⚠️ Bitcoin Price Today: BTC is Down 0.70%, Trades at $66,953 📉

The BTC sell off that began on Monday is still weighing on crypto markets as Bitcoin price today is down 0.70% and trades at $66,953.

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🌍 World Bank Highlights Economic Losses in Nigeria Due to Currency Policies

💰 The World Bank has reported that Nigeria suffered over $8 billion in losses between 2021 and 2023 due to the Central Bank of Nigeria's (CBN) decision not to float the naira. This policy, which the bank describes as a foreign exchange subsidy, involved the CBN allocating resources to maintain an overvalued exchange rate for the naira. The report notes that this approach, along with a longstanding fuel subsidy, significantly reduced government revenue.

📉 Since May 2023, the Nigerian government has shifted towards market-based pricing for petrol, and the CBN has implemented a floating exchange rate system. The naira's value has dramatically changed from under NGN450 per dollar at the beginning of 2023 to approximately NGN1,600 per dollar now. While these changes have been praised by the World Bank and other international bodies, they have also raised concerns about potential social unrest due to their immediate impact on the Nigerian population.

“The new policy direction is essential, but in the short-term it has added to already intense pressures on households and firms,"

the World Bank stated. It emphasized the need for the Nigerian government to remain committed to these reforms despite the current hardships faced by citizens.

🔄 The World Bank also highlighted that the costs associated with the foreign exchange subsidy were greater than those of the petrol subsidy. It argued for the importance of maintaining a unified exchange rate to achieve significant economic benefits beyond just fiscal gains. The bank concluded that this policy could create a more equitable economic environment and improve the overall economic landscape in Nigeria.

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➡️ Inflation and Crypto: A Week in Review

📈 The recent edition of the Week in Review newsletter covered various topics including inflation, memecoin drama, and the SEC's actions against crypto. The Fed's easing cycle suggests confidence in controlling inflation, with Truflation co-founder Cameron Lee discussing the BLS's inflation adjustment metrics.

It begs the question, has Powell tamed inflation, or is he the second coming of Arthur Burns?

Bob Elliot, CIO of Unlimited Funds, thinks conditions are right for reinflation.

↪️ This week saw the release of HBO's Satoshi Nakamoto documentary, which controversially suggested Peter Todd as the crypto industry's progenitor. This claim was met with widespread ridicule, including from Todd himself.

🔍 Blockchain investigator Zachxbt revealed wallets allegedly belonging to memecoin advocate Murad Mahmudov. Zach defended his actions as a means of holding Murad accountable for his memecoin promotions, which can be risky for followers. However, some criticized this as "doxing."

⚖️ The SEC's renewed focus on crypto was highlighted by two major stories. Cryptocom disclosed receiving a Well’s Notice and has preemptively sued the SEC for overreach. Additionally, the SEC charged Cumberland DRW for operating as an unregistered dealer of crypto assets deemed securities.

Meanwhile, there was further evidence that crypto’s bad actors get jailed, an outcome I support, while traditional finance gets slaps on the wrist.

TD Bank will pay $3 billion to settle charges that it failed to properly monitor money laundering by drug cartels.

📊 On a positive note, a graph shared by David Sencil indicates that mainstream interest in Bitcoin typically bottoms around late September and rises through the fourth quarter into the new year.

🪙 Florida's CFO Advocates for Bitcoin Inclusion in Pension Funds

🟢 Florida's Chief Financial Officer, Jimmy Patronis, has proposed the inclusion of Bitcoin in the state's pension funds, referring to it as "digital gold." In a letter to Chris Spencer, Executive Director of the State Board of Administration, Patronis requested a report on the feasibility, risks, and benefits of allocating a portion of state retirement system funds into digital assets.

“This report should be provided to the Board of Trustees to better inform lawmakers before the next legislative session,”

Patronis emphasized.

📈 He highlighted the importance of staying ahead in investment strategies to ensure optimal returns for Floridians. Patronis noted that Bitcoin could diversify the state's portfolio and serve as a secure hedge against the volatility of other major asset classes.

💬 This move aligns with former President Donald Trump's proposal for a national cryptocurrency stockpile. Trump recently stated his intention to position the U.S. as a leader in the cryptocurrency space during a speech at the Bitcoin 2024 convention.

📊 The Florida State Board of Administration oversees over 30 funds, including the Florida Growth Fund which supports innovative investments. The Florida Retirement System Trust Fund boasts approximately $205 billion in assets under management.

“When managing state pensions for firefighters, teachers, and police officers, it’s also essential to prioritize the bottom line and ensure the best return on investment for Floridians,”

Patronis stated. He proposed establishing a Digital Currency Investment Pilot Program under the Florida Growth Fund.

