🔔 Another Court Finds SEC Acted ‘Arbitrarily and Capriciously’

📣 The United States Court of Appeals for the Fifth Circuit stated on Tuesday that the SEC’s stock buyback disclosure rule was arbitrary and capricious. While this case is unrelated to crypto, the crypto community noted that the securities watchdog had lost another legal battle.

✅ Crypto exchange Coinbase’s Chief Legal Officer Paul Grewal highlighted on social media platform X Wednesday that the United States Court of Appeals for the District of Columbia Circuit recently ruled in favor of Grayscale Investments, and now the Fifth Circuit has reached a similar decision.

➡️ Alderoty detailed last month that the SEC lost to Ripple three times. The first was when District Judge Analisa Torres ruled that “as a matter of law, XRP is not a security.” The second was when the SEC’s bid for an interlocutory appeal was denied, and the third was when the securities regulator dropped all charges against Ripple CEO Brad Garlinghouse and co-founder Chris Larsen.

🔗 Nonetheless, SEC Chairman Gary Gensler continues to bring enforcement actions against crypto firms. He has stated many times that the crypto industry is a field that is rife with fraud, abuse, and misconduct.

🪙 Bitcoin Mining Profitability Soars as 2023 Nears End: Daily Earnings Hit New Highs

🚀 Per the insights from hashrateindex, the seven-day average for Bitcoin’s hashrate has soared to 474 exahash per second (EH/s). In a scenario where each miner operates at 200 TH/s, the total would be equivalent to about 2.37 million such devices in operation.

⏺ It’s important to remember that not all mining rigs maintain a steady 200 TH/s — actual outputs can significantly fluctuate by model, with some yielding much lower and others exceeding 200 TH/s.

➡️ While a 335 TH/s hash rate may yield $23 in daily earnings at present rates, the future profitability by its release date remains uncertain. Meanwhile, two machines have been established in the market for a while: Bitmain’s Antminer S19 XP Hyd, with 255 TH/s, and Microbt’s hydro-cooled M53S++ offering 320 TH/s.

💵 Current figures from minerstat show that the S19 XP Hyd can generate a daily profit of $18, whereas the M53S++ can achieve $22.59. Bitcoin miners dedicating their computational power to mining are indeed reaping profits, yet those mining the digital currency kaspa (KAS), utilizing the Kheavyhash algorithm, are topping today’s profitability charts.

⏺ A Bitmain Antminer KS3, which has a hashrate of 9.4 TH/s or 9,400,000 megahash per second (MH/s), is estimated to earn an estimated $156 daily in profits. Factoring in an electricity rate of $0.07 per kWh, a miner can expect to earn around $16 per day for every terahash of effort expended.

🇰🇪 Kenyan Blockchain Association Told to Help Draft Regulation Bill, ‘Demystify’ Crypto

⚡️ A Kenyan parliamentary committee has told the Blockchain Association of Kenya (BAK) “to undertake robust public education on cryptocurrency trade to demystify it.” The committee has also asked the association and other stakeholders to prepare the initial draft of what “would be Kenya’s virtual asset service provider’s bill.”

➡️ In its Oct. 31 statement on X, Kenya’s National Assembly’s Departmental Committee on Finance and National Planning said it had learned of the country’s status as the third most active in African crypto trade. The committee was also made aware of the nearly $20 billion which was transacted between July 2021 and June 2022.

✔️ The claims that members of BAK are not paying the recently introduced digital assets tax in turn prompted Kenyan lawmakers to seek answers from the association. However, in their response to concerns raised by the parliament, BAK officials insisted that members were unable to pay due to the current structures which do not support the payment of taxes.

🇺🇸 US Government Remains Hostile Toward Crypto Despite Ripple’s SEC Win, Says CEO

➡️ Ripple CEO Brad Garlinghouse discussed the U.S. government’s crypto stance at the DC Fintech Week conference on Wednesday. Ripple recently won several legal battles against the U.S. Securities and Exchange Commission (SEC).

🔴 Emphasizing that certain U.S. banks are still cautious about embracing cryptocurrencies even after Ripple’s legal victory against the SEC.

⚡️ The Ripple executive asserted that the SEC’s stance on cryptocurrencies, particularly Chair Gary Gensler’s view of crypto as the “Wild West,” is influenced more by a political agenda than well-defined regulatory policies. He underscored that this approach is hindering the crypto industry’s advancement in the United States.

🗣 Gensler also recently explained that he is taking a litigation-heavy approach to regulating the crypto industry because crypto is an industry that is rife with fraud, abuse, and misconduct. He warned this week that anyone wanting to be in crypto must “do it within the law.”

👉 Noting that the U.S. has displayed a hostile stance towards cryptocurrencies, the Ripple boss pointed out that other nations are welcoming companies and investments in the crypto sector with clearer regulations.

❌ From ‘Big Short’ to Big Shift — Michael Burry Rotates Out of Bearish Bets Following Several Misfires

📌 Gaining notoriety for his strategic bets against the surging housing market and intricate mortgage securities that resulted in enormous gains during the market collapse, Michael Burry’s latest endeavors to capitalize on market downturns have predominantly misfired. Initiated in the second quarter, his renewed short positions targeting the S&P 500, and the Nasdaq 100 through puts, saw Burry compelled to abandon these trades in the third quarter amidst an ongoing market rally.

❌ During this period, Burry entirely withdrew his puts on the S&P 500 and Nasdaq 100 exchange-traded funds (ETFs), positions that constituted nearly $1.6 billion in total notional exposure. With the major indices remaining robust, surpassing levels from late June when Burry placed these bets, it’s probable that these trades either resulted in losses or became worthless.

〽️ Contrary to some beliefs, Burry’s wager did not equate to a $1.6 billion loss, as per an analysis by X account holder Saaketh Koka.

✔️ Additionally, the ‘Big Short’ investor also liquidated a $47 million bearish position against the semiconductor sector via puts on the SOXX ETF, a bet that consistently depreciated as chip stocks made a comeback this year.

➡️ Rising to prominence with his exceptionally lucrative short positions on the housing bubble and mortgage securities, Burry’s recent failures underscore the challenges faced by even renowned investors in consistently predicting market dynamics and timing macroeconomic shifts.

✔️ AI-Driven Crypto Market Rebounds Back to $3 Billion Amid Surge in Leading Tokens

🟢 As the AI-influenced crypto market once again surpasses the $3 billion mark, the leading AI cryptocurrencies have experienced substantial growth in the last 30 days. This sector, centered around AI-related digital currencies, has seen a dynamic year, reaching a high of more than $4 billion in February.

⚡️ Following this peak, however, there was a substantial decline, with $1.5 billion in value disappearing by July 2023. Specifically, at the end of July, the valuation of the AI-centric crypto economy stood at $2.6 billion.

👉 As the AI cryptocurrency market navigates through a year of fluctuating fortunes, its future remains uncertain. This confluence of technology and finance, while promising, poses unanswered questions about the long-term impact and stability of AI-driven digital currencies in the global financial ecosystem.

KuCoin became the first exchange that listed Islamic Coin, but new listings are coming up soon🔔

👀According to the Islamic Coin's socials the official listing of $ISLM on KuCoin was held on October 10. Islamic Coin also announced that KuCoin is only a first platform on the list and soon there will be other launches on top-tier CEX and DEX platforms. That means ISLM will gain new liquidity.

✔️Islamic Coin is the globally-recognized Shariah-compliant digital currency. The coin has the biggest Twitter account among crypto Muslim community with 1.3M followers. Developers say that the potential audience is of over 2 billion holders (1.8 billion Muslims + crypto-enthusiasts).

📌The coin is backed by top names in finance and UAE Royal Family members on Executive Board. In addition, partnerships with SushiSwap and Pyypl will help further expand Islamic Coin's ecosystem, providing liquidity and staking assets, and setting the stage for lucrative token mining opportunities.

♾ "It is both an honour and a privilege to lead Islamic Coin into the future. This is a momentous occasion that we have all been waiting for" expressed Islamic Coin founder, Mohammed AlKaff AlHashmi.

🟢 Even before the listing Islamic Coin has already secured $400M from private investments and from ABO Digital. Join Islamic Coin Official Telegram Channel not to miss any community rewards announcement and explore KuCoin to trade and deposit ISLM.

🇪🇸 Centralized Provider Problem Causes Nationwide Digital Payment Meltdown in Spain: Users Turn to Crypto and Cash

❌ A still undisclosed problem in one of the main payment providers in Spain has caused a nationwide disruption in the payment networks in the country, leaving stores and e-commerce without means for accepting digital payments.

➡️ Redsys provides payment intermediation services for more than 60 banks and other institutions after its fusion with Iberpay and Cecabank in 2019, a movement directed to cut costs and improve interoperability. However, this concentrated all digital payment users under one platform, amplifying the impact of the situation.

💸 Spaniards affected by this problem used social networks to explain how they dealt with the situation. Some criticized the posture of progressive cash elimination in the country, with the forced reduction of cash payments to a maximum of 1,000 euros per payment, a measure that was called out explicitly by the European Central Bank as an endangerment of the concept of legal tender.

💵 Some emphasized the need to carry cash as a failsafe in case one of these disruptions occurs again. However, others had to stop their purchases due to the impossibility of making payments with the tools available.

⚡️ Cash is still one of the primary payment methods used in Spain, with 65% of people using it daily, even with a significant reduction in the ATMs available in the country.

🔶 How Analysts Think Binance’s $4.3B Settlement Will Help Crypto Grow

➡️ The landmark settlement between Binance, one of the largest cryptocurrency exchanges in the world, its former CEO Changpeng “CZ” Zhao, and the U.S. Department of Justice (DOJ) on the charges of money laundering and terrorism financing might bring a new era to the cryptocurrency industry, according to analysts and crypto executives.

🗣 Brian Armstrong, CEO of Coinbase, stressed that this action might open new roads for the industry, which will have to be built with compliance in focus.

👉 Coinbase is also facing legal actions from the U.S. Securities and Exchange Commission (SEC), which alleges the exchange operates as an unregistered securities broker, evading U.S. regulations for years.

✅ Analysts at JPMorgan, led by Managing Director Nikolaos Panigirtzoglou, also believe the settlement is significant for the cryptocurrency environment, eliminating future uncertainties related to the largest crypto actor.

💲 Furthermore, the $4.3 billion deal helps to dispel the potential “systemic risk” of a hypothetical collapse of Binance, according to JPMorgan.

🪙 Robert Kiyosaki’s Advice: Get Into Bitcoin Now ‘Before It’s Too Late’

🗣The famous author wrote on social media platform X Saturday that gold has reached a new high. Noting that workers and savers are losers, he urged them to “get out of fake money system” and immediately get into gold, silver, and bitcoin “before it’s too late.”

🔴 Earlier this month, he stressed that fiat money isn’t safe, urging investors to protect themselves from central bankers. The renowned author has said repeatedly that he doesn’t trust the Federal Reserve, the Biden administration, and Wall Street, warning that the Fed and the Treasury are destroying the U.S. dollar.

🏆 He previously predicted that people who own gold, silver, and bitcoin will get richer when the Federal Reserve prints trillions of dollars, emphasizing: “Fake money savers will be the biggest losers.”

➡️ Earlier this month, he reminded investors of Rich Dad’s first lesson that the rich don’t work for dollars. “The rich do not want jobs or fake paper assets. The rich want assets that put real tax-free money in their pockets and they know how to save real assets, gold, silver, bitcoin assets that provide lifelong financial security and freedom,” Kiyosaki explained.

🔴 Report: Operator of South Korean Crypto Exchange Upbit Sees a Nearly 40% Drop in Operating Profit

➡️ In the third quarter (Q3) of 2023, Dunamu, the operator of the South Korean crypto exchange Upbit, reportedly realized an operating profit of just over $79 million (101.8 billion won). According to a Decenter report, Dunamu’s Q3 operating profit is nearly 40% lower than the $130.9 million realized in the corresponding period in 2022.

🔽 Similarly, Dunamu’s Q3 revenue, which stood at approximately $150 million, is 29% lower than the $211 million realized in the same period last year. Also, the crypto exchange operator’s Q3 net profit of $22.9 million is reportedly 81.6% lower than in the same period last year.

