‘Santa Rally’ to the Moon: Bitcoin Shooting for $56K by Year-End; PayPal Facing SEC Heat

First Mover Americas Sam Bankman-Fried Convicted on All 7 Counts

Sam Bankman-Fried found guilty on all 7 counts in First Mover Americas

Hey there, digital asset investors! Strap on your helmets and grab your popcorn because we’re about to buckle up and take a wild ride through the latest happenings in the crypto world.

But before we dive into the juicy details, let’s take a moment to appreciate the beauty of the universe. Cue dramatic space music Now, imagine Bitcoin soaring through the cosmos, propelled by the mysterious force known as the ‘Santa Rally.’ This interstellar surge could propel Bitcoin’s price to an astronomical $56,000 by the end of the year.

Yes, you heard that right! It’s time to light up the night sky with Bitcoin’s fiery ascent. 🔥

But wait, there’s more! While Bitcoin is shooting for the moon, PayPal finds itself in the crosshairs of none other than the Securities and Exchange Commission (SEC). Gasp The plot thickens! Will PayPal emerge unscathed from this regulatory battle? Only time will tell.

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Now, let’s fasten our seatbelts and zoom through the highlights of the past week:

News Blast

1. Sam Bankman-Fried: Remember the old saying, “What goes up must come down?” Well, it seems that Sam Bankman-Fried, the mastermind behind FTX, has experienced a rather unfortunate descent. A New York jury found him guilty after a five-week trial, dubbing his actions as one of the biggest financial frauds in American history. This cosmic tale of deception could land him behind bars for decades (up to 115 years, to be precise). Talk about a crash landing!

2. Coinbase Skyrockets: In a move that left analysts scratching their heads, Coinbase shattered earnings and revenue expectations for the third quarter. Boasting an adjusted loss per share of a measly $0.01 (compared to an expected loss of $0.55), Coinbase proved that it can dance to its own beat. Revenue also had a victory dance, clocking in at $674.1 million, surpassing estimates. However, total trading volume missed the mark, like a rocket veering slightly off course. It seems that Coinbase needs a slight boost to hit its trading volume targets.

3. MicroStrategy’s Bitcoin Shopping Spree: Picture this: Michael Saylor, the fearless leader of MicroStrategy, donning a cape and swooping in to save the day. With a swipe of his digital wallet, he purchased an additional 155 bitcoins in October, bringing the grand total to a jaw-dropping 6,607 bitcoins in just one quarter. The bill for this shopping extravaganza? A staggering $4.69 billion! But let’s not forget, every superhero has their kryptonite. MicroStrategy’s digital asset holdings suffered a loss of $33.6 million during Q3. Don’t worry, though, they still have plenty of capes left to conquer the market.

Chart of the Day

Behold the battle of the charts! On one side, we have Bitcoin’s price soaring to new heights (a 25% surge in just four weeks!). On the other side, the ratio between open interest in the perpetual swaps market and Bitcoin’s market capitalization remains near yearly lows. What does this mean? It seems that the demand for leveraged products is as tepid as a lukewarm cup of crypto coffee. In simpler terms, this rally is being led by the brave souls holding actual Bitcoin, not the risk-loving leveraged traders.

Trending Posts

As we navigate the exciting world of crypto, there are some fascinating posts that have caught our attention. Brace yourself for some mind-bending and thought-provoking reads:

1. Sam Bankman-Fried Prosecutor Promises ‘Handcuffs for All’ Crypto Crooks: The prosecutor in Sam Bankman-Fried’s trial is channeling their inner Batman, vowing to bring justice to all the crypto crooks out there. It’s time for a showdown between good and evil!

2. Solana Is Down 15% Since Hitting a 14-Month High. Is the Rally Over?: Solana, the shooting star of the crypto world, has hit a minor stumbling block. Is this a temporary dip or the start of a long, cold winter? Time to put on your detective hat and uncover the truth.

3. Bitcoin Round-Trips Its Way Back Under $35K as Fidelity’s Timmer Calls It ‘Exponential Gold’: Bitcoin takes us on a dizzying rollercoaster ride, dipping below $35,000. But fear not! Fidelity’s Timmer sees it as a golden opportunity for exponential growth. A golden opportunity, you say? Let’s mine for the truth!

Well, folks, that’s a wrap for this week’s thrilling edition of the crypto chronicles. Stay tuned for more adventures in the volatile and exciting world of digital assets. Buckle up and remember, the moon is always just a Bitcoin away! 🌙✨

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