🌐 Patronis' initiative follows similar actions by other states. In May, the Wisconsin Investment Board, the 9th largest pension fund in the U.S., publicly disclosed its $99 million Bitcoin holdings. Meanwhile, Ohio and Michigan are also exploring cryptocurrency investments for their retirement systems.

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🟢 Peanut the Squirrel: From Social Media Star to Meme Coin Icon

🌟 Peanut, a beloved pet squirrel with 500,000 Instagram followers, was recently euthanized by New York state officials, sparking a frenzy on social media and a surge in Peanut-themed meme coins. Peanut's rise to fame parallels other animal icons like Moo Deng, the baby pygmy hippo, as he and his owner Mark Longo shared their lives on Instagram.

🦸‍♂️ Longo rescued Peanut seven years ago after the young squirrel was injured in a car accident. He nursed Peanut back to health, providing a permanent home for him. However, on October 30, 2024, the New York State Department of Environmental Conservation seized Peanut and another pet, a raccoon named Fred, citing concerns about rabies and public safety.

🚨 During the investigation, Peanut bit an official, leading to the decision to euthanize both animals for rabies testing. Longo criticized the agency for prioritizing such actions over more pressing public health issues.

📈 Following Peanut's death, social media erupted with memes featuring him alongside figures like Donald Trump and Elon Musk. This buzz extended into the cryptocurrency world, with a wave of Solana-based meme coins named after Peanut emerging. Some of these coins reported liquidity between $300,000 and $1.6 million and significant gains over the weekend.

💰 One notable coin, PNUT, claimed a staggering increase of 3 million percent in value, reaching an alleged market valuation of $6.36 billion with $657,000 in trading liquidity. Approximately a dozen versions of these meme coins were minted shortly after Peanut's euthanasia, reminiscent of previous trends involving other animals and political figures.

🧐 As supporters of various Peanut coins argue over which is the "true and original" version, Peanut's story highlights the intersection of internet culture and cryptocurrency. While the longevity of this meme coin trend remains uncertain, Peanut's legacy continues to thrive in the digital realm.

⚠️ Will Bitcoin Price Crash After US Elections? 🇺🇸

Discover if Bitcoin price could crash before the US elections or after? If so, will BTC rally to new highs or crash below this key level?

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➡️ Amir Taaki Advocates for Ross Ulbricht's Release, Calls Him a Crypto Pioneer

🗓 On U.S. Election Day, Amir Taaki, a former Bitcoin developer, expressed his strong support for Ross Ulbricht, the founder of Silk Road, highlighting Ulbricht's significant impact on the cryptocurrency world and urging for his release from prison. In a heartfelt opinion piece published on November 5 on X, Taaki described Ulbricht as a "sacred hero" who played a crucial role in promoting Bitcoin adoption by establishing a "market for voluntary goods".

💔 Taaki emphasized the sacrifices Ulbricht made for the crypto movement, asserting that the community owes him a debt of gratitude. He stated,

Ross is a sacred hero or martyr of the cause. It is all for one, and one for all. We are obligated by our revolutionary duty to secure his freedom.

Taaki criticized the U.S. government's portrayal of Ulbricht, labeling it as "propaganda" aimed at swaying public opinion against him. He characterized Silk Road not just as a marketplace but as an "agorist community" that promoted libertarian ideals. Taaki argued that Ulbricht, operating under the alias Dread Pirate Roberts, sought to create a free, decentralized marketplace to challenge state control.

↪️ He lamented Ulbricht's life sentence without the possibility of early release, viewing it as a grave injustice. Taaki recounted his personal interactions with Ulbricht, suggesting that Ulbricht's management of Silk Road was in line with the principles of voluntary exchange. He noted a shift in Ulbricht's communication style over time, which he interpreted as evidence that Ulbricht had gradually relinquished control of the platform.

➡️ Taaki's remarks coincided with former President Donald Trump's repeated promises to commute Ulbricht's sentence if re-elected. In a photo accompanying Taaki's statement, he wore a t-shirt that read "Free Ross Day One." He concluded by criticizing the broader cryptocurrency community for abandoning Ulbricht in their pursuit of profit, urging them to refocus on their original mission:

You’re meant to be building to make politics irrelevant. Focus on that.

💬 CZ's Cautionary Message Amid Bitcoin's Record Surge

🔍 Former Binance CEO Changpeng Zhao (CZ) recently shared important investing insights on social media platform X, as bitcoin reached new all-time highs. He urged investors to exercise caution and manage the risks associated with crypto's volatility. CZ emphasized the need for proper risk management, stating,

As bitcoin makes successive new all-time highs, apply proper risk management. There will be many dips (and highs) in the future. Make sure you can handle them. Control your greed. Don’t put all your eggs in one basket. Ape slowly.

