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06/11/2023. Weekly CryptoNews Digest (October, 30 – November, 05)


Hello all, and welcome again to the MNO blog for another update on the latest trends in the online investment world which is now made up mostly of cryptocurrency enthusiasts and marketers effectively replacing the HYIP admins who ruled the industry in the past. Having been established back in 2007, MNO has seen all the ups and downs of the HYIP industry, which was considered to be a big thing once upon a time.

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That doesn’t mean that the MNO blog and monitor is dropping the idea of following HYIPs completely – it just means that my site will switch attention to what really matters now. Except for major cryptocurrency trends and latest news from the crypto world I plan to replace HYIPs with other money-making opportunities that my readers can use to their advantage make a passive income with no risk whatsoever.

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And now with all introductions out of the way let’s have a look at the Weekly CryptoNews Digest. This time it covers the period from October, 30 to November, 05, 2023. I will be covering some most talked about news surrounding the crypto markets last week and other important events that happened, like the completion of the Sam Bankman-Fried’s trial. I’m actually going to start with that, as this is the news piece everyone has been discussing recently.


Sam Bankman-Fried, the founder of the now-bankrupt cryptocurrency exchange FTX, was found guilty on all seven counts of fraud, conspiracy, and money laundering on November 2, 2023. The verdict came after a two-week trial in Manhattan federal court.

Bankman-Fried was accused of defrauding investors and customers of billions of dollars. Prosecutors said that he used FTX as a “personal piggy bank” to fund his lavish lifestyle and risky investments. They also said that he misled investors about FTX’s financial health and that he orchestrated a scheme to hide the true value of Alameda Research, a hedge fund that he also controlled.

Bankman-Fried faces a maximum sentence of 115 years in prison. He is scheduled to be sentenced in January 2024.

Here are some of the key details of the case:
– Bankman-Fried was charged with two counts of wire fraud, two counts of conspiracy to commit wire fraud, one count of securities fraud, one count of conspiracy to commit securities fraud, and one count of conspiracy to commit money laundering.
– The charges stemmed from Bankman-Fried’s alleged misuse of FTX customer funds to prop up Alameda Research, a hedge fund that he also controlled.
– Prosecutors said that Bankman-Fried used FTX customer funds to make political donations, buy real estate, and fund pet projects.
– Bankman-Fried pleaded not guilty to all charges.
– The trial lasted for two weeks and featured testimony from several former FTX employees.
– The jury found Bankman-Fried guilty on all seven counts.

Overall, Sam Bankman-Fried’s conviction is a major blow to the cryptocurrency industry, which has been plagued by fraud and regulatory scrutiny. It is also a stark reminder of the risks of investing in volatile and speculative assets.

The cryptocurrency market reacted negatively to Sam Bankman-Fried being found guilty on all counts of fraud, conspiracy, and money laundering. Bitcoin, the world’s largest cryptocurrency by market cap, fell by as much as 5% in the hours following the verdict. Other major cryptocurrencies, such as Ethereum and XRP, also saw significant losses.


Some positive news affecting the crypto market last week would be the data on the digital asset investment products saw their largest weekly inflows since July 2022, with $326 million pouring into the space.

This surge in interest is likely due to several factors, including:
– Improved sentiment around the prospect of a spot Bitcoin ETF being approved by the US Securities and Exchange Commission (SEC). A spot Bitcoin ETF would allow investors to track the price of Bitcoin without having to buy and store the cryptocurrency themselves. This would make it easier for institutional investors to invest in Bitcoin, which could lead to increased demand for the cryptocurrency.
– The recent rally in the price of Bitcoin. Bitcoin is up more than 40% since the beginning of October, which has made investors more bullish on the cryptocurrency.
– The growing popularity of altcoins. Altcoins are digital assets other than Bitcoin. They are often seen as more volatile than Bitcoin, but they can also offer higher returns. The recent inflows into altcoin products suggest that investors are becoming more comfortable with riskier assets.

The largest inflows into digital asset investment products last week came from Canada, Germany, and Switzerland. The United States accounted for 12% of the inflows. Overall, the total amount of assets under management in digital asset investment products is now $37.8 billion, the highest since May 2022.

The surge in interest in digital asset investment products is a sign that investors are becoming more comfortable with cryptocurrencies. This is likely to lead to increased demand for cryptocurrencies in the long term.

