BNB falls below $1,100; SpaceX transfers approximately 1,215 BTC

Headline

▌BNB falls below $1,100

Market data shows that BNB has fallen below $1,100, currently trading at $1,099.96, a 24-hour drop of 2.83%. Market volatility is significant, so please exercise due diligence.

▌SpaceX transfers approximately 1,215 BTC, valued at approximately $133.7 million

According to Arkham data, SpaceX transferred approximately 1,215 BTC, valued at approximately $133.7 million, eight hours ago. Previously, SpaceX transferred $268 million worth of BTC, suspected to be part of an internal wallet transaction.

Market

As of press time, according to Coingecko data:

BTC price is $110,899, up or down 0.4% in 24 hours;

ETH price is $3,918.34, up or down 1.2% in 24 hours;

BNB price is $1,102.03, up or down -2.8% in 24 hours;

SOL price is $193.07, up or down 0.6% in 24 hours. , 176, 80);">+0.4%；

DOGE price is $0.1627, up or down +1.3% in 24 hours；

XRP price is $2.52, up or down +4.8% in 24 hours；

TRX price is $0.3011, up or down +3.9% in 24 hours；

WLFI price is $0.1412, up or down -5.2% in 24 hours.

HYPE price is $40.17, with a 24-hour change of +9.9%.

Policy

▌Coinbase CEO: Met with 25 senators in the past two days to complete encryption market structure legislation

Brian Armstrong, CEO of the US cryptocurrency exchange Coinbase, said that he met with 25 senators in the past two days to complete encryption market structure legislation.

▌Federal Reserve Reforms Stress Test and Will Publish Confidential Models and Economic Scenario Design Process

The Federal Reserve announced on Friday a comprehensive reform of the annual "stress test" of large banks. Under a proposal to be voted on by the Federal Reserve Board later that day, banks will receive more information about how stress tests are conducted, including making previously confidential models public for comment and publishing the process for designing the hypothetical recession scenarios that form the basis of the stress tests each year. Fed Vice Chairman for Supervision Bowman said the reform would bring long-awaited transparency to stress tests. However, Fed Governor William Barr strongly opposed the reform, saying that disclosing too much detail about the tests would make them "weaker and less credible." Barr warned that banks would be able to fine-tune their bookkeeping to pass the tests with minimum capital requirements, which are intended to protect against potential losses. The Federal Reserve Board is expected to move forward with the proposal and finalize it next year after public comment. Trump appoints Michael Selig as Chairman of the Commodity Futures Trading Commission (CFTC) to address the growth of the crypto industry. Michael Selig is the lead counsel for the U.S. Securities and Exchange Commission's cryptocurrency task force. He was formerly a partner in asset management at the law firm Willkie Farr & Gallagher. U.S. government shutdown enters its 24th day, with over 500,000 federal employees missing paychecks. On October 24th, local time, as the U.S. government shutdown entered its 24th day, more than 500,000 federal employees failed to receive their full paychecks as scheduled this week. The Senate is currently in recess, and the shutdown is expected to continue until next Monday. Due to significant differences between the Republican and Democratic parties on core issues such as health care benefits, the Senate failed to pass a new temporary appropriations bill before the end of the previous fiscal year on September 30. This led to the depletion of funds to maintain normal federal operations and the shutdown that began on October 1st.

Blockchain Applications

▌Rumble to Add Bitcoin Tipping Feature

Video-sharing platform Rumble will launch a Bitcoin tipping feature for its approximately 51 million users.

▌Tether plans to launch USAT, a compliant US stablecoin for the US market that complies with the GENIUS Act, in December, aiming to reach 100 million US users.

