Web3 🌗 Wednesday Roundup: Unmasking Satoshi, ARK's Big Coinbase Bet, Bitcoin's Bold Predictions, and FTX Settlement Updates

Happy Wednesday, crypto enthusiasts! As we dive into this week's Web3 Roundup, there's plenty of exciting news to unpack. From HBO's intriguing documentary "Money Electric," which takes a shot at revealing Satoshi Nakamoto's true identity but ultimately falls short, to Cathie Wood's ARK Invest making headlines with a $2.2 million purchase of Coinbase shares, the landscape is buzzing. Additionally, analysts at Bernstein are stirring the pot with predictions that Bitcoin could skyrocket to $80,000-$90,000 if Donald Trump secures the presidency. And in the world of FTX, former CEO Caroline Ellison is set to forfeit her assets as part of a settlement. Let’s dig into these stories and see what they mean for the future of crypto!

1. HBO's "Money Electric" misses the mark on Satoshi’s identity.

HBO’s documentary "Money Electric" attempts to unravel the mystery of Bitcoin's creator, Satoshi Nakamoto, by focusing on developer Peter Todd. Director Cullen Hoback suggests Todd could be Satoshi, citing forum posts and writing style similarities. However, critics argue the film relies on circumstantial evidence and confirmation bias, failing to provide definitive proof. Despite its high production value, the documentary has received a muted response from the crypto community, with many skeptical of any claims to reveal Satoshi's identity. Bitcoin's price remains steady at $62,200, highlighting that the community has largely moved past the need for a creator.

‘I’m Not Satoshi’: HBO Documentary Money Electric Misfires on Bitcoin Creator Reveal - Decrypt

While “Money Electric” offers an intriguing look into the early days of Bitcoin, the search for Nakamoto remains a mystery.

DecryptSebastian Sinclair, Andrew Hayward

2. Cathie Wood's ARK Invest purchases $2.2M in Coinbase shares.

ARK Invest purchased 12,994 Coinbase (COIN) shares worth nearly $2.2 million, marking its first buy since September 11. This addition brings the total value of COIN shares in the Fintech Innovation ETF (ARKF) to around $67 million, representing a 7.43% weighting of the fund. Despite a 6.5% rise in COIN since ARK's last purchase, the stock is still 20% lower than late August. Additionally, ARK offloaded 135,665 shares of Robinhood (HOOD) for nearly $3.5 million to comply with SEC regulations, as HOOD shares saw a nearly 10% increase to $25.61.

Cathie Wood’s ARK Invest Buys $2.2M of Coinbase Shares

ARK added 12,994 COIN shares to its Fintech Innovation ETF in its first purchase of Coinbase stock since Sept. 11.

CoinDeskJamie Crawley

3. Bernstein believes Bitcoin could reach $80-90k if Trump wins.

Analysts at Bernstein predict Bitcoin could soar to $80,000-$90,000 if Donald Trump wins the upcoming U.S. election, highlighting his pro-crypto stance. Trump aims to make the U.S. a Bitcoin mining powerhouse and has accepted cryptocurrencies for campaign donations. In contrast, Vice President Kamala Harris has been less vocal on crypto, though she recently expressed support for the industry. The analysts note that Bitcoin's short-term reaction will likely depend on election odds, while altcoins like ETH and SOL may remain stable until after the election, awaiting clarity on the regulatory landscape.

The new Trump trade is bitcoin, price could top $80,000 if he wins election, according to Bernstein

As Election Day draws nearer, so does bitcoin’s eventual breakout from this year’s narrow trading range, Bernstein says.

CNBCTanaya Macheel

4. FTX’s Caroline Ellison to forfeit all assets in settlement.

Former Alameda Research CEO Caroline Ellison has agreed to settle with FTX, turning over nearly all her assets to FTX creditors. The settlement, filed on Oct. 7, includes Ellison’s cooperation with FTX investigations and court cases, which may provide valuable insights into her role at FTX and Alameda. Ellison will retain only personal property after transferring any remaining assets not used for legal fees or forfeited in her criminal case. The settlement is seen as more beneficial than continued litigation, with a hearing scheduled for Nov. 20. Ellison recently received a reduced two-year sentence for her role in the fraud.

FTX says Caroline Ellison to give up ‘all of her assets’ in settlement

Former Alameda Research CEO Caroline Ellison has agreed to a settlement that would give up basically all her remaining assets to FTX.

CointelegraphMartin Young

As we wrap up this week's Web3 Roundup, it's clear that the crypto landscape is as dynamic as ever. HBO's "Money Electric" may not have succeeded in its quest to unveil Satoshi, but it certainly sparked conversations about the enigmatic figure behind Bitcoin. Meanwhile, Cathie Wood’s bold investment in Coinbase reflects ongoing confidence in the crypto market, despite the fluctuations we’ve seen. With Bernstein's bullish outlook on Bitcoin contingent on the upcoming election, the stakes are higher than ever. Finally, Caroline Ellison's asset forfeiture serves as a stark reminder of the ongoing legal challenges in the crypto space. Stay tuned, as we continue to navigate this rapidly evolving world, and don't forget to subscribe for the latest updates!

WEB3 AI ML