Sam Bankman-Fried was found guilty of all counts in one of the largest-ever financial fraud cases. The former FTX CEO could face up to 110 years in prison. Bitcoin-backed ETFs led the larger crypto market with $326 million in weekly inflows. This recorded a higher week that it had done since July 2022. Much of these funds came in from Switzerland, Germany and Canada, while the US made up 12% of inflows. Meanwhile, PayPal has received a subpoena from the SEC in relation to its PYUSD pegged stablecoin. Launched in August this year, PYUSD has grown to have a market capitalization of $150 million. The digital financial movement was also sparked by Elon Musk, as he plans to transform X into a comprehensive financial hub designed to serve as a fintech solution. Things aren’t slowing down in Hong Kong as Visa and HSBC signaled a milestone development with their Digital Hong-Kong Dollar pilot program, allowing for a greater collaboration between its systems. Elsewhere, inspiration grows in Argentina, where Sergio Massa — the current presidential candidate — has proposed to merge bitcoin and energy managementin an effort to utilise excess natural gas from the Vaca Muerto region to power their bitcoin mining operations. Lastly, The Select Sector SPDR S&P Bitcom ETF may have seen slides in its share value and electric rates, however, Ark invests Cathie Wood said the cryptocurrency can be a hedge in markets that offer both deflations or inflations. Solana marked good news emerging from the reports presented by the VanEck Global Investment Manager suggesting prices of SOL tokens multiplexing between $800-$3,200 — potentially allowing for a 10,600% increase by the year 2030!
