We're So Back: Crypto Markets Surge on Bitcoin ETF Anticipation - News 10.23.23

We Don’t Need SBF, Let that Mother****er Burn

I’ve often struggled over the balance in my reporting between the big frauds that are all over crypto, and the more positive overarching story that, yes, there is actually a *there* there - a new kind of financial tool with weird and complex implications. Particularly right now, there isn’t exactly a *ton* of crypto news getting past the intense focus on Sam Bankman-Fried and his trial.

But, by some surely insignificant coincidence, crypto markets have chosen a week when the SBF trial is mostly on hiatus to cross major thresholds and rip for the sky. We’re back in court on Thursday, when the prosecution will be wrapping up and the defense likely beginning to build whatever case it found under the couch cushions.

In the meantime: Baby, we got a bull run in the offing, a major news org getting crypto wrong (shocking), and His Excellency Justin Sun might be printing fake Euros (even more shocking!)

U.S. Army Spc. David Lalonde from the 318th Psychological Operations Company examines a five euro bill as part of anti-counterfeiting measures at the Provincial Joint Coordination Center in Nasiriyah, Iraq, April 25, 2010. Lalonde prepares a class for the Iraqi police to learn how to detect counterfeit money. (U.S. Army)

The Bull is Back?

Bitcoin is up 11% in the past week, the kind of surge that lights a fire under bystanders. That’’s not exactly a good thing! You shouldn’t buy crypto if you don’t understand it! You definitely shouldn’t short-term FOMO into assets you don’t understand!

But at least in this case, the rip is based in something very, very real.