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🔷

Standard Chartered’s Research Predicts Ethereum to Hit $8K by 2026 and Eyes $35K Long-Term

📈 After the financial behemoth’s prior forecast of bitcoin (BTC) potentially hitting $50K by year-end and surging to $120K in 2024, Geoffrey Kendrick and his team at Standard Chartered are back with a new report, this time spotlighting ethereum (ETH).

👉 Notably, this $8K projection is merely a precursor to the bank’s ambitious long-term forecast of an ether valued between $26,000 and $35,000.

🌟 Yet, it’s worth noting that while the $8K estimate is slated for 2026’s conclusion, the grander valuation is pegged for 2040.

⚡️ Standard Chartered’s forex and crypto research lead further opined that U.S. regulations around spot exchange-traded fund (ETF) potentials will likely fortify both BTC and ETH.

💬 “The gap between traditional finance and the digital world is narrowing by the day,” Eric Robertsen, the global head of research and chief strategist for Standard Chartered said at the time.

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🇳🇬

Nigerian Central Bank Lifts Forex Restrictions on 43 Items — Market Forces to Determine Exchange Rate

🏦 The Central Bank of Nigeria (CBN) announced on Oct. 12 that it had lifted foreign exchange restrictions “hitherto placed on the importation of 43 items.”

💬 In a statement that addresses why the restrictions (initially imposed on June 23, 2015) have been removed, the CBN claimed the measures were forcing importers to source the scarce resources on the parallel market.

💲 On the parallel market where the greenback was, and still is widely available, importers were forced to pay premiums starting from 20% to get U.S. dollars. Some experts on the Nigerian economy insisted then that the official exchange rate greatly overvalued the local currency.

❎ However, immediately following his inauguration as Nigeria’s new leader, Tinubu reportedly ordered the CBN to abandon the fixed exchange rate regime.

➡️ The central bank, which is now led by Olayemi Michael Cardoso, said the growing gap between the official and parallel market exchange rate could well indicate that the rate “has not been setting a clearing price.”

✔️ The CBN also said the removal of the restrictions would benefit local producers in the form of cheaper imported inputs while consumers are expected to “benefit from cheaper retail products.”

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An announcement about the Sundae project has appeared in the public space. Bloggers, stars and opinion leaders are discussing this project.

One of the creators of Sundae published information about the project in Telegram, and 20 minutes later Ilon Musk posted a photo of himself eating Sundae ice cream as a child. It may be a coincidence, but it could also be Musk's idea.

What's known about the project. Something partly crazy, partly grandiose is coming.

Sundae: it's a crypto-token that equates to digital art. According to the project's philosophy, without community appreciation, a Picasso painting is worthless. The value of a work of art depends on community appreciation.

Right now Sundae is available for the price of an ice cream, but in a month the token may be worth $5, and then $50, $100, $1000. With each new purchase, the "Picasso painting token" will become more and more difficult to buy. The current capitalization of the project is only $20 million.

According to the project's White Paper, Sundae holders are expected to receive multi-million dollar dividends, as well as the right to medical and legal insurance, pensions and free use of the corporation's assets.

Investing in Sundae today might be like buying McDonald's stock on the day it opened in 1940 or accidentally buying a Picasso drawing for ten dollars.

The Sundae project was created by the team behind the popular meme token Grimace, which grew in value hundreds of times in six months, making many investors millionaires.

16.4K views13:59

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🪙

Bitcoin Miners Sail Through Over 400 Difficulty Changes With 13 More Anticipated Before the Halving

📈 Bitcoin’s difficulty saw a 6.47% increase this week, surpassing the 61 trillion mark at block height 812,448. This marked the cryptocurrency’s 403rd difficulty epoch, some of which included retargets with no change. In basic terms, Bitcoin’s difficulty measures the challenge of identifying a new block relative to its easiest potential level.

➡️ This measure, denoted by a specific number, is adjusted by the Bitcoin protocol every 2,016 blocks — approximately every two weeks — based on the time taken by miners to discover those 2,016 blocks. The difficulty adjustment ensures a consistent discovery of new blocks by miners, regardless of the number of miners in the network.

⏺Notably, during its initial phase at block height 2,016, the difficulty didn’t alter due to a lack of mining activity.

👉 If these blocks are discovered quicker than this ten-minute benchmark and the block discovery rate accelerates, the difficulty escalates. Conversely, if it lags, the difficulty diminishes.

🔩 Bitcoin’s difficulty will persistently adapt, responding to the ebb and flow of miners within its network. To date, miners have amped up their hashrate, pushing it by an impressive 0.68 exahash per second (EH/s) daily. Remarkably, despite 15 difficulty increases in 2023, the hashrate still surged, tacking on an extra 194 EH/s in under a year.

