Bitcoin closed October with an 11% gain

CRYPTO
Bitcoin closed October with an 11% gain

Bitcoin closed October with an 11% gain, fueling traders' hopes for a major "nuclear" rally. Amid rumors that over-the-counter (OTC) exchanges are low on supply, speculation grows that a significant price spike could be imminent. Popular crypto trader Alex Becker hinted at institutional players buying up “absurd amounts” of Bitcoin OTC, suggesting a tightly held supply might lead to an explosive price increase.

Echoing this, other traders like The Bitcoin Therapist and Magoo PhD also noted whispers of “OTC desks running dry,” hinting that a squeeze could be on the horizon. Becker even proposed that once enough Bitcoin is accumulated, a media-driven push to all-time highs could drive retail demand, only to be met with limited supply on exchanges like Coinbase.

Bitcoin’s October performance didn’t quite match its historical average 22% rise, and early-month concerns lingered as the price briefly dropped to $59,407 on October 11. Still, it bounced back, regaining the $70,000 level by the end of the month. At last count, Bitcoin hovered around $69,547, with some speculating it’s poised for further upside in the coming weeks.
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RUSSIA
Russia Fines Google $2.5 Decillion

Russia has imposed an astronomical fine of 20 undecillion rubles ($2.5 decillion) on Google for removing Russian state-affiliated YouTube channels following Russia’s 2022 invasion of Ukraine. This staggering amount—$2.5 trillion trillion trillion—surpasses the entire global GDP by an unfathomable margin. According to Russia’s TASS news agency, Google faces the fine for allegedly breaching the country’s administrative codes. Failure to pay within nine months would trigger daily doubling of the penalty with no cap, effectively locking Google out of Russia.

The case began when Tsargrad TV and RIA FAN were blocked from YouTube due to U.S. sanctions, escalating after Google restricted Russian state media channels RT and Sputnik. A judge remarked on the “many, many zeros” involved in the claims from 17 YouTube channels.

Even Google, with a market cap of $2.24 trillion, couldn’t cover a fraction of the fine, which, based on its annual profits, would take an unimaginable 33.8 quintillion years to repay. Analysts, like Nigel Gould-Davies from the International Institute for Strategic Studies, highlighted the sheer absurdity of the fine, calling it “an insane number” and noting its impossibility.
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OPENAI
OpenAI Challenges Google with ChatGPT Search

OpenAI has launched a new ChatGPT search feature, challenging Google by enabling ChatGPT users to access timely web information with source attributions. Named ChatGPT Search, this feature uses OpenAI's 4o model and will initially be available to paid Plus and Team users, with broader access planned in the coming months. The company aims to make search easier by enabling conversational queries that provide direct, high-quality answers, eliminating the need for multiple searches and endless link-clicking.

OpenAI has partnered with major publishers like News Corp., Axel Springer, and Le Monde, allowing ChatGPT to pull from authoritative sources and provide accurate, summarized information. For questions beyond hard news, such as local events or restaurant searches, ChatGPT Search will display relevant summaries and visuals. OpenAI’s focus on reliability also means the tool will guide users to official news outlets for election information. This release underscores OpenAI’s broader ambitions to bring AI-enhanced search to everyday users.
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APPLE
Apple Services Hits $100B Milestone

Apple’s services unit has reached a $100 billion annual revenue milestone, marking significant growth and solidifying its role as a critical driver of investor appeal. In the latest quarter, Apple reported nearly $25 billion in services revenue, an all-time high representing 12% year-over-year growth. This division, covering a range of offerings such as Apple TV+, iCloud, AppleCare, and Apple Pay, has a gross margin of 74%—well above Apple’s overall margin of 46.2%.

CEO Tim Cook initially highlighted the potential of services in 2016, and today, the division would rank near the 40th spot on the Fortune 500. Investors are drawn to the recurring nature of Apple’s services revenue, which is bolstered by the company’s vast installed base of 2.2 billion active devices. With over 1 billion paid subscriptions, Apple aims to further enhance its service offerings, anticipating steady growth in the upcoming quarters.
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Meme of the day

Word of the day
Hatching

Hatching refers to the drawing or engraving of lines close together as a method of shading, or to a pattern so created.

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