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

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Crypto AI plugins and new hardware wallets hit the market, Caroline Ellison takes the stand in the Bankman-Fried trial, and a major investment bank says one digital asset could 5X in 2 years? Which one? Stick around. These stories and more, this week in crypto.

Trezor Launches New Crypto Devices

Leading crypto wallet manufacturer Trezor is celebrating its 10th birthday by launching new products, including Trezor Safe 3, a new cold storage wallet supporting more than 7,000 cryptocurrencies, designed specifically for newcomers to digital assets, with a focus on maximum safety and ease of use. In addition, Trezor also unveiled the Trezor Keep Metal, a mistake-proof backup solution for wallet passwords.

SBF’s Ex-Girlfriend Testifies

Caroline Ellison, the ex-girlfriend and former colleague of FTX founder Sam Bankman-Fried, testified in court, saying he “directed” her to take $14Bn in customer money to repay Alameda lenders. Bankman-Fried is facing charges of fraud and money laundering and Ellison’s testimony emphasizing his role in setting up the systems that allowed these transactions is making a crucial point in the ongoing trial.

CMC Introduces AI Crypto Analyst

Binance owned crypto data aggregator CoinMarketCap introduced a plugin for AI chatbot ChatGPT to be used as a crypto analyst. Users with a ChatGPT Plus account can access the plugin for free, enabling them to ask crypto-related questions and get real-time data from CoinMarketCap, making it a valuable resource for both desktop and mobile users.

Big Banks Using Blockchain

JPMorgan Chase initiated its first blockchain collateral settlement through the Tokenized Collateral Network (TCN). BlackRock used the blockchain network to convert fund shares into tokens, which were then sent to Barclays as collateral for a derivatives trade. The network enabled nearly instant collateral transfers, significantly enhancing efficiency and freeing up previously locked capital for this purpose.

Hamas Crypto Funds Frozen

The Cyber Unit of the Israeli police force announced it had worked in collaboration with Binance and managed to freeze multiple cryptocurrency accounts tied to Hamas which utilized cryptocurrency to raise funds while evading international sanctions. The frozen accounts are estimated to be worth tens of millions of dollars.

FTX Thief Cashes Out Millions

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, while the exchange’s founder, Sam Bankman-Fried is on trial. The theft, which happened on the day FTX collapsed, remains shrouded in mystery, raising suspicions of potential insider involvement.

Bitmain Suspended Salaries

Bitmain, 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 lack of positive cash flow for September and a decline in orders for new ASICs.

Major Bank Predicts Ether to Rise 500%

Global bank, Standard Chartered predicts Ethereum’s value could increase over fivefold by 2026. Geoff Kendrick, head of digital asset research, said Ether could reach $8,000 per token in the next two years due to its expanding use 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.

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