⚖️ This warning reflects a broader theme of balanced investing in a market prone to rapid shifts. It serves as a reminder for investors to avoid impulsive decisions that could lead to significant losses.

♾ Following his departure from Binance and a settlement with the U.S. Department of Justice (DOJ), CZ has shifted his focus to new projects. He faced charges related to inadequate anti-money laundering controls and sanctions violations, resulting in a $50 million fine for himself and a $150 million fine for Binance. As part of the settlement, he accepted a four-month prison sentence and a ban on executive roles at the exchange.

💎 Now, CZ is directing his efforts towards ventures like Giggle Academy, an educational platform, and exploring investments in blockchain, AI, and biotech with a long-term perspective. He is also in the process of writing a book about his experiences, which is two-thirds complete. Despite being Binance's largest shareholder, CZ has no plans to return to its leadership.

📈 Historical Trend Hints Bitcoin Price Still 25% Away From November Peak 🔺

Bitcoin price recovery fueled by bullish momentum, whale accumulation, and exchange outflows. Historical trends suggest a 25% surge ahead.

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🚀 Coinbase Launches COIN50 Index: A New Era for Crypto Benchmarking

🌟 Coinbase has unveiled the Coinbase 50 Index (COIN50), a regulated cryptocurrency benchmark developed in collaboration with Coinbase Asset Management and Market Vector Indexes. This new index tracks the top 50 digital assets listed on Coinbase that meet specific inclusion criteria, offering investors a tool to observe broader trends in the cryptoeconomy.

📈 The COIN50 index is designed for traders seeking insights into the overall performance of the cryptocurrency market. It provides diversified exposure to digital assets and is rebalanced quarterly. The index is market cap-weighted and includes assets that have undergone a rigorous vetting process on the Coinbase Exchange. This process evaluates factors such as token economics, blockchain design, and security measures.

In traditional finance, indices and their associated tradable products have long provided a simple yet effective way for investors to gain broad exposure and benchmark their portfolios. Crypto is now ready for the same.

🌍 COIN50 covers approximately 80% of the global crypto market cap, positioning it as a representative index for crypto investors. Starting today, eligible traders can trade the COIN50 via a perpetual futures contract (COIN50-PERP) with up to 20x leverage on Coinbase International Exchange and Coinbase Advanced for retail users. However, this contract is only available to users in eligible jurisdictions outside the US, UK, and Canada.

➡️ Coinbase views COIN50 as a foundational product and plans to expand its index offerings as the cryptoeconomy matures. This could potentially lead to the creation of even broader indices to serve the evolving digital assets market.

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🚀 Trump Nominates Jay Clayton for U.S. Attorney Role

🌟 U.S. President-elect Donald Trump has nominated former SEC Chair Jay Clayton to be the U.S. Attorney for the Southern District of New York. Trump announced this on his social media platform, Truth Social, highlighting Clayton's previous tenure at the SEC and his qualifications.

⚡️ Trump described Clayton as a "highly respected business leader, counsel, and public servant," noting his educational background which includes degrees from the University of Pennsylvania and University of Cambridge. Before leading the SEC, Clayton was a partner at Sullivan & Cromwell and is currently a senior policy advisor there.

⚖️ Clayton served as the SEC Chair from May 2017 to December 2020, during which he oversaw over 2,800 enforcement actions resulting in more than $15 billion in financial remedies. His leadership style was marked by a focus on providing clear regulatory guidance, especially in emerging markets like cryptocurrency. This approach contrasts with his successor Gary Gensler's more aggressive regulation-by-enforcement strategy.

💬 Trump praised Clayton's commitment to truth and justice, stating,

Jay is going to be a strong fighter for the truth as we, Make America Great Again.

Clayton's tenure at the SEC included significant actions such as the ongoing lawsuit against Ripple Labs over XRP, a case that remains unresolved.

🔍 As Clayton steps into this new role, his regulatory legacy and approach to enforcement will be closely watched, particularly in relation to the cryptocurrency sector.

🚨 Breaking: MicroStrategy Acquires 51,780 BTC For $4.6 Billion 🚀

MicroStrategy has announced another Bitcoin purchase, just a week after they bought 27,200 BTC.

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⚡️ Justice Catches Up: The Fall of a Ransomware Kingpin

👤 Evgenii Ptitsyn, a 42-year-old Russian national, has been extradited from South Korea to the U.S. to face charges related to the Phobos ransomware case, as announced by the U.S. Department of Justice (DOJ). He is accused of orchestrating the operation, sale, and distribution of the Phobos malware, which has extorted over $16 million from more than 1,000 victims worldwide, including schools, healthcare facilities, and government agencies.

💰 The Phobos ransomware operates under a ransomware-as-a-service (RaaS) model, allowing affiliates to carry out attacks across various sectors. It typically gains access through phishing emails or by exploiting unsecured Remote Desktop Protocol (RDP) ports. Once inside a network, Phobos encrypts files and demands ransom payments, often amounting to several million dollars. The DOJ noted that

each deployment of Phobos ransomware was assigned a unique alphanumeric string in order to match it to the corresponding decryption key,

and that fees were funneled into a wallet under Ptitsyn’s control.

⚖️ Ptitsyn faces a 13-count indictment including charges of wire fraud conspiracy, wire fraud, conspiracy to commit computer fraud and abuse, and extortion. If convicted, he could face significant prison time: up to 20 years for each wire fraud count and 10 years for each computer hacking count.

🚨 Potential Surge in Illegal Bitcoin Mining in Russia Amidst Upcoming Bans

⚠️ The Russian government may soon face a surge in illegal bitcoin mining activities due to rising bitcoin prices and an impending ban on mining in key regions. Analysts warn that if authorities do not address this issue, illegal mining could become widespread.

🔄 The recent enactment of a bitcoin mining framework has given the government the power to restrict mining activities in certain areas. A seasonal ban on crypto mining has been confirmed for regions such as Irkutsk, Buryatia, Transbaikal, Karachay-Circassia, Kabardino-Balkaria, Donetsk, and Lugansk. This ban, coupled with the recent increase in bitcoin prices, could lead to a rise in illicit mining activities and disrupt the energy supply in these areas.

📉 Experts predict that many mining companies may continue their operations during the ban periods, undermining the ban's effectiveness. Yury Stankevich, deputy chairman of the State Duma’s energy committee, acknowledged this possibility, stating,

as long as mining remains profitable for most participants.

He also reminded that bitcoin reached an all-time high of $90,000 in November.

🔍 Sergey Sasim, director of an energy think tank, agreed with Stankevich, warning that if regions cannot enforce the ban, it could lead to the emergence of a gray mining industry, similar to situations in other countries with similar restrictions.

🌍 President Putin has acknowledged Russia's position as a leader in cryptocurrency mining due to the energy surplus in the Siberia region. However, he emphasized that while mining is important, the strategic use of Russian energy for other essential activities is perhaps more important.

⚡️ These restrictions, approved by Russia’s governmental commission on electricity development, will take effect on December 1 and will limit mining in the specified regions from November 15 to March 15 annually until at least 2031.

🚀 Cantor Fitzgerald's Bold Move: Bitcoin-Backed Lending Program

💰 Cantor Fitzgerald, a major player on Wall Street, is set to launch a multibillion-dollar lending program that will use bitcoin as collateral. This move could significantly change the landscape of crypto-backed financing and strengthen its relationship with Tether Holdings, the issuer of the USDT stablecoin.

➡️ According to Bloomberg, Howard Lutnick, chairman and CEO of Cantor Fitzgerald, is looking to partner with Tether for this ambitious initiative. Clients will be able to borrow dollars by leveraging their bitcoin holdings. The program will start with $2 billion in initial funding, with expectations to grow into the tens of billions. Tether already works with Cantor Fitzgerald through its custody services and Cantor has also acquired a 5% stake in Tether worth about $600 million.

📈 This announcement follows Cantor Fitzgerald's plans revealed in July to establish a “bitcoin financing business” aimed at providing leverage to bitcoin investors. Lutnick stated,

“Cantor Fitzgerald arranges and finances vast amounts of securities and commodities and, as strong supporters of bitcoin, will now build an incredible platform to support bitcoin investors’ financing needs,”

emphasizing their commitment to unlocking bitcoin’s full potential.

🌍 In a related political context, Donald Trump has nominated Lutnick as Secretary of Commerce. A well-known figure on Wall Street and co-chair of Trump's transition team, Lutnick advocates for cryptocurrency and has likened bitcoin to gold. He supports treating it as a freely traded commodity, which could influence regulatory frameworks if he assumes office.

📊 Meanwhile, Trump's administration is considering establishing a dedicated position for cryptocurrency policy and has proposed creating a strategic national bitcoin reserve to manage the national debt. These initiatives reflect a shift towards supporting digital assets and positioning the U.S. as a leader in the cryptocurrency sector.