Day: November 2, 2023

‘Santa Rally’ Could Lift Bitcoin (BTC) Prices to $56K by Year-End, Matrixport Says

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“If bitcoin is up at least +100% by this time of the year, then there is a +71% chance or five in seven that bitcoin would finish the year higher with average year-end rallies of +65%,” Markus Thielen, head of research and strategy at Matrixport, said in a note to clients on Thursday. “As bitcoin tends to reach its peak by December 18th, we could call the six to seven weeks from early November to mid-December Bitcoin’s Santa Claus Rally.” Original

MicroStrategy Deepens Bitcoin Strategy With Massive October Purchase

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MicroStrategy, courtesy of its former CEO and co-founder Michael Saylor, has continued its aggressive accumulation of the flagship cryptocurrency, Bitcoin, with the company’s latest purchase coming in October, according to Saylor himself.   MicroStrategy Acquired An Additional 155 BTC In October In a post shared on his X (formerly Twitter) platform, Saylor mentioned that his company acquired this amount of BTC for $5.3 million and now holds 158,400 BTC. The businessman made this comment while sharing the company’s third-quarter 2023 financial results. The release also affirmed Saylor’s revelation as it gave…

Elon Musk’s take on NFTs sparks support for Bitcoin Ordinals

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While deriding nonfungible tokens on a podcast, Tesla’s CEO, Elon Musk, inadvertently turned the spotlight onto Bitcoin Ordinals, the Bitcoin network’s version of NFTs. In an interview released on Oct. 31 on The Joe Rogan Experience, Elon Musk remarked, “The funny thing is the NFT is not even on the blockchain — it’s just a URL to the JPEG.” Musk said NFT projects should at least encode the JPEG on-chain: “You should at least encode the JPEG in the blockchain. If the company housing the image goes out of business,…

Information Commissioner’s Office issues three fines totalling £170,000 for illegal direct marketing

Three companies offering financial services have been fined £170,000 collectively by the Information Commissioner’s Office (ICO) for illegal direct marketing under the Privacy and Electronic Communications Regulations (PECR). Debt management company, Digivo Media Ltd, which traded as Rid My Debt, was fined £50,000 for sending more than 415,000 text messages, which were delivered, from 24 March 2021 to 7 September 2021. The text messages encouraged people to get “free advice” or a “free pack” by visiting the Rid My Debt website. These messages were sent without valid consent, which is…

PayPal faces SEC action related to PYUSD stablecoin: Report

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Payment giant PayPal has received a subpoena from the United States Securities and Exchange Commission (SEC) regarding its U.S. dollar-pegged stablecoin. The Enforcement division of the SEC has sent a subpoena to PayPal related to its PayPal USD (PYUSD) stablecoin, the firm disclosed on Nov. 2, according to a report by Reuters. The action comes about three months after PayPal launched its PYUSD stablecoin in early August. The stablecoin is issued by Paxos Trust and backed by U.S. dollar deposits, short-term Treasurys and similar cash equivalents. PYUSD is based on…

Why everyone is talking about Solana in 2023

Solana surges in 2023, joining top blockchains with its unique tech, large user base, and promising price forecasts, challenging Ethereum’s dominance. As of 2023, Solana (SOL) has earned its place among the top 3 layer-1 blockchains, sharing the spotlight with giants like Ethereum (ETH) and Binance Chain (BNB).  What’s particularly intriguing is that while Solana’s market capitalization sits at about 7.5% of Ethereum’s at nearly $16.5 billion, its daily active user base stands at 66% of Ethereum’s, signaling an engaged and growing community. Over the last 30 days, SOL’s price experienced…

Solana Welcomes November With $40 Breach

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The first day of November marked an eventful moment in the cryptocurrency market as altcoins surged vigorously, led by impressive gains of Solana. This rally in Solana’s value set the tone for a day where altcoins gained significant traction. (Concurrently, Bitcoin experienced a late rally, breaching the $35,500 mark. This unexpected surge in Bitcoin not only solidified its position but also contributed to the overall bullish sentiment in the market.) The day’s dynamic movements highlighted the growing influence of altcoins, particularly Solana, showcasing their capacity to drive market trends. This…

The Case Against Sam Bankman-Fried

Listening to the competing attorneys, it’s not hard to see where the defense’s key issues might be. Though the burden of proof is on the prosecution, the DOJ does have a very simple narrative: Bankman-Fried knowingly and willingly misappropriated customer funds, lied about it, spent the funds on all sorts of things and then tried to mislead people when things fell apart. Roos spent the first few hours of his argument repeating the phrase, “where did the money go, what happened and who’s responsible” – the three questions he wants…