40429
Fastest Breaking Markets Updates Crypto • Finance • Technology • War
TRUMP PARDONED BINANCE FOUNDER CHANGPENG ZHAO ON WEDNESDAY: WSJ
A pardon will likely pave the way for Binance, to return to the U.S., after the company pleaded guilty in 2023 to violating U.S. anti-money-laundering requirements and was barred from operating there.
Trump pardoned CZ following months of efforts by CZ to boost the Trump family's own crypto company.
Trump: I pardon a lot of people. I don't know. CZ was recommended by a lot of people.
GOLD FUTURES HIT RECORD HIGH AT $4,300
S&P 500 DOWN 1%
BTC DROPPED BELOW $108K
VIX HITS NEARLY 5-MONTH HIGH, RISES ABOVE 24
US 2-YEAR YIELD FALLS TO 3.42%, LOWEST SINCE SEPTEMBER 2022
TRADERS FULLY PRICE IN TWO MORE FED RATE CUTS BY END-2025
CHINA TIGHTENS SCRUTINY OF RARE EARTH MAGNET EXPORT LICENSE APPLICATIONS; SCRUTINY IS SIMILAR TO APRIL, AT HEIGHT OF US-CHINA TRADE WAR – RTRS CITES SOURCES
*CHINA'S RARE EARTH EXPORTS DROPPED BY 31% IN SEPTEMBER
*Bessent told FT that China’s introduction of the restrictions — three weeks before Trump is expected to meet Xi in South Korea — reflected problems in its own economy. “This is a sign of how weak their economy is, and they want to pull everybody else down with them,"... “If they want to slow down the global economy, they will be hurt the most.”
ONE OF THE LARGEST LIQUIDATION EVENT
$10 BILLION LIQUIDATED IN CRYPTO POSTIONS
Binance: Due to heavy market activity, our systems are under high load. Some users may experience intermittent delays or display issues.
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MORE THAN $2B LIQUIDATED FROM THE CRYPTO MARKET IN THE LAST 12HRS
THE LARGEST SINGLE LIQUIDATION ORDER HAPPENED ON HTX-BTC VALUE $87.53M
*TRUMP: US TO IMPOSE ADDITIONAL 100% TARIFF ON CHINA STARTING NOV 1
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SILVER REACHES NEW ALL-TIME HIGH AFTER 15 YEARS, RISES ABOVE $50 AN OUNCE FOR THE FIRST TIME
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*GOLD ON TRACK FOR STRONGEST YEAR IN NEARLY HALF A CENTURY
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*SPOT GOLD RISES ABOVE $4,000 AN OUNCE FOR THE FIRST TIME
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PUTIN: SOME PEOPLE ARE PREPARING NUCLEAR TESTS - IF THEY DO A TEST, WE WOULD ALSO TEST
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POWELL PRESS CONFERENCE SUMMARY: <@INFINITYHEDGE>
*POWELL: RISKS TO LABOR MARKET WERE FOCUS OF TODAY'S DECISION
*POWELL: COULD THINK OF TODAY'S CUT AS A RISK MANAGEMENT CUT
*POWELL: DON'T FEEL NEED TO MOVE QUICKLY ON RATES
*POWELL: RISKS TO INFLATION TITLED TO UPSIDE; EMPLOYMENT RISKS TO DOWNSIDE
*POWELL: BASE CASE IS TARIFF IMPACT ON INFLATION SHORT-LIVED
*POWELL: TARIFF INFLATION PASSTHROUGH HAS BEEN SLOWER SMALLER; EXPECT TARIFF-DRIVEN PRICE INCREASES TO CONTINUE THIS YEAR AND NEXT YEAR
*POWELL: CERTAINLY POSSIBLE TARIFFS ARE IMPACTING LABOR MARKET; WOULDN'T SAY ALL OF JOB MARKET SLOWING IS FROM TARIFFS
*POWELL: BEYOND IMMIGRATION, THERE IS CLEARLY A SLOWING IN LABOR DEMAND
