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Top news of the week
Michael Saylor posted a fake Trump quote about cryptocurrency to his 3.6 million followers.
With Election Day approaching in the United States and many voters already heading to the polls, social media is awash with misinformation about candidates’ policies. MicroStrategy Chairman Michael Saylor appears to have fallen for a social media post containing misinformation about Donald Trump’s stance on cryptocurrency taxation.
In an Oct. 30 post on
Cointelegraph’s investigation found that the fake quote originated from the X account Basedkarbon, which claimed in an October 28 post that the Republican candidate made the remarks in a “recent interview.”
Kraken restructures with new co-CEOs, reports layoffs
Cryptocurrency exchange Kraken has appointed a new co-CEO, Arjun Sethi, and announced a “new day” with a management shake-up. There are also unconfirmed reports that 15% of employees were fired.
Sethi is also co-founder and chairman of Silicon Valley venture capital investor Tribe Capital and has served as a member of Kraken’s board of directors since 2021. He will share Kraken’s top job with David Ripley.
In addition to disclosing Sethi’s appointment, Kraken announced fundamental changes ahead on its blog on October 30. “We need to become leaner and faster,” the company said. It appears that Kraken’s organizational structure will be completely reorganized. According to the blog:
“We have fallen into the trap of building organizational hierarchies. We held managers accountable for the success or failure of the groups they controlled, and predicted success based on separate profits and losses (P&Ls). (…) So ‘managers’ are encouraged to do the wrong thing.”
Former FTX executive sentenced to prison after pleading guilty
A federal judge sentenced FTX’s former engineering director, Nishad Singh, to prison and three years of supervised release for misappropriation of user funds and campaign finance violations.
At a hearing on October 30 in the U.S. District Court for the Southern District of New York, Judge Lewis Kaplan sentenced Singh, 29, to life in prison. He is the fourth FTX executive named in the indictment following sentencing hearings for former CEO Sam Bankman-Fried, former Alameda Research CEO Caroline Ellison and former FTX Digital Markets co-CEO Ryan Salame.
According to a courtroom report by Inner City Press, Singh’s attorneys argued that “the majority” of the FTX fraud was the result of the actions of Bankman-Fried and Ellison. Singh said he was “overwhelmed with regret” about his role in the FTX series.
Trump’s victory could give cryptocurrencies a ‘dopamine hit’, but traders should be cautious
Many cryptocurrency industry experts predicted that Donald Trump’s victory in the US presidential election on November 5 could trigger a major rally in the cryptocurrency market.
Still, some analysts warn that cryptocurrency investors should exercise caution in the days and weeks surrounding Election Day as other factors may be at play.
“A Trump victory will provide a dopamine effect,” Pav Hundal, senior analyst at Swyftx, told Cointelegraph, warning that markets would be more volatile in the period surrounding the election.
Derive founder Nick Forster said “traders need to approach with caution” as the market is currently pricing in significant volatility. “There may be upside, but the risks are equally significant,” he warned.
Citing derivative options data, Forster said traders are bracing for significant price movements around Election Day.
OpenAI launches autonomous AI ‘big theme’ ChatGPT search in 2025
OpenAI introduced new features for ChatGPT, an artificial intelligence chatbot that enhances the ability to answer questions through web searches.
On October 31, the company announced a ‘ChatGPT Search’ feature that allows users to search the web based on questions. Users can also choose to search manually by clicking the web search icon.
ChatGPT previously had limited web access, but the new update claims to provide more relevant answers than traditional search engines.
“You can get quick, timely answers with links to relevant web sources that previously required you to go to a search engine.”
winners and losers
Bitcoin this weekend (BTC) It’s in $69,332; ether (ETH) to $2,510 and XRP to $0.51. The total market capitalization is $2.32 $1 trillion, according to CoinMarketCap.
Among the top 100 cryptocurrencies, the top three altcoin gainers this week are Raydium. (ray) 21%, Dogecoin (viceroy) 15.92% and Maker (MKR) 15.05%.
The top three altcoin losers of the week are unchanged. (IMX) 21.19%, Celestia (TIA) 19.87% and Arweave (AR) 17.49%. For more information on cryptocurrency prices, read Cointelegraph’s market analysis.
most memorable quotes
“If Bitcoin crashes after the election, the price of MicroStrategy (MSTR) is likely to fall 2-3 times more dramatically considering its beta status for Bitcoin.”
Timothy PetersonIndependent Network Economist
“The overall (cryptocurrency regulation) is actually moving in a very positive direction… Come June, Donald Trump will be championing cryptocurrencies. By the end of June, both parties are in favor of cryptocurrency. “I’m still sitting in prison, wondering what happened?”
Changpeng “CZ” ZhaoCo-founder and former CEO of Binance
“Barring some kind of exogenous shock, we see the Bitcoin price reaching six figures before the end of the year. “It doesn’t matter who controls the White House,” he said.
Pav HundalSenior Market Analyst at Swyftx
“In that context, anything Vitalik says is cheered by me and the company, but there is no additional pressure on us from Vitalik or anyone outside of Consensys.”
Joe RubinConsensys CEO
“The market is not interested in our analysis or our position. You go to the line and take what creates the signal.”
Axel KivarTrader and former fund manager
“The global financial system is closed, outdated and inefficient. “This industry is critically important to America, but it operates at the speed of the Post Office while the rest of the economy is rapidly innovating through successful use of technology and the Internet.”
Charles CascarillaPaxos CEO
Key predictions of the week
Bitcoin technical indicators predict the BTC cycle peak in the $174K to $462K range.
Bitcoin hit an all-time high of $72,724 on October 29 after the cryptocurrency asset rose 8.75% in 24 hours. Based on this key indicator, with BTC breaking above the indirect resistance of $71,500, investors can expect a return on investment (ROI) ranging from 145% to 530% over the next 12 months.
Bitcoin is barely breaking out of a seven-month price consolidation range, and the market is anticipating a period of price discovery after BTC hits a new all-time high (ATH).
Although new research and data have provided varying predictions over the past few weeks, Bitcoin has stuck to the levels outlined by the Fibonacci retracement levels between 1.618 and 2.272, where each BTC high was previously achieved.
FUD of the week
Judge postpones Tornado Cash co-founder’s trial until April 2025
Tornado Cash co-founder and developer Roman Storm will not stand trial on money laundering and sanctions violations until April 2025.
In a Nov. 1 conference call from the U.S. District Court for the Southern District of New York, Judge Katherine Polk Failla ordered Storm’s trial postponed until April 14, 2025. The Tornado Cash co-founder’s legal team has petitioned to have his charges dismissed. , which he claims is based solely on writing code for a cryptocurrency mixing service.
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In 2023, prosecutors charged Storm & Tornado co-founder Roman Semenov with conspiracy to launder money, conspiracy to violate sanctions, and conspiracy to operate an unlicensed money transfer business. The indictment has sparked outrage from many in the cryptocurrency industry.
M2 cryptocurrency exchange was hacked for $13 million, user funds already restored.
Cryptocurrency hackers have struck again, stealing more than $13 million in a new cyberattack on cryptocurrency exchanges.
Centralized cryptocurrency exchange M2 was hacked with $13.7 million worth of digital assets, the exchange said in an announcement on October 31:
“We would like to inform you that the situation has been fully resolved and customer funds have been restored. M2 takes full responsibility for any potential losses and demonstrates its firm commitment to protecting its customers’ interests. All services are now fully functional with additional controls.”
Hackers stole $13.7 million in Bitcoin, Ethereum, and SOL from the exchange’s hot wallets. ZachXBT, an anonymous on-chain investigator, wrote in a Telegram post on November 1:
Panic sellers lost $222,000 in AAVE due to market fluctuations.
The millionaire cryptocurrency investor, who holds a significant portion of Aave, “sold the dip” with a loss of about $222,000. This is a classic case of panic selling in uncertain market conditions.
In mid-October, a cryptocurrency wallet linked to the seller withdrew 20,527 Aave worth $3.19 million from cryptocurrency exchange Binance. The market price for AAVE at the time was $155.
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Over the next two weeks, AAVE and many other cryptocurrencies struggled to gain momentum.
According to Lookonchain, an on-chain analytics platform, investors may opt for a hodl strategy, hoping for price increases in the near future, but AAVE investors have decided to sell their holdings while the market is falling.
The seller sold all 20,527 AAVE shares at the market price of $144, Lookonchain said.
Featured Magazine Articles of the Week
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‘Hong Kong FTX’ victims win lawsuit, banker slams stablecoin: Asia Express
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Cointelegraph Magazine writers and reporters contributed to this article.