1. After the US midterm elections, AI stocks plunge and BTC is affected
The biggest development this week was a sharp drop in AI technology stocks following the US midterm elections. Markets are concerned that new policies could restrict data centers and the AI industry.
BTC’s decline this time is not necessarily due to issues specific to the crypto market; it may instead reflect risk aversion spreading from the technology market.
It is important to watch whether BTC can hold key support levels, while also monitoring whether US technology stocks have stabilized.
2. Investigation into Binance security incident, progress in asset recovery, and scam warnings
Hackers used malware and exploited issues related to internal tools, then stole approximately 233.46 million XRP on October 29 and converted it into other assets.
Binance said the progress in recovering assets had risen from 90% at the end of October to around 98% by November 4. The remainder consists mainly of low-liquidity tokens, which the platform continues to handle through the market and OTC trading.
3. ETF outflows, US crypto regulations, and market impact
The final topic is capital flows and regulation.
Spot Bitcoin ETFs recorded significant outflows. On November 5 alone, outflows totaled around $430 million. This indicates that institutional buying pressure is weakening in the short term, adding further pressure to BTC prices.
The US is discussing the structure of the crypto market and the scope of the SEC’s regulatory authority. However, this is still a discussion process, not an official regulation. Rules concerning digital assets in retirement accounts are also under consideration.
Meanwhile, Strategy continues to hold a large amount of BTC, and ZEC rose in price following a network upgrade.
The biggest development this week was a sharp drop in AI technology stocks following the US midterm elections. Markets are concerned that new policies could restrict data centers and the AI industry.
BTC’s decline this time is not necessarily due to issues specific to the crypto market; it may instead reflect risk aversion spreading from the technology market.
It is important to watch whether BTC can hold key support levels, while also monitoring whether US technology stocks have stabilized.
2. Investigation into Binance security incident, progress in asset recovery, and scam warnings
Hackers used malware and exploited issues related to internal tools, then stole approximately 233.46 million XRP on October 29 and converted it into other assets.
Binance said the progress in recovering assets had risen from 90% at the end of October to around 98% by November 4. The remainder consists mainly of low-liquidity tokens, which the platform continues to handle through the market and OTC trading.
3. ETF outflows, US crypto regulations, and market impact
The final topic is capital flows and regulation.
Spot Bitcoin ETFs recorded significant outflows. On November 5 alone, outflows totaled around $430 million. This indicates that institutional buying pressure is weakening in the short term, adding further pressure to BTC prices.
The US is discussing the structure of the crypto market and the scope of the SEC’s regulatory authority. However, this is still a discussion process, not an official regulation. Rules concerning digital assets in retirement accounts are also under consideration.
Meanwhile, Strategy continues to hold a large amount of BTC, and ZEC rose in price following a network upgrade.
