Qrafty heard about Cointelegraph's manipulation, US Government is a BTC whale and Ferrari accepts crypto

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

Welcome to Coinqraft – the daily crypto newsletter for busy but curious people who don’t have time for the crypto drama!🌟

🦡   Qrafty has fresh bits from the crypto jungle, so let’s dive in: 📰 🌟

1. A Lie Sends Bitcoin Over $30k

2. BTC Whales Accumulating, ETH Selling

3. US Government Is A BTC Whale

Bonus: Ferrari Now Accepts Crypto

Lies & Manipulation. When ETF?

Today was a great day for manipulation. In what looked like a regular Monday, with people dreading the start of the week and crypto going about its usual shenanigans, we suddenly saw Bitcoin pumping like a maniac and shooting past the $30,000 mark.

Why did that happen? Well, the digital toilet paper crypto publication called Cointelegraph posted a lie about a Bitcoin ETF being approved by the SEC.

Obviously, this led to a big run up in BTC’s price and a lot of FOMO followed, because greed and people wanting to get in on the action. Overall, over $100 million was liquidated in long and short positions in this aggressive market flush.

There are no coincidences in crypto, so of course it was all a well orchestrated manipulation from the fake news publication. Just hours before the approval news there were massive buying volumes in Deribit and Bybit.

And if that wasn’t enough, here’s 👇️ the profit they made off of this.

If that wasn’t enough, sitting next to a famous scammer in a Dubai conference about crypto, the editor in chief said that it’s not their fault for posting lies and deceiving their readers. It’s actually people’s and social media’s fault for not double checking the bullshit that their rag is publishing.

BlackRock informs us that the Spot Bitcoin ETF application is still twiddling its thumbs in the SEC's waiting room. How quaint! But let's not forget the delightful irony in play.

Yes, those fervent Bitcoin maximalists, poised at the edge of their seats, eagerly anticipating the grand entrance of TradFi into their cherished crypto space. Oh, the very same "green" they once vowed to oust with Bitcoin's digital prowess. How splendid!

Among the reasons that previous Bitcoin or Ethereum ETFs weren’t approved were market manipulation and spreading lies through social media with the purpose of moving the price. So… when ETF?

🙃 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! 😇 👇️

BTC Whales Buying, ETH Whales Selling

Surprise, surprise! The Bitcoin whales are hanging onto their stash, with a small dip around the FTX collapse which must’ve scared them quite bad. After that event, buying resumed and hodlers be hodling.

Meanwhile, on the other side of the cryptocurrency pond, Ethereum whales are giving their ETH the "downsizing" treatment, selling off over 20 million ETH since 2020, with 12 million sold just in the past year. It’s important to mention though that a lot of ETH has been going into staking and smart contracts, so overall it seems that it's not that bad as the numbers show at first sight.

But but but… where’s my flippening? Looks like that was cancelled until further notice.

Aside from that, there a lot more talk around the crypto jungle about the CCP and its influence behind the Ethereum ecosystem through Wanxiang Group. That wasn’t a big secret, as Xiao Feng (Wanxiang’s CEO and vice chairman) clearly stated that he and Buterin have hit it off on WeChat since 2014 and met in 2015 in Shanghai.

He and Buterin met often to discuss tech, blockchain and “how Wanxiang could work together with Ethereum to promote the developments and applications of blockchain technology in China.”

Aside from that, Bitcoin's been having a jolly good time this year, enjoying a 65% price increase.

JP Morgan Had Massive Profit, Expects Crash

JPMorgan has outshone the analysts' crystal balls once again in the third quarter. The banking behemoth reported a 35% profit surge, swelling to a formidable $13.15 billion, or $4.33 per share, compared to the previous year. Meanwhile, revenue embarked on a triumphant climb, marking a 21% ascent to reach $40.69 billion. This impressive financial feat was made possible, in part, by an unexpectedly robust net interest income.

CEO Jamie Dimon conceded that the largest bank in the U.S. was enjoying some serious excess when it came to net interest income and benefiting from credit costs that were decidedly "below normal." He reassured that, with time, these conditions would revert to the mean.

However, Chief Market Strategist Marko Kolanovic at JPMorgan has painted a different picture. He's donned his pessimistic hat and is bracing for a significant 20% nosedive in stock prices.

According to him, the culprit is high interest rates, which seem to be pushing stocks to their breaking point. As a precautionary strategy, he's suggesting a retreat to the safety of cash, offering a robust 5.5% return in money market and short-term Treasurys. Furthermore, he opined that with interest rates at their current levels, steering clear of a recession might be a rather tricky endeavor.

So, in this financial rollercoaster, is the concept of a "soft landing" becoming a distant memory? Did the plane simply run out of fuel?

US Government is a Bitcoin Whale

The United States government boasts a rather hefty stash of around 200,000 BTC, making it one of the planet's biggest Bitcoin (BTC) hoarders. These came from three main cases where authorities confiscated the coins.

In 2020, the Department of Justice laid claim to about 69,000 BTC that once resided in the coffers of Silk Road darknet marketplace's founder, Ross Ulbricht.

January 2022, following the apprehension of Ilya Lichtenstein and his spouse Heather Morgan, linked to the Bitfinex crypto exchange breach, the government swooped in on approximately 95,000 BTC.

Then, in March 2022, the Department further bolstered its Bitcoin holdings, snatching over 50,000 BTC from James Zhong, who had pleaded guilty to Silk Road-related fraud in November 2022.

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In the world of crypto publications, the truth is like a rare altcoin - elusive, often hyped, and always subject to wild speculation.

MEME Of THE DAY

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Other stories

MetaMask removed from app store

After a short disappearance from the Apple App Store, the MetaMask crypto app has reemerged and is once again accessible. In a subsequent statement, a spokesperson for the product attributed its prior absence to an operational slip-up on their part.

China bank run

China is currently experiencing a bank run at the Bank of Cangzhou, driven by concerns that the insolvency of Evergrande has jeopardized the bank's financial stability. Not too long ago, China's most prominent property developer, Evergrande, filed for Chapter 15 bankruptcy. In the same week, another significant Chinese developer, Country Garden, failed to meet a debt payment.

Trust your elected officials, they said.

Yet another U.S. Congressman has made a purchase of defense stocks, this time preceding the Israel and Palestine conflict. Representative Josh Gottheimer acquired shares of Northrop Grumman Corp ($NOC) on September 26, amounting to up to $15,000. He holds positions on both the National Security Agency and Intelligence Committees. Cool, huh?

Ferrari accepts crypto

Ferrari Now Accepts Bitcoin, Ethereum, and USDC as Payment. When are you buying one?

Market Whispers

What a fun day! Qrafty doesn't want to tell you "I told you so!" but 😎 you already knew that.

As discussed on Friday, Bitcoin broke the October open resistance and pushed higher up to $28,000. So far so good, right? But noo, there's more!

Bitcoin found a fake news, yep, you heard that right, a fake news and pumped on it to $30,000. Like EXACTLY $30,000 (on Binance spot chart). Disappointed to hear the news is fake, it retraced the pump to $27,730.

But not all hope is lost, since now it's trying to find support above $28,4k. If it does, we get another chance to short it from $29,200-$29,500. What did you expect? Long? Sorry to ruin your dreams, but if the BTC ETF spot is not actually approved, there's nothing in the market right now to hold the price here or push it higher.

Qrafty ends channeling his inner trader.

Today is NATIONAL FERAL CAT 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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