Bitcoin Hits $73K as Markets Light Up for Diwali 🪔

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Hey crypto trailblazer, 👋

Happy Halloween and Shubh Diwali! 🎃 ✨ Today marks a special double celebration as the Festival of Lights coincides with Halloween. While some hunt for candy and others light diyas, we're tracking one illuminating crypto market. Bitcoin just touched $73K before taking a dip to $70K - talk about festival fireworks! 🎢

There are plenty of factors brightening up the crypto space right now, so let's dive into this week's festive updates. But first, here's your final opportunity to earn a special treat.

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🔥 This Week's Hottest Crypto News 🔥 

1. Bitcoin's Surge and Institutional Investment
   Bitcoin's price has approached its all-time high. This surge is accompanied by substantial institutional investments, notably BlackRock's spot Bitcoin ETF recording $875 million in inflows on October 30, marking its highest single-day inflow since January.
   

2. Political Influence and Regulatory Expectations

   The cryptocurrency industry has emerged as a major political donor in the current election cycle, with contributions estimated at $119 million, surpassing other corporate sectors. This financial influence aims to secure favorable regulatory changes, including stablecoin regulation and a specific framework for crypto tokens.
   
   Regardless of the presidential election outcome, the crypto industry anticipates a more favorable regulatory environment. Both candidates are expected to adopt softer stances compared to the current administration, potentially leading to legislative and regulatory changes that could accelerate crypto adoption and innovation.

⚖️ Crypto Fraud, Legal Proceedings, and Industry Accountability

• Nishad Singh, former executive of the now-bankrupt FTX exchange, has been sentenced for his involvement in an $8 billion fraud. Singh pled guilty to multiple felony counts and cooperated with authorities, leading to a recommendation for leniency.
  

• Ben Delo, co-founder of BitMEX, faces a lawsuit alleging manipulation of the platform for personal profit. A U.S. court has ruled it has jurisdiction over the case, which includes allegations of insider trading and system designs that liquidated customer trades for profit.
  

• Recent investigations have raised concerns about YouTuber MrBeast's involvement in alleged cryptocurrency pump-and-dump schemes. Reports suggest that he may have profited over $10 million by promoting low-cap tokens and subsequently selling them at inflated prices. Notably, his investment in SuperFarm's SUPER token reportedly turned a $100,000 investment into approximately $9 million. These activities have sparked ethical debates within the crypto community regarding influencer participation in such schemes.

✨ Festive Conclusion 

As we celebrate this unique confluence of Halloween and Diwali, let's remember that like these festivals that ward off darkness, wisdom in crypto investing helps us avoid shadows in the market. While Bitcoin shines as bright as festival lights, stay vigilant and keep your crypto wallet as secure as your festive treasures!

Until next week, may your portfolios glow with prosperity and your paths be illuminated with successful trades! 🪔

Epic Crypto News Team

DISCLAIMER: This newsletter is for educational purposes only. Nothing here is financial advice. Do your own research before making any investment decisions. Crypto markets are volatile and risky. Only invest what you can afford to lose.