big day came as Bitcoin hit a two-week high of $66,500 in late trading.

ETF Store president Nate Geraci called it a “monster day” for the spot BTC ETF, adding that it is currently approaching $20 billion in net inflows over the past 10 months.

“This is absolutely ridiculous and blows away all pre-launch demand estimates,” he said in an Oct. 15 X post. “This is not ‘degen retail,’ this is something that advisors and institutional investors continue to slowly adopt.”

Fidelity Wise Bitcoin Origin Fund (FBTC) led the way with inflows of $239.3 million, the highest since June 4.

Warren, Deaton debate cryptocurrency in first debate for U.S. Senate seat

Senator Elizabeth Warren and cryptocurrency lawyer John Deaton clashed over cryptocurrency policy in the first debate of their Massachusetts Senate race.

Deaton, the Republican candidate, called out Democratic rival and incumbent Warren during the Oct. 15 debate, saying she was focused on building an “anti-crypto army” instead of prioritizing other issues affecting the state’s lower and middle class.

Deaton said, “With the country bankrupted by illegal immigration and ordinary people being driven out of the economy by inflation (…) why did this senator wake up one day and say I’m going to create an anti-crypto army?”

Warren insisted she was “okay” with people who wanted to buy and sell cryptocurrencies but wanted the industry to follow “the same rules,” such as consumer protection and counter-terrorism laws, as banks and stockbrokers.

FBI arrests hacker behind SEC approval of fake Bitcoin ETF

A 25-year-old man from Athens, Alabama, was arrested by the Federal Bureau of Investigation in January on charges of hacking the Securities and Exchange Commission’s official X account.

Eric Council Jr. was arrested on charges of conspiracy to commit aggravated identity theft and access device fraud, according to an Oct. 17 statement.

According to federal authorities, Council is accused of being part of a group that hacked the SEC’s I received it.

The fake announcement caused the price of Bitcoin to surge by more than $1,000 following the X post, sending additional shockwaves through the market.

SEC Approves Listing of Bitcoin Options ETF on NYSE, CBOE

On October 18, the U.S. Securities and Exchange Commission (SEC) approved the applications of the New York Stock Exchange (NYSE) and the Chicago Board of Trade (CBOE) to list options on a long-awaited spot Bitcoin exchange-traded fund (ETF). I did it. ETF).

Options are now available for trading on 11 ETF providers approved on the NYSE, including Fidelity Wise Origin Bitcoin Fund, ARK21Shares Bitcoin ETF, Invesco Galaxy Bitcoin ETF, Franklin Bitcoin ETF, VanEck Bitcoin Trust, WisdomTree Bitcoin Fund, Grayscale Bitcoin Trust, and Grayscale Bitcoin. It has become possible. Mini Trust, Bitwise Bitcoin ETF, BlackRock’s iShares Bitcoin Trust ETF and Valkyrie Bitcoin Fund.

The Chicago Board Options Exchange also submitted an application to list options on spot Bitcoin ETF providers for August 2024 through a proposed rule change.

This change in regulatory policy puts Bitcoin ETF options in the same category as other commodity-based ETFs that the SEC has approved for CBOE listing, with the exception of Grayscale’s Bitcoin Mini Trust.

winners and losers

Bitcoin this weekend (BTC) It’s in $67,759; ether (ETH) to $2,625 and XRP to $0.54. The total market capitalization is $2.32 $1 trillion, according to CoinMarketCap.

Among the top 100 cryptocurrencies, the top 3 altcoins this week are BOOK OF MEME. (tree) 54.05%, Cats living in a dog’s world (seagull) 49.77%, Ethena (this) 40.45%.

The top three altcoin losers this week are Maker. (MKR) At 12.33%, helium (HNT) 9.16%, Uniswap (uni) 8.19%. For more information on cryptocurrency prices, read Cointelegraph’s market analysis.

most memorable quotes

“Ethereum should feel like one ecosystem rather than 34 different blockchains.”

Vitalik ButerinEthereum founder

“Trump is undoubtedly more favorable to the industry, but we are optimistic that Harris can outperform Biden.”

alex sonDirector of Galaxy Digital Enterprise Research Center

“Only if BTC falls below $58.8,000 will the Bears feel dizzy.”

Matthew HylandIndependent Cryptocurrency Analyst

“We respectfully submit that, considering all of these circumstances, the only appropriate sentence for Nishad is time served and a period of supervised release.”

