Hodler’s Digest, Oct. 27 – Nov. 2 – Cointelegraph Magazine

Prime Tales of The Week

Michael Saylor posts faux quote from Trump on crypto to three.6M followers

With the US Election Day arising and many citizens already going to the polls, social media is rife with misinformation about candidates’ insurance policies. MicroStrategy government chair Michael Saylor appears to have fallen for a social media put up containing misinformation about Donald Trump’s place on taxing crypto.

In an Oct. 30 put up on X to his greater than 3.6 million followers, Saylor attributed a quote to Trump during which he stated crypto shouldn’t be taxed and that “Bitcoin is cash.”

An investigation by Cointelegraph urged that the faux quote originated from the X account Basedkarbon, which claimed in an Oct. 28 put up that the Republican candidate made the remarks in “a latest interview.”

Kraken restructures with new co-CEO, layoffs reported

Cryptocurrency alternate Kraken has declared “a brand new day” with the appointment of latest co-CEO Arjun Sethi and a managerial shakeup. There may be additionally an unconfirmed report that 15% of the workers has been laid off.

Sethi can also be the co-founder and chairman of Silicon Valley enterprise capital investor Tribe Capital and has been a member of the Kraken board since 2021. He’ll share the highest place at Kraken with David Ripley.

Along with disclosing Sethi’s appointment, Kraken introduced upcoming basic modifications on its weblog on Oct. 30. “We should be leaner and sooner,” the agency stated. Apparently, Kraken’s organizational construction is in for an overhaul. Based on the weblog:

“We fell into the entice of constructing organizational layers. We put managers in command of the successes or failures of the teams they managed, and we predicted success based mostly on siloed P&Ls [profits and losses]. […] So, ‘managers’ are incentivized to do the mistaken factor.”  

Ex-FTX exec sentenced to time served after responsible plea

A federal decide has sentenced Nishad Singh, the previous engineering director of FTX, to time served and three years of supervised launch for his position in misappropriating consumer funds and marketing campaign finance violations.

In an Oct. 30 listening to in the US District Court docket for the Southern District of New York, Choose Lewis Kaplan sentenced the 29-year-old Singh to time served. He was the fourth particular person named within the indictment of FTX executives to face earlier than a decide following sentencing hearings for former CEO Sam Bankman-Fried, former Alameda Analysis CEO Caroline Ellison, and former FTX Digital Markets co-CEO Ryan Salame.

Based on reporting from the courtroom by Interior Metropolis Press, Singh’s attorneys alleged “most of” the fraud at FTX was the results of Bankman-Fried’s and Ellison’s actions. Singh stated he was “overwhelmed with regret” for his position within the FTX saga.

Trump victory might give crypto a ‘dopamine hit,’ however merchants needs to be cautious 

Many crypto business pundits have predicted {that a} Donald Trump victory in the US presidential election on Nov. 5 might set off a significant crypto market rally. 

Nonetheless, some analysts warn that crypto traders ought to stay cautious within the days and weeks surrounding election day, as different components could also be at play.

“A Trump victory would seemingly present a dopamine hit,” Swyftx lead analyst Pav Hundal advised Cointelegraph, whereas additionally warning that markets can be extra unstable within the days surrounding the election. 

Derive founder Nick Forster stated that “merchants ought to strategy with warning” because the market is presently pricing in appreciable volatility. He warned that “whereas there is likely to be an upside, the dangers are equally important.”

Referring to Derive choices knowledge, Forster stated merchants are getting ready for important value actions across the election date.

OpenAI launches ChatGPT Search, autonomous AI ‘huge theme’ of 2025

OpenAI launched a brand new characteristic for its synthetic intelligence chatbot, ChatGPT, which boosts its functionality to reply questions by looking the net.

On Oct. 31, the corporate introduced the “ChatGPT Search” characteristic, permitting customers to go looking the net based mostly on their questions. Customers may also select to go looking manually by clicking the net search icon.

Whereas ChatGPT beforehand had restricted internet entry, the brand new replace claims to ship extra related solutions than conventional search engines like google and yahoo:

“You will get quick, well timed solutions with hyperlinks to related internet sources, which you’d have beforehand wanted to go to a search engine for.”

Winners and Losers

On the finish of the week, Bitcoin (BTC) is at $69,332, Ether (ETH) at $2,510 and XRP at $0.51. The full market cap is at $2.32 trillion, in keeping with CoinMarketCap.

Among the many largest 100 cryptocurrencies, the highest three altcoin gainers of the week are Raydium (RAY) at 21%, Dogecoin (DOGE) at 15.92% and Maker (MKR) at 15.05%.

The highest three altcoin losers of the week are Immutable (IMX) at 21.19%, Celestia (TIA) at 19.87% and Arweave (AR) at 17.49%. For more information on crypto costs, be certain to learn Cointelegraph’s market evaluation.

Most Memorable Quotations

“If Bitcoin crashes post-election, MicroStrategy’s (MSTR) value would seemingly fall two to a few occasions extra sharply, given its beta to Bitcoin.”

