Live Feed

Bitcoin’s bear market may be signaling further declines in risk assets including gold and stocks, Bloomberg Intelligence macro strategist Mike McGlone said. McGlone said Bitcoin has entered a downtrend based on its 50-week moving average, while gold is also nearing a turn lower. Gold’s annualized volatility is now about 2.2 times that of the S&P 500, the highest level since 2007, he said. McGlone added Bitcoin’s bear market suggests S&P 500 volatility could revert to its usual one-to-one relationship with gold, making Bitcoin’s weakness a possible precursor to further declines in equities and gold.

The cryptocurrency industry could face setbacks to its regulatory agenda and possible congressional investigations after Democrats won the U.S. midterm elections and took control of both chambers of Congress, Bloomberg reported. The outlet said Democrats are expected to closely examine business ties between the crypto industry and President Donald Trump and his family, while pushing for stricter ethics rules and stronger consumer protections that could slow legislation backed by the industry. Bloomberg added the industry’s lobbying efforts in Washington could also face a backlash. Still, it said it may be difficult to reverse existing policy gains because the GENIUS Act, a stablecoin regulation bill, has already been enacted and regulatory framework efforts by the SEC and CFTC are already underway.

Bitcoin closed lower 30 days after a Federal Reserve rate hike in all seven cases since 2016 where the Fed raised rates at the meeting after holding them steady once, according to an analysis by Crypto Briefing. Crypto Briefing added that the median decline across the seven historical cases was 2.4%. The outlet said the Fed raised rates on Sept. 16, then held them steady at its Oct. 28 meeting, while markets are pricing in about a 67.5% chance of another rate hike on Dec. 9. It also said that in past cases where Bitcoin had fallen more than 5% in the 30 days before a rate hike, it recovered to a higher price level 90 days later only once out of seven cases.

An increase in U.S. bank reserves has not translated into buying demand for Bitcoin, according to a CryptoSlate analysis. Banks’ reserve balances deposited at the Federal Reserve stood at $2.96 trillion as of Nov. 4, local time, up $67.5 billion from a week earlier, while the circulating supply of dollar-pegged stablecoins fell 1.91%, or about 5.7 billion tokens, over the same period, the outlet said. Tether’s USDT supply fell by 3.65 billion, accounting for 63.37% of the total decline. CryptoSlate said the two indicators alone do not fully explain the subsequent selling pressure in Bitcoin, and changes in liquidity could still affect the market with a lag. Still, the drop in stablecoin supply alongside Bitcoin’s decline shows bank liquidity growth clearly failed to act as a bullish catalyst for the cryptocurrency, it added.

Jurrien Timmer, director of global macro at U.S. asset manager Fidelity, said he prefers Bitcoin to gold. Timmer added that although both assets are facing selling pressure, Bitcoin’s price is holding up relatively well, and he continues to favor Bitcoin over gold for now.

The U.S. Treasury has imposed financial sanctions on eight Canada-based money services businesses over alleged dealings with Iranian entities under sanctions, Cointelegraph reported. Treasury said the firms helped convert fiat currencies, including the Iranian rial, into cryptocurrency and supported transactions involving sanctioned Iran-based exchanges and crypto addresses linked to Iran’s Islamic Revolutionary Guard Corps, or IRGC. The action was carried out in coordination with the Financial Transactions and Reports Analysis Centre of Canada, or FINTRAC. U.S. Treasury Secretary Scott Bessent said the department would track down and cut off financial intermediaries that help the Iranian regime and its proxies evade sanctions anywhere in the world. Separately, on Nov. 6, the U.S. Treasury’s Financial Crimes Enforcement Network, or FinCEN, announced it had blocked crypto exchange MEXC from the U.S. financial system over sanctions evasion tied to Iran, North Korea and Russia.

U.S. spot XRP ETFs failed to record net inflows on any day this week. According to SoSoValue, the only product with any change in fund flows was Canary Capital’s XRP ETF, XRPC, which posted a $529,500 net outflow on Nov. 2. From Nov. 3 through Nov. 6, all spot XRP ETFs recorded zero net inflows or outflows for four straight trading days. Bitcoin.com said spot XRP ETFs had previously posted net inflows for 12 consecutive weeks, but fund inflows have slowed sharply as investor demand has recently weakened.

Bitcoin could drop to $60,000 if it falls below $73,000, the midpoint support of its box-range channel on the three-day candlestick chart, crypto analyst Ali Martinez said. Martinez added ETH has broken below the lower support line of an expanding triangle pattern on the daily chart and could fall further to $1,963 if it does not quickly reclaim $2,385. XRP has also broken below the midpoint support of its sideways box-range channel on the three-day chart, at around $1.29, leaving $0.99 as the next major support zone, he said.

Crypto market maker Wintermute is estimated to have generated cumulative trading profit of $222 million on decentralized perpetual futures exchange Hyperliquid, according to an analysis by on-chain analyst Onchain Lens. Onchain Lens identified a specific trading address believed to belong to Wintermute and said the address currently holds $125.87 million in open positions, including $115.76 million in short positions. Over the past 30 days, the address posted $18.83 million in profit and loss, with unrealized profit and loss at $3.46 million. Its main short positions include ETH at $26.16 million, BTC at $19.79 million, HYPE at $15.23 million and SOL at $12.72 million.

ARK ETF Trust has filed registration documents with the U.S. SEC as it seeks to launch 14 thematic ETFs tied to areas including AI, robotics, biotech and the tokenization market. Among them, the ARK Tokenized Market Infrastructure ETF would invest in companies providing RWA tokenization and onchain capital-markets infrastructure, including tokenization platforms, stablecoin issuers, exchanges, brokers, custodians and payment networks.

