Crypto News

Trezor has raised its optional wallet passphrase limit from 50 to 128 characters, following security concerns highlighted by July’s Coldcard incident. The longer Trezor passphrase is available on the Model T, Safe 3, Safe 5 and Safe 7 after users update Trezor Suite and device firmware; the Model One remains capped at 50 characters. A passphrase adds protection alongside a recovery phrase and can open a separate wallet. Trezor said some users affected by Coldcard’s firmware flaw—which generated recovery phrases with insufficient randomness—were protected because attackers could not reproduce their passphrases. Reports put one theft at about 594 BTC from roughly 500 wallets; broader estimates later cited losses of around $116 million across more than 5,200 addresses. Trezor warns that a forgotten or mistyped passphrase can permanently lock users out of funds. Separately, it advised customers who bought devices through CryptoBilis from March 2026 onward to transfer assets to wallets created with fresh recovery phrases after a customer reported suspected hardware tampering. No related losses have been confirmed. The passphrase change is a wallet-security update, not a direct catalyst for cryptocurrency prices.

A hacker moved 233.46 million stolen XRP, worth about $291 million, from one wallet into six new wallets on Monday. None of the funds had reached an exchange by 10:26 UTC, but any later exchange transfers could create selling pressure. XRP held near $1.24 after trading in a narrow range for three days. A daily close below $1.2423 could put the October 30 low of $1.2002 back in focus; resistance is at $1.2739. US spot XRP ETFs recorded $4.33 million in net inflows last week, even as Bitcoin, Ethereum and Solana funds saw combined outflows of $706 million. Ripple also released 1 billion XRP from escrow, then locked 700 million until 2029 and retained 300 million in its main wallet.

Morgan Stanley downgraded Coinbase (COIN) from Equal Weight to Underweight on November 2, 2026, and cut its price target from $258 to $120. The new target is below Coinbase’s October 30 closing price of $143.54. Analyst Michael Cyprys cited weak trading trends and a subdued outlook for an earnings rebound. Morgan Stanley cut its 2027 and 2028 revenue estimates by 28% and 18%, respectively, and reduced adjusted EBITDA forecasts by 47% and 25%. It now expects normalized 2028 EBITDA of $2.4 billion, 14% below 2025 levels. The bank also lowered its valuation multiple from 20 times EBITDA to 12 times. The downgrade follows disappointing third-quarter results and other recent price-target cuts. Lower crypto trading volumes could weigh on Coinbase’s transaction revenue, adding pressure to its stock and investor sentiment toward crypto exchanges.

Standard Chartered Bank (Hong Kong) launched a tokenized deposits service on December 18, 2025, with Ant International as its first customer. The blockchain-based service lets corporate clients transfer bank deposit balances 24/7 in Hong Kong dollars (HKD), offshore yuan (CNH) and US dollars (USD). In Singapore, it supports SGD and USD. Ant International is using the service for intercompany liquidity transfers through its Whale treasury platform. A pilot included a HK$3.8 million real-money transfer in November 2025. Tokenized deposits remain bank deposits, but blockchain rails may help companies move cash outside traditional banking hours. The service operates under the Hong Kong Monetary Authority’s Project Ensemble. Standard Chartered also supports round-the-clock interbank settlement involving the regulated HKDAP stablecoin and became the first bank to distribute HKDAP. The launch highlights growing institutional use of tokenized money, while its immediate effect is focused on corporate payments and treasury management rather than crypto-market trading.

Melius Research has cut its price targets for Nvidia and Marvell Technology, signalling a more cautious outlook on two major AI chip companies. The firm set Nvidia’s target at $315, down from $420 when analyst Ben Reitzes maintained a Buy rating on 27 August 2026. Melius set Marvell’s target at $300; the article does not specify the previous figure. It also reports that Melius’s rating on either stock was not disclosed as changed. The revisions contrast with more optimistic Marvell targets of $300 to $400 from other firms in October 2026, following the company’s investor day and its fiscal 2028 revenue outlook. Investors may monitor AI infrastructure spending, demand for Nvidia GPUs and Marvell’s custom chips and interconnect products. The price-target cuts concern equities and do not directly signal a change in cryptocurrency fundamentals.

US President Donald Trump said oil prices rose less than he expected during the Iran war. Asked whether Americans could see gasoline prices return to $2 a gallon, Trump said prices would go even lower. The remarks offer no specific forecast or timeline, and the report provided no market-price data. Oil prices and fuel costs remain relevant to traders because they can influence inflation expectations, energy markets and broader risk sentiment.

Standard Chartered has launched tokenized deposits in Hong Kong, according to a brief market report. The announcement provides no details on the product’s features, supported networks, launch scale or customer access. Tokenized deposits represent bank deposits in digital token form, but the report does not specify how Standard Chartered’s offering will work or whether it will connect with public blockchain markets.

An address unstaked 3.9 million LIT two days ago and transferred the tokens to OKX and other centralized exchanges about 30 minutes before the report, according to on-chain analyst Ember. The transfer was valued at approximately $12.21 million. The LIT deposit could indicate potential selling pressure, but the on-chain movement alone does not confirm that the tokens were sold.

Bitcoin (BTC) has fallen below $80,000 amid recent market developments. Markus Thielen, founder of 10x Research, says BTC could see a short-term correction toward $70,000 before recovering to $90,000 by year-end. He views the decline as a correction rather than a change to the longer-term outlook. Thielen also sees potential support from weaker confidence in the US bond market, which could direct capital toward alternative assets such as Bitcoin and gold. He said Federal Reserve policy in early December could affect the prospects for a year-end rally, and expects Bitcoin to outperform Ethereum. These are analyst projections, not guaranteed price targets.

