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gm 11/10

gm 11/10

Summary
gm, Bitcoin dropped below $110,000 following President Trump's announcement of 100% tariffs on Chinese imports, triggering over $16 billion in liquidations across cryptocurrencies. Amidst the turmoil, Luxembourg became the first Eurozone country to allocate 1% of its sovereign wealth fund to Bitcoin ETFs, while major banks including Bank of America, Goldman Sachs, and Citi explored launching G7-pegged stablecoins on public blockchains. In regulatory developments, Bybit secured the UAE's first SCA virtual asset license, and Morgan Stanley opened crypto fund access to all wealth clients regardless of net worth, eliminating previous restrictions and expanding cryptocurrency access to retirement accounts.

News Headlines
📊 Three Signs That Bitcoin's "Supercycle" Is Unfolding

  • Strong ETF inflows of $2.2 billion in just one week and increasing accumulation across investor categories indicate a potential Bitcoin supercycle is developing.
  • The "Jesse Livermore Accumulation Cylinder" pattern suggests Bitcoin could target price levels between $450,000 and $500,000 as it enters the final stages of accumulation.

📱 Morgan Stanley Opens Crypto Access to All Wealth Clients

  • Morgan Stanley will allow all wealth management clients to invest in cryptocurrency funds starting October 15, eliminating the previous $1.5 million asset minimum requirement.
  • The firm will enable crypto investments in retirement accounts and plans to offer direct trading of Bitcoin, Ethereum, and Solana through its E-Trade platform later this year.

💰 Precious Metals "Overheated," Investors Expected to Rotate into Bitcoin

  • With gold reaching $4,000 per ounce and silver over $50, analysts suggest the precious metals rally is losing momentum, potentially driving investors toward Bitcoin.
  • The ongoing decline of the US dollar, projected to experience its worst year since 1973, is fueling interest in alternative safe-haven assets like Bitcoin.

🚀 Kalshi Raises $300 Million, Valuing Prediction Market Startup at $5 Billion

  • Prediction market platform Kalshi secured $300 million in funding backed by major investors including Sequoia Capital, Andreessen Horowitz, and Paradigm.
  • The platform, which has processed over $10.5 billion in trading volume since its 2021 launch, will expand to more than 140 countries with this new investment.

🚨 Massive $21 Million Crypto Theft on Hyperliquid Tied to Private Key Compromise

  • A trader lost approximately $21 million after their wallet's private key was compromised, allowing attackers to drain 17.75 million DAI and 3.11 million SyrupUSDC.
  • The incident highlights the ongoing vulnerability of user-side security despite advancements in smart contract security in DeFi.

Market Metrics

Fundraising & VC
1. Kalshi (Undisclosed, $300M) - CFTC‑regulated prediction market exchange
2. CipherOwl (Seed, $15M) - Programmable intelligence layer for institutional crypto

Regulatory
💰 Roger Ver Reaches $48M Tax Settlement with US Authorities

  • Roger Ver, known as "Bitcoin Jesus," has reached a tentative $48 million settlement with the US Justice Department regarding tax fraud charges from 2024.
  • The deferred prosecution deal will dismiss charges if Ver complies with all payment terms, signaling a shift in US crypto enforcement under President Trump's second administration.

🏦 Russia to Allow Banks Limited Crypto Operations

  • The Bank of Russia will permit domestic banks to engage in limited cryptocurrency operations under strict oversight, according to First Deputy Chairman Vladimir Chistyukhin.
  • Banks' crypto exposure will be capped at 1% of capital with high reserve requirements to mitigate systemic risks.

🌐 BCP Becomes First Peruvian Bank to Offer Regulated Crypto Access

  • Peru's largest bank, BCP, has launched a regulated pilot crypto platform named Cryptococos, allowing select clients to buy and hold Bitcoin and USDC.
  • Users must register, demonstrate minimum banking history, and complete an investment risk assessment to participate in the closed-loop system designed to ensure compliance with anti-money laundering regulations.

⚖️ Singapore Delays Crypto Rules for Banks Until 2027

  • The Monetary Authority of Singapore (MAS) has postponed the implementation of new crypto prudential standards for banks until 2027, extending from the original start date of January 2026.
  • The delay follows industry feedback that raised concerns about proposed risk classifications potentially hindering innovation by unfairly penalizing assets on permissionless blockchains.

💼 UK Crypto Industry Concerned About Bank of England Stablecoin Caps

  • The Bank of England's proposal to cap stablecoin holdings has met with dissatisfaction from the UK crypto industry, despite potential exemptions for large entities like crypto-exchanges from a proposed £10 million limit.
  • Individuals would still face a cap of £10,000 to £20,000, which industry leaders argue are impractical and could hinder the growth of the UK's crypto sector.

Technical Analysis
Bitcoin - Bitcoin is within an approximate horizontal trend channel in the short term, which indicates further development in the same direction. The currency has broken down through support at points 113400. This predicts a further decline. The currency is assessed as technically negative for the short term.

Ethereum - An approximate horizontal trend channel in the short term is broken down. A continued weak development is indicated, and the currency now meets resistance on possible reactions up towards the trend lines. The currency has support at points 3450 and resistance at points 4000. Negative volume balance shows that volume is higher on days with falling prices than days with rising prices. This indicates decreasing optimism among investors. The currency is overall assessed as technically negative for the short term.

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