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Bitcoin and global markets faced a sharp selloff this week as investors moved away from risk assets amid rising dollar strength and tightening liquidity. Bitcoin dropped 21% from its October peak, falling below the key $100,000 mark and triggering over $2 billion in liquidations across the crypto market. The total market capitalization fell to $3.44 trillion, its lowest level in four months, while other risk assets such as gold and equities also declined. Analysts identified $98,000 as an important support level for Bitcoin, with a potential downside target of $85,000 if market pressures persist.
Experts attributed the downturn to a combination of factors, including a stronger U.S. dollar, liquidity constraints, and an ongoing government shutdown that has heightened uncertainty. Widening spreads in short-term funding markets and increased reliance on the Federal Reserve’s Standing Repo Facility signalled growing financial strain. Despite the selloff, some analysts remain optimistic, noting that Bitcoin’s fundamentals, such as network strength and stablecoin inflows, remain solid and could support a recovery once liquidity conditions improve. Source
CleanSpark expanded its power capacity by 28% in October and acquired 271 acres near Houston, Texas, to develop a 285-megawatt AI data center. This marks a major step in the company’s transition from solely Bitcoin mining to broader high-performance computing operations. The new site, supported by a partnership with cooling solutions provider Submer, reflects CleanSpark’s strategy to leverage its energy assets to meet rising demand for AI and data processing infrastructure. Despite its diversification, CleanSpark continues to mine and sell Bitcoin regularly, holding over 13,000 BTC as part of its long-term operational strategy.
The company’s move aligns with a wider industry trend of Bitcoin miners pivoting toward AI and data infrastructure to create more stable revenue streams. Competitors such as HIVE Digital, MARA Holdings, TeraWulf, and IREN have also expanded into AI-driven services through acquisitions and partnerships with major corporations like EDF, Google, and Microsoft. These collaborations signal a growing convergence between the crypto mining and AI sectors as companies seek to capitalize on their access to low-cost energy and data center infrastructure to power the next phase of digital innovation. Source
Bitcoin has fallen about 19% from its record high as the U.S. government shutdown drains liquidity from financial markets. Analysts attribute the decline to the Treasury General Account swelling to $1 trillion, effectively pulling around $700 billion out of circulation and tightening credit conditions. This withdrawal of cash has reduced available capital for lending and investment, sending short-term funding tools like the Fed’s Standard Repo Facility to record usage levels. With risk assets starved of liquidity, Bitcoin dropped to around $102,600, reflecting broader financial strain as the shutdown nears record length.
Despite the downturn, analysts at BitMEX predict a strong rebound once the government resumes operations and liquidity returns to markets. They argue that the eventual release of hundreds of billions from the Treasury’s account could trigger a significant relief rally, aligning with Bitcoin’s typical year-end strength. The recent correction, they say, is the result of a combination of Bitcoin’s natural four-year cycle and the current macroeconomic liquidity crunch. While some believe the bull run is fading, others maintain that Bitcoin’s long-term cycle remains intact and could still produce new highs once capital flows back into the market. Source
Coinbase’s application for a National Trust Company Charter has drawn criticism from the Independent Community Bankers of America (ICBA), which urged regulators to reject the proposal. The ICBA argued that the crypto exchange’s trust subsidiary posed risks tied to crypto custody and profitability during bear markets. In response, Coinbase’s chief legal officer Paul Grewal accused the banking lobby of trying to maintain regulatory barriers that protect traditional financial institutions. Coinbase filed its application with the Office of the Comptroller of the Currency in October, saying the move is intended to help bridge the gap between the crypto industry and traditional finance, though approval could take up to 18 months.
The ICBA’s opposition underscores the growing tension between established banks and crypto firms seeking regulatory legitimacy. While Coinbase clarified it does not intend to operate as a bank, other blockchain companies like Ripple Labs and Circle have also applied for national charters following recent U.S. legislation on payment stablecoins. These efforts reflect a broader push by crypto firms to integrate with the traditional financial system under federal oversight. However, as the OCC continues reviewing these applications, the debate highlights the ongoing struggle over how digital asset companies should fit within existing banking frameworks. Source
Bitcoin miner MARA reported record quarterly revenue of $252 million in Q3, marking a 92% increase year-over-year and a significant turnaround from last year’s $124 million loss to a $123 million profit. Despite the strong financial results, shares of MARA fell nearly 6% as Bitcoin prices briefly dipped below $100,000. The company improved its mining efficiency and hashrate while continuing to hold one of the largest Bitcoin treasuries among public firms, totalling around 53,250 BTC valued at approximately $5.3 billion.