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🇺🇸

Bank of America CEO Discusses Economic Slowdown and Fed Cutting Interest Rates

📹 The chairman and CEO of Bank of America, Brian Moynihan, shared insights on the U.S. economy and the potential Federal Reserve interest rate cuts during an interview with Fox Business on Wednesday. Moynihan detailed that according to Bank of America’s research team:

💬The economy slows down in the middle of ’24 to about a half-a-percent annualized growth for the second and third quarter, and then works its way back out. And the Fed will start cutting rates, they believe, in the middle of next year to the latter half of next year. So that’s the basic thing, what would be called a soft landing.

⚫️ The Bank of America chief then cautioned that there is a geopolitical risk, such as if the Fed tightening goes too far.

⚫️ Moynihan discussed how interest rate hikes have changed consumer and business decision-making. The Federal Reserve has raised its key interest rate 11 times since March of last year, pushing it to the highest level in 22 years.

💬 People are forgetting on the commercial side, there’s a huge impact of higher rates in terms of people’s willingness to borrow … And so lending conditions are tight, and that’s what the Fed wanted to achieve.

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Report: Operators of Central African Republic-Based Crypto Investment Firm Disappear With $1.6 Million

🔥 The operators of a Central African Republic (CAR)-based cryptocurrency investment company, Clé du Succès, are accused of defrauding investors of approximately $1.6 million or one billion CFA francs, a report has said. The company, which only began its operations in September, is said to have abruptly closed shop on Oct. 8 leaving both investors and employees uncertain about the fate of their investments and jobs.

➡️ According to a report, Clé du Succès, which is a duly registered company and has been issued with a tax identification number, lured prospective investors with the promise of a 20% return on investment. The report added that some victims of the apparent scam had invested their life savings.

👮‍♂️ Consequently, the police have launched an investigation into the operations of Clé du Succès which is being overseen by the Research and Investigation Section (SRI).

⏺Meanwhile, the report revealed that high-profile personalities are among the hundreds of CAR residents who fell victim to Clé du Succès’ scam. Such high-profile personalities include unnamed lawmakers, senior government employees, and traders.

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‼️

$720 Million Lost via 117 Hacking Incidents in Q3 of 2023 — Study

➡️ According to the latest Web3 security report by the blockchain security auditor Hacken, there were a total of 117 hacks in Q3 of 2023 while the value of funds stolen in this period topped $720 million. For context, there were 131 hacks in the preceding quarter yet only $327 million was stolen.

📣 While the losses ($49.80 million) from rug-pull incidents are significantly lower than the $449 million lost via access control and reentrancy, the study data shows rug-pulling incidents as the most prevalent form of attack.

❓ On why cybercriminals still siphon user funds via this tactic, the Hacken report revealed that approximately 15%, or 12 out of 78, examined rug pull incidents had been audited. Furthermore, the report noted that many users often overlook a project’s poor audit score. However, such a score may sometimes indicate an even deeper problem.

➡️ Meanwhile, the report urged users to analyze token ownership, liquidity conditions, and audit outcomes before investing their funds. Users should also prioritize projects with renounced admin controls and community-led finances, the report added.

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💰

Coinshares Report Shows Rising Optimism in Digital Assets Drives Strongest Inflows Since July 2022

🗂 This week’s Coinshares report, Volume 155, highlights the rising optimism and a higher rate of inflows. Bitcoin (BTC) dominated the influx, capturing 90% of the inflows at $296 million, demonstrating market confidence despite recent price increases. Coinshares researchers also noted substantial inflows into various alternative digital assets. However, this renewed optimism did not extend to ethereum (ETH), which experienced a $6 million outflow.

💲 The report further indicates that the market is responding positively to the current conditions, with BTC leading the way in terms of investor interest and capital allocation. Interestingly, the research also notes a $15 million influx into short bitcoin investment products, highlighting a segment of the market hedging against potential future declines in bitcoin’s value. Last week, BTC’s climactic rise to $35,000, erased $232 million in short positions in a single day.

➡️ The crypto market report highlighted that total assets under management (AUM) are now standing at $37.8 billion, the highest since May 2022. Regionally, only 12% of the flows came from the U.S., totaling $38 million. Coinshares attributes this to investors awaiting a spot-based exchange-traded fund (ETF). .

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November promises to be a very eventful month for all participants of the Sundae project

Is this tied to the project's creator announcing an imminent token listing on a major exchange or the upcoming Sundae Day in the USA? We will find out soon.

A reminder of what is known about the project:

Sundae is a crypto token that equates to digital art. Currently, Sundae is available at the price of an ice cream, but in a month, the token's value may reach $25, and subsequently $50, $100, or even $1000.

What is remarkable it's the coincidence: one of the Sundae creators posted information about the project on Telegram, and 20 minutes later, Elon Musk posted a photo where he was eating Sundae ice cream in his childhood. It might be a coincidence, but it could also be Musk's intention.

Investing in Sundae today might resemble buying McDonald's stocks on its opening day in 1940 or accidentally purchasing a Picasso drawing for ten dollars.

The Sundae project was established by the team of Odyssey and the popular meme token Grimace.

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15.4K views15:01

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🚫

Infowars Host Alex Jones Lost 10,000 Bitcoin in Max Keiser’s Quiz

➡️ Alternative journalist and Infowars host Alex Jones lost the opportunity of regaining a 10,000 bitcoin gift that international journalist and Bitcoin enthusiast Max Keiser gave to him more than ten years ago.

The questions that Keiser asked Jones were, in order:

-How many total bitcoin are there ever going to be in existence?
-How often does the difficulty adjustment adjust?
-What’s the core hashing algorithm called?
-How often, on average, do new blocks appear?
-Is Craig Wright Satoshi Nakamoto?

⚫️Keiser showed frustration with Jones’ answers, stating that he had given up on $800 million, while Jones acknowledged, tongue in cheek, that it was better for him to lose this opportunity.

Jones stated:

❕ It’s like people that didn’t win the lottery: I’m glad that I didn’t get the 10,000 bitcoin frankly, I’d probably be dead by now.

⚫️ During the quiz, Keiser repeatedly showed his frustration with Jones’ lack of seriousness, criticizing his lack of knowledge when he was aware he would face this 10,000 bitcoin test.

❕ Regarding the last question, Jones assumed it was a trick question, stating that Keiser would not give him 10,000 bitcoin now that its price had gone up so much. But Keiser said anyone reading the news could have answered the fifth question.

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🇬🇪 National Bank of Georgia Selects Ripple as Tech Partner for CBDC Pilot

⚡️ Ripple, a cryptocurrency payments tech company, will be helping the government of Georgia to develop its central bank digital currency (CBDC) project. According to an official press release, the company has been selected to be the sole tech partner of the upcoming CBDC pilot in Georgia, the digital GEL.

Natia Turnava, acting Governor of the National Bank of Georgia, explained the reasons that led to the selection of Ripple. She stated:

❕ The committee selected Ripple due to its technical excellence and the expertise of its team. We look forward to moving ahead with Ripple and we are grateful to all other participating companies for their interest and efforts in the selection process.

✅ The bank stated that it will now prepare a joint project execution and gradual rollout plan for the pilot with Ripple.

⚡️ Ripple has been working to be a significant provider of CBDC solutions for the countries currently exploring the issuance of a CBDC. In May, the company launched its in-house solution to issue stablecoins and CBDCs, offering a tool to streamline the issuance and management of such instruments for its customers.

🌍 Several countries have already selected Ripple as a partner in their own CBDC projects. Palau concluded the first phase of its national stablecoin program in September, which used Ripple’s technology. Montenegro also signed an agreement with the company to develop a national digital currency strategy and a subsequent pilot, and Ripple states that it is in discussions with 20 other nations.

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Not a week goes by without interesting news about the Sundae project.

After a post by one of the founders of the Odyssey project regarding Bitget exchange opening Sundae deposits was published, Elon Musk made a post on his X network:

"Ice cream is one of the great joys of life."

It's hard not to agree with Elon. In just two months, the Sundae token's value has increased from $0.25 to $4, making its many followers 16 times richer.

We'd like to remind you – this is at least the third mention by Musk of some "ice cream." The first mention miraculously coincided with the listing on MEXC.

So, what is Sundae? What's the secret behind the rapid token's value growth during such a depressive period of bear market rally?

The secret of this growth partly lies in rumors that Sundae senators have established an accumulation fund where about 30% of the token's sales profit goes.

The fund plans to invest in various sources of income, such as trust funds, media, online schools, IT companies, digital agencies, and even immortal canvases by world-famous authors.

The project has all chances to become revolutionary, as evidenced by its listing on major exchanges like MEXC and Bitget, the participation of bloggers with a million-strong audience and funds that previously invested in the current market "monsters."

One of the Odyssey co-founders explains: "Sundae means 'ice cream dessert.' Yesterday, the token cost only $0.25, less than ice cream. Today it's already $4, and tomorrow it could be worth thousands. Can you buy your secure future at the price of an ice cream? A foolish question, of course, you can!"