Strategy executive chairman Michael Saylor hinted at another Bitcoin purchase, saying the company had found room for “even more orange.” The post echoed Strategy’s latest disclosed balance of 848,517 BTC as of October 25, so no new purchase has been confirmed; its size, price and funding source remain unknown. The company has previously announced purchases after similar weekend posts. Its most recent reported buying period, October 19–25, saw no Bitcoin purchases, while Strategy spent $204.9 million on buybacks of its STRC preferred shares. It had bought 7,218 BTC and sold 5,552 BTC in the third quarter, a net increase of 1,666 BTC. Strategy also reported record third-quarter operating income of $20.91 billion, largely driven by Bitcoin-related accounting gains, and a negative BTC Yield of 3.7%, reflecting dilution from a growing share count. Saylor has described Bitcoin as entering a new bull market, citing institutional demand and wider acceptance among banks. However, Bitcoin was trading near $77,804 as US spot Bitcoin ETFs recorded $643.2 million in net outflows on October 30. BlackRock’s iShares Bitcoin Trust still recorded about $932 million in net inflows for the month. Any new Strategy purchase could bolster Bitcoin sentiment, but traders should weigh the unconfirmed signal against ETF outflows, market volatility and Strategy’s recent slowdown in buying.

Bitcoin fell 7.3% in October 2026, following a roughly 4% decline in October 2025, challenging the market’s historically bullish “Uptober” narrative. Kaiko researcher Andrew Yang said October had the highest median Bitcoin return, at 15.4%, across the period he assessed, but monthly price moves have narrowed—from 14% in 2013–2016 to 9.6% since 2024. Analysts say Bitcoin seasonality may be less reliable as institutional flows and macroeconomic factors gain influence. US spot Bitcoin ETFs recorded $515 million in net outflows in October, while spot Ether ETFs saw a record $1.61 billion in withdrawals. CryptoQuant’s Julio Moreno said market-cycle conditions and spot demand matter more than the calendar. Analysts cautioned that two October losses do not invalidate Bitcoin’s seasonal pattern, which can vary between bull and bear markets.

OneKey founder Yishi Wang warned that North Korean hacking groups may view BlackRock’s Bitcoin ETF, the iShares Bitcoin Trust (IBIT), as a potential target. His comments follow major crypto thefts attributed to North Korean-linked attackers, including the Bybit hack and a recent Binance breach. They are a warning, not evidence of an attack on the fund. As of 30 October, the BlackRock Bitcoin ETF held about $62 billion in net assets, or roughly 815,000 BTC—around 3.9% of Bitcoin’s maximum supply. Coinbase is its primary Bitcoin custodian, and BlackRock has said it does not currently intend to move its holdings away from Coinbase. Anchorage Digital was recently added as another custodian partner. No compromise of Coinbase’s custody systems or the ETF has been reported. The report notes that Coinbase’s commercial crime insurance covers multiple clients, while custody liability is generally capped at $100 million per cold-storage address, subject to contractual exceptions. The warning has renewed attention on custody and concentration risks for spot Bitcoin ETFs.

Binance recorded about $3.64 billion in net outflows during the first 9.5 hours after it resumed customer withdrawals on November 1, following a reported security breach on October 29. Between 06:00 and 15:30 UTC, users withdrew $4.649 billion and deposited $1.01 billion. The outflow equalled about 2.1% of Binance’s $171 billion in assets. Binance said withdrawals surged at first before easing and stabilising, while Changpeng Zhao said most of the net outflow occurred in the first few hours. By 12:36 UTC, all 15 affected networks and assets were available for withdrawals. Binance said its SAFU fund and reserves would cover affected users’ losses and that about 95% of the amount had been covered. The report also said Circle froze more than $1.1 billion in USDC and Tether froze $1.567 billion in USDT linked to the incident. Binance said market conditions remained stable. The large Binance outflow is a notable confidence signal, but withdrawals alone do not show that users are selling, and the reported flows represented a small share of the exchange’s assets. Traders may monitor further exchange flows and sentiment; analysts warned the breach could temporarily curb institutional crypto buying and renew interest in decentralised exchanges.

Aave froze new tBTC deposits and borrowing on its Ethereum Core market after Threshold Network paused bitcoin deposits, tBTC minting and redemptions on October 31 for a security review. The freeze covers about 1,760 tBTC, valued at roughly $136.6 million, or around 42% of tBTC in circulation. Threshold said the issue is contained, the token remains fully backed, and investigators have found no evidence of unauthorized minting or lost funds. Existing tBTC can still move between Ethereum and layer-2 networks, but new deposits, minting and redemptions remain paused. Aave users can still repay loans, withdraw eligible collateral and face liquidations under existing rules. Risk adviser LlamaRisk recommended Aave’s restriction, while Gauntlet withdrew about 65,000 USDC from Morpho lending vaults backed by tBTC collateral. Threshold has not given a reopening date and advised users not to send bitcoin to old deposit addresses. The incident could reduce tBTC liquidity and complicate collateral liquidations if the token trades at a discount to bitcoin.

US spot Bitcoin ETFs recorded $202.59 million in net outflows in the week ended October 30. Friday withdrawals of $643.33 million erased four days of inflows totalling $440.73 million, while trading volume reached $6.35 billion. Bitcoin ETFs had attracted about $304.7 million the previous week, but ended October with roughly $515 million in outflows, breaking a three-month inflow streak. Despite the latest withdrawals, the funds have accumulated about $57 billion in net inflows since launching in January 2024 and hold around $98 billion to $99 billion in assets. Pressure was heavier for ether products. US spot Ether ETFs lost $431.53 million in the week, their fifth consecutive week of outflows, bringing withdrawals over that period to nