Americans can't keep up with their bills 🤬

The average interest rate on credit cards in the U.S. rose to 21.8%. This is the highest rate in history 😨

According to the Federal Reserve Bank of New York, American credit card debt is now at an all-time high of $1.14 trillion 📈

✅ Bitcoin fell below the $63,000 level amid a collapse in the Chinese stock market, which happened because the government never announced financial stimulus measures 📉

Daily Digest:

🔸 The government of Palau has launched Palau Invest, a “blockchain-based savings bonds prototype system

🔸 A Russian investigator was convicted of accepting roughly $73 million in Bitcoin bribe

🔸 Canary Capital files for spot XRP ETF 🤑

🔸 Brazil's Supreme Court lifts ban on X (Twitter)

🔸 Binance announced that Scroll token $SCR will be launching on Binance Launchpool

🔸 Residents of the small city in Texas, have filed a lawsuit against crypto miner Marathon Digital ⚖️

🔸 The U.S. Supreme Court declined to hear a case concerning the ownership of Bitcoin seized from the Silk Road

🔹 Prices:

🥇 Bitcoin - $62,289 (↓1.6%)
✨ Ethereum - $2,451 (↓0.1%)
🧪 S&P 500 - 5,751 (↑0.97%)
🕗 DXY - 102.47 (↓0.06%)
🌉 Gold - 2,621 (↓0.02%)

Market for the last month 😅

In the new HBO documentary, Peter Todd is named Satoshi Nakamoto, the creator of Bitcoin. The funny thing is that he denies that it's him 👍

FTX has filed a motion seeking approval for a settlement agreement with former Alameda Research boss Caroline Ellison that would force her to return all her assets 🎎

A former California attorney has been sentenced to five years of probation and ordered to pay $14 million after admitting to conducting a multimillion-dollar Bitcoin Ponzi scheme 💰

Crypto exchange Crypto. com said it sued the U.S. SEC, Chair Gary Gensler, and its four commissioners after the regulator sent them a Wells Notice ⚖️

🔹 Last 24 hours top 3 gainers:

Aerodrome Finance - $1.23 (↑5.44%)
Monero - $153.35 (↑4.75%)
TRON - $0.16 (↑2.55%)

#GM

US equities are on track to have their strongest yearly performance since 1997 📈

Fiat vs. Hard Money: Why Inflation Matters 📊

💵 Fiat money is the currency issued by governments, like dollars or euros. It's not backed by physical commodities and can be printed endlessly. This unlimited printing often leads to inflation, meaning your money buys less over time.

🌉 Hard money, like gold, has a limited supply and is difficult to produce more of. Its scarcity makes it a reliable store of value. As fiat currencies inflate and lose purchasing power, hard assets like gold tend to appreciate.

Enter Bitcoin, the digital form of hard money. Bitcoin has a fixed supply of 21 million coins. As governments continue to print their fiat money, Bitcoin and other hard money assets become more attractive as a hedge against depreciating national currencies 😁

Understanding the difference between fiat and hard money can help you protect your wealth. In a world of endless fiat inflation, scarce assets will offer a way to preserve and grow your value over time

#FAQ

✅ The crypto market declined towards the end of the day, the bulls failed to hold the $62k level after which Bitcoin went to test the support level at $60k 📉

Daily Digest:

🔸 the DOJ charged Gotbit, CLS Global, MyTrade, and ZM Quant with manipulating various crypto markets

🔸 The ECB has challenged the idea that stablecoins are a “safe haven” for investors in times of market turmoil

🔸 Peter Todd is named Satoshi Nakamoto in the new HBO documentary, he denies it's him 👍

🔸 FTX has filed a motion seeking approval for a settlement agreement with Caroline Ellison in which she would return all her assets

🔸 A former California attorney has been sentenced to five years of probation and a $14 million fine for conducting a multimillion-dollar Bitcoin Ponzi scheme 👮

🔸 Crypto. com said it sued the U.S. SEC after the regulator sent them a Wells Notice

🔸 Former FTX co-CEO requests self-surrender date be pushed because he got bitten by a dog 

🔹 Prices:

🥇 Bitcoin - $60,742 (↓2.2%)
✨ Ethereum - $2,371 (↓2.9%)
🧪 S&P 500 - 5,792 (↑0.71%)
🕗 DXY - 102.88 (↑0.32%)
🌉 Gold - 2,608 (↑0.04%)

Down 2%? Those are rookie numbers 😁

The Federal Bureau of Investigation is hunting crypto market manipulators, it launched a token named NexFundAI as bait to "identify, disrupt, and bring these alleged fraudsters to justice" 👮

Bitget announced that it will update the listing standards and focus on "evaluating FDV, financing background, token unlocking schedule, and financial, security, compliance, political, and ethical risks" 🤔

SEC Chair Gary Gensler said he thinks it's unlikely that Bitcoin or other cryptocurrencies will ever be widely used as a form of payment 👌

The Financial Services Commission of South Korea has announced that it will investigate the market monopoly structure of Upbit, the largest crypto exchange in South Korea 🇰🇷

🔹 Last 24 hours top 3 gainers:

Uniswap - $7.83 (↑8.99%)
MANTRA - $1.37 (↑2.64%)
LEO Token - $6.09 (↑1.44%)

#GM

US inflation falls to lowest level in three years 📉

The consumer price index rose 2.4% in September, which was higher than the 2.3% expected by experts.

