News
The day at a glance · 4 min read
Mood · Cautious
+15
Sentiment, −100 to +100
BTC Resistance
$84,000
BTC Current
$83,000
Whale Movement
$378 million
Key driverBitcoin rebounded above $83,000 after decoupling from tumbling Korean stocks, while security concerns emerged as Ledger probed tampered devices.
Daily briefCrypto & Web3· Money365.Market AI ·

Bitcoin Rebounds Above $83K; Ledger Probe Expands

BTC recovers from Korean tech selloff while hardware wallet maker investigates tampering. ENS upgrade vote, Blur shutdown, Binance exits mining.

Bitcoin & Ethereum

Neutral
01
Bitcoin rebounded above $83,000 after decoupling from tumbling Korean stocks and Nasdaq futures, having earlier faced resistance at $84,000 amid a mounting South Korean tech and semiconductor stock sell-off. The cryptocurrency had experienced a negative session as the broader crypto market came under pressure after crude oil surged to new weekly highs, but oil prices pulled back in the Asian session triggering a quick reversal in risk assets. A whale that sat through the March 2020 crash moved $378 million, indicating potential position adjustments by long-term holders. Market focus is now turning to the US CPI report as the next key catalyst, with higher than expected core inflation potentially triggering a selloff on hawkish repricing and increased rate hike probabilities for October.
02
The Ethereum Name Service (ENS) is seeking DAO approval to activate an upgraded Ethereum naming system, with new .eth registrations pausing for hours during the transition while existing domain holders could renew their names without migrating. The upgrade represents a significant technical advancement for the decentralized domain system built on Ethereum.

Crypto Stocks

Neutral

Metaplanet Bond Issuance

$329M

HUT Price Target

$11
HUTHOOD
01
Japanese Bitcoin accumulator Metaplanet plans to issue $329M in zero-interest convertible bonds with a five-year maturity to improve its debt structure and cut its reliance on Bitcoin-collateralized loans without selling holdings. The move is designed to fund share buybacks and pay down existing debt while maintaining the company's Bitcoin treasury strategy.
02HUT▲ +1.15%
Hut 8 Corp ($HUT) was featured in analysis suggesting the market pays almost nothing for the mining business, with the stock receiving a 12-month target of $11 reflecting a conservative stance versus Wall Street consensus. The analysis highlighted potential undervaluation of the company's mining operations relative to its overall market capitalization.
03HOOD
Robinhood Markets ($HOOD) posted a strong beat-and-raise Q2 that sent its earnings outlook surging, landing it a Zacks Rank #1 (Strong Buy), with the company's earnings and revenue growth outlook highlighting its expanding portfolio including crypto trading capabilities.

Security & Infrastructure

Bearish
01
Hardware wallet maker Ledger detailed how LTE-enabled spy implants exposed wallet recovery phrases in devices sold by Southeast Asian reseller CryptoBilis, with the company stating a 'spy' chip inside transmitted wallet keys over mobile network. European retailer MediaMarkt pulled Ledger products as the wallet maker probes tampering reports beyond CryptoBilis in Southeast Asia, while Trezor and OneKey cut ties with the reseller. The security breach represents a significant supply chain vulnerability for hardware wallet distribution.
02
Binance will discontinue its mining pool and related services on Nov. 10, urging miners to move to alternative pools before the shutdown. The decision marks a strategic shift for the exchange away from mining infrastructure services.

DeFi & NFT Markets

Bearish

Blur Volume Decline

99%-99%

SanDisk Liquidations

$800 million
01
Once-largest Ethereum NFT marketplace Blur is shutting down its website after volumes collapsed 99%, with the planned website closure reviving criticism of the royalty policies and token rewards that helped it overtake OpenSea during the NFT boom but hurt creators. NFT collectors are cheering the shutdown due to longstanding grievances over the platform's controversial policies.
02
Tokenized SanDisk bets saw more liquidations than XRP as Asia's chip rout wiped out $800 million, highlighting the spillover effects of the Korean tech selloff into crypto-related tokenized assets. The liquidations demonstrate the interconnection between traditional tech sector stress and digital asset derivatives markets.

Regulation & Policy

Bearish

Disputed Bitcoin

61,000

UK Seized Bitcoin Value

$5 billion
01
South Korea moved to block 27 crypto websites including KuCoin and MEXC, with authorities stating the restrictions are aimed at unregistered exchanges and acknowledging that customers could have difficulty withdrawing assets. The regulatory action represents an escalation of enforcement against offshore exchanges operating in the Korean market.
02
Chinese fraud victims seeking to recover 61,000 seized Bitcoin faced a legal setback after a UK court ruled that Chinese law governs their claims, with the ruling boosting the UK government's chances of keeping $5 billion in seized bitcoin. The case highlights complex jurisdictional issues in cross-border crypto asset recovery disputes.

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