During its earnings call, CEO Fred Thiel emphasized MARA’s transition from a pure Bitcoin miner to a diversified digital infrastructure company focused on both Bitcoin and artificial intelligence. He described energy as “the new oil,” positioning MARA to convert energy resources into both computational value and AI intelligence. The company has begun deploying AI inference racks at its Texas facility and formed a partnership with MPLX to secure low-cost natural gas for future power and data centres. MARA’s strategic pivot mirrors moves by other miners such as IREN and Cipher Mining, which have entered multibillion-dollar AI infrastructure deals with Microsoft and Amazon, respectively. Source
Mastercard is reportedly in advanced talks to acquire crypto infrastructure firm Zero Hash for up to $2 billion, following earlier interest in stablecoin platform BVNK. The potential deals would give Mastercard an onchain payments framework that could enable 24/7 stablecoin-based settlement, allowing banks and merchants to transact continuously instead of relying on batch cutoffs or weekday processing windows. Integrating these platforms could fast-track Mastercard’s shift from experimental pilots to production-ready systems, using tools like its Multi-Token Network and Crypto Credential to secure and verify digital transactions across global markets.
While the shift to continuous settlement could improve efficiency and liquidity management, several hurdles remain. Fiat payment system limits, compliance requirements, smart contract risks, and liquidity constraints could slow adoption. Banks and merchants would need to adapt their risk controls, reporting, and treasury operations to an always-on financial environment. Analysts expect a hybrid phase, where stablecoin settlement runs alongside traditional systems until regulatory, technical, and operational frameworks fully mature. If Mastercard finalizes the Zero Hash acquisition and expands USDC and EURC settlement programs, it could mark a turning point in the move toward round-the-clock financial infrastructure. Source
Zcash has recently surged in value, rising nearly tenfold to $396 amid renewed interest in privacy-focused cryptocurrencies. Galaxy Digital analyst Will Owens described Zcash as “encrypted Bitcoin,” noting that it builds on Bitcoin’s codebase while addressing its privacy limitations through zero-knowledge proofs that allow users to shield transactions. As Bitcoin becomes increasingly integrated with Wall Street and regulated products such as ETFs, some users are turning to Zcash for its adherence to cypherpunk principles and resistance to on-chain surveillance. Owens argued that this shift reflects a growing desire among crypto users for decentralized privacy tools that preserve financial anonymity.
The privacy coin’s rise comes as U.S. authorities intensify their crackdown on Bitcoin privacy solutions like CoinJoin and wallets such as Samourai and Wasabi, which have faced legal and regulatory pressure. Owens said Zcash’s renewed popularity is partly due to changing perceptions rather than new technical developments, with growing community support and active advocacy from crypto figures like Helius Labs CEO Mert Mumtaz. Around 30% of Zcash’s supply is now held in shielded pools, improving its anonymity set and overall privacy strength. With a market capitalization of $6.5 billion, Zcash has overtaken Monero and Litecoin as the largest privacy-focused cryptocurrency, signalling a broader revival of interest in privacy assets like Dash and Decred. Source
Markethive’s Swarm Conference Rooms are a vital extension of the company’s mission to protect free speech and autonomy in an increasingly censored digital landscape. Built on blockchain and supported by secure servers, the Swarm provides users with private, decentralized virtual meeting spaces that safeguard communications from external control or interference. These conference rooms enable entrepreneurs, organizations, and communities to collaborate, exchange ideas, and host meetings without fear of censorship or surveillance. Through this platform, Markethive aligns itself with leaders like Elon Musk and Pavel Durov, advocating for digital freedom and transparency in an era dominated by authoritarian influence.
