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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.

See More: Best Cryptocurrency ScannersLoading… Loading… Loading…

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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Collapsed crypto firm Ziglu faces $2.7M deficit amid special administration

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Collapsed crypto firm Ziglu faces .7M deficit amid special administration

Collapsed crypto firm Ziglu faces .7M deficit amid special administration

Thousands of savers face potential losses after a $2.7 million shortfall was discovered at Ziglu, a British crypto fintech that entered special administration.

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Heidi Alexander says ‘fairness’ will be government’s ‘guiding principle’ when it comes to taxes at next budget

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Heidi Alexander says 'fairness' will be government's 'guiding principle' when it comes to taxes at next budget

Another hint that tax rises are coming in this autumn’s budget has been given by a senior minister.

Speaking to Sunday Morning with Trevor Phillips, Transport Secretary Heidi Alexander was asked if Sir Keir Starmer and the rest of the cabinet had discussed hiking taxes in the wake of the government’s failed welfare reforms, which were shot down by their own MPs.

Trevor Phillips asked specifically if tax rises were discussed among the cabinet last week – including on an away day on Friday.

Politics Hub: Catch up on the latest

Tax increases were not discussed “directly”, Ms Alexander said, but ministers were “cognisant” of the challenges facing them.

Asked what this means, Ms Alexander added: “I think your viewers would be surprised if we didn’t recognise that at the budget, the chancellor will need to look at the OBR forecast that is given to her and will make decisions in line with the fiscal rules that she has set out.

“We made a commitment in our manifesto not to be putting up taxes on people on modest incomes, working people. We have stuck to that.”

Ms Alexander said she wouldn’t comment directly on taxes and the budget at this point, adding: “So, the chancellor will set her budget. I’m not going to sit in a TV studio today and speculate on what the contents of that budget might be.

“When it comes to taxation, fairness is going to be our guiding principle.”

Read more:
Reeves won’t rule out tax rises

What is a wealth tax and how would it work?

👉Listen to Politics at Sam and Anne’s on your podcast app👈      

Afterwards, shadow home secretary Chris Philp told Phillips: “That sounds to me like a barely disguised reference to tax rises coming in the autumn.”

He then went on to repeat the Conservative attack lines that Labour are “crashing the economy”.

Please use Chrome browser for a more accessible video player

Chris Philp also criticsed the government’s migration deal with France

Mr Philp then attacked the prime minister as “weak” for being unable to get his welfare reforms through the Commons.

Discussions about potential tax rises have come to the fore after the government had to gut its welfare reforms.

Sir Keir had wanted to change Personal Independence Payments (PIP), but a large Labour rebellion forced him to axe the changes.

With the savings from these proposed changes – around £5bn – already worked into the government’s sums, they will now need to find the money somewhere else.

The general belief is that this will take the form of tax rises, rather than spending cuts, with more money needed for military spending commitments, as well as other areas of priority for the government, such as the NHS.

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Heidi Alexander says ‘fairness’ will be government’s ‘guiding principle’ when it comes to taxes at next budget

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Heidi Alexander says 'fairness' will be government's 'guiding principle' when it comes to taxes at next budget

Another hint that tax rises are coming in this autumn’s budget has been given by a senior minister.

Speaking to Sunday Morning with Trevor Phillips, Transport Secretary Heidi Alexander was asked if Sir Keir Starmer and the rest of the cabinet had discussed hiking taxes in the wake of the government’s failed welfare reforms, which were shot down by their own MPs.

Trevor Phillips asked specifically if tax rises were discussed among the cabinet last week – including on an away day on Friday.

Politics Hub: Catch up on the latest

Tax increases were not discussed “directly”, Ms Alexander said, but ministers were “cognisant” of the challenges facing them.

Asked what this means, Ms Alexander added: “I think your viewers would be surprised if we didn’t recognise that at the budget, the chancellor will need to look at the OBR forecast that is given to her and will make decisions in line with the fiscal rules that she has set out.

“We made a commitment in our manifesto not to be putting up taxes on people on modest incomes, working people. We have stuck to that.”

Ms Alexander said she wouldn’t comment directly on taxes and the budget at this point, adding: “So, the chancellor will set her budget. I’m not going to sit in a TV studio today and speculate on what the contents of that budget might be.

“When it comes to taxation, fairness is going to be our guiding principle.”

Read more:
Reeves won’t rule out tax rises

What is a wealth tax and how would it work?

👉Listen to Politics at Sam and Anne’s on your podcast app👈      

Afterwards, shadow home secretary Chris Philp told Phillips: “That sounds to me like a barely disguised reference to tax rises coming in the autumn.”

He then went on to repeat the Conservative attack lines that Labour are “crashing the economy”.

Please use Chrome browser for a more accessible video player

Chris Philp also criticsed the government’s migration deal with France

Mr Philp then attacked the prime minister as “weak” for being unable to get his welfare reforms through the Commons.

Discussions about potential tax rises have come to the fore after the government had to gut its welfare reforms.

Sir Keir had wanted to change Personal Independence Payments (PIP), but a large Labour rebellion forced him to axe the changes.

With the savings from these proposed changes – around £5bn – already worked into the government’s sums, they will now need to find the money somewhere else.

The general belief is that this will take the form of tax rises, rather than spending cuts, with more money needed for military spending commitments, as well as other areas of priority for the government, such as the NHS.

Continue Reading

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