Markets were little changed in the initial reaction. Dollar index and yields also little changed in the first minutes 📊

After the release of US inflation data, the crypto market is declining 📉

Bitcoin trades below $60k bulls in despair, "Uptober" continues to disappoint 🙄

✅ Markets are falling today when the price of Bitcoin fell below $58,000, but near the end of the day recovering slightly above $60k, the bulls are still in trouble 🤬

Daily Digest:

🔸 FBI launched NexFundAI token as bait to bait crypto market manipulators

🔸 Bitget announced that it will update the listing standards, including evaluating ethical risks

🔸 SEC Chair said he thinks it's unlikely that Bitcoin will ever be widely used as a form of payment 🤔

🔸 The FSC of South Korea has announced that it will investigate the market monopoly structure of Upbit

🔸 Justin Sun is elected Prime Minister of Liberland micronation

🔸 SEC sues Cumberland DRW for unregistered crypto dealer activities ⚖️

🔸 Uniswap DEX announced their own L2 Ethereum rollup, Unichain

🔹 Prices:

🥇 Bitcoin - $60,122 (↓1.0%)
✨ Ethereum - $3,422 (↑0.3%)
🧪 S&P 500 - 5,780 (↓0.21%)
🕗 DXY - 102.88 (↓0.05%)
🌉 Gold - 2,628 (↑0.79%)

Altcoin season in 2021 vs Altcoin season in 2024 😅

Elon Musk unveiled a squad of Optimus robots: "It can babysit your kids... be your friend.. whatever you can think of it will do." Tesla Optimus Robot will cost $20k, but you will never have to do dishes again 🤖

Binance executive Tigran Gambaryan has been denied bail "despite him meeting all the requirements for bail to be granted on medical grounds" 👮

Binance has announced the launch of a pre-market trading platform. This will allow users to trade tokens before they are officially listed on the spot market 🟠

Investors and analysts expect China to unleash as much as $283 billion in fresh fiscal stimulus as Beijing seeks to shore up the economy and boost confidence 💰

🔹 Last 24 hours top 3 gainers:

Celestia - $5.27 (↑8.16%)
dogwifhat - $2.52 (↑6.63%)
Popcat - $1.29 (↑5.89%)

#GM

The Bitcoin futures basis rate measures the difference between the price of Bitcoin futures contracts and the spot price. In a healthy market, this premium should range between 5%–10% annually 📊

When the basis rate drops, it signals weakening confidence in the market, as traders are less willing to pay a premium for futures contracts.

📉 Yesterday, the basis rate fell below 4%, indicating bearish sentiment. This suggests that traders are becoming more cautious and may be pulling back on leveraged long positions.

The last time the basis rate dropped this significantly, Bitcoin’s price plummeted by over 24% within days. While history doesn’t always repeat itself, this shift is a warning sign for traders to watch closely 👀

What Is Crypto Mining? Proof of Work Explained ⛏

Crypto mining is the process of validating transactions and adding them to a blockchain. Miners use powerful computers to solve complex mathematical puzzles, keeping the network secure and transactions verified ✔️

Proof of Work (PoW) is the consensus mechanism behind this process. In PoW, miners compete to solve these puzzles first. The first to find the solution adds a new block to the blockchain and earns a reward in crypto, like Bitcoin 🥇

Why does this matter? PoW makes it extremely difficult for anyone to alter past transactions. To change a block, you'd need to redo the computational work for that block and all subsequent ones, which is nearly impossible.

🤝 There are other consensus mechanisms besides PoW. For example, Proof of Stake (which is used by Ethereum) lets validators create new blocks based on the amount of crypto they hold and "stake."

Other consensus mechanisms include Proof of Authority, Proof of History, etc., each of which uses different methods to secure the network 🔗

#FAQ

S&P 500 brakes a new price record 🔼

Stocks bulls rejoice, crypto bulls get still waiting ☹️

✅ The market is up today, Bitcoin climbs above $63,000, altcoins starting to pump and bulls rejoice 😊

Daily Digest:

🔸 Tesla has revealed Cybercab robotaxi

🔸 SEC Commissioner admits their approach to crypto has been "a disaster for the whole industry" 🤪

🔸 Binance executive Tigran Gambaryan has been denied bail 

🔸 Binance has announced the launch of a pre-market trading platform

🔸 Investors and analysts expect China to unleash as much as $283 billion in fresh fiscal stimulus

🔸 Vitalik Buterin nominated for Nobel Prize in Economics 🕔

🔸 Fidelity confirms 77,000+ customer records were hacked

🔹 Prices:

🥇 Bitcoin - $63,084 (↑5.8%)
✨ Ethereum - $3,422 (↑4.2%)
🧪 S&P 500 - 5,815 (↑0.61%)
🕗 DXY - 102.91 (↑0.03%)
🌉 Gold - 2,671 (↑1.31%)

Bulls fighting bears to defend $60,000 BTC level 🥊

Trump may be a populist, but these statistics he posted on social media are actually true 😳

The official CPI rate is much lower than the real price growth in some sectors of the economy 📈

In the last 4 years the average citizen of most countries in the world became poorer due to inflation 😢