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Major cryptocurrencies cooled off on Thursday evening after the conclusion of the month-long trial of Sam Bankman-Fried.CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)Bitcoin BTC/USD -2.72%$34,630Ethereum ETH/USD -3.56%$1,790Dogecoin DOGE/USD -3.54%$0.066

What Happened: This week, the price of Bitcoin came really close to reaching the $36,000 mark, but then it suddenly changed direction and corrected to $34,250. After a massive 30% increase in the past month, its no surprise that the price needs to cool off a bit.

After a rigorous five-week trial, a New York jury has found Bankman-Fried, the founder and former chief executive of FTX, guilty of defrauding his customers and lenders. Looking ahead, a tentative sentencing date of March 28, 2024, has been set for Bankman-Fried. The potential consequences are grave, as he could face the possibility of spending decades behind bars. In fact, the theoretical maximum sentence stands at a staggering 115 years.

Sam Bankman-Fried perpetrated one of the biggest financial frauds in American history, U.S. Attorney Damian Williams said outside the courthouse after the guilty verdicts on all seven charges were revealed. This kind of fraud, this kind of corruption is as old as time. We have no patience for it.

Meet and engage with transformative Digital Asset and Crypto business leaders and investors at Benzingas exclusive event Future of Digital Assets. Tickets are flying- get yours!

Top Gainer (24 Hour)CryptocurrencyGains +/-Price (Recorded 9:30 p.m. EDT)Celestia+20.61%$2.74Aave+20.34%$98.28Uniswap+16.49%$4.81

The global crypto market cap currently stands at $1.30 trillion, reflecting an increase of 2.45% in the past 24 hours.

Stocks experienced gains on Thursday as Treasury yields decreased, leading investors to speculate that the Federal Reserve may not raise rates for the rest of 2023. The S&P 500 had a fantastic day, adding 1.89% and closing at 4,317.78. This was its best performance since April and the first time since February that the S&P 500 had two consecutive gains of over 1%. The Nasdaq Composite also had a solid session, climbing 1.78% and settling at 13,294.19. This marked its best performance since July.

We saw a decline in bond yields, particularly the 10-year Treasury yield which dropped by about 12 basis points to 4.668%. This comes after the benchmark yield surpassed 5% last month.

Investor confidence was boosted by the release of data on Thursday morning, revealing easing inflation and a slowdown in the labor market. The Labor Department reported that labor costs unexpectedly decreased in the third quarter, and weekly jobless claims slightly increased to 217,000.

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Analyst Notes: Crypto analyst Michael Van De Poppe has reassured that everything is going smoothly with the price action of Bitcoin. "Altcoins had a slight dip and are bouncing back swiftly."

Everything is still all right on the price action of #Bitcoin.

Altcoins had a slight dip and are bouncing back swiftly. pic.twitter.com/tewjcuJvmC Michal van de Poppe (@CryptoMichNL) November 2, 2023

Pseudonymous crypto analyst TechDev has just revealed an incredible signal that occurs like clockwork every 3-3.5 years. "Every 3 to 3.5 years, this signal says the next several months will be explosive for Bitcoin."

According to TechDev, BTC is on the cusp of a breakout.

Every 3 to 3.5 years, this signal says the next several months will be explosive for #Bitcoin. pic.twitter.com/OQkoCVgbwH TechDev (@TechDev_52) October 28, 2023

Santiment, an on-chain data analytics firm reported Cardano has become the talk of the town on Thursday. Its market cap has grown a whopping 9% in the past 24 hours and 36% over the course of just two weeks. The address activity for ADA, Cardanos cryptocurrency, and whale transactions have reached their highest levels in over three months.

? #Cardano has been the big story Thursday, with its market cap growing +9% in the past 24 hours and now +36% over 2 weeks. As usual, #onchain activity hinted at this #bullish action with $ADA address activity & whale transaction at their highest in 3+ months. pic.twitter.com/IYBBk3ssf4 Santiment (@santimentfeed) November 2, 2023

Photo by Matt Benzero on Shutterstock

Join Benzingas Fintech Deal Day & Awards on Nov. 13 and Future of Digital Assets on Nov. 14 in New York City to stay updated on trends like AI, regulations, SEC actions and institutional adoption in the crypto space. Secure early bird discounted tickets now!

