1. BTC Briefly Falls Below 100,000 USDT, Total Liquidations Reach Nearly $1.7 Billion in 24 Hours Globally link
On Thursday, BTC briefly fell below 100,000 USDT with a 24-hour drop of 1.05%. ETH briefly slipped below 3,300 USDT, recording a 4.60% decline in 24 hours. According to Coinglass data, the total liquidations across the global market reached $1.698 billion in 24 hours on Thursday, including $1.293 billion in long positions and $405 million in short positions.
Tether added 961 Bitcoins to its holdings, worth approximately $97.34 million. As of now, its total Bitcoin holdings have reached 87,555.97.
Cathie Wood, CEO of Ark Invest, lowered her optimistic forecast for Bitcoin, cutting the 2030 target price from $1.5 million to $1.2 million. The reason is that the rapid rise of stablecoins is replacing some roles originally undertaken by Bitcoin, especially in emerging markets and payment sectors. Wood stated that the growth rate of stablecoins is “far beyond expectations,” but she still holds a positive outlook on Bitcoin’s long-term prospects, believing it will continue to play a core role as institutional adoption increases and the global monetary system evolves.
2. U.S. Government Shutdown May Delay Crypto Market Structure Legislation to 2026 link
The U.S. government shutdown has lasted for 36 days, setting a record for the longest in history, and may further delay the advancement of the crypto market structure bill. Affected by the Democrats’ landslide victory in the Tuesday election, the deadlock in congressional budget negotiations is likely to persist, forcing the relevant legislative timeline to be pushed back. Patrick Witt, Executive Director of the White House Digital Assets Advisory Committee, stated that President Trump still hopes to finalize the bill by the end of 2025, but industry insiders believe the possibility of the bill being delayed until 2026 is rising.
3. Trump: Aims to Make the U.S. a “Bitcoin Superpower” link
When attending the U.S. Business Forum in Miami, Florida, Trump stated that he hopes to make the United States a “Bitcoin superpower” and equated this initiative with Sino-U.S. competition. Trump said his administration has signed an executive order to end the federal-level “war” on crypto assets, emphasizing that “crypto assets should be part of America’s economic strategy.” He pointed out that if the United States does not actively embrace the crypto industry, China and other countries will quickly seize a dominant position. Trump also linked Bitcoin to the U.S. dollar, believing that digital assets can “reduce the burden on the U.S. dollar.”
4. White House: Trump’s Pardon for CZ Underwent an “Extremely Serious” Review Process link
White House Press Secretary Karoline Leavitt stated at a press conference that President Trump’s decision to pardon Changpeng Zhao (CZ), founder of Binance, “underwent extremely serious review” and was processed in accordance with procedures by the Department of Justice and the White House Counsel’s Office. Earlier, in an interview with CBS, Trump said “he didn’t know who Changpeng Zhao was” and criticized the case as “political persecution by the Biden administration.” In response, Leavitt clarified at the press conference that Trump meant he “did not know Changpeng Zhao personally,” i.e., “had no private relationship with him.”
5. EU Countries Jointly Crack Down on Crypto Scams, Involving $689 Million link
Police from multiple EU countries, coordinated by Eurojust, arrested 9 suspects on October 27 and 29, accusing them of participating in a transnational network that laundered money through a fake crypto investment platform. The network defrauded a total of approximately $689 million. The group lured users to transfer funds to the fake investment platform via social media, false advertisements, and impersonating celebrities for promotion, then laundered the money through multiple blockchain platforms. Currently, the authorities have frozen approximately $919,000 in bank deposits, $477,000 in crypto assets, and $345,000 in cash.
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6. France Initially Approves “Unproductive Wealth Tax” Amendment: Crypto Assets Included in Tax Scope link
On October 31, the French National Assembly passed a first reading of an amendment to the “non-productive wealth tax,” expanding the current Real Estate Wealth Tax (IFI) to previously tax-exempt assets such as gold, cryptocurrencies, and works of art, with a unified tax rate of 1%. The new tax applies only to individuals with a net worth exceeding 2 million euros, and a maximum deduction of 1 million euros is available for the primary residence. The French Ministry of Finance initially estimates that the tax may generate an additional 2 billion euros in annual revenue.
7. Canadian Government Announces Plans to Introduce Stablecoin Regulatory Legislation link
In its 2025 federal budget, the Canadian government announced that it will…