*POWELL: REVISED JOBS NUMBERS MEAN LABOR MARKET NO LONGER SOLID
*POWELL: ANNUAL JOBS REVISION ALMOST EXACTLY WHAT WE EXPECTED: INFINITYHEDGE
*POWELL: AI MIGHT BE PART OF THE STORY IN HIRING SLOWDOWN; AI LIKELY ISN'T MAIN DRIVER OF TOUGHER JOB MARKET
*POWELL: PEOPLE AT JOB-MARKET MARGINS STRUGGLING TO FIND JOBS
*POWELL: YOU'VE GOT A LOW HIRING LOW FIRING ENVIRONMENT
*POWELL: LABOR RISKS SUGGEST WE SHOULD BE MOVING TOWARD NEUTRAL POLICY
*POWELL: BALANCE SHEET IS STILL IN ABUNDANT RESERVES CONDITION
*POWELL: DATA THIS WEEK SHOWS CONSUMPTION STRONGER THAN EXPECTED
*POWELL: CONSUMER DEFAULTS TICKING UP NOT TERRIBLY CONCERNING
*POWELL: HOUSEHOLDS AND BANKS ARE IN GREAT SHAPE
*POWELL: DON'T SEE ELEVATED STRUCTURAL VULNERABILITIES IN FINANCIAL SYSTEM
↳ BI: POWELL’S OPENING REMARKS WERE EVEN MORE DOVISH THAN LAST YEAR, WHEN THE FED CUT BY 50 BPS
TRUMP SAYS HE'S MEETING WITH CHINA'S XI IN TWO WEEKS
TRUMP: SUCH HIGH TARIFFS ON CHINESE GOODS NOT SUSTAINABLE
TRUMP, ASKED IF HIGH CHINA TARIFFS WILL STAND: NO
TRUMP: WE'RE IN A TRADE WAR WITH CHINA
TRUMP: TARIFFS VERY IMPORTANT TOOL FOR DEFENCE
TRUMP: 'LOOKING AT LAND' STRIKES ON VENEZUELA
TRUMP: I'M GOING TO GO TO THE SUPREME COURT TO WATCH THE TARIFFS CASE
TRUMP: CHINA NOT BUYING US SOYBEANS IS ECONOMICALLY HOSTILE ACT
TRUMP: CONSIDERING ENDING COOKING OIL BUSINESS WITH CHINA
MORE THAN $19 BILLION IN CRYPTO POSITIONS LIQUIDATED IN THE LAST 12 HOURS
*The largest single liquidation order happened on Hyperliquid - ETHUSDT value $203.36M
*$10B+ liquidated on Hyperliquid
*$4.5B+ liquidated on Bybit
*Binance reported only $2.5B in liquidations
*The actual total is likely much higher as Binance only reports one liquidation order per second: CoinGlass
Some Estimates suggest between $30B to $40B has been liquidated
ATOM WICKED TO $0.001 ON BINANCE DURING CRASH, CURRENTLY AT $2.7
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MORE THAN $3 BILLION IN CRYPTO POSITIONS LIQUIDATED IN THE LAST 12 HOURS
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*TRUMP: US TO IMPOSE EXPORT CONTROLS ON CRITICAL SOFTWARE NOV 1
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*TRUMP: CHINA BECOMING 'VERY HOSTILE,' SENDING LETTERS ON EXPORT CONTROLS
*TRUMP: WILL BE FORCED TO FINANCIALLY COUNTER CHINA'S MOVE
*TRUMP: CONSIDERING MASSIVE INCREASE OF TARIFFS ON CHINESE PRODUCTS
*TRUMP SAYS THERE SEEMS TO BE NO REASON TO MEET XI IN S. KOREA
MORE THAN 2 MILLION DISCORD USERS GOVERNMENT-ID PHOTOS LIKE DRIVER'S LICENSE AND/OR PASSPORT MIGHT BE LEAKED: VXUNDERGROUND
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*NET INFLOWS INTO GOLD-BACKED ETFS SURGED TO $60B IN 2025, A RECORD FOR A CALENDAR YEAR
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DISCORD DATA BREACH ⚠️
*Discord experienced a security incident on sept 20, involving its customer service platform. This incident resulted in the exposure of users' names, usernames, email addresses, limited payment info, IP addresses, messages exchanged with customer service and a small number of government-ID images from users who had appealed an age determination (EU).
