Crypto Weekly: Trump's huge profits, Citi cuts bitcoin forecast

STORY: From the U.S. President's big crypto profits to Citigroup cutting its forecasts for bitcoin and ether...This is Crypto Weekly.:: Crypto Weekly:: Trump scores big crypto profitsU.S. President Donald Trump reported more than $1.4 billion in income from his family’s crypto ventures last year.That's according to a review of his latest financial disclosures.It showed how Trump now derives most of his income from digital assets that have benefited from his policies.The filings disclosed his companies received almost $800 million from the crypto venture he and his sons co-founded, called World Liberty Financial.He also reported another $635 million from the sale of his Trump meme coins.:: Citigroup trims bitcoin and ether forecastsCitigroup slashed its 12-month forecasts for bitcoin and ether.It lowered its bitcoin target to $82,000 from a previous $112,000, while ether also dropped to just over $2,200 from above $3,000.Citigroup said weaker investor interest and negative exchange-traded fund flows hurt the outlook for the two largest cryptocurrencies.The lender also blamed a lack of progress on U.S. digital asset registration.:: British investors suing BinanceAlmost 1,700 British investors are suing Binance and founder Changpeng Zhao for at least $200 million.They allege the crypto trading platform sold them risky, complex derivative products without regulatory authorisation.Some of the claimants claim they lost tens of thousands of dollars.Binance vowed to defend itself but didn't comment further on ongoing litigation.:: Crypto firms bankroll U.S. midtermsAnd cryptocurrency companies have spent $189 million so far to influence this year's U.S. midterm elections.That's according to a new report from the consumer advocacy organization Public Citizen.The figures outpaces their spending for the previous election cycle.Public Citizen added more than one-third of all corporate money contributed to this year's November elections, and primary elections leading up to them, has come from the crypto industry.