tl;dr
There is a lot going on that made me stop and ponder what November and December are going to look like. Here is what is on my mind today.1. Well, the obvious happened. I said the Fed would hold rates and they did. I told you that bitcoin would move up after that event. And it did. Today could wind u...
There is a lot going on that made me stop and ponder what November and December are going to look like. Here is what is on my mind today.
1. Well, the obvious happened. I said the Fed would hold rates and they did. I told you that bitcoin would move up after that event. And it did. Today could wind up being a big deal day as the SEC Commissioners meet in a closed door session. The possibility is that they will come out and announce that Grayscale's Bitcoin trust (GBTC) will be approved to convert to a spot Bitcoin Spot ETF. I am still keeping an eye out for that.
2. Looking at Bitcoin a little deeper and you can see that Michael Saylor has dropped about another $5M or so on it and has purchased another 155 BTC last month. Then you have more news from one of the world's largest money managers, Fidelity. You may not know his name, but Jurrien Timmer is Fidelity's Director of Global Macro and he says Bitcoin is "exponential gold". That is a bold statement and should tell you about the level of support the coin has as well as a glimpse into its future with institutions.
3. Solana has been on a tear with various partnerships, including Google and AWS. Then Solana Labs announces GameShift, their Web3 suite of tools for developers. There is going to be a big uplift in Solana as we move forward. So strap in for the ride! I say this because they do have a fast blockchain and have weathered many storms. I am sure there will be more storms ahead, but I now have the confidence they will weather those, too.
4. Taiwan authorities uncover what can only be called a massive money laundering operation. They have seized almost 325M USDT (Tether). I am sure we are going to continue hearing more about this operation, including who they may have been involved with.
5. On another sour note, you have he Lazarus Group unleashing another attack focused on exchanges. Apparently, they have unleashed KandyKorn in the hopes of stealing even more from ill-prepared exchanges. At least this time they can see what's coming. Remember, this group thought to be backed by North Korea has already stolen about $240M from various businesses including Atomic Wallet, CoinsPad, CoinEx, Stake.com and others. We also received news that Kraken and Gate.IO had shut down withdrawals for 24 hours as a protective measure after detecting specific changes in customers' account security settings. That is a strong response to what could be a major problem.
6. Back on October 4th I told you PayPal was exiting the UK crypto market due to non-compliance with the UK's marketing rules. Well, they have overcome that little problem by obtaining a nod from the FCA to perform limited crypto services. This confirms that both traditional finance and FinTechs are both feet in on crypto.
7. Visa, HSBC and Hang Seng Bank completed a successful CBDC pilot program involving cross-chain transactions. The pilot, of course, focused on business-to-business transactions between the banks. Still, this proves how a CBDC could work for Hon Kong. I still ask, why all the trouble when you can already this with crypto. Hmmm!
8. On some fun news, Adidas and Bugatti join forces in a new Web3 offering. The pair launched limited edition soccer boots designed by Bugatti on Adidas' Web3 platform. The 99 pairs will be auctioned from November 8 - 11 with bidding being handled by MoonPay.
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🚨 Full Disclaimer: This video and its contents are for informational purposes only and do not constitute an offer to sell or trade, a solicitation to buy, or recommendation for any security, cryptocurrency, or related product, nor does it constitute an offer to provide investment advice or other related services by Eddie Jay on Crypto. Eddie Jay on Crypto may have a financial investment with the cryptocurrencies discussed in this video. In preparing this video, no individual financial or investment needs of the viewer have been taken into account nor is any financial or investment advice being offered. Any views expressed in this video were prepared based upon the information available at the time such views were written. Changed or additional information could cause such views to change.