🕷 FTX’s house of horrors: who’s next?
Plus: Another Satoshi sighting? Must be Halloween
GM. Welcome, ghosts and goblins of the blockchain! The Daily Squeeze cauldron is bubbling with spooky crypto updates to send shivers down your spine.
🔮 The fourth FTX exec gets their legal karma.
🎭 Another person claims to be Satoshi Nakamoto.
🎃 News drops: the birthday of Bitcoin’s whitepaper, Reddit sells off a chunk of its crypto holdings + more
☠️ Market potion today
The crypto market is brewing up some Halloween magic, and it’s nothing short of spellbinding 🧙♂️ First on our spooky tour, the Fear and Greed Index is creeping at 77 – we’re deep in the “Greed” haunted house. Bitcoin took a little fright yesterday, dipping to $71.2K, but it’s been hovering around the $72K level ever since.
Don’t let this scare you, though. The crystal ball shows signs of a rally above $73K lurking just around the corner. Indicators like derivatives market activity, on-chain metrics, and stablecoin demand are all whispering tales of impending gains 🔮
Plus, the PCE Inflation data floated in today. Prices rose 2.1% for the year ended in September, down from 2.3% in August – just as the economists predicted. What does this spell? The Fed’s probably warming up its rate-cutting cauldron. This might make investors feel like kids in a candy store, ready to fill their bags with some crypto treats!
And speaking of sweet moves, MicroStrategy is planning to raise $42B in the coming years to invest in BTC. They’ve already hired banks to help, with plans to sell shares and spin up some bond issues. Analysts say that while it sounds like a Frankenstein-level ambition, it’s actually feasible if BTC keeps rising.
BTC ETFs are also howling at the moon – they saw inflows of $893.3M yesterday, the second-largest net-inflow day in history! Ethereum ETFs aren’t ghosting us either, attracting $4.4M in inflows.
So, fellas, grab your broomsticks and get ready for a wicked ride! This Halloween season, the only thing scarier than a ghostly whisper in the dark is missing out on these crypto thrills 🌕
🎲 Game over
I want to play a game 😈
One word. Three letters. Sends chills down every spine.
No, it’s not “Boo” – that’s some goofy stuff. You know damn well I’m talking about FTX – the infamous crypto exchange that collapsed in 2022 and made the entire market go nuts.
Well, it’s time for some revenge – everyone who was responsible for the whole thing is getting what we like to call the consequences of their own actions.
– The big man, ex-CEO Sam Bankman-Fried, aka SBF, was sentenced to 25 years (which he’s trying to appeal);
– Former FTX Digital Markets co-CEO Ryan Salame got 7.5 years in prison;
– Caroline Ellison, the ex-CEO of Alameda Research (a hedge fund that was besties with FTX), was hit with two years.
And now, the spotlight’s on Nishad Singh, the engineering director of FTX. He took the stand yesterday after pleading guilty to mishandling customer funds and sketchy campaign donations.
Singh’s defense claimed he was clueless about all the sneaky business goin’ on over at FTX, with the real schemers being SBF and Ellison. Judge Lewis Kaplan bought it, considering Singh was inexperienced. Plus, the fact that he was super cooperative with the authorities in building SBF’s case also helped him a lot.
The verdict? Time already served + three years of supervised release.
But the FTX saga doesn’t end here. I’m looking at you, Gary Wang, FTX co-founder. His sentencing hearing is set for November 20, and he’ll be the last person in this case to appear before Judge Kaplan.
You can run, but you can’t hide from the long arm of the law 🧛
🎭 Who’s behind the mask?
What’s Halloween without a costume party? Well, in crypto, we’ve had one for years. Dress code: Satoshi Nakamoto, the mysterious creator of Bitcoin.
First, Craig Wright pulled up, claiming he was Satoshi… till the court slapped a big “fraud” label on his forehead. Then there’s also Peter Todd, who was forced by HBO to attend this party, even when he repeatedly said he wasn’t Satoshi.
And now… we’ve got another attendee, y’all 🙄
Yesterday, a London PR company announced an exclusive press conference (a mere £500 a ticket) where they’d finally reveal the real Satoshi. “I am facing significant legal challenges, and I believe the world deserves the truth,” he said, apparently.
So, the event happened, and the big reveal…
…
…more suspense…
…
Stephen Mollah! 😀 Yeah, idk either.
The dude promised proof, but attendees got “easy to fake” screenshots instead. Charles Anderson, the event organizer, swears he saw “cryptographic” evidence, but conveniently, it wasn’t shown to the audience.
Mollah said that to provide more evidence, he’ll move Bitcoin from the Genesis block at a “proper” press event later – ’cause it’s not just a click-and-send thing.
Needless to say, we still don’t know who Satoshi is. But next week, there will be an event held at the Daily Squeeze HQ where the person will be exposed. Spoiler alert: it’s actually me. ‘Cause, at this point… why not?
🕸️ Haunted headlines
🎃 It’s not just Halloween magic in the air today – Bitcoin’s whitepaper is turning sweet 16! The day that changed it all.
🔪 Reddit cut back on its BTC and ETH holdings in Q3 2024. They’d originally dipped into crypto to use it as payment for some virtual goodies.
📜 Canary Capital has filed for a spot Solana ETF with US regulators. This ETF would peg SOL’s price to the real-time Chicago Mercantile Exchange CF Solana index.
👁 The US Treasury’s got its eyes on stablecoins, saying they should eventually be replaced by a state-backed digital dollar (CBDC). A Treasury report compares it to the late-1800s “wildcat” currencies that were swapped out for government cash.
🧙♀️ Knowledge spell
Learn about Kraken margin trading with the latest BitDegree Mission, “Leveraging With Kraken Margin Trading”:
👻 Boo-ming memes
As the curtain closes on today’s haunted edition, the whole BitDegree coven wishes you a fang-tastic Halloween! May your night be full of treats and your wallet free of tricks 🍬
The Daily Squeeze will return on Monday to serve up more juicy insights (with a side of pumpkin spice). Until then, keep your ghoulish gaze on the charts, and enjoy a spooky weekend! 🕸️👻
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