The Swarm’s advanced tools and tiered membership options enhance user experience and scalability, catering to everyone from small teams to large enterprises. Features such as real-time video conferencing, whiteboards, chat, polls, and screen sharing foster dynamic interaction, while multi-camera management and embeddable widgets expand the reach of live events. Beyond its technical innovation, the Swarm represents Markethive’s broader commitment to community building, privacy, and the defense of free expression online. By empowering users to communicate securely and collaborate effectively, Markethive reinforces its role as a bastion of freedom and a driving force for digital self-sovereignty in a world increasingly marked by centralized control. Source
Canada’s 2025 federal budget outlines a plan to regulate fiat-backed stablecoins, mirroring the United States’ recent GENIUS Act. The proposed legislation would require issuers to maintain sufficient reserves, enforce redemption policies, and adopt comprehensive risk management frameworks to safeguard both financial and personal data. The Bank of Canada plans to allocate $10 million over two years starting in 2026 to oversee implementation, followed by $5 million in annual operating costs covered by regulated issuers under the Retail Payment Activities Act. While a specific timeline for introducing the legislation has not been announced, the initiative forms part of a wider effort to modernize Canada’s payment infrastructure, making digital transactions more secure, efficient, and accessible for its 41.7 million citizens.
Industry leaders have expressed optimism about the move, with Coinbase Canada CEO Lucas Matheson describing it as transformative for how Canadians engage with money and the internet. The timing coincides with growing institutional interest in stablecoins, as major financial networks such as Western Union, SWIFT, and MoneyGram explore or adopt related technologies. The stablecoin market currently stands at $309.1 billion, with forecasts suggesting it could reach $2 trillion by 2028. Canadian startup Tetra Digital, backed by Shopify, Wealthsimple, and the National Bank of Canada, is developing a digital version of the Canadian dollar, signaling growing confidence in private-sector innovation following the country’s decision to pause plans for a central bank digital currency. Source
French semiconductor firm Sequans has sold 970 Bitcoin, worth approximately $100 million, to reduce its outstanding debt by half—from $189 million to $94.5 million. The Paris-based company, listed on the New York Stock Exchange, began acquiring Bitcoin in July as part of its new digital asset treasury strategy. Despite the sale, Sequans continues to hold 2,264 Bitcoin valued at around $228 million. Its CEO, Georges Karam, emphasized that the company remains committed to Bitcoin as a long-term strategic reserve asset, describing the sale as a tactical move to strengthen its financial position and eliminate restrictive debt covenants. However, investor reaction was negative, with Sequans’ stock price falling 16.6% following the announcement.
Sequans joins more than 200 publicly traded firms that have adopted Bitcoin treasury strategies inspired by Nasdaq-listed Strategy (formerly MicroStrategy), which holds the largest corporate Bitcoin reserve globally. Strategy’s model, originally a pivot from software development to digital asset investment, has influenced a wave of companies seeking to leverage cryptocurrencies for shareholder value. Yet, the trend has also drawn scrutiny, with analysts warning that such strategies expose firms to market volatility and may not suit all business models. Despite the risks, the growing number of corporate Bitcoin holders underscores the digital asset’s increasing role as both a reserve asset and a financial hedge in corporate treasury management. Source
Alex Gluchowski, co-creator of the Ethereum-scaling solution ZKsync, has proposed a major overhaul of the project’s governance token to prioritize economic utility and value capture. He argued that while the ZK token was effective in the early stages of the network, ZKsync’s rapid evolution into an ecosystem of interconnected zero-knowledge chains necessitates a token that aligns usage with value and drives further adoption. The proposal emphasizes creating a self-reinforcing economic loop, where network adoption generates resources that are reinvested into infrastructure upgrades, security, public goods funding, and the long-term independence of the ecosystem.
The revamped ZK token would derive value from on-chain fees related to core settlement and messaging functions, as well as off-chain licensing agreements for enterprise use of community-built infrastructure. Extracted value would be directed through a governance-controlled system toward market buybacks, staking rewards, token burning, and ecosystem funding. Gluchowski highlighted that decentralization requires an economically sustainable model that supports ongoing development and operation by many independent participants. While a specific timeline for the token transition has not been announced, the proposal is being circulated for community feedback, with further details to be shared once broad support is secured. Source
The U.S. Treasury has sanctioned eight North Korean bankers, two companies, and 53 crypto wallets for laundering stolen cryptocurrency to fund North Korea’s weapons programs. The sanctioned bankers, primarily operating out of China and Russia, allegedly used international financial networks to disguise funds from ransomware attacks and crypto thefts. The Treasury noted that these actors directly threaten global security by generating revenue for Pyongyang’s weapons development and emphasized that targeting such facilitators is crucial to cutting off the DPRK’s illicit revenue streams. The blacklisted wallets were all reported to hold USDT, and the sanctioned companies were implicated in assisting the laundering operations.