The Week Ahead: infinityhedge
Mon:
*61k BTC Fraud Trial to Begin in London, case expected to set precedents for how authorities in the UK handle compensation
*SEC & CFTC Roundtable
*Saylor expected announce another BTC purchase
*Trump Meeting congress as US Shutdown Nears
*Swift's Sibos Event (Chainlink, Digital Assets Lead at GS, Consensys)
Tue: US fiscal year ends
*FTX to Distribute $1.6b to Creditors
*Trump to attend gathering of top generals, Hundreds of top military officers have been summoned on short notice in a massive military event for a speech by Hegseth
*Strategy’s preferred stocks to pay cash dividend
*US JOLTs
*Starknet‘s BTC staking goes live
Wed:
*US ADP, ISM Manufacturing PMI
*US Gov will shut down if Congress cannot reach a funding agreement before 11:59pm. Potential shutdown could delay gov data, incl. NFP
*180 days *NOT official but deadline for the Order that called Bessent & Lutnick to find budget-neutral strategies for acquiring BTC, Also In response to a Request filed by TheRage, US Treasury discloses that it has still not received reports on agency authorities to transfer assets to the Digital Asset Stockpile aka No significant Progress On Strategic Reserve yet.
*US Senate Banking Committee to hold a crypto tax hearing; VP of tax at Coinbase to testify
→TOKEN2049: OKX MAIN STAGE:
↳Tom Lee at 10:10am
↳DeFi’s Next Chapter at 10:50am (Jeff Hyperliquid, Stani Founder Aave, Guy Ethene, Haseeb)
↳World Liberty Financial at 2pm
↳Tether CEO at 3:10pm (local time)
↳Macro & Crypto (Goldman Sachs) at 3:30pm
↳Tokenization at 5:35pm
↳Other speakers: Monad, MegaETH, GoogleCloud, etc
→BINGX STAGE:
↳ETH 2026: Next Year of Goals at 11:20am
↳Institutional Crypto at 2pm
↳Anza at 2:40
*MEXC STAGE:
↳DOUBLE THREAT: Quantum & Treasury Bubble at 10:45am
↳Will Clemente, CL (cat) at 11:30am
Thu:
→TOKEN2049: OKX MAIN:
↳Robinhood CEO with BBG TV at 9:10am
↳AI, Crypto at 9:30am (Emad Mostaque, Tarun Chitra)
↳Charles Hoskinson at 10:10am
↳Jesse Pollak at 10:30am
↳Head of Crypto Kalshi, Head of Crypto PayPal, VP Robinhood Crypto at 10:50am
↳Tether in America at 2pm
↳ETH’s Next Frontier at 4pm
↳Justin Sun at 5:10 pm
→BINGX STAGE: DePIN at 2pm
Fri:
*US Non Farm Payrolls; BE expects NFP to add a net 54k jobs.
*US ISM Services PMI
*Whole Week: Putin to deliver major speech, US Gov Shutdown, Volmex & Monad(?) announcement at TOKEN2049 & Sumud Flotilla seeking to break Israel’s blockade of Gaza will reach this week, Spain send warships to protect Flotilla: @infinityhedge
https://infinityhedge.substack.com/p/the-7-days-884
ICYMI:
*Swift to launch blockchain with 30+ banks incl. JPM, HSBC & BofA. The first prototype focuses on real-time, 24/7 cross-border payments using tech from Consensys.
*Tether evaluating raising ~$20b for roughly 3% stake through private placement. SoftBank & Ark are in talks
*Coinbase & Cloudflare will launch x402 Foundation. x402 protocol embeds payments directly into web interactions using HTTP "402 Payment Required" status code, enabling AI agents, APIs, & apps to transact seamlessly. Cloudflare also launching NET, a dollar-backed stablecoin for the "agentic web."
*ME's largest institution QNB switched to JPM's blockchain for US dollar corporate payments: infinityhedge
*SEC, Finra contacted 200+ companies that announced DATs, raising concerns about unusually high trading volumes & price gains before announcements. SEC warned companies about potential violations of Regulation Fair Disclosure, rule prohibits companies from selectively disclosing material to investors
*SEC fast-tracking Trump’s proposal to allow companies with option to report on a semi-annual basis
*HSBC's quantum computing pilot with IBM delivered 34% improvement in predicting bond trading prices. "Is this a 'Sputnik moment' for quantum? My instinct is yes," said HSBC's head of quantum
*October historically shows 33% aboveavg volatility. GS notes it's a critical period for year-end performance management. Market is pricing in 8% Q3 earnings growth, expectations seen only twice in 30years (1999, 2021), both before selloffs.
*POWELL: COULD THINK OF TODAY'S CUT AS A RISK MANAGEMENT CUT
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