Nishad Singh’s lawyer

“Interestingly, the skew in ETH open interest, with almost 2.5x more calls sold than bought, suggests that traders see limited upside at the moment.”

nick fosterDerive Co-Founder

“Given that Bitcoin, Ethereum and other crypto assets can act as a hedge against inflation and as a store of value. “It doesn’t surprise us that Americans are increasingly focused on candidates’ positions on cryptocurrencies.”

Craig SalmChief Legal Officer at Grayscale

Predictions of the Week

Is it different this time? Bitcoin RSI says a BTC price of $233,000 is possible in 2025.

Bitcoin is technically expected to hit $233,000, which could happen as early as the first quarter of 2025.

In a new BTC price prediction, X analytics account Bitcoindata21 used the Relative Strength Index (RSI) to predict six figures for BTC/USD.

Bitcoin price action is currently consolidating around $65,000, but there is potential for a revolution in the market in the coming months.

Applying the standard deviation to the monthly RSI, Bitcoindata21 suggests that the current bull market high could be around $250,000.

This can be done by referencing the historical highs of the monthly RSI readings, which correspond to the highs of BTC/USD.

“The peak of the monthly RSI trend channel is around 88.6 in Q1 2025,” Bitcoindata21 said. “If you expect it to not be right, then you believe this time is different.”

FUD of the week

SUI price rise sparks suspicions of $400 million insider selling

Sui token’s recent triple-digit rally has raised suspicions of insider selling among cryptocurrency investors despite its impressive price gains.

Sui has risen more than 120% over the past month, trading at $2.25 as of 10:13 AM UTC on October 14. The token is up more than 16% over the past week, according to Cointelegraph data.

However, despite the bullish price action of the Sui token, allegations of insider selling have emerged.

Wallets associated with the SUI initial coin offering reportedly sold more than $400 million worth of tokens during the rally, according to anonymous cryptocurrency analyst Light, who posted information to Light said:

“Insiders (including large foundation wallets) sold $400 million of tokens during this run-up, have already started selling significant amounts at much lower prices, and are accelerating sales at higher levels.”

In a statement posted on the

Ledger user targeted by malicious ‘transparent signature’ phishing email

A new wave of scam emails is targeting Ledger users and attempting to steal their cryptocurrency assets.

The purpose of the scam email is to trick users into continuing to use their Ledger devices by activating a security feature called “Ledger Clear Signing” by October 31st.

Emails sent from addresses not associated with Ledger direct users to malicious links that activate fake security features. The content of the phishing email is as follows:

“Enabling Clear Signing will be required starting November 1, 2024 to ensure continued safe use of Ledger devices. “This feature is essential to protecting your assets from increasingly sophisticated phishing attacks and fraudulent activities.”

Chainalysis goes to court in $650 million defamation lawsuit

Chainalytic was sued by Exceptional Media Ltd., which led the YieldNodes blockchain investment project. According to legal documents filed by Exceptional Media, Chainalytic misclassified the YieldNodes project as an “investment fraud.”

Exceptional Media is seeking at least $650 million in damages, citing damage to its reputation and customer base. They also claim there was malicious intent.

Since the initial filing, Chainalysis’ legal team has filed numerous motions to dismiss. According to Chainalytic, Exceptional Media and YieldNodes failed to prove that the YieldNodes project was not a scam and failed to provide a rebuttal to Chainalytic’s claims.

“The lawsuit does not allege falsehood,” according to court documents filed by Chainalysis’ legal team.

Magazine Story of the Week

CryptoPunks: gmoney’s Ado About NFT Collector’s ‘Best Buys’

“I bought Ape for $150,000 and wanted to sell it for $5 million within five years, but I didn’t realize I could do that in five months,” says the collector.

Fake Rabby wallet scam linked to Dubai cryptocurrency CEO and more victims

The investigation traced $1.6 million in lost cryptocurrency from a wallet called “Konpyl” to the Rabby fake wallet scam in February, but the rabbit hole goes much deeper.

Edgelord version of 3AC’s massive bet on the Memecoin supercycle: Asia Express

3AC’s memecoin gambling, Bitcoin discounts in Korea, and Philippine cryptocurrency fraud cases are getting more ugly.

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editorial staff

Cointelegraph Magazine writers and reporters contributed to this article.