Qrafty heard that Bitcoin is the perfect hedge against inflation, Gemini is suing Genesis and Ethereum might delay Dencun

***Qrafty smiling the biggest smile*** Aloha, crypto curious! I am Qrafty - the crypto lovin’ honey badger 🦡 !

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1. Bitcoin - The Inflation Protectooor

2. Laughing Material: Gemini Sues Genesis

3. A Fed Wants Stablecoins To Be Regulated

Bonus: Ethereum Might Delay Update

Bitcoin - The Safe Haven Asset

Turkey and Nigeria seem to be hosting a crypto party that's way livelier than most, but unfortunately that’s not really a good sign. In a recent report by Chainalysis, Nigeria proudly clinched the second spot globally, just behind India, in terms of active users involved in the wild world of decentralized finance (DeFi) and crypto trading. Turkey, though not stealing the spotlight, managed to secure the twelfth position.

But what's fueling this crypto frenzy, you ask? Well, it seems like mind-boggling inflation rates and the lackluster performance of their national currencies are the life of this party. Nigeria's inflation rate decided to spike by 25%, and Turkey took it to the next level with a jaw-dropping 51% inflation rate. As you can imagine, this didn't do any favors for the Nigerian naira (NGN) and the Turkish lira (TRY), which have been limping lately. And bear in mind that these are the “official“ inflation rates… the real ones are higher!

So, what's the hot topic of conversation? Bitcoin, of course. It's become the talk of the town, with its value soaring to new heights against the NGN and TRY. As of Friday morning, the orange digital coin was strutting its stuff at 960,000 lira and a huge 27.4 million naira, showing off monthly gains of up to 30% in local currency terms.

That’s quite understandable, since this was Bitcoin’s purpose after all: a hedge against inflation and a safe haven against political intervention and currency manipulation. That’s what happens when incompetents are allowed to reign over the financial destiny of countries. Bitcoin and crypto adoption in general will be hastened by current global events which can’t lead to anything good.

Governments printed a lot during Covid and things haven’t returned to normal, economically speaking. Chances of returning to normal are very slim. If you think about it, we don’t really know what normal is anymore… can Bitcoin fix that?

🙃 Qrafty hopes that today’s main story brought brave badgery value to you! Now it’s time for a break, you deserve a bit of fun! 😇 👇️

Gemini Sues Genesis

In a move that can only be described as brilliantly strategic (or idiotic, you choose), Genesis recently pulled off a theatrical plot twist. Just days after the grand announcement that they were abandoning a proposed settlement with their parent company, Digital Currency Group, in favor of taking them to court, they now find themselves the proud recipients of a lawsuit.

You see, the settlement they so gracefully dropped was, according to their own account, a silver bullet for their debt-repayment plan. It promised to shower their creditors with the generous gift of recovering a princely sum of 70 to 90 cents on every dollar owed. That wasn’t bad, considering the situation. But alas, the cruel skeptics at Gemini couldn't quite swallow this generous offer, which Genesis so graciously extended.

So, in a delightful twist of fate, Gemini has decided to champion the cause of justice and initiate legal proceedings. They're now kindly asking a federal judge to confirm what many of us had suspected all along: that Genesis is not entitled to the delightful windfall of over 60 million GBTC shares (worth around $1,6 billion). These shares, you see, were initially offered as collateral for users of Gemini's Earn product. However, in an act of supreme generosity and selflessness, Genesis has mostly held onto these shares themselves, or at least cleverly placed them in the hands of their dear affiliates. Gemini, in all its wisdom, contends that these precious shares should absolutely not be shared with other Genesis creditors.

Oh, the dramatic irony and the sarcastic applause for this theatrical performance in the crazy world of crypto. It's almost as if they're saying, "Why settle when we can have a lawsuit?" Bravo, Genesis, bravo!

Ethereum Might Delay Dencun

The highly anticipated Dencun upgrade is set to introduce the Proto-danksharding feature to the Ethereum blockchain through EIP-4844. This innovation promises to enhance the throughput of Layer 2 networks by incorporating "blob-carrying transactions," which can accommodate more data storage.

According to Tim Beiko, the developer responsible for orchestrating Ethereum's core protocol meetings, the hard fork is likely to be scheduled for the latter part of November rather than the initial week. However, it's important to note that an exact date hasn't been confirmed at this juncture.

In the previous month, Ethereum encountered a hiccup on its Holesky testnet during a launch attempt. Developers attributed this setback to a mismatch in fork parameters. Due to this, the Dencun upgrade, originally anticipated for the upcoming month, faces potential postponement, as a significant portion of developers express reservations about proceeding with the hard fork at this stage. But fear not, it’s just a week or two max.

Stablecoins To Be Regulated

Oh, the Federal Reserve bank, that shining beacon of oversight and regulation, has suddenly discovered its profound fascination with stablecoins. In a burst of enthusiasm, they unveiled their brand new "guardrails" in August, all in the name of bolstering their supervision of banks dabbling in the world of stablecoin activity. It's almost heartwarming how deeply concerned they claim to be about the idea of issuing stablecoins without their benevolent federal oversight.

Michael Barr, a top official over at the Federal Reserve, graced us with his wisdom by expressing his "deep concern" last month. You can almost hear the quiver in his voice as he emphasizes the necessity of these stablecoin offerings operating under their ever-watchful, federal prudential oversight framework. After all, we can't possibly allow these stablecoins to threaten the sanctity of financial stability or the integrity of the payments system.

And let's not forget the absolute joy they derive from any asset that dares to peg itself to a government-issued currency, functioning as both a means of payment and a store of value. It's as if they're sharing their trusty Central Bank "seal of approval." One can only imagine the pure ecstasy they feel in granting such trust.

In a move that is sure to keep us all on the edge of our seats, the central bank kindly published a report last year, carefully weighing the pros and cons of potentially issuing a CBDC (Central Bank Digital Currency). But don't hold your breath, for as of now, they claim that no decision has been reached regarding whether they'll grace us with their own CBDC. The suspense is simply electrifying.

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Qrafty’s Thought Of The Day

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Market Whispers

Bitcoin found himself in a pretty clean range from Thursday, a perfect environment for scalp trades.

After three failed attempt to break $34,200 it finally went south, to $33,350. In three hours was back inside the range. What to do from here? We could scalp long it from the bottom of the range to first TP at $34,200. If it respects the uptrend, it should broke this level on next attempt. If it rejects again, we'll see new lows.

All eyes are on $32,500. But Bitcoin rarely gives these liquidity touches, to offer an opportunity to traders to get long before the break to the upside. So, keep on eye on $32,500, if it doesn't provide a quick reaction we'll see $30,000 again. And as discussed yesterday, if this happens before the weekly close, is not looking good for bulls. Ideally will take the highs at $36,000 from today's dip and after that we'll see the bigger correction.

Ethereum rarely does something else then what Bitcoin dictates. The only thing to notice is that Eth as well as all the other alts will dip harder then Bitcoin. Opened the day at $1,803 and from there it went down all day, until $1,744. Next level of support comes at $1,730 and $1,700. To the upside we want to see a break of $1,870 for the next target of $1,930.

Qrafty ends channeling his inner trader.

Today is INTERNATIONAL CHAMPAGNE DAY!

That’s all from Qrafty 🦡 for today! Qrafty thanks you and wishes you to live each moment as if you are listening to the music you love most!

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