🔴 Insane ETH Price Prediction | This Week in Crypto – Oct 16, 2023

Crypto AI Plugins and New Hardware Wallets Hit the Market

Leading crypto wallet manufacturer Trezor is celebrating its 10th birthday by launching new products. One of the highlights is the Trezor Safe 3, a cold storage wallet that supports over 7,000 cryptocurrencies. This wallet is specifically designed for newcomers to the digital asset space, with a focus on maximum safety and ease of use. Additionally, Trezor introduced the Trezor Keep Metal, a mistake-proof backup solution for wallet passwords.

Binance-owned crypto data aggregator CoinMarketCap also made a significant announcement. They introduced a plugin for AI chatbot ChatGPT, which can be used as a crypto analyst. Users with a ChatGPT Plus account can access the plugin for free, allowing them to ask crypto-related questions and receive real-time data from CoinMarketCap. This plugin serves as a valuable resource for both desktop and mobile users.

Caroline Ellison Testifies in the Bankman-Fried Trial

Caroline Ellison, the ex-girlfriend and former colleague of FTX founder Sam Bankman-Fried, took the stand in court. She testified that Bankman-Fried “directed” her to take $14 billion in customer money to repay Alameda lenders. Bankman-Fried is currently facing charges of fraud and money laundering, and Ellison’s testimony emphasizes his role in setting up the systems that allowed these transactions. Her testimony plays a crucial role in the ongoing trial.

JPMorgan Chase Initiates Blockchain Collateral Settlement

JPMorgan Chase made a significant move in the blockchain space by initiating its first blockchain collateral settlement through the Tokenized Collateral Network (TCN). BlackRock utilized the blockchain network to convert fund shares into tokens, which were then sent to Barclays as collateral for a derivatives trade. This network enabled nearly instant collateral transfers, enhancing efficiency and freeing up previously locked capital.

Israeli Police Freeze Cryptocurrency Accounts Tied to Hamas

The Cyber Unit of the Israeli police force collaborated with Binance to freeze multiple cryptocurrency accounts tied to Hamas. These accounts were being used by Hamas to raise funds while evading international sanctions. The frozen accounts are estimated to be worth tens of millions of dollars. This successful operation highlights the growing efforts to combat illicit activities in the crypto space.

FTX Theft Raises Suspicions of Insider Involvement

An unidentified thief who stole over $470 million in cryptocurrency during FTX’s crash is currently liquidating their stash at a pace of about $20 million a day. This theft, which occurred on the day FTX collapsed, remains shrouded in mystery and raises suspicions of potential insider involvement. The ongoing trial of FTX founder Sam Bankman-Fried adds another layer of intrigue to this case.

Bitmain Faces Financial Difficulties

Bitmain, a leading manufacturer of ASIC miners, has temporarily suspended employee salary payments for September and cut all bonuses and incentives for its staff. The company is facing financial difficulties due to a lack of positive cash flow for September and a decline in orders for new ASICs. This situation highlights the challenges faced by companies in the crypto industry, particularly during periods of market volatility.

Standard Chartered Predicts Ethereum’s Value Could Increase Over Fivefold

Global bank Standard Chartered predicts that Ethereum’s value could increase over fivefold by 2026. Geoff Kendrick, the head of digital asset research, believes that Ether could reach $8,000 per token in the next two years. This projection is based on the expanding use of Ethereum in blockchain gaming and traditional asset tokenization. The bank sees the $8,000 mark as a stepping stone to a long-term valuation estimate of between $26,000-$35,000.

Frequently Asked Questions

1. What new products did Trezor launch for its 10th birthday?

Trezor launched the Trezor Safe 3, a cold storage wallet supporting over 7,000 cryptocurrencies. They also introduced the Trezor Keep Metal, a backup solution for wallet passwords.

2. What role did Caroline Ellison play in the Bankman-Fried trial?

Caroline Ellison, the ex-girlfriend and former colleague of FTX founder Sam Bankman-Fried, testified in court, emphasizing Bankman-Fried’s role in directing her to take $14 billion in customer money to repay Alameda lenders.

3. What is the purpose of the CoinMarketCap plugin for AI chatbot ChatGPT?

The CoinMarketCap plugin allows users with a ChatGPT Plus account to ask crypto-related questions and receive real-time data from CoinMarketCap, making it a valuable resource for both desktop and mobile users.

4. How did JPMorgan Chase utilize blockchain technology for collateral settlement?

JPMorgan Chase used the Tokenized Collateral Network (TCN) to enable nearly instant collateral transfers. This allowed BlackRock to convert fund shares into tokens, which were then sent to Barclays as collateral for a derivatives trade.

5. How did the Israeli police collaborate with Binance to combat illicit activities?

The Israeli police worked with Binance to freeze multiple cryptocurrency accounts tied to Hamas. These accounts were being used by Hamas to raise funds while evading international sanctions.

6. What challenges is Bitmain currently facing?

Bitmain has temporarily suspended employee salary payments for September and cut all bonuses and incentives for its staff due to financial difficulties caused by a lack of positive cash flow and a decline in orders for new ASICs.

7. What is Standard Chartered’s prediction for Ethereum’s value?

Standard Chartered predicts that Ethereum’s value could increase over fivefold by 2026, with a projection of $8,000 per token in the next two years. They see this as a stepping stone to a long-term valuation estimate of between $26,000-$35,000.