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Venezuela’s president pleads for peace after Trump sends in CIA

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Trump refuses to say if CIA has authority to assassinate Venezuela's president

Venezuela’s President Nicolas Maduro has accused the US of a coup attempt after Donald Trump approved CIA operations in the country to tackle alleged drug trafficking.

Mr Trump confirmed his decision, first revealed by The New York Times, as he said large amounts of drugs were entering the US from Venezuela – much of it trafficked by sea.

“We are looking at land now, because we’ve got the sea very well under control,” he said.

When asked why the coastguard wasn’t asked to intercept suspected drug trafficking boats, which has been a longstanding US practice, Mr Trump said the approach had been ineffective.

“I think Venezuela is feeling heat,” he said.

Donald Trump at the White House on Wednesday evening. Pic: Reuters
Image:
Donald Trump at the White House on Wednesday evening. Pic: Reuters

Maduro hits back

He declined to answer whether the CIA has the authority to execute Mr Maduro, who denies accusations from Washington that he has connections to drug trafficking and organised crime.

The US has offered a $50m (£37m) reward for information leading to his arrest.

“How long will the CIA continue to carry on with its coups?” he asked after Mr Trump’s comments on Wednesday evening, saying calls for regime change harkened back to “failed eternal wars” in Afghanistan and Iraq.

In a message to the American people, he said in English: “Not war, yes peace. The people of the US, please.”

President Nicolas Maduro. Pic: Reuters
Image:
President Nicolas Maduro. Pic: Reuters

US targets ‘drug boats’

Mr Trump also alleged Venezuela had sent a significant number of prisoners, including individuals from mental health facilities, into the US, though he did not specify the border through which they reportedly entered.

On Tuesday, he announced America had targeted a small boat suspected of drug trafficking in waters off the Venezuelan coast, resulting in the deaths of six people.

According to the president’s post on social media, all those killed were aboard the vessel.

Read more from Sky News:
Pakistan agrees to ceasefire with Afghanistan after
Venezuela opposition leader wins Nobel Peace Prize

Footage of the strike was released by Donald Trump on social media. Pic: Truth Social
Image:
Footage of the strike was released by Donald Trump on social media. Pic: Truth Social

The incident marked the fifth such fatal strike in the Caribbean, as the Trump administration continues to classify suspected drug traffickers as unlawful combatants to be confronted with military force.

War secretary Pete Hegseth authorised the strike, according to Mr Trump, who released a video of the operation.

The black-and-white footage showed a small boat seemingly stationary on the water. It is struck by a projectile from above and explodes, then drifts while burning for several seconds.

Mr Trump said the “lethal kinetic strike” was in international waters and targeted a boat travelling along a well-known smuggling route.

There has also been a significant increase in US military presence in the southern Caribbean, with at least eight warships, a submarine, and F-35 jets stationed in Puerto Rico.

‘Bomb the boats’: Bold move or dangerous overreach?

It’s a dramatic – and risky – escalation of US strategy for countering narcotics.

Having carried out strikes on Venezuelan “drug boats” at sea, Trump says he’s “looking a” targeting cartels on land.

He claims the attacks, which have claimed 27 lives, have saved up to 50,000 Americans.

By framing bombings as a blow against “narcoterrorists”, he’s attempting to justify them as self-defence – but the administration has veered into murky territory.

Under international law, such strikes require proof of imminent threat – something the White House has yet to substantiate.

Strategically, Trump’ss militarised approach could backfire, forcing traffickers to adapt, and inflaming tensions with Venezuela and allies wary of US intervention.

Without transparent evidence or congressional oversight, some will view the move less like counterterrorism and more like vigilantism on the seas.

The president’s “bomb the boats” rhetoric signals a shift back to shock and awe tactics in foreign policy, under the banner of fighting drugs.

Supporters will hail it as a bold, decisive move, but to critics it’s reckless posturing that undermines international law.

The strikes send a message of strength, but the legal, moral and geopolitical costs are still being calculated.

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Environment

Trump says Modi assured him India will stop Russian oil purchases, but timeline unclear

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Trump says Modi assured him India will stop Russian oil purchases, but timeline unclear

The India-flagged oil tanker Desh Ujaala is pictured in the Gulf waters near Al-Basrah Oil Terminal (ABOT), about 50 kilometres offshore of Iraq’s southern Faw peninsula, on August 5, 2025.