➡️ As per the report, Dunamu’s net profit for the period is lower due to so-called virtual asset valuation losses.

🔍 Meanwhile, the report revealed that Dunamu is now working on finding ways to mitigate the effects of the recession in the virtual assets market. An unnamed company official suggested that Dunamu is hoping to achieve this by pursuing new business opportunities.

🗣 “We will strive to revitalize the blockchain ecosystem and create an advanced investment environment, and do our best to provide innovative services based on Dunamu’s unique technological capabilities,” the unnamed official said.

🆕 Altify: A New Dawn for Young Investors in South Africa

🚀 Altify is revolutionizing the investment landscape for South Africa's youth by merging two local crypto platforms with an Austrian counterpart. This innovative platform is broadening horizons, offering a suite of alternative investment options.

💡 Catering to the modern investor, Altify provides access to private loans, venture capital, real estate, crypto assets, and collectibles. It's a one-stop-shop for the young and ambitious looking to diversify their portfolios.

🪐 With a mission to democratize alternative investments, CEO Sean Sanders is challenging the status quo that these opportunities are only for the older generation. Altify is here to prove that age is just a number when it comes to financial growth.

🤝 Backed by heavyweight shareholders like Sabvest, CVVC, Founders Factory, Emurgo, and more, Altify stands on a strong foundation. The platform also enjoys the trust of angel investors such as Frank Westermann and Johann "Hansi" Hansmann, signaling a bright future ahead.

⭐️ Altify is not just an investment platform; it's a movement. It empowers South Africa's youth with tools for financial success in today's dynamic world. Join the alternative investment revolution with Altify!

🔑 Coinbase CEO Brian Armstrong: ‘Bitcoin May Be the Key to Extending Western Civilization’

⚡Coinbase CEO Brian Armstrong has some groundbreaking insights on the future of Western civilization, and it all revolves around Bitcoin.

➡️ In a recent post, Armstrong expressed his belief that Bitcoin may hold the key to extending Western civilization, as fiat currencies continue to face inflation and lose their advantages. He emphasized that the U.S. dollar is already on this path, with no viable alternatives in sight.

💡 Armstrong suggests that crypto could serve as an antidote to inflation, offering an alternative to traditional fiat currencies. However, he does not foresee Bitcoin replacing the U.S. dollar, but rather becoming a natural check and balance for the American currency in the long term.

🌎 Interestingly, citizens in some Latin American countries are already turning to cryptocurrencies to combat inflation and devaluation, highlighting the significance of dollar-pegged stablecoins in this context.

🔍 It's clear that the future of finance and civilization as we know it may be shaped by the rise of cryptocurrencies, and Armstrong's insights shed light on the potential role of Bitcoin in this landscape.

🔗 As fiat and crypto continue to coexist, it's crucial to consider the implications of this evolving financial ecosystem on the future of Western civilization. Will Bitcoin truly be the key to extending our way of life? Only time will tell. But one thing is for certain – the world of finance is in for a revolutionary transformation.

📈 Altcoin Surge Outshines Bitcoin’s Modest Gain Amid Anticipation of Potential Altcoin Season

📊 Despite Bitcoin's modest 1.8% gain over the last 24 hours, more than 17 altcoins have shown significant gains, ranging from 7% to over 35%. This surge in altcoin value has sparked anticipation of a potential altcoin season, but current trends do not signal its official start.

🔍 The "Altcoin Season Index" on blockchaincenter indicates that the anticipated season has not yet arrived. The criterion for an altcoin season is that 75% of the top 50 coins have outperformed Bitcoin in the last 90 days. While several alternative digital currencies have seen a noticeable increase in value over the previous day, the index suggests that we are not quite there yet.

💰 One interesting observation is that Bitcoin has taken the 24th place on the index, with a solid gain of 69.8% over the last 90 days. This demonstrates the potential for altcoins to outshine Bitcoin in the near future, but it also indicates that we may not be in a full-fledged altcoin season just yet.

🚀 As the crypto market continues to evolve, it's important to keep an eye on these trends and developments. While altcoins are showing promising gains, it's essential to approach this potential altcoin season with caution and a keen understanding of the market dynamics. It will be fascinating to see how this situation unfolds in the coming days and weeks.