North Korean operatives have stolen nearly $3 billion in cryptocurrency globally in less than two years, including $1.4 billion in Ethereum and related tokens during a single heist at the Bybit exchange. Much of the laundering activity has been facilitated by underground Chinese banking networks, which clean stolen crypto using complex methods. Recent U.S. government actions, including the $14 billion asset seizure from a Cambodian crypto scam, suggest an ongoing effort to dismantle the interconnected global networks enabling North Korea’s illicit crypto operations. Source
Crypto exchange Gemini is reportedly planning to enter the prediction markets sector, following the path of companies like Coinbase and MetaMask. The firm has filed with the U.S. Commodity Futures Trading Commission to operate a derivatives exchange, which would allow the trading of event contracts enabling users to bet on the outcomes of real-world events. This move comes shortly after Gemini went public in September, raising $433 million in an upsized initial public offering and achieving a valuation of $4.4 billion, marking one of the company’s most significant strategic expansions since its IPO.
The timing reflects growing interest in prediction markets, which have seen increasing trading volumes across platforms such as Kalshi and Polymarket, both surpassing $1 billion in weekly trading. Gemini’s entry positions it alongside major players integrating prediction markets, including MetaMask, DraftKings, and Sam Altman’s World. Industry investments also highlight the sector’s growth potential, with Intercontinental Exchange investing $2 billion in Polymarket at a $9 billion valuation, signaling broader institutional confidence in prediction markets as a new frontier for trading and event-based financial products. Source
Binance, the world’s largest cryptocurrency exchange by trading volume, announced it will airdrop and list Momentum (MMT), a new decentralized finance platform built on the Sui blockchain. The airdrop will target users who subscribed their BNB to Binance’s Simple Earn or On-Chain Yields products between October 17 and October 19, 2025. Tokens will be distributed to users’ Spot Accounts at least one hour before trading begins. Momentum is designed as an all-in-one DeFi hub offering deep liquidity and advanced trading tools, and its governance token, MMT, will also reward community participation in the ecosystem.
MMT trading on Binance is scheduled to start on November 4, 2025, at 12:00 UTC, with trading pairs available against USDT, USDC, BNB, and TRY. Deposits for MMT will open on November 3 at 10:00 UTC, and the token will carry a seed tag on the platform. According to Momentum’s whitepaper, the platform aims to support trading of assets built on Sui as well as extend to assets on other blockchains, including real-world assets, positioning MMT as a central tool for governance and ecosystem growth. Source
Omid Malekan, adjunct professor at Columbia Business School and blockchain author, argued that crypto treasury companies, or digital asset treasuries (DATs), have contributed significantly to the recent decline in cryptocurrency prices. While a few companies have attempted to create sustainable value, Malekan claims most have acted in ways that exacerbate market downturns. He emphasized that many of these firms raised large sums from investors, leveraged token purchases through share sales, convertible notes, and debt offerings, and ultimately created mass exit events that pressured the market. Bitcoin, for example, has fallen from its October all-time high of over $126,000 to fluctuate between roughly $99,600 and $113,500 in the following weeks.
Malekan also highlighted structural issues within the crypto treasury trend, noting that excessive fundraising and token minting—even when intended for ecosystem growth—can undermine market stability. The number of companies holding crypto treasuries has surged in 2025, with over 200 firms collectively holding more than one million Bitcoin, valued at over $101 billion, alongside 6.14 million Ether, worth over $20 billion. Analysts predict that as the market matures, consolidation will occur under a smaller group of larger players, while some companies may diversify into other areas of Web3. Overall, Malekan views the rise of DATs as a mixed development that, despite promising innovation, has intensified downward pressure on crypto prices. Source
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
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