Hodler’s Digest, Nov. 10 – 16 – Cointelegraph Magazine

Prime Tales of The Weeokay

Bitcoin is not going to fall to $60K with no ‘threats within the near-term’ — Michael Saylor

MicroStrategy founder and Bitcoin bull Michael Saylor has dominated out the possibilities of Bitcoin retracing to $60,000 — a vital worth stage for almost all of 2024.

“I don’t assume it’s going to $60,000, it’s not going to $30,000, I believe it’s going to go up from right here,” Saylor advised CNBC on Nov. 14. Bitcoin is buying and selling round $87,790, in line with CoinMarketCap.

He mentioned Donald Trump’s win “very decidedly” settled the way forward for crypto and Bitcoin in the USA, including, “I don’t actually see any threats on the near-term horizon.”

“I’m planning the $100,000 occasion,” Saylor mentioned. “I’m pondering it’s most likely going to be New Yr’s Eve at my home, so I might be stunned if we don’t undergo $100,000 in November or December.” 

NY prosecutor suggests workplace will reduce crypto circumstances

A prosecutor with the USA Lawyer’s Workplace for the Southern District of New York (SDNY) has urged that authorities are devoting fewer sources to bringing circumstances involving cryptocurrency-related crimes.

Talking on the Training Regulation Institute’s 56th Annual Institute on Securities Regulation on Nov. 15, Scott Hartman reportedly mentioned there wouldn’t be “as a lot crypto stuff popping out of at the very least the SDNY sooner or later.” Hartman, the co-chief of the Securities and Commodities Fraud Process Power at SDNY, hinted that a lot of its prison circumstances in opposition to high-profile executives like former FTX CEO Sam Bankman-Fried had been filed in response to the crypto market downturn of 2022.

“We introduced plenty of large circumstances within the wake of the crypto winter,” mentioned Hartman. “There have been plenty of essential fraud circumstances to convey there, however we all know our regulatory companions are very lively on this area.”

Bitcoin to hit ‘repeated all-time highs’ over subsequent 2 quarters: VanEck

Bitcoin’s record-breaking rise since the USA elections is anticipated to proceed, and funding supervisor and fund issuer VanEck is concentrating on a worth of $180,000 for someday subsequent yr.

“It’s simply getting began,” VanEck’s head of digital property analysis, Matthew Sigel, advised CNBC’s Squawk Field on Nov. 14.

“We’re now in blue sky territory, no technical resistance, and we predict we’re more likely to make repeated all-time highs over the subsequent two quarters,” he added.

Bitcoin has risen about 30% since Nov. 5, main a wider crypto rally after the pro-crypto Donald Trump was elected president. It’s continued to achieve new highs, with its present peak set on Nov. 13, hitting virtually $93,490, per TradingView.

Bitcoin’s rally has barely cooled as of Nov. 15, with it buying and selling round $88,100.

Dogecoin investor lawsuit in opposition to Elon Musk dropped

A 2022 class-action lawsuit filed in opposition to Elon Musk and Tesla — alleging that the businessman manipulated the value of Dogecoin by way of media appearances and social media posts — was withdrawn by the plaintiffs on Nov. 14, 2024.

Based on the authorized submitting, the plaintiffs have agreed to withdraw their enchantment from the Second Circuit Courtroom of Appeals and never search any post-judgment reduction from Musk and the automotive firm.

Attorneys for the buyers additionally waived their proper to enchantment the case in any United States court docket, and each side have agreed to drop motions to sanction the opposite aspect over the lawsuit.

The movement to withdraw the class-action lawsuit should nonetheless be accredited by United States District Choose Alvin Ok. Hellerstein earlier than the two-year-old litigation formally concludes.

Bitcoin ETF choices move ‘second hurdle’ with CFTC clearance

America Commodity Futures Buying and selling Fee (CFTC) has issued a discover, “clearing the way in which” for spot Bitcoin exchange-traded fund (ETF) choices. Analysts at the moment are speculating the merchandise may very well be listed imminently.

“Ball now in OCC’s court docket, and they’re into it, in order that they’ll prob checklist very quickly,” ETF analyst Eric Balchunas wrote in a Nov. 15 X publish.

“Right here. We. Go,” ETF analyst James Seyffart added.

The CFTC’s Nov. 16 assertion introduced the Division of Clearing and Danger’s place “that the CFTC doesn’t have any extra function concerning the clearing of those choices.”

“These ETF choices are cleared and settled by the Choices Clearing Company as the only issuer of all fairness choices,” it said.

Crypto executives are optimistic it might have a serious affect on Bitcoin’s worth.

Winners and Losers

On the finish of the week, Bitcoin (BTC) is at $91,274, Ether (ETH) at $3,097 and XRP at $0.90. The entire market cap is at $3.02 trillion, in line with CoinMarketCap.

Among the many largest 100 cryptocurrencies, the highest three altcoin gainers of the week are Peanut the Squirrel (PNUT) at 1,826.99%, Pepe (PEPE) at 106.64% and Bonk (BONK) at 104.43%.

The highest three altcoin losers of the week are Monero (XMR) at 14.37%, Aave (AAVE) at 9.03% and Celestia (TIA) at 7.56%. For more information on crypto costs, make sure that to learn Cointelegraph’s market evaluation.

Most Memorable Quotations

“We’ve been dwelling in a gas-lit world for a very long time, generously gas-lit by the SEC.”

