Qrafty heard a funny and sad story, Michael Saylor bought more and PayPal got a subpoena for PYCOIN

***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 is back with juice and news crypto jungle, so let’s dive in 📰 🌟

1. Be Careful in the Cryptoverse

2. Michael Saylor Bought More

3. PayPal Got Subpoena by the SEC

Bonus: New Short Ethereum ETF

Careful Out There

Ah, love and money – they're the yin and yang of life's most glorious highs and abysmal lows. And in the wild world of crypto, there's a scam that's turning heads. Picture this: an online encounter with a mysterious "girl" who promises to be your crypto guide and sparks a bit of romance along the way. Intriguing, isn't it? No harm done yet.

Then, she suggests a platform for trading crypto. With a sprinkle of funds from both sides (as in 5000 actual USD from the user and 5000 “USD“ from the girl), our unsuspecting hero (let's call him Dummy) sets off on a journey to crypto trading stardom. Wins start rolling in, and it seems like Dummy's got the Midas touch. Pretty cool, right?

So, Dummy dives deep into the crypto trading pool, watches his initial investment swell and before you know it, he's sitting on a tidy sum.

Naturally, Dummy wants to move that newfound wealth to his own digital wallet, outside the exchange.

But here's the twist – suddenly, it's like trying to wrangle a greased pig. Getting those funds out becomes a Herculean task. And to add insult to injury, Dummy's hit with a barrage of fees: verification fees, tax fees, even fees for just being a U.S. citizen. It's all so convincing that poor Dummy doesn't see the forest for the trees. He even takes out a $10,000 loan, hoping against hope that those "funds" are real.

Qrafty's got one simple plea: don't let yourself fall into this trap. It's a cautionary tale for the ages, and Dummy's misadventure is a stark reminder to tread carefully in the crypto realm.

🙃 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! 😇 👇️

Michael Saylor Bought 155 More Bitcoin

MicroStrategy, the company that has a love affair with Bitcoin like no other, just did it again. They dropped another $5.3 million for another 155 BTC. But here's the kicker, they did it when Bitcoin was feeling all confident and decided to dance its way up to nearly $36,000.

With the fourth Bitcoin halving approaching like a speed train, and the SEC winking at the possibility of approving a spot Bitcoin ETF, Michael Saylor is like: "Hold my digital beer." He’s not slowing down, stepping on the gas pedal and making it rain in the crypto world.

Let's flashback to where it all began – August 2020. MicroStrategy took a leap of faith with a jaw-dropping $250 million investment in Bitcoin. Fast forward to today, and they've been on a relentless shopping spree, amassing over 158,400 Bitcoins, which are currently sipping champagne and worth around $5.4 billion. Oh, and they've picked up 6,067 Bitcoins since the end of Q2, spending a mere $167 million. Not bad, right?

New Short Ethereum ETF

ProShares is stepping up its crypto ETF game with the launch of SETH, the Short Ether Strategy ETF. It's a new tool for those looking to ride the wave of Ether's price volatility and it officially hit the trading floor on the NYSE's Arca exchange.

What makes SETH stand out in the crowd? Well, it's all about simplifying the process of shorting ETH. CEO Michael Sapir is the guy behind the curtain, and he claims SETH is your ticket to making money from Ether's price fluctuations using your everyday brokerage account.

SETH isn't alone in ProShares' crypto ETF family. They've got a whole bunch of crypto-linked ETFs, like BITO, EETH, BETH, and BETE, all playing their part in this crypto extravaganza. And even though SETH has made quite an entrance, it seems the enthusiasm for Ether futures ETFs is still simmering on a low flame. The total assets under management for six recently launched ETH-based futures ETFs are around the $20 million mark, like they're waiting for the crypto party to kick into high gear.

PayPal Subpoena From SEC

PayPal, the big payments company, has been slapped with a subpoena from the U.S. Securities and Exchange Commission (SEC), and it's all about their U.S. dollar stablecoin, PYUSD. The revelation came to light in PayPal's third-quarter financial report on November 2, and it's directly linked to their creation of their stablecoin.

The problem? SEC Chair Gary Gensler, the man who's declared that all stablecoins and most cryptocurrencies are playing the role of securities, wants them registered properly with his agency.

If PYUSD ends up with that "security" label, it's like opening a massive can of worms for all stablecoins. It's a shockwave that could send ripples through the entire crypto ecosystem. It’s interesting to see how things unfold.

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Tomorrow's like a software update - you hope it fixes bugs, but you never quite know what new glitches it'll introduce!

Qrafty’s thought of the day

Other stories

Elon Musk isn’t fan of off-chain NFTs

In his recent guest spot on the Joe Rogan podcast, Elon Musk raised concerns about the prevalent practice of NFTs not being entirely on-chain. Instead, he highlighted that certain NFTs lead to artwork hosted on external servers, which means that if the server owner goes bust the NFTs hosted there are gone.

$300M Crypto Fraud Case in China

In Tongliang, China, a court has issued sentences to 21 individuals involved in converting the gains from online fraud and illicit casinos, which were denominated in Tether (USDT), into Chinese Yuan (RMB), amounting to a sum of 2.25 billion RMB (equivalent to $307 million).

Post Malone And 'Apex Legends'

The Apex Legends Post Malone event kicks off on November 7th, showcasing Legend skins crafted by the artist himself. During the Two Weeks of Mayhem Limited-Time Mode, fresh respawn regulations will enable all players to embrace a more aggressive approach in the battle royale arena. You can enjoy the event's offerings from November 7th to the 21st.

Swiss National Bank Conducts CBDC Pilot 

SIX Digital Exchange (SDX) is partnering with the Swiss National Bank (SNB) and six commercial banks to conduct a pilot project for a wholesale central bank digital currency (CBDC) named Helvetia Phase III.

Market Whispers

Bitcoin opened the day and continued the uptrend until it reached $36,000 (that was the high on Binance futures, on spot exchanges the high was at ~$35300). So it is safe to say that it finally took the highs on all exchanges. What to expect now? Well, we are still in the range formed from the first push above $32k, we've had a small (4%) correction today, but as long as we stay above ~$34,200, we could see new highs in the short term.

Below $34,200 comes in the possibility to retest the range low at $32,500, which was never re-tested. Keep in mind that we also have a daily S/R level at ~$34,050, which supported the price pretty well for this last pump. If we get to $32,500 and the reaction is good, that could be a good long opportunity. Considering the fact that we are in an uptrend, shorts are not in favor, so if you wanna play them, keep your stop losses tight.

We almost got excited with Ethereum last night! Damn, we were so close! It broke $1,850, longs were getting hot and bang! At $1870 made an U turn and stopped out pretty much everyone who was in a long. It bounced from the golden pocket, at $1785, so we are not lost yet... But, if Bitcoin goes for the range low, Eth will see at least $1748. Next main targets/support levels to the downside are $1733 and $1650. But let's be optimistic and look to the upside too, where we have $1915 and $2030 🎉

Qrafty ends channeling his inner trader.

Today is INTERNATIONAL DOGE 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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