Take Bitcoin profits at $110K, CME tops Binance in BTC futures open interest: Hodler’s Digest, Nov. 5-11 

Top Stories This Week

Bitcoin’s futures marketplace is showing an absorbing shift arsenic planetary derivatives marketplace the Chicago Mercantile Exchange (CME) has surpassed Binance successful presumption of Bitcoin futures unfastened interest. This alteration occurred aft Bitcoin exceeded the $37,000 people for the archetypal clip successful implicit 18 months.

However, James Seyffart, a probe expert astatine Bloomberg Intelligence specializing successful exchange-traded funds, questioned whether the expanding unfastened involvement successful Bitcoin futures connected CME would code humanities concerns of the United States Securities and Exchange Commission regarding the extent of Bitcoin markets and the imaginable for marketplace manipulation.

“Okay this is interesting… Does this represent a ‘market of important size’ now?” Seyffart stated successful a station connected X (formerly Twitter).

Cryptoqueen’s OneCoin ineligible main pleads blameworthy to fraud

The erstwhile caput of ineligible and compliance astatine OneCoin is looking astatine a imaginable 10-year prison word for her involvement successful the $4 cardinal cryptocurrency trading scheme. In Manhattan national court, the ex-compliance main of OneCoin, Irinia Dilkinska, pleaded blameworthy to charges of ligament fraud and wealth laundering.

According to a connection from the U.S. Department of Justice, U.S. District Judge Edgardo Ramos accepted Dilkinska’s blameworthy plea. She admitted to 1 number of conspiracy to perpetrate ligament fraud and 1 number of conspiracy to perpetrate wealth laundering. Each complaint carries a maximum condemnation of 5 years successful prison. 

Dilkinska is scheduled for sentencing connected February 14, 2024, facing a imaginable maximum condemnation of 10 years successful situation for her relation successful the OneCoin scheme.

Genesis seeks court’s support to trim Three Arrows Capital assertion from $1B to $33M

Bankrupt cryptocurrency lender Genesis has asked the tribunal to approve its projected colony statement with the collapsed crypto hedge money Three Arrows Capital (3AC).

In a caller tribunal document, Genesis stated that 3AC should beryllium fixed a assertion of $33 cardinal against Genesis. This represents 3.3% of the full claims initially made against Genesis, which amounted to $1 billion.

According to Genesis, 3AC’s claims against Genesis were the largest asserted claims successful Chapter 11 cases associated with the illness of the FTX exchange. Genesis stressed that the 3AC debtor was 1 of Genesis’s largest borrowers from 2020 to 2022, up until the clip of its collapse.

SafeMoon CEO bail merchandise goes connected clasp aft Feds mention formation risk

SafeMoon CEO Braden John Karony’s bail merchandise has been delayed by U.S. national prosecutors, who reason that helium whitethorn effort to permission the state owed to his alleged entree to funds and connections abroad. The prosecutors expressed concerns that his merchandise could airs a formation hazard and beryllium a imaginable information to the community.

The hold comes aft a New York District Judge, LaShann DeArcy Hall, decided to enactment a clasp connected the bail merchandise bid issued connected Nov. 8 by a Utah Magistrate judge, who had allowed Karony to beryllium released connected a $500,000 bail. However, prosecutors contested this decision, claiming that the merchandise bid was made “without information of the defendant’s important fiscal means and quality to flee,” and they emphasized that his merchandise could beryllium a “continued information to the community.”

Binance to terminate Russian ruble deposits adjacent week

Binance users successful Russia request to instrumentality note: They person a little implicit 2 months, until Jan. 31, 2024, to retreat their rubles from the platform. Binance is wrapping up its operations successful Russia and plans to halt accepting deposits successful Russian rubles from November 15, 2023.

This comes aft Binance declared its implicit exit from Russia by selling its concern to a recently established crypto speech called CommEX successful September 2023. However, there’s been constricted accusation astir the details of the deal, including the size of the transaction and the founders of CommEX, causing immoderate controversy.

Winners and Losers

At the extremity of the week, Bitcoin (BTC) is astatine $37,249, Ether (ETH) astatine $2,078 and XRP (XRP) astatine $0.67. The full marketplace headdress is astatine $1.42 trillion, according to CoinMarketCap.

Among the biggest 100 cryptocurrencies, the apical 3 altcoin gainers of the week were FTX Token (FTT) astatine 250.48%, Kaspa (KAS) astatine 67.23% and Cronos (CRO) astatine 52.20%.

The apical 3 altcoin losers of the week are Maker (MKR) astatine -3.39%, Tether Gold (XAUt) astatine -2.60% and PAX Gold (PAXG) astatine -2.51%.

For much info connected crypto prices, marque definite to work Cointelegraph’s marketplace analysis. 

Most Memorable Quotations

SEC Chair Gensler cannot proceed to maltreatment the powers of his bureau to fulfill a governmental docket of driving the caller and promising integer plus manufacture offshore.”

Tom Emmer, United States Republican congressman

Ordinals assistance to explicit the halfway values of Bitcoin successful a overmuch much affable mode than Bitcoin, which is excessively method oregon harsh for immoderate people.”

Lugui Tillier, commercialized manager for Lumx Studios

Binance’s Chief Compliance Officer crudely but succinctly summed up this lawsuit erstwhile helium admitted that Binance was ‘operating arsenic a fking unlicensed securities speech successful the USA bro.’ He was right.”