🆕 Bit Origin Secures $6.74 Million for New Bitcoin Mining Facility in Wyoming

🔍 Toward the end of 2023, a great deal of capital is being leveraged for bitcoin mining ahead of the halving event in April. Bit Origin (Nasdaq: BTOG) has revealed it entered a securities purchase agreement with ATW Digital Asset Opportunities to sell $24.74 million of convertible notes. The first tranche of $6.74 million will be utilized to craft a new 25 MW bitcoin mining facility.

💰Bit Origin expects the data center to be completed by early Q2 2024 and it expects to garner “substantial revenue and cash flow generation” in H2 2024.

“We are very pleased to partner with ATW again, and this new financing is a critical component to fund our new Auspice Project,”

the CEO of Bit Origin Lucas Wang said in a statement.

🔀 Wang added:

We are excited that the Auspice Project will adopt eco-friendly immersion cooling technology and we are honoured to have ATW to support our vision.

💰 Bit Origin’s move comes after a slew of mining companies have been spending big bucks on expansions. For instance, the mining firm Cipher closed a deal on a new ERCOT-approved facility in Texas. The Miner Weekly from theminermag details that today’s top miners have spent $1.2 billion before the halving.

🌐 As the halving approaches, the future remains shrouded in uncertainty. Bitcoin miners, including Bit Origin, are making significant investments, betting on a post-halving surge. This period marks a critical juncture in the BTC landscape, where the outcome could greatly influence the mining sector’s profitability and the broader market dynamics.

📈Coinbase Unveils 'Project Diamond' Initiative

In a groundbreaking move, Coinbase has revealed its Project Diamond initiative, targeting institutions issuing native digital assets using blockchain technology.

🔧 The initiative includes an all-Coinbase-engineered tech stack, including Base, the Ethereum layer 2 rollup, the USDC stablecoin, Coinbase Prime-based custody services, and the Coinbase Web3 wallet. It has already received in-principle approval from the Financial Services Regulatory Authority of Abu Dhabi Global Market for developing financial technology services.

🌐 Coinbase CEO Brian Armstrong highlighted the potential of tokenizing real-world assets in a regulated manner onchain, marking a significant upgrade to operational efficiency and unlocking institutional participation in the cryptoeconomy.

💰The tokenization of real-world assets (RWA) is projected to exceed $10 trillion by 2030, attracting interest from financial giants like HSBC and Itau. This move has the potential to expand the reach of traditional markets and bring about significant changes in the financial landscape.

🔷 Ethereum Technical Analysis: ETH Succumbs to Bearish Pressure and Upper Resistance

📈The 4-hour chart analysis for ethereum (ETH) paints a predominantly bearish picture, characterized by a distinct downtrend. This trend is evident through the formation of lower highs and lower lows, a classic indicator of bearish momentum. Despite a recent uptrend at a potential short-term reversal, the overarching downward trend suggests this could be a mere temporary pause. For investors considering short positions, the $2,235 per ETH price level emerges as a key resistance point to watch.

📊In contrast, the daily chart provides a more expansive view of ether’s price movements, encompassing a broader historical context. Previously, ethereum enjoyed an uptrend, peaking around $2,407, before succumbing to the current downtrend. The break below the crucial support level of $2,100 underscores a strong bearish sentiment. This longer-term perspective is essential for investors seeking to identify potential entry points for both short and long-term positions.

📈 Oscillators, often used to gauge market momentum and potential reversals, present a mixed outlook. The relative strength index (RSI) at 47.6, along with the Stochastic, commodity channel index (CCI), average directional index (ADI), and awesome oscillator, all hover in neutral to bearish territory. These indicators suggest a market in flux, with no clear directional bias, adding complexity to investment decision-making.

📊 Moving averages (MAs), which help identify trends and potential reversals over various timeframes, also exhibit a dichotomy. Short-term moving averages, like the 10-day and 20-day exponential and simple moving averages (EMAs and SMAs), signal negative sentiment, indicative of immediate bearish pressure. Conversely, longer-term averages, such as the 50-day, 100-day, and 200-day EMAs and SMAs, advise a positive outlook, reflecting a potential shift in the longer-term trend.