😠 SBF is visibly annoyed

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Several prominent market-making firms, including Jane Street, Virtu Financial, Jump Trading, and Hudson River Trading, are reportedly in discussions with BlackRock regarding the potential provision of liquidity for BlackRock's highly anticipated bitcoin ETF.

Whilst Crypto as a whole is benefiting from renewed inflows, Bitcoin has been dominating the limelight, with $296M Inflows over the past week, with Bitcoin representing a dominant 90% of this total. There has been a notable increase in liquidity within Bitcoin markets, a development that analysts view as a positive indicator for the potential longevity of a price recovery.

And as we come to the close of SBF's trial, things take a turn. SBF appeared visibly annoyed and used a mocking voice to answer prosecutors. He claimed not to remember or distanced himself from certain allegations.

Let’s dive in 👇️ 

Markets

Bitcoin liquidity on the rise could signal a sustained price recovery (2 minute read)
In the past four months, there has been a notable increase in liquidity within Bitcoin markets, a development that analysts view as a positive indicator for the potential longevity of a price recovery. This heightened liquidity fosters trader confidence in their ability to swiftly find buyers for their assets, subsequently reducing investment risk and reflecting an upsurge in demand for the cryptocurrency. Analysts from Bitfinex highlight that this liquidity boost is particularly appealing to high-value traders and institutional investors who favor asset classes offering exposure and exit options with minimal spreads.

BlackRock's Bitcoin ETF Might Have Trading Support of Heavyweights Like Jane Street, Jump and Virtu (3 minute read)
Several prominent market-making firms, including Jane Street, Virtu Financial, Jump Trading, and Hudson River Trading, are reportedly in discussions with BlackRock regarding the potential provision of liquidity for BlackRock's highly anticipated bitcoin ETF, pending regulatory approval, as stated by an informed source. In the event that the U.S. Securities and Exchange Commission greenlights one or more of the numerous bitcoin ETF applications, including BlackRock's proposal, it would create a new avenue for U.S.-based companies to enter the cryptocurrency market, capitalizing on their established strengths. Serving as market-makers for ETFs, which trade on exchanges akin to traditional stocks, demands a degree of sophistication and automation attainable by only a select few entities.

Bitcoin Dominates Crypto Asset Investments with $296M Inflows: CoinShares Report (2 minute read)
Digital asset investment products saw a substantial influx of $326 million, with Bitcoin representing a dominant 90% of this total, as highlighted in CoinShares' recent report. The report indicates that during the past week, Bitcoin alone contributed $296.3 million to the overall inflow of $326 million in digital assets. This marked a significant increase compared to the prior week, where CoinShares reported a total inflow of $66 million, approximately one-fifth of the current week's figure.

Tech

Bitcoin White-Paper Turns 15 As Satoshi Nakamoto's Legacy Lives On (4 minute read)
October 31, 2023, marked the 15th anniversary of the release of the Bitcoin white paper by Satoshi Nakamoto, the pseudonymous creator of Bitcoin, a date coinciding with the Halloween celebration. In this seminal document, Satoshi introduced the concept of a fully peer-to-peer electronic cash system, devoid of the need for trusted intermediaries. The white paper outlined a decentralized framework aimed at addressing the "double spending" challenge typically associated with digital currencies. It proposed the utilization of a network of nodes and a proof-of-work consensus mechanism for validating and recording transactions, which ultimately led to the launch of Bitcoin on January 3, 2009.

'Your Keys and Wallets Are Safe', Says Telegram Bot Unibot Amid $640k Exploit (3 minute read)
Adding to the growing list of crypto-related security breaches, Unibot, a popular trading tool on the Telegram platform, fell victim to a "token approval exploit" recently, raising concerns among users. The project reassured its community that users' keys and wallets remained secure and that they would compensate all affected funds due to the bot's "new router." A "token approval exploit" pertains to a vulnerability in smart contract permissions, which can potentially enable unauthorized access or transfer of a user's tokens beyond the intended limits. Initial estimations pointed to approximately $640,000 worth of cryptocurrency being impacted, with subsequent investigations uncovering that the misappropriated funds were swiftly converted into Ethereum.

Misc

Stablecoins set to succeed where BTC, ETH failed (3 minute read)
While Bitcoin and Ethereum have undeniably achieved significant success in the world of cryptocurrencies, they have fallen short of the initial expectations many had for the crypto space, according to Jeff Lewis, a product manager at Pantera Capital. In a letter, he highlighted that 15 years after the release of the Bitcoin whitepaper, Bitcoin's limitations in terms of speed and scalability hinder its potential as a true replacement for traditional money. Ethereum, on the other hand, has evolved into a programmable decentralized system, enabling the development of NFTs, Web3 applications, and DeFi, primarily fueled by ETH. However, Lewis noted that Ethereum's high volatility makes it unsuitable as a stable currency. Stablecoins, in contrast, are positioned to facilitate peer-to-peer value transfers, offering a solution to protect against unstable currencies and reducing reliance on intermediaries and service providers.

SBF visibly annoyed during trial, uses mocking voice to answer prosecutors (3 minute read)
During his testimony, Sam Bankman-Fried's demeanor underwent a noticeable transformation. In his direct examination, where he responded to friendly inquiries from his attorney, he appeared focused and self-assured. However, during the cross-examination by prosecutor Danielle Sassoon, a different side of SBF emerged, marked by evasion and visible irritation. When confronted with questions about certain documents or communications, SBF claimed not to remember or distanced himself, only for Sassoon to present government exhibits contradicting his statements, compelling him to read them aloud. This shift in his composure was evident, highlighting his discomfort with being challenged and the loss of control over his narrative.

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