The United States Securities and Exchange Commission

As we person witnessed with cryptocurrency, heavy-handed constraints person hindered the exploration of perchance revolutionary applications.”

Matthew Putman, CEO and co-founder of Nanotronics

In Web3, it’s not the codification that’s king, but the community. Instead of perfecting backend logic, absorption connected front-end transparency.”

Tiago Serôdio, caput of assemblage astatine Partisia Blockchain

I say, ‘Sorry, we are boring.’ But we are 1 of the oldest projects. We are precise big… We are the 1 who has the astir changes connected GitHub, and we person not been down for implicit 2000 days… Boring sometimes is good.”

Frederik Gregaard, Cardano Foundation CEO

Prediction of the week

Bitcoin ‘Terminal Price’ hints adjacent BTC all-time precocious is astatine slightest $110K

As the terms of BTC hovers astir its highest levels successful the past 18 months, analysts are already speculating astir the potential upward trajectory it whitethorn instrumentality successful the upcoming months and years. Bitcoin whitethorn adjacent beryllium a “sell” astatine $110,000 arsenic its caller bull rhythm plays out, a classical on-chain indicator suggests.

Analyzing its Terminal Price, Look Into Bitcoin creator Philip Swift described its worth arsenic a “simple” method of estimating semipermanent BTC terms peaks. Terminal Price is calculated from Bitcoin’s alleged “Transferred Price” — a worth derived by dividing “Coin Days Destroyed” by the existing supply. Not each all-time precocious reaches Terminal Price, but BTC/USD did deed the trendline during its 2017 all-time and archetypal highest successful April 2021. The existent all-time precocious of $69,000, seen successful November of that year, fell short.

As Terminal Price increases with time, $110,000 whitethorn yet extremity up a blimpish people should the adjacent all-time precocious hap lone aboriginal successful the adjacent cycle.

FUD of the Week

JPEX scandal: Taiwan determines caller suspects successful alleged fraud — Report

Taiwanese prosecutors are seeking to detain Chang Tung-ying, the main spouse astatine JPEX’s Taiwan office, connected charges of fraud related to the JPEX cryptocurrency exchange. The concern surrounding the collapsed speech is unfolding, with the Taipei District Prosecutors Office (TDPO) reportedly identifying caller suspects. According to a study from section TV transmission TVBS News connected November 9, the TDPO has requested the custody of Chang Tung-ying implicit allegations of fraud. 

As portion of the ongoing JPEX investigation, prosecutors successful Taipei searched 9 locations and summoned Chang on with 3 different individuals believed to beryllium involved. Chang and JPEX lecturer Shih Yu-sheng (also known arsenic Shi Yu) are considered suspects successful the lawsuit for violating the Banking Act and the Money Laundering Control Act.

Crypto speech CoinSpot reportedly suffers $2M blistery wallet hack

Blockchain information steadfast CertiK indicates that the caller $2.4 cardinal theft from Australian cryptocurrency speech CoinSpot hot wallet apt occurred owed to a “private cardinal compromise.” CoinSpot appears to person experienced a hack, involving the probable compromise of a backstage cardinal successful 1 of its blistery wallets.

Pseudonymous blockchain researcher ZachXBT highlighted 2 transactions connected Nov. 8 that entered the wallet belonging to the alleged hacker. Subsequently, the wallet’s proprietor transferred the funds to the Bitcoin web via THORChain and Wan Bridge. CertiK stated that the evident exploit was apt the effect of a “probable backstage cardinal compromise” connected astatine slightest 1 of CoinSpot’s blistery wallets. 

According to Etherscan data, a transaction of 1,262 Ether, valued astatine $2.4 cardinal astatine existent prices, originated from a recognized CoinSpot wallet and entered the wallet linked to the alleged hacker.

Poloniex speech suffers $100M exploit, offers 5% bounty

A crypto wallet linked to the integer speech Poloniex has experienced suspicious outflows, evident connected the blockchain explorer Etherscan. Blockchain information experts fishy a breach, resulting successful attackers draining up to $100 cardinal successful crypto. 

On Nov. 10, millions successful crypto assets were moved from an relationship labeled Poloniex 4 connected Etherscan. Initially estimated astatine $60 million, aboriginal assessments revealed the nonaccomplishment exceeded $100 million. CertiK, a blockchain information firm, suggests a “private cardinal compromise” arsenic the apt origin and notes that the funds person already been transferred to 4 externally owned accounts, with immoderate converted into Ether.

Top Magazine Pieces of the Week

Exclusive: 2 years aft John McAfee’s death, widow Janice is broke and needs answers

Two years after John McAfee’s death, his wife, Janice, is inactive incapable to get closure. “All I privation is to spot his assemblage for myself and cognize that truly happened.”

‘$10K JPGs’ scare distant gamers, Animoca’s crypto crippled streaming plans: Web3 Gamer

Animoca buys Twitch-like level and Web3 gaming was a large talking constituent astatine Binance Blockchain Week.

6 Questions for Lugui Tillier astir Bitcoin, Ordinals, and the aboriginal of crypto

Lugui Tillier is the commercialized manager for Lumx Studios, 1 of the apical cryptocurrency firms successful Rio de Janeiro — a metropolis with a burgeoning crypto industry.