Qrafty smelled manipulation in the crypto jungle today, Jamie Dimon trashes the Fed and Pepe jumps 31%

***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. Manipulation, Expect It!

2. Jamie Dimon Trashes Fed

3. Pepe Burns Coins, Jumps 31%

Bonus: Ben Armstrong needs attention again

MANIPULATION

BlackRock's spot Bitcoin ETF ticker IBTC, has been removed from the DTCC website and from the Bloomberg terminal. The FUD game was strong today, with dirty little tricks employed to get the price of Bitcoin back down.

Most likely, BlackRock got a call from the SEC with the message: “don’t be hasty, nothing is approved yet”. They also received a $2.5 million fine from the SEC in an unrelated matter to crypto.

So the question is: was it all just an “unintended“ rush to force the SEC’s hand to approve the ETFs, or was it just manipulation to get retail involved and dump on them, as it usually happens?

We will find out as the next days unfold, along with Bitcoin’s price which just spiked up. Now, let’s walk a bit along imagination lane and ideate a bit along this move.

You already know the bullish scenario, everyone’s screaming it in the digital streets: Bitcoin is pumping, we’re all going to make it, happy times all around!

Oook, now that we got that out of the way, let’s take a look at another, more manipulative scenario; which is how the market actually moves.

Tether printed around 1 billion for this move. Yeah, the usual pundits will find a lot of reasons and explanations. Qrafty likes to keep it real.

The masses have a very short memory. What most don’t know is that back in 2017, Bitcoin ETF futures were the talk of the town and it seemed like everyone and their grandma was hopping on the hype train. Rings a bell?

Fast forward to December when these futures finally hit the market, and guess what? That's right, it was like the grand finale of a fireworks show - spectacular, but you knew it was all about to fizzle out. Bitcoin took a nosedive of over 85% after that.

Why is this old news important, Qrafty?

Because those who don’t know their history are bound to repeat it. So, take note, because ETFs aren't just tools for buying. Yup, you can also short them, and guess who's pretty good at that game? Bankers.

Also, a lot of people don’t know that Goldman Sachs had a trading desk that came into the space during the bull run and shorted the hell out of Bitcoin, triggering multiple drawdowns of over 25%-30%.

So, Qrafty’s question is: retail got drawn in to be exit liquidity for the big players?

Hopefully, not. Hopefully, Bitcoin holds this support and we get into an altseason which pushes things forward. Hopefully, crypto is back in the spotlight, after Bill Gates said that AI has reached a plateau.

Here a giga manipulation scenario:

• Black Rock is aware their ETF has giga pumped Bitcoin

• They short it, make the right phone calls to get it rejected

• This causes a huge dump synced with the S&P and technical levels around $20,000 for Bitcoin

• Then buy it ALL up!

• Then file again knowing no one will buy this time. Pump it back with a vengeance and that’s 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! 😇 👇️

Jamie Dimon Trashes Central Bankers

Jamie Dimon, the big cheese over at the largest U.S. bank isn't one to mince words. He's sounding the alarm about getting too cozy with economic forecasts, especially given the recent shaky performance of the Fed regarding inflation and interest rates.

Dimon's been on a warning spree lately and this time he's reminding us that predicting the economic future is like trying to hit a bullseye while blindfolded. Speaking at the Future Investment Initiative summit in Riyadh, Saudi Arabia, he said to think in terms of probabilities and possibilities, not in absolutes; and to stop listening to predictooors, regardless of who they are, as they are nothing more than fortune tellers.

And just in case you missed it, he's giving a nod to the Federal Reserve's clairvoyant skills—or lack thereof. About 18 months ago, the Fed bet on the "transitory" nature of inflation.

Well, guess what? Inflation didn't get the memo, and now it's playing hard to get. They also had some rosy interest rate predictions for 2023, which are about as accurate as a blindfolded archer hitting the bullseye from a mile away.

