Trump's son suffered the largest single-day liquidation; Goldman Sachs: The US dollar has lost its safe-haven properties

Headlines

▌Two weeks after Eric Trump, the second son of US President Trump, called the fourth quarter of cryptocurrency "amazing," the market suffered its largest single-day liquidation in history.

▌Goldman Sachs: US dollar volatility exceeds S&P 500, losing its safe-haven properties

▌The dollar's volatility has exceeded that of the S&P 500, a rare phenomenon that indicates a shift from traditional safe-haven assets to riskier assets. Policy uncertainty and fiscal concerns have caused the dollar and US stocks to fall in tandem, breaking their previous inverse correlation.

Market

As of press time, according to Coingecko data:

BTC price is $114,059, up or down -1.6% in the past 24 hours;

ETH price is $3,777.44, up or down -1.2% in the past 24 hours;

BNB price is $1,118.58, up or down +2.4% in the past 24 hours;

-5.5%;

DOGE price is $0.1832, with a 24-hour increase or decrease of -4.9%;

XRP price is $2.33, with a 24-hour increase or decrease of -0.8%;

TRX price is $0.3114, with a 24-hour increase or decrease of -2.7%;

WLFI price is $0.1184, with a 24-hour change of -6.8%; HYPE price is $37.01, with a 24-hour change of -1.5%. South Korea's National Tax Service: Officials may confiscate cold wallets during home searches if tax debts are not resolved. South Korea's National Tax Service warned cryptocurrency holders that officials may confiscate cold wallets during home searches if tax debts are not resolved. The NTS stated that it can use blockchain analysis tools to track on-chain activity and will inspect homes and confiscate hard drives, cold wallets, or personal computers when it suspects that cryptocurrencies are hidden offline. This move is part of a long-standing crackdown on cryptocurrency tax evasion on local exchanges, and enforcement is now being expanded to include citizens with overdue utility bills and traffic fines. US Government Shutdown Enters 11th Day, Trump Demands Ensuring Military Pay Payments According to CCTV News, the US federal government shutdown entered its 11th day on the 11th, and its impact on the public is becoming increasingly apparent. President Trump stated that he had ordered Secretary of Defense Hegseth to "use all available funds" to pay military personnel during the shutdown. Trump posted on social media that day that he had instructed Hegseth to pay military personnel on October 15th and that the funds for these payments had been "secured," but he did not disclose the source of the funds. Trump continued to blame the Democrats for the shutdown, saying, "I will not allow the Democrats to hold the military and the security of our nation hostage with a dangerous government shutdown." Jiko, a U.S. Treasury-based settlement and payment platform, has received strategic investment from Coinbase and Blockstream. Jiko, a U.S. Treasury-based settlement and payment platform, announced it has received strategic investment from Coinbase and Blockstream Capital Partners. In addition to this investment, Jiko has also established new strategic partnerships with Crypto.com, Blockstream Capital Partners, Bitso, and Coinbase. These strategic partners will work with other institutions using Jiko as a banking partner to leverage its U.S. Treasury-based model for storage, settlement, and payment. Coinbase plans to launch a new American Express card in the U.S. this fall. This card uses hexadecimal data from the Bitcoin genesis block, paying homage to the origins and philosophy of cryptocurrency. Available exclusively to Coinbase One subscribers, it offers up to 4% cashback in Bitcoin, adjusted for asset holdings. Cardholders are exempt from foreign transaction fees and can repay balances using their bank accounts or cryptocurrency on the platform. Lighter Announces Compensation for LLP Holders Lighter, a decentralized contract exchange, stated in a post on X that LLP experienced a difficult day over the past 24 hours, with a return of -5.35%. A detailed analysis, including a compensation plan for LLP holders, will be released tomorrow. Privacy coin ZEC quickly rebounded to pre-crash levels after the market crash. The privacy coin Zcash (ZEC) rebounded quickly after the crypto market crash, returning to pre-crash levels. Yesterday, ZEC plummeted 45% due to market fluctuations, falling from approximately $273 to $150. However, it subsequently rebounded strongly, reaching a high of $291. It is currently trading around $273, just 5.5% below its high. Binance: A comprehensive review of the USDE, BNSOL, and WBETH depegging incidents has been completed, and user compensation will be automatically distributed to their accounts. Binance issued the "Announcement on the Handling of the USDE, BNSOL, and WBETH Depegging Incidents and Risk Control Optimization." The announcement stated that Binance has completed a comprehensive review of the incident and will compensate all affected contract, margin, and loan users within 72 hours. Compensation will be automatically deposited into the relevant user accounts.

Important Economic Dynamics

▌The probability of a 25 basis point Fed rate cut in October is 98.3%

According to CME's "Fed Watch": The probability of the Fed keeping interest rates unchanged in October is 1.7%, and the probability of a 25 basis point rate cut is 98.3%. The probability of the Fed keeping interest rates unchanged in December is 0.1%, the probability of a cumulative 25 basis point rate cut is 8.1%, and the probability of a cumulative 50 basis point rate cut is 91.7%.

Golden Encyclopedia

▌What is a multi-signature cold wallet? A cold wallet is a method of cryptocurrency storage that is kept offline and disconnected from the internet. This setup makes it more difficult for hackers to access funds remotely. By keeping private keys offline, cold wallets reduce the risk of cyberattacks such as phishing or malware. Multi-signature technology requires multiple private keys to approve transactions, while single-signature wallets only require a single key. Think of it like a joint bank account: any withdrawal requires approval from two or more signers. This additional layer of security means that even if a single key is compromised, an attacker cannot unilaterally transfer funds. Multi-signature cold wallets require multiple private keys from trusted parties to approve and authorize transactions, enhancing security by preventing a single point of failure. Despite their security advantages, multi-signature wallets are not immune to attacks. Hackers often exploit weaknesses in implementation, human behavior, or third-party services. To make multi-signature cold wallets more secure, use a higher signing threshold, implement multiple layers of authentication, and store keys in secure, geographically dispersed locations. Multi-signature cold wallets remain one of the best options for those looking to protect their cryptocurrency assets from theft and fraud. However, their complexity and potential vulnerabilities should not be ignored, especially in the context of supply chain attacks.