Satoshi Imposter Flops and Bitcoin Falls

Welcome to the new month guys 🥂

October was anything but exciting, but November surely has something in store for us. Another week, another Satoshi wannabe! The Crypto comedy show took place in London this time, and the plot twist has everyone twisting their tongues.

Meanwhile, Bitcoin is still playing chess with our emotions, and someone has to check on Binance, this hit them real hard.

Here are the Highlights:

Satoshi Reveal Turns into Comedy of Errors in London, Fraud Suspected
Bitcoin falls below $70k causing $289 million in total market liquidations
Donald Trump makes a last-minute appeal to crypto voters
How the US Fed thinks a Bitcoin ban could preserve deficit spending

Satoshi Reveal Turns into Comedy of Errors in London, Fraud Suspected

A London based businessman held a press conference on Thursday, claiming to be the fabled anonymous creator of Bitcoin- Satoshi Nakamoto, however, the event turned out to be a dud after the person failed to bring up any concrete evidence to support his claims. British Businessman Stephen Mollah held a press conference at The Frontline Club in Norfolk Place, Paddington of London on Thursday, claiming to be the real Satoshi Nakamoto. However, as per accounts of several journalists present during the event, Mollah failed to provide any real evidence to support his claims and rather indulged in outlandish talks about him being a “billionaire monetary scientist.”

Bitcoin falls below $70k causing $289 million in total market liquidations

Bitcoin’s price surged to $72.9k yesterday, nearing its all-time high of $73.7k, before reversing to $69.2k at press time. This volatility led to liquidations totaling $289.93 million in the past 24 hours, affecting 96,574 traders, according to data from Coinglass. Long positions suffered the most, with $259.21 million liquidated, while short positions accounted for $30.72 million. The largest single liquidation order occurred on Binance’s BTC/USDT pair, valued at $11.26 million. Bitcoin led in liquidation volume with $89.72 million, followed by Ethereum at $45.21 million and other cryptocurrencies totaling $47.07 million.

Donald Trump makes a last-minute appeal to crypto voters

With less than a week until Election Day in the United States and many people voting early, Republican presidential candidate Donald Trump took to his social media platform to remind voters of his campaign promises on crypto. In Oct. 31 Truth Social and X posts, Trump called on his roughly 8 million followers to vote for him in the 2024 election, claiming he would have all Bitcoin “made in the USA” if elected. The message included a “Happy 16th Anniversary” for the Bitcoin white paper and claims to end US Vice President Kamala Harris’ “war on crypto” — despite the Democratic candidate pledging to support the industry if elected.

How the US Fed thinks a Bitcoin ban could preserve deficit spending

Bitcoin has been called many things, but a “balanced budget trap” is probably not one of them. Or at least not noticeably — until now.nA recent paper published on the Federal Reserve Bank of Minneapolis website suggests that Bitcoin (BTC), or something like it, could one day force the United States federal government to balance its budget. That would arguably vex policymakers and legislators because they want to keep all their spending options open in case of serious emergencies, like a COVID-19 pandemic or a recession. A burst of spending can stimulate an economy, after all.

Other Highlights Worth Mentioning

Hong Kong’s FTX’ victims win lawsuit - Binance

Bitcoin Volatility Jumps to 3-Month High Ahead of U.S. Election - CoinDesk

Reddit Dumped Most of Its Bitcoin Well Before 'Uptober' Pump - Decrypt

UAE’s M2 crypto exchange hacked for $13.7M, assures full fund recovery - CryptoSlate