Here are some of the risks of investing in digital asset investment products:
– Volatility: Cryptocurrencies are highly volatile, which means that their prices can fluctuate wildly. This makes them a risky investment.
– Regulation: The cryptocurrency industry is still largely unregulated. This means that there is a risk that governments could crack down on cryptocurrencies in the future.
– Security: Cryptocurrencies are stored on digital wallets, which are targets for hackers. Investors need to take steps to protect their wallets from cyberattacks.

Despite the risks, many investors believe that the potential rewards of investing in cryptocurrencies outweigh the risks. Cryptocurrencies have the potential to revolutionize the way we store and transfer value. They could also become a major asset class in the future.

However, if you are considering investing in digital asset investment products, it is important to do your research and understand the risks involved. You should also only invest money that you can afford to lose.


Last week Elon Musk, the billionaire entrepreneur behind Tesla, SpaceX, and X, has unveiled his ambitious plans to transform X into a comprehensive financial hub which could potentially rival cryptocurrencies.

In an all-hands meeting with X employees in October 2023, Musk outlined his vision for the platform, stating that he wants to make X the “everything app” of the future, offering a wide range of financial services, including:
– High-yield money market accounts: These accounts would offer competitive interest rates on deposits, allowing users to earn more on their money.
– Debit cards: X-branded debit cards would enable users to spend their money anywhere that accepts Visa or Mastercard.
– Checks: Users would be able to order checks through X, making it easy to pay bills and other expenses.
– Loan services: X would offer a variety of loan products, including personal loans, student loans, and mortgages.
– Money transfers: Users would be able to send and receive money instantly and securely through X.
– Investment services: X would offer investment products such as stocks, bonds, and ETFs, making it easy for users to grow their wealth.

Musk’s vision for X as a financial hub is a bold one, and it remains to be seen whether he will be able to execute on his plans. However, Musk has a track record of success in disrupting industries, and his involvement in X is likely to attract a lot of attention and investment.

If Musk is successful in transforming X into a financial hub, it could have a significant impact on the banking industry. Traditional banks could lose customers to X, as more and more people prefer to manage their finances through a digital platform.

The potential for disruption is even greater if Musk is able to integrate X’s financial services with other aspects of the platform, such as social media and e-commerce. This would create a truly “everything app” that could be used for everything from paying bills to shopping to connecting with friends.


On November 1, 2023, PayPal Holdings Inc. (PYPL) disclosed in a regulatory filing that it had received a subpoena from the U.S. Securities and Exchange Commission (SEC) Division of Enforcement related to its PayPal USD (PYUSD) stablecoin. The subpoena requests the production of documents related to the stablecoin, and PayPal is cooperating with the SEC’s investigation.

The SEC has been increasingly scrutinizing the cryptocurrency industry in recent years, and the subpoena is likely part of a broader investigation into stablecoins. Stablecoins are cryptocurrencies that are pegged to a stable asset, such as the US dollar, in order to avoid the volatility of other cryptocurrencies.

PayPal launched PYUSD in August 2023, making it the first major financial services firm to issue a stablecoin. The stablecoin is issued by Paxos Trust Company, a New York-regulated trust company that is also licensed to issue money transmission licenses.

The SEC’s subpoena is likely focused on whether PYUSD is a security. Securities are investments that are regulated by the SEC, and companies that issue securities are required to register with the SEC and comply with certain disclosure requirements.

If the SEC determines that PYUSD is a security, it could have significant implications for PayPal and other companies that are considering issuing stablecoins. PayPal could be required to register PYUSD with the SEC and comply with certain disclosure requirements. Additionally, the SEC could take enforcement action against PayPal if it determines that the company has violated securities laws.

The SEC’s investigation is still in its early stages, and it is unclear what the outcome will be. However, the subpoena is a reminder of the increasing scrutiny that the cryptocurrency industry is facing from regulators.


Visa, HSBC, and Hang Seng Bank (HSB) collaborated on a successful pilot program to explore the potential of central bank digital currencies (CBDCs) in Hong Kong. The pilot program, conducted as part of the Hong Kong Monetary Authority’s (HKMA) Digital Hong Kong Dollar (e-HKD) initiative, demonstrated the potential of tokenized deposits to enhance payment efficiency, risk management, and transaction transparency.