Joseph Lubin, CEO of Consensys

“I sit up for Elon and Vivek making adjustments to the Federal Paperwork with a watch on effectivity and, on the identical time, making life higher for all Individuals.”

Donald Trump, United States President-elect

“We’re now in blue sky territory, no technical resistance, and we predict we’re more likely to make repeated all-time highs over the subsequent two quarters.”

Matthew Sigel, head of digital property analysis at VanEck

“I believe it could be very sensible for the USA to take the Bitcoin it has, perhaps add some to it, and say we need to present the world that we’re going to be a technology-first nation — a crypto, a digital asset-first nation. I don’t essentially assume the greenback wants something to again it up.”

Mike Novogratz, founding father of Galaxy Digital

“After being a laggard for many of this cycle Ethereum is beginning to catch a bid.”

Rachael Lucas, crypto analyst at BTC Markets

“We sit up for standing up for ourselves and our group and persevering with to assist on a regular basis individuals perceive essential world occasions.”

Polymarket spokesperson

Prediction of The Week

Bitcoin worth can hit $100K by Thanksgiving if bulls maintain key stage

Keith Alan, co-founder of buying and selling useful resource Materials Indicators, mentioned {that a} return to the mid-$80,000 vary would possibly in the end be cathartic for BTC worth energy.

“A retest of assist at $86k could be wholesome for $BTC, and it’ll give us some perception as as to whether the speed of this “TrumpPump may be sustained for a soonish run at $100k or if momentum goes to chill off for greater than 5 minutes,” he advised X followers.

Later, Alan urged that Bitcoin might hit its final psychological goal — $100,000 — as quickly because the Thanksgiving vacation on Nov. 28.

To take action, nevertheless, it wanted to protect a rising short-term development line.

“If assist fails on the line, worth will seek for assist within the $75k – $76k vary,” he warned.

FUD of The Week

Helix mixer operator will get 3 years in jail for cash laundering

Larry Harmon, who was arrested in 2020 for serving to criminals launder cash by way of the Helix cryptocurrency mixer, has been sentenced to a few years in jail. The sentence was a present of leniency attributable to his help within the Bitcoin Fog mixer case, District of Columbia District Courtroom Choose Beryl Howell mentioned.

Harmon confronted a sentence of as much as 20 years for the costs in opposition to him. The federal government had really useful a sentence of 75 months on Nov. 11. Harmon was fined $60 million by the Treasury Division’s Monetary Crimes Enforcement Community in 2020.

Harmon helped prosecutors within the case in opposition to Bitcoin Fog operator Roman Sterlingov, who was sentenced to 12.5 years in jail on Nov. 8. Harmon expressed regret at his sentencing. He had additionally shut down Helix two years earlier than his arrest, the choose famous whereas passing sentence on him. “He turned himself round earlier than he was arrested on this case,” she mentioned.

Harmon was additionally ordered to forfeit roughly $311 million in money and “seized cryptocurrencies, actual property, and financial property valued at over $400 million.”

South Korea probes Upbit for 600K KYC violations

Main South Korean cryptocurrency alternate Upbit is reportedly suspected of huge breaches in Know Your Buyer (KYC) procedures amid its native license renewal.

South Korea’s Monetary Intelligence Unit of the Monetary Providers Fee has recognized at the very least 500,000 to 600,000 potential KYC violations by the Upbit alternate, native information company Maeil Enterprise Newspaper reported on Nov. 14.

The authority reportedly noticed alleged buyer verification breaches whereas reviewing the renewal of Upbit’s enterprise license, doubtlessly affecting the alternate’s operations.

In South Korea, cryptocurrency exchanges or digital asset service suppliers are obligated to determine strict KYC procedures.

Bitfinex hacker sentenced to five years in jail

Ilya Lichtenstein, the hacker who stole billions price of Bitcoin from the crypto alternate Bitfinex in 2016, was sentenced to 5 years in jail.

Washington, DC, District Courtroom Choose Colleen Kollar-Kotelly sentenced Lichtenstein in a Nov. 14 listening to after he pleaded responsible to conspiracy to commit cash laundering in August 2023. Along with jail time, Lichtenstein was ordered to serve three years of supervised launch.

Lichtenstein was dealing with as much as 20 years in jail, however prosecutors had really useful he serve 5 years as he had no prior prison historical past, gave “substantial help” in different investigations and managed to launder solely 25,111 Bitcoin out of the 119,754 BTC he stole from Bitfinex, at the moment price over $10.4 billion with the cryptocurrency priced round $87,500.

Prime Journal Tales of The Week

Off The Grid’s success reveals ‘invisible’ blockchain is the successful play

Off The Grid brings much-needed momentum to Web3 video games, however the secret to its success could also be its invisible reliance on blockchain.

Authorized points encompass the FBI’s creation of pretend crypto tokens

Novel tokens launched by the FBI and AI brokers elevate extra questions. Our panel of crypto attorneys discusses what’s authorized and who bears authorized legal responsibility.

Crypto spy jailed for all times in China, YouTuber accused of $230M fraud: Asia Categorical

Chinese language official jailed for promoting secrets and techniques for crypto, WazirX pretend account suspect nabbed, S. Korean YouTube finfluencer arrested for rip-off, and extra.

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Cointelegraph Journal writers and reporters contributed to this text.