Tether CEO Paolo Ardoino stated that the company plans to launch USAT, a US dollar stablecoin for the US market that complies with GENIUS Act regulations, in December. By deploying it on platforms like Rumble, the company aims to expand its potential user base to 100 million. USAT is issued by a joint venture between Tether and Anchorage Digital, a regulated crypto bank. Ardoino stated that the company will continue to invest in content platforms and social media to promote creator economy payment applications and compete for market share with competitors like PayPal. Meanwhile, the supply of Tether's flagship stablecoin, USDT, has increased to $182 billion, continuing to dominate the roughly $300 billion stablecoin market. XAUT, backed by physical gold, has seen its market capitalization exceed $2.2 billion this year, more than tripling from the beginning of the year, driven primarily by retail demand. CZ quipped: "Those who are tough on me are mostly supporters of former FTX founder SBF." Binance founder CZ posted on social media, saying, "Those who are tough on me were once SBF supporters," adding a hand-spreading emoji to express frustration or disapproval. He then listed "Gary Gensler, Elizabeth Warren, and others..." without providing a complete list. Bloomberg: TeraWulf's $3.2 billion bond issuance makes it the first crypto mining company to raise funds in the high-yield market. According to Bloomberg, TeraWulf has become the first cryptocurrency mining company to raise funds in the high-yield market with a $3.2 billion junk bond offering. The transaction is the largest junk bond issuance led by Morgan Stanley since the famous leveraged buyout of RJR Nabisco in 1989. The deal attracted over $11 billion in orders and was supported by a "backup" guarantee provided by Alphabet Inc.'s Google. The guarantee will take effect after the data center is operational and leased by British startup Fluidstack. To alleviate concerns about unfinished infrastructure, TeraWulf's top executives hosted nearly 40 potential investors at their site near Buffalo, New York, for a question-and-answer session lasting more than three hours, according to people familiar with the matter. Furthermore, the deal's outcome was also aided by the fact that creditors will receive a 7.75% yield, significantly higher than the 5.7% average yield for similarly rated bonds. According to sources familiar with the matter, cryptocurrency miner Cipher Mining Inc. is the next target and is expected to issue billions of dollars in bonds, which will also be backed by Google. Morgan Stanley is receiving significant fees from this offering. The investment bank advised TeraWulf on its convertible bond transaction in August and is working with Cipher on a similar bond issuance. A whale, after being inactive for three months, received 1,030 BTC from FalconX, valued at approximately $114 million. According to OnchainLens, a whale received 1,030 BTC, valued at approximately $114 million, from FalconX after a three-month hiatus. JPMorgan Chase: Coinbase's Base Token Could Unleash $34 Billion in Value According to TheBlock, JPMorgan analysts say Coinbase's eventual launch of the Base network token could unlock up to $34 billion in value, calling it a significant new monetization path for the company to tap into USDC yields and on-chain transactions. The report, released Friday by JPMorgan's equity research team, upgraded Coinbase's rating and raised its December 2026 price target to $404, citing "emerging monetization opportunities and diminishing risks" as the company further leans into its Layer 2 ecosystem and stablecoin economy. JPMorgan said the Base token could "equitably leverage" the success of Coinbase's Ethereum-based Layer 2 network, which launched in August 2023 and has grown to over $5 billion in total locked value and over 9 million daily transactions, according to DefiLlama. Based on current network activity and "highly developed token economics," the bank predicts its market capitalization will reach $12 billion to $34 billion over time, with Coinbase potentially retaining 40% of the supply, equivalent to approximately $4 billion to $12 billion in equity value. SpaceX transferred another 1,215 BTC worth $133 million just three days later, according to on-chain analyst Ai Yi (@ai_9684xtpa). It's worth noting that the $268 million worth of BTC transferred three days ago has remained untouched, making the intended transfer unclear.

▌Tom Lee: Bitcoin's four-year cycle has been broken

In an interview with cryptocurrency entrepreneur Anthony Pompliano on Thursday, Tom Lee said: "Bitcoin has broken its typical four-year cycle, which suggests that a longer cycle is forming."

Important Economic Dynamics

▌The three major U.S. stock indices closed higher, all setting new all-time highs

The three major U.S. stock indices closed higher, all setting new all-time highs. The Nasdaq rose 1.15%, up 2.31% this week; the Dow Jones Industrial Average rose 1.01%, up 2.2% this week; and the S&P 500 rose 0.79%, up 1.92% this week. Most large technology stocks rose, with Nvidia and Google up more than 2%, Amazon and Apple up more than 1%, and Microsoft, Intel, and Meta rising slightly; Tesla fell more than 3%, and Netflix fell more than 1%.

▌U.S. bank deposits reached $18.505 trillion last week, compared to $18.437 trillion the previous week.

Federal Reserve data showed that U.S. bank deposits reached $18.505 trillion last week, compared to $18.437 trillion the previous week.

▌Deutsche Bank's latest forecast is that the Federal Reserve will announce an end to quantitative tightening next week, not in December

Deutsche Bank strategists wrote in a report on Friday that they currently expect the Federal Reserve to announce a halt to balance sheet reduction at next week's policy meeting, rather than at the December meeting, to avoid a "severe impact" on its policy credibility after repurchase rates continued to be unexpectedly high this week.

▌The Federal Reserve's overnight reverse repurchase agreement (RRP) usage on Friday was $2.435 billion

The Federal Reserve's overnight reverse repurchase agreement (RRP) usage on Friday was $2.435 billion, compared with $6.941 billion in the previous trading day.

Golden Encyclopedia

▌What is Agent-Based AI?

Agent-based AI refers to AI designed to act on its own behalf, possessing a degree of independence and decision-making capabilities. This type of AI doesn't simply process data or respond to commands; instead, it can set goals and make decisions to achieve them, often in a human-like manner. This gives AI a sense of purpose and the ability to achieve those goals with minimal human intervention. This distinguishes it from traditional AI, which typically requires human input or predefined rules to function. Agent-based AI is self-directed, meaning it can make decisions in real time based on its environment and goals.

Agent-based AI works by combining advanced machine learning techniques, decision-making algorithms, and a continuous feedback loop. Think of it as a robot that learns from experience and then uses this knowledge to influence its future actions. It typically works in the following manner: 1. Goal Setting: Agent AI determines its goals based on initial programming or ongoing environmental input. It might be set to accomplish a specific task, such as optimizing a supply chain or increasing user engagement. 2. Decision Making: It then analyzes data and uses algorithms to determine the best course of action to achieve that goal. 3. Learning and Adaptation: Like all AI systems, agent AI learns from both successes and failures. It continuously adjusts its strategies and refines its decision-making process. The key here is that AI can set its own course of action based on real-time input, making it more autonomous than traditional AI systems.