The pilot program simulated two key interbank business-to-business (B2B) payment scenarios: property payments and acquirer-merchant settlements. The results showcased the potential benefits of tokenized deposits for B2B payments, including:
– Faster payment speeds: Tokenized deposits can be settled in real-time, eliminating the need for intermediaries and significantly reducing transaction settlement times.
– Enhanced risk management: The use of tokenized deposits can help to mitigate risks associated with traditional settlement methods, such as counterparty and settlement risk.
– Improved transaction transparency: Tokenized deposits provide a tamper-proof and auditable record of transactions, enhancing transparency and traceability.

The pilot program also demonstrated the interoperability of tokenized deposits across different payment systems, paving the way for broader adoption of CBDCs in Hong Kong.

The successful completion of the pilot program is a significant milestone in the development of CBDCs in Hong Kong. The findings of the pilot will be used to inform the HKMA’s ongoing research and development efforts in the area of CBDCs.

The pilot program also highlights the potential of tokenized deposits to revolutionize the way B2B payments are conducted globally. The ability to make faster, more secure, and more transparent payments can have a significant impact on businesses of all sizes.


Argentina is considering merging Bitcoin and energy management, aligning with an emerging global trend. This move would allow Argentina to take advantage of its vast natural gas resources to power Bitcoin mining operations, while also using Bitcoin to help manage its energy grid.

Argentina has one of the largest natural gas reserves in the world, but it has struggled to develop its energy infrastructure. This has led to blackouts and energy shortages in recent years. Bitcoin mining could help to solve this problem by providing a new source of revenue for energy companies and by encouraging them to invest in new infrastructure.

Bitcoin mining is a process that uses powerful computers to solve complex mathematical problems. These problems are necessary to verify and secure Bitcoin transactions. As a reward for solving these problems, miners are rewarded with Bitcoin.

Bitcoin mining is a very energy-intensive process. It is estimated that Bitcoin mining consumes about 1% of the world’s electricity. This has led to concerns about the environmental impact of Bitcoin mining. However, there are also a number of potential benefits to using Bitcoin mining to manage energy grids.

Bitcoin mining can help to stabilize energy grids by providing a flexible source of demand. Energy grids are often subject to fluctuations in demand, which can make it difficult to balance supply and demand. Bitcoin mining can help to smooth out these fluctuations by providing a demand that can be turned on and off quickly.

Bitcoin mining can also help to integrate renewable energy sources into energy grids. Renewable energy sources, such as solar and wind power, are often intermittent, meaning that they are not always available. Bitcoin mining can help to integrate these sources into the grid by providing a demand that can be used when renewable energy is available.

Argentina is not the only country that is considering merging Bitcoin and energy management. A number of other countries, including Norway, Iceland, and Switzerland, are also exploring the potential of this technology.


And allow me to finish today’s Weekly CryptoNews Digest with some positive forecast concerning Solana. In a recent report, VanEck, a major investment management firm, predicted that the price of Solana (SOL) could increase by 10,600% by 2030. This would mean that the price of SOL could reach $3,211.28 by the end of the decade.

VanEck’s prediction is based on a number of factors, including the growing popularity of decentralized finance (DeFi) applications, the increasing adoption of Solana by institutional investors, and the continued development of the Solana blockchain.

DeFi applications are financial applications that are built on blockchains. They allow users to borrow, lend, and trade assets without the need for a traditional financial institution. DeFi applications are becoming increasingly popular, and Solana is one of the leading blockchains for DeFi development.

Institutional investors are also increasingly adopting Solana. In recent months, a number of large asset managers have announced plans to invest in Solana. This is a sign that institutional investors are becoming more comfortable with cryptocurrencies and are starting to see the potential of Solana.

The Solana blockchain is also continuing to develop. The Solana Foundation is constantly working on improving the performance and scalability of the blockchain. This will make Solana even more attractive to developers and users.

VanEck’s prediction is bullish on Solana, but it is important to note that it is just one prediction. The price of Solana could go up or down in the future. However, VanEck’s prediction is based on a number of positive factors, and it suggests that Solana has the potential to be a major player in the cryptocurrency market in the years to come.

That’s about it for this latest Weekly CryptoNews Digest on the MNO blog. I’ll be posting the next update on cryptocurrency in a week, and there will be all the latest developments and news covered. So, if you’re genuinely interested in what is going on in the cryptocurrency world, then make sure you check it out next Monday.

That will be it for tonight, guys. I hope your business week will be fruitful and productive and I will be back with the next blog post in a few days time. Keep following MNO – For Money Lovers!

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