Timothy Peterson, unbiased community economist

“Total [cryptocurrency regulation] is definitely shifting in a really constructive course… By June, Donald Trump is pro-crypto. By the top of June, each events are pro-crypto. I’m nonetheless sitting in jail, like what the hell occurred?”

Changpeng “CZ” Zhao, co-founder and former CEO of Binance

“Barring some type of exogenous shock, we’re taking a look at six-figure Bitcoin costs earlier than year-end. Regardless of who’s in command of the White Home.”

Pav Hundal, lead market analyst at Swyftx

“Something that Vitalik says in that vein will get a cheer from me and from the corporate, however there’s no further stress on us from Vitalik or from anyone outdoors of Consensys.”

Joe Lubin, CEO of Consensys

“Markets don’t care about our evaluation or place. You step to the road and take what generates a sign for you.”

Aksel Kibar, dealer and former fund supervisor

“The worldwide monetary system is closed, outdated and inefficient. This business is important to the U.S., but it operates on the velocity of the put up workplace whereas the remainder of the financial system has quickly innovated by efficiently utilizing know-how and the web.”

Charles Cascarilla, CEO of Paxos

Prime Prediction of The Week

Bitcoin technical indicator predicts BTC cycle peak in $174K–$462K vary

Bitcoin registered its highest-ever three-day candle shut at $72,724 on Oct. 29 after the crypto asset rallied 8.75% in 24 hours. With BTC shifting above its overhead resistance at $71,500, based mostly on this key indicator, traders might be taking a look at a return on funding (ROI) vary of 145%–530% within the subsequent 12 months.

Bitcoin is near breaking out of a seven-month value consolidation vary, and the market is anticipating a interval of value discovery after BTC information new all-time highs (ATHs).

Whereas new research and knowledge have served numerous predictions over the previous few weeks, Bitcoin has beforehand adhered to ranges outlined by Fibonacci retracement ranges between 1.618 and a couple of.272, the place every BTC high has been achieved.

FUD of The Week

Choose pushes Twister Money co-founder trial to April 2025

Twister Money co-founder and developer Roman Storm gained’t stand trial for cash laundering and sanctions violation fees till April 2025.

In a Nov. 1 phone convention for the US District Court docket for the Southern District of New York, Choose Katherine Polk Failla ordered Storm’s trial adjourned till April 14, 2025. The Twister Money co-founder’s authorized crew had been petitioning to dismiss his fees, claiming they had been based mostly solely on him writing code for the cryptocurrency mixing service.

In 2023, prosecutors charged Storm and Twister co-founder Roman Semenov with conspiracy to commit cash laundering, conspiracy to commit sanctions violations and conspiracy to function an unlicensed money-transmitting enterprise. The indictment prompted outrage from many within the crypto business.

M2 crypto alternate hacked for $13M, consumer funds already restored

Cryptocurrency hackers have struck as soon as extra, stealing over $13 million in a brand new cyberattack on a crypto alternate.

Centralized cryptocurrency alternate M2 was hacked for $13.7 million price of digital property, the alternate shared in an Oct. 31 announcement, which acknowledged:

“We wish to report that the state of affairs has been absolutely resolved and buyer funds have been restored. M2 has taken full accountability for any potential losses, demonstrating our unwavering dedication to safeguarding our clients’ pursuits. All companies at the moment are absolutely operational with extra controls in place.”

Hackers managed to steal the $13.7 million in Bitcoin, Ether and SOL, from the alternate’s scorching wallets, wrote pseudonymous onchain investigator ZachXBT in a Nov. 1 Telegram put up.

Panic vendor loses $222K in AAVE amid market fluctuation

A millionaire crypto investor with substantial Aave holdings “offered the dip” for a lack of about $222,000 — a traditional case of panic promoting amid unsure market situations.

In mid-October, a crypto pockets related to the vendor withdrew 20,527 Aave price $3.19 million from the crypto alternate Binance. On the time, the market value of AAVE was $155.

Over the subsequent two weeks, AAVE and plenty of different cryptocurrencies struggled to select up momentum.

Whereas an investor may go for a hodl technique, hoping for a value appreciation within the close to future, the AAVE investor determined to dump the holdings whereas the market was down, in keeping with onchain analytics platform Lookonchain.

The vendor offered off the complete 20,527 AAVE stake at a market value of $144 “in a panic to cease losses,” Lookonchain stated. 

Prime Journal Tales of The Week

We took an ETHSafari to see how crypto is figuring out in Africa

African founders and tasks are sometimes excluded from world Web3 occasions, so ETHSafari brings the crypto world to them.

Off The Grid is tormented by cheaters: Web3 Gamer

Off The Grid players are being supplied rewards to report dishonest software program together with aimbots, wallhacks and god mode.

‘Hong Kong’s FTX’ victims win lawsuit, bankers bash stablecoins: Asia Categorical

Gemini continues its APAC enlargement, first JPEX victims win restoration case, central bankers bash stablecoins, and extra.

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