Oil tops $104! Fed threatens rate hikes as nearly 190,000 traders are liquidated, wiping out $1.2 billion!
1⃣ Bitcoin briefly fell below $80,500 overnight, while Ethereum approached $2,400. Nearly 193,000 traders were liquidated over 24 hours, with total liquidations across the market of about $1.19 billion. The largest single liquidation was on the Hyperliquid ETH-USD pair, worth about $19.98 million.
2⃣ Oil prices surged as Middle East risks intensified. Brent crude rose about 4.1% to $104.33 intraday, and WTI gained about 3.9% to $91.70, prompting markets to reprice the risk of a resurgence in inflation and pressure on the Fed to keep interest rates high.
3⃣ St. Louis Fed President Musalem said further rate hikes may be needed over the next six to nine months to bring inflation back to the 2% target within about 18 months.
4⃣ QCP said U.S.-Iran talks over passage through the Strait of Hormuz had stalled. After the U.S. increased pressure and imposed sanctions, the number of vessels passing through the strait fell to three, far below the normal average of 26. Crude oil shipping costs from West Africa to China are up 319% from their average at the start of the year.
5⃣ U.S. prosecutors cited the Bitcoin Fog ruling, arguing that users had accessed Tornado Cash from Manhattan and thereby supporting the case for trying Roman Storm in New York. On the same day, FinCEN withdrew its 2023 reporting requirement for crypto mixers.
6⃣ Wallets linked to the U.S. government transferred 833.6 BTC, worth about $71.6 million, to a Coinbase Prime deposit address. Of that amount, 568.7 BTC were linked to assets seized from HashFlare, and 264.9 BTC to funds from the Bitfinex hack.
7⃣ Spot ETF flows weakened. On October 7, BTC spot ETFs saw net outflows of about 5,462 BTC, while ETH spot ETFs saw net outflows of about 48,900 ETH, marking their seventh consecutive trading day of outflows.
8⃣ The Moscow Exchange plans to offer cryptocurrency trading services starting December 1. Non-qualified investors will only be able to buy a limited range of major assets, including BTC, ETH, and USDT, and will be subject to annual investment limits.
9⃣ OpenAI launched an Ultrafast mode for GPT-6.1 Sol, with rollout underway across the API, Codex, and ChatGPT Work. It can be up to eight times faster than Sol’s standard mode. API pricing is $12 per million input tokens and $60 per million output tokens.
🔟 Nvidia will invest in chip rival D-Matrix. Meanwhile, OpenAI’s latest disclosed annualized revenue is close to $50 billion—about $20 billion below figures previously circulating in the market—putting pressure on AI tech stocks.
1⃣ Bitcoin briefly fell below $80,500 overnight, while Ethereum approached $2,400. Nearly 193,000 traders were liquidated over 24 hours, with total liquidations across the market of about $1.19 billion. The largest single liquidation was on the Hyperliquid ETH-USD pair, worth about $19.98 million.
2⃣ Oil prices surged as Middle East risks intensified. Brent crude rose about 4.1% to $104.33 intraday, and WTI gained about 3.9% to $91.70, prompting markets to reprice the risk of a resurgence in inflation and pressure on the Fed to keep interest rates high.
3⃣ St. Louis Fed President Musalem said further rate hikes may be needed over the next six to nine months to bring inflation back to the 2% target within about 18 months.
4⃣ QCP said U.S.-Iran talks over passage through the Strait of Hormuz had stalled. After the U.S. increased pressure and imposed sanctions, the number of vessels passing through the strait fell to three, far below the normal average of 26. Crude oil shipping costs from West Africa to China are up 319% from their average at the start of the year.
5⃣ U.S. prosecutors cited the Bitcoin Fog ruling, arguing that users had accessed Tornado Cash from Manhattan and thereby supporting the case for trying Roman Storm in New York. On the same day, FinCEN withdrew its 2023 reporting requirement for crypto mixers.
6⃣ Wallets linked to the U.S. government transferred 833.6 BTC, worth about $71.6 million, to a Coinbase Prime deposit address. Of that amount, 568.7 BTC were linked to assets seized from HashFlare, and 264.9 BTC to funds from the Bitfinex hack.
7⃣ Spot ETF flows weakened. On October 7, BTC spot ETFs saw net outflows of about 5,462 BTC, while ETH spot ETFs saw net outflows of about 48,900 ETH, marking their seventh consecutive trading day of outflows.
8⃣ The Moscow Exchange plans to offer cryptocurrency trading services starting December 1. Non-qualified investors will only be able to buy a limited range of major assets, including BTC, ETH, and USDT, and will be subject to annual investment limits.
9⃣ OpenAI launched an Ultrafast mode for GPT-6.1 Sol, with rollout underway across the API, Codex, and ChatGPT Work. It can be up to eight times faster than Sol’s standard mode. API pricing is $12 per million input tokens and $60 per million output tokens.
🔟 Nvidia will invest in chip rival D-Matrix. Meanwhile, OpenAI’s latest disclosed annualized revenue is close to $50 billion—about $20 billion below figures previously circulating in the market—putting pressure on AI tech stocks.