15.2K views15:01

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👑

Report: Stablecoin Giant Circle Eyes 2024 Public Listing

➡️ Crypto firm Circle, the issuer of usd coin (USDC), the second-largest stablecoin by market capitalization, is reportedly contemplating going public in 2024.

⏳ Over the last 10 years, Circle has operated many businesses including providing retail investors access to bitcoin (BTC) and then transitioning into a market maker. In its most recent years, Circle has been issuing and managing the second-largest stablecoin, usd coin (USDC).

💲 Circle attempted to go public via a special-purpose acquisition company (SPAC) deal but opted out in 2022. At that time, Circle’s estimated valuation was around $9 billion, while some estimates showed the valuation was closer to $4.5 billion.

💸 In May 2021, Circle revealed the company obtained $440 million in financing from a number of strategic investors. After that, rumors of an initial public offering (IPO) started to circulate. In July 2021, there were talks about Circle planning to go public via a SPAC merger with Bob Diamond’s Concord Acquisition.

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👑

Onecoin ‘Compliance’ Head Pleads Guilty to Wire Fraud and Money Laundering Charges

➡️ Irina Dilkinska, the one-time head of legal and compliance at Onecoin, has pleaded guilty to “wire fraud and money laundering charges,” Damian Williams, the United States Attorney for the Southern District of New York, has said. In a Nov. 9 press release, Williams said the charges against Dilkinska relate to her role in organizing the transfer of $110 million in fraudulently obtained funds to a Cayman Islands entity.

⏳ In September 2023, Greenwood, who also served as Onecoin’s global master distributor and the leader of the MLM network, was sentenced to 20 years in a U.S. jail. Greenwood’s sentencing came just over five years after his arrest in Thailand.

Meanwhile, in remarks following Dilkinska’s guilty plea, Williams said:

❕ “As Onecoin’s so-called ‘Head of Legal and Compliance’ Irina Dilkinska accomplished the exact opposite goal of her position. As she has now admitted, Dilkinska facilitated the laundering of millions of dollars of illicit profits Onecoin accrued through its multi-level marketing scheme.”

➡️ He added that officials from his office and the law enforcement partners will pursue the matter until all defendants including the fugitive Ignatova are brought to justice.

🌟 According to the press release, Dilkinska, a Bulgarian national, faces a maximum of five years in prison for the count of conspiracy to commit wire fraud.

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🇸🇪

Spate of Robberies Targeting Swedish Bitcoiners Linked to the Country’s Unfit Privacy Laws

⚡️ The robbers, who appear to target prominent Swedish bitcoin and crypto personalities, recently descended on the Stockholm residence of a middle-aged bitcoin-owning couple. According to a report in Aftonbladet, the four robbers physically assaulted, tied up, and even used knives to threaten the couple. The report added that one victim of the robbery had to be ferried to the hospital via ambulance helicopter.

➡️ The attack on the unidentified couple is said to be the third time that criminals attacked just days after the victims either live-streamed a bitcoin podcast or “mentioned bitcoin in a public context.” The robbers are also said to have used similar tactics in another home invasion that was reported in October.

❌ Meanwhile, in a post on X (formerly Twitter), social media user Erica Wall linked the attacks to Sweden’s Offentlighetsprincipen or The Principle of Public Access to Information. According to Wall, this law, which is without precedent, “makes residential addresses and tax records public.”

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🇨🇳

People’s Bank of China Tests Digital Yuan Payment Integration in Hong Kong

🆕 The People’s Bank of China (PBOC) and the Hong Kong Monetary Authority (HKMA) are conducting technical tests to bring a higher degree of integration of the digital yuan into Hong Kong’s economy. According to reports from Global Times, the institutions are already in the second integration phase, which contemplates the inclusion of more banks in Hong Kong to the system and the usage of the Faster Payments system to top up digital yuan wallets.

➡️ The integration of the Chinese central bank digital currency (CBDC) in the Hong Kong economy seeks to position the area as an international finance hub, as countries that are part of the Belt and Road initiative, a project to establish trading links between several countries of the world and China, have an increasing demand of investment projects and effective cross border payment solutions.

✔️ China had already announced it was moving to collaborate with Hong Kong to integrate its CBDC for mutual payments. During the Hong Kong Fintech Week, Di Gang, deputy director-general of the Digital Currency Institute of the PBOC, revealed that the bank was considering the application of the digital yuan to settle commodities transactions, including natural gas, oil, and other services between Hong Kong and the mainland.

💸The digital yuan would be beneficial for companies to avoid paying high fees using traditional payment channels for these settlements, Di stressed.

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