Hussein Faleh | AFP | Getty Images

U.S. President Donald Trump said Wednesday that Indian Prime Minister Narendra Modi told him New Delhi will stop buying oil from Russia, though the move will take time.

“[Modi] assured me today that they will not be buying oil from Russia. That’s a big stop.” Trump said at the press briefing in the Oval Office. “Now we’ve got to get China to do the same thing.”

He added that Washington was unhappy with New Delhi’s purchases of Russian crude because it allowed Moscow to continue waging its “ridiculous war” in Ukraine.

However, the U.S. president also said that the halt will not be immediate, and there will be “a little bit of a process,” without giving a clear timeline.

India’s external affairs ministry said Friday that the country’s oil import decisions are driven by efforts to protect consumers by ensuring stable energy prices and securing supplies.

The ministry’s priority was to “safeguard the interests of the Indian consumer in a volatile energy scenario,” External Affairs Ministry spokesperson Randhir Jaiswal said in a statement.

He added that India’s import policies are guided “entirely” by that goal.

Jaiswal said that India has sought for years to expand energy trade with the U.S. “This has steadily progressed in the last decade,” he said, adding that “the current Administration has shown interest in deepening energy cooperation with India. Discussions are ongoing.”

India and Russian crude

India’s imports of Russian oil have been a sticking point in the relationship between Washington and New Delhi. Trump slapped additional tariffs of 25% on India back in August, raising the total levy to 50%, while India has called out the U.S. for its trade with Russia.

“If India doesn’t buy [Russian] oil, it makes [ending the war] much easier,” Trump said. “They assured me within a short period of time, they will not be buying oil from Russia, and they will go back to Russia after the war is over.”

On Thursday, Brent crude futures climbed 0.82% to $62.43 a barrel by 10:31 p.m. ET, while U.S. West Texas Intermediate futures climbed 0.89% to $58.79.

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India is one of the biggest buyers of Russian oil. Data from research firm Kpler shows Russia exports about 3.35 million barrels of crude per day, with India taking about 1.7 million and China 1.1 million.

New Delhi has defended those purchases, with Energy Minister Hardeep Singh Puri telling CNBC in July that New Delhi helped stabilize global energy prices and was encouraged by the U.S. to do so.

“If people or countries had stopped buying at that stage, the price of oil would have gone up to 130 dollars a barrel. That was a situation in which we were advised, including by our friends in the United States, to please buy Russian oil, but within the price cap,” Puri said.

Russian sales of crude oil have been placed under a price cap by the G7 nations and the European Union since Moscow’s 2022 invasion of Ukraine.

That price cap, set at $47.6 per barrel, aims to limit Moscow’s revenue from oil exports, constricting the country’s ability to finance its war in Ukraine.

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Technology

TSMC hits yet another record as profit surges 39%, beating estimates on AI chip demand surge

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TSMC hits yet another record as profit surges 39%, beating estimates on AI chip demand surge

The TSMC logo is displayed on a building in Hsinchu, Taiwan April 15, 2025.

Ann Wang | Reuters

Taiwan Semiconductor Manufacturing Company on Thursday reported a 39.1% increase in third-quarter profit from last year, hitting a fresh record as demand for artificial intelligence chips stayed strong.

Here are the company’s results versus LSEG SmartEstimates:

  • Revenue: NT$989.92 billion new Taiwan dollars, vs. NT$977.46 billion expected
  • Net income: NT$452.3 billion, vs. NT$417.69 billion 

TSMC’s revenue in the September quarter rose 30.3% from a year ago to NT$989.92 billion, beating estimates.

TSMC’s high-performance computing division, which encompasses artificial intelligence and 5G applications, drove third-quarter sales.

As Asia’s largest technology company by market capitalization, TSMC has benefited from the artificial-intelligence megatrend as it manufactures advanced AI processors for clients, including Nvidia and Apple.

TSMC said advanced chips, with sizes 7-nanometer or smaller, accounted for 74% of TSMC’s total wafer revenue in the quarter. 

In semiconductor technology, smaller nanometer sizes signify more compact transistor designs, which lead to greater processing power and efficiency. 

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