NFT News Official TheBitTimes.com

Following his observations of a concerning trend in the cryptocurrency market, Bloomberg’s senior commodity strategist has more recently predicted a lingering ‘crypto hangover,’ which he believes will continue throughout the fourth quarter of 2023. Specifically, based on historical patterns, Mike McGlone has noted that Bitcoin (BTC) may need to fail first as a prerequisite “for Fed[eral] fund futures in one year (FF13) to trough and indicate that liquidity is being turned back on,” as he explained in an X post shared on October 3. Bitcoin vs. Federal funds future in one year. Source: Bloomberg Intelligence/Mike McGlone In other words, “declining Bitcoin has preceded Fed pivots,” despite the Fed likely not caring about the maiden cryptocurrency, but “its 24/7-traded, leading-indicator status could be gaining traction.” As McGlone specified: “The bottom line for Bitcoin at the start of 4Q may be that liquidity remains negative, with price implications. Coming of age in a zero-inter...

Sam Bankman-Fried, FTX’s embattled founder, is reportedly planning to hire seven expert witnesses for his upcoming fraud trial at rates up to $1,200 per hour. According to a report dated Aug. 31, among the experts being considered is Bradley Smith, a law professor at Capital University Law School and a former commissioner of the Federal Election Commission. Smith has confirmed in a court filing that he is being compensated at a rate of $1,200 per hour. Other potential witnesses could charge between $400 and $1,100 per hour for their expertise. These witnesses would provide insights into campaign finance laws, scrutinize the operations of FTX favorably, and delve into its terms and conditions. Despite Bankman-Fried’s previous claim of having only $100,000 left in his bank account following the collapse of FTX, he is funding his legal defense with $10 million of company funds that he had earlier gifted to his father.  Lawyers handling the FTX bankruptcy case have...