👨‍👩‍👧‍👦 The Simpsons meets Crypto

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Good Morning!

After last weeks guilty verdict for SBF, the industry has had time to reflect on the future. We share Coindesks’ great article with insights from many Crypto leaders.

Whilst Bitcoin prices have been fairly stable over the weekend, some ALT coins like XRP have continued to see gains into the new week.

Let’s dive in 👇️ 

Markets

Sam Bankman-Fried Verdict: The Crypto Industry Reacts (5 minute read)
Following Sam Bankman-Fried's recent conviction on seven counts of fraud in federal court, it seems that the protracted FTX saga is approaching its conclusion, with sentencing and remaining unresolved issues still pending. The pivotal question now pertains to the implications of this verdict for the cryptocurrency industry's future. Will it cast a long-lasting shadow on crypto's reputation, potentially making it challenging for companies to gain users' trust in digital assets? Or will it be viewed as a turning point, demonstrating that the legal system, journalism, and the industry can address and rectify their issues, potentially leading to a cleaner and more transparent environment?

XRP Gains Momentum: $850M in Whale Buys (3 minute read)
In the early days of November 2023, XRP's price has surged, boasting a 13% increase during the first week of the month. This upward momentum has been notably influenced by robust trading activity from whales, as revealed by on-chain data. On Monday, XRP broke past the $0.68 mark, marking a double-digit gain for November. Specifically, data from Santiment shows that substantial investors, holding between 100,000 to 1 billion XRP coins, engaged in aggressive buying throughout the past week. Between October 24 and November 6, these whales accumulated a total of 1.26 billion XRP, reaching their highest cumulative balances for the year 2023.

Bitcoin Addresses With Over $1K of BTC Hits Record 8M, Data Shows (1 minute read)
The number of blockchain addresses holding a minimum of $1,000 worth of bitcoin, equivalent to 0.028 BTC at the current price of $35,115, has reached an all-time high of 8 million, as reported by data from Blockware Solutions and Glassnode. This record level coincides with a recent surge in bitcoin's value, with a nearly 25% increase over the span of four weeks, fueled by anticipation surrounding potential approvals of one or more spot bitcoin exchange-traded funds by the U.S. SEC.

Tech

NFTs get the Simpsons treatment in latest episode (2 minute read)
The latest episode of "The Simpsons," titled "Wild Barts Can't Be Token" in the "Treehouse of Horror XXXIV" series, prominently featured blockchain and NFTs as the show's writers revisited their parody of the crypto space, building on their 2020 crypto-themed episode. In this installment that aired in the U.S., Bart is accidentally "digitized" into an NFT, leading Marge on a blockchain-powered adventure to rescue him. The episode cleverly references various iconic NFTs and artists, such as the Bored Ape Yacht Club and Beeple, while also humorously highlighting the speculative nature of certain NFTs. For instance, the storyline portrays Homer initially distraught by Bart's digitization but later thrilled by the Bart NFT's staggering value of $1.5 million.

Coinbase Q3 results signal its future as ‘crypto super app’ (4 minute read)
Coinbase reported a 24% decline in spot market trading volumes for the third quarter, attributed to low volatility and broader macroeconomic conditions, as stated in the company's shareholder letter released on Thursday. Total transaction revenue reached $289 million, marking a 12% decrease from the previous quarter, in line with analysts' predictions. Additionally, the company's adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) amounted to $181 million, indicating a slight decrease from the $194 million reported in the preceding quarter but maintaining a positive trend for the third consecutive quarter.

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Misc

Ripple expected to shave off SEC’s $770m claim (3 minute read)
Jeremy Hogan, a legal expert, has outlined potential strategies that Ripple could employ to substantially reduce the rumored $770 million penalty sought by the SEC. On November 5, Hogan shared these critical arguments on the X social media platform, shedding light on how Ripple might leverage them to mitigate the regulatory agency's pursued damages.

FTX bankruptcy advisors hand over customer trading data to FBI: Court docs (2 minute read)
Alvarez & Marsal, the bankruptcy consultants for FTX, have been sharing customer transaction data and other information with multiple branches of the FBI, as revealed in billing documents filed by the consultants. These documents, however, lack specific details regarding the nature of the information provided, referring to actions such as "Analyzing transactions specific to a Philadelphia FBI request for specific customers." Other requests involved "Extracting transaction and customer information related to specific transaction hashes" under an FBI Portland subpoena. In records submitted in September, the Philadelphia FBI issued a Grand Jury subpoena aimed at "investigating activity related to specific individuals."

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