Dimon isn't buying into the idea that central banks and governments have it all figured out. He's wearing the cautious hat, and maybe it's time we do the same.

Pepe Burns Coins, Jumps 31%

The PEPE memecoin just pulled off a spectacular stunt, surging a jaw-dropping 31% to hit a two-month high.

What's the secret sauce? In a move that's hotter than a bonfire, the pepe memecoin (PEPE) obliterated a whopping 6.9 trillion tokens, equivalent to $5.5 million. The result? A mesmerizing 31% price hike. Burning tokens is like making them vanish into thin air, and this grand disappearing act aimed to hush the worries surrounding the team's multisig wallet.

Now, if you're wondering how much they've got left in their bag of tricks, it's 3.79 trillion tokens, valued at $3.72 million. That's just a tiny slice of the daily trading frenzy.

This fiery burn session comes on the heels of an August controversy when some cheeky developers supposedly swiped millions from the project's multisig wallet. But boy, did they turn the tables! This spectacular rise happened just as Bitcoin was doing a victory lap to $35k.

Bitcoin Good, Politicians And Banksters Bad

Richardo Salinas is a man worth $13,8 trillion. He delivered quite the punch in a swift 20-minute interview. He's a Bitcoin evangelist, and he's not afraid to call out the financial system for its shenanigans, especially when it comes to inflation.

In Mexico, where Bitcoin is gaining momentum, Salinas is a beacon of financial enlightenment. He wants you to see through the illusions of government monetary policies, which he bluntly brands as "fraud." Inflation? It's the silent thief pilfering your savings without consent. And this isn't just a Mexican or Latin American concern; it's a global headache.

His battle cry is simple: "Secure your wealth in Bitcoin!" Salinas is on a mission to unveil the financial system's magic tricks.

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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

It’s funny because it’s true

Sometimes life is better and way more funnier than movies. Today, we have this guy letting everyone know that he’s divorcing his wife, hooking up with another woman and mentioning them both in the same tweet. Gotta love crypto.

Binance UK compliance head jumps the boat

Jonathan Farnell, a compliance specialist who was Binance’s UK chief before taking over Bifinity, a subsidiary, has left the business — becoming the latest in a string of executive departures.

BlockFi out of bankruptcy

After 11 long months since it was swept away by the storm that followed FTX's collapse, BlockFi is back from the crypto wilderness! But they're not here to continue the crypto hustle. Nope, they're winding down operations and starting the process of giving back crypto assets to their loyal customers.

SEC fined BlackRock with $2.5 million

SEC has charged BlackRock with failing to disclose investments in a media company. BlackRock agreed to pay a $2.5M penalty, which is like the coffee budget for the first floor executives for a couple of months.

Market Whispers

Bitcoin is back! We are all gone make it! Yes, yes, everyone is excited but a little bit of caution never hurts. So, let's have a look at the chart.

After the incredible pump to $34,700 to $36,000, depending on what exchange you look at, it did another pump and took the high on most exchanges. Now, when there are such major differences in price between exchanges it is a bit difficult to have clear levels. But, nevertheless Qrafty has drawn some lines for you and it seems that Bitcoin liked them and respects them.

We are in an area with low volumes, up until $40k so price is moving fast, up or down. To have a trend continuation confirmed we have to see a retest of previous range $31,900 - $32,000. And it's important to hold that level, or make a quick deviation and up again. If it finds acceptance back in the old range, then we can put away our bulls hats. We'll discuss more when we get there.

As for trades right now, we can only scalp it, keep in mind that the trend is up, so any shorts must be fast and with stop losses breakeven or in profit as soon as you got the chance. $36k is expected, to take the highs on all exchanges.

ETH looks like is under a spell or something, maybe a Halloween spell? It’s moving reaaally slow, if you compare it to Bitcoin. It made a high at $1,854 but it should have been at least $2,000. So, it's still in his range until it breaks above $2,140.

Today is NATIONAL FOOD 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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