Pan Gongsheng, governor of the People’s Bank of China, said in a financial work report submitted to the Standing Committee of the National People’s Congress on Nov. 3 that China plans to improve its virtual asset regulatory framework by strengthening analysis of underground financial transactions tied to virtual assets and establishing a standing crackdown system for virtual asset mining. Pan also said authorities plan to tighten supervision of real-world asset tokenization.

Cosmos wallet Keplr said on X it has launched a joint investigation with Web3Auth after receiving reports of unauthorized transactions involving some wallets created through Google or Apple accounts. According to the investigation so far, accounts created with a seed phrase or hardware wallet were not affected, while accounts created through Google or Apple login may have been exposed. Keplr has temporarily suspended its Google and Apple login feature and urged users not to transfer new funds to those accounts or regenerate wallets during the investigation.

Bitdeer said it sold all 258.6 BTC it mined this week. The company reduced its Bitcoin holdings to zero on Feb. 20 and has since continued to liquidate all newly mined BTC into cash.

India’s Enforcement Directorate said on its official X account that its Bengaluru unit conducted searches at three business sites linked to CoinDCX and Delta Exchange on Nov. 4-5 under the Foreign Exchange Management Act, 1999. The authority said the two exchanges are suspected of involvement in large-scale unauthorized cross-border financial transactions tied to crypto derivatives and real-world asset token trading, with transaction volumes totaling hundreds of billions of rupees.

U.S. spot Ethereum ETFs saw net outflows of $93.19 million on Nov. 6, according to SoSoValue. - BlackRock ETHA: -$90.76 million - BlackRock Staking ETHB: +$1.15 million - Grayscale Mini ETH: -$1.91 million - Fidelity FETH: -$1.67 million

U.S. spot Bitcoin ETFs recorded $411.9 million in net outflows on Nov. 6, according to Farside Investors. - BlackRock IBIT: -$403 million - Fidelity FBTC: +$42.89 million - Bitwise BITB: -$20.5 million - Ark Invest ARKB: -$20.1 million - Grayscale GBTC: -$11.1 million

Hong Kong’s Securities and Futures Commission plans to fully ban unlicensed financial and virtual-asset businesses from using names that could mislead the public into thinking they are government-authorized institutions or official exchanges. According to industry sources on Nov. 7, the SFC released consultation conclusions after gathering market feedback and formally proposed amendments to the Securities and Futures Ordinance (SFO) and the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (AMLO). The move is aimed at blocking unlicensed platforms from using terms such as "Exchange," "Clearing House," and "VATP" in their names or marketing language, or otherwise presenting themselves as if they had received formal SFC authorization. The regulator plans to prevent harm in which unlicensed entities use credible financial terminology to attract investors and then engage in illegal business or money laundering.

According to on-chain intelligence platform Arkham, a specific wallet transferred an additional 1.5 million WLD to OKX today. Over the past three days, the address has split deposits totaling 5.1 million WLD, worth about $1.8 million, across major centralized exchanges including Coinbase, Gate.io and OKX. The wallet received 10.258 million WLD from an intermediary wallet, 0x6325, a week ago. Tracking of the fund flow showed the tokens originally came from a wallet officially labeled as belonging to the Worldcoin team three years ago.

Preferred stock ETFs under VanEck and BlackRock hold a combined $565 million worth of Strategy preferred shares. As of Nov. 5, VanEck’s PFXF, a non-financial preferred securities ETF, held about $161 million in Strategy-related securities, making it the fund’s largest holding at 7.6% of net assets. As of Nov. 4, BlackRock’s iShares Preferred and Income Securities ETF (PFF) held about $404 million in Strategy preferred shares, accounting for around 3.5% of fund assets.

Bitcoin infrastructure developer Blockstream said Bitcoin could adopt new digital signature technology in the future to address security threats from quantum computers. After comparing the lattice-based cryptographic schemes Dilithium, Falcon and Hawk, Blockstream’s research team identified Falcon-1024 as the leading candidate after weighing signature size, verification speed and security. The team added using hash-based signature technology in the short term would be a more prudent approach, and said combining multiple signature methods could also be considered in the future.

Rep. Maxine Waters has formally launched a bid to chair the House Financial Services Committee, making tougher cryptocurrency oversight a central campaign pledge, Bloomberg reported. In a letter to Democratic lawmakers, Waters said she would establish a strict but fair regulatory framework for crypto firms that comply with rules and strengthen oversight of the digital asset industry. Waters has served as the committee’s top Democrat since 2013. Rep. Sean Casten is also running for the post, with stronger oversight of risks tied to cryptocurrencies, prediction markets and AI among his key pledges. Democrats are expected to decide major committee assignments in the coming weeks.

HyperLabs, the development team behind Hyperliquid, distributed 179,706 unstaked HYPE worth about $14.49 million to the wallets of six team members 11 hours ago, AmberCN reported.

An anonymous whale bought 8,775 ETH for 19.7 million USDT about one hour ago at an average purchase price of $2,245, AmberCN reported. The wallet now holds a total of 23,097 ETH, worth about $51.69 million.

Uniswap said it will support V4 hooks on Elysium, a layer-two network in the Hyperliquid ecosystem. Developers will be able to use the feature to create liquidity pools with dynamic fees and customized trading rules. Elysium’s mainnet is scheduled to launch on Nov. 9.

Binance France said it will close customer accounts starting Dec. 31, 2026, as it exits the local market. Deposits into all accounts have already been suspended. Binance had been phasing out local services after failing to secure a license related to the European Union’s Markets in Crypto-Assets regulation, or MiCA. It also plans to charge a monthly maintenance fee from Nov. 29 equal to the greater of 0.025% of an account balance or 10 USDC. Accounts that withdraw all held crypto before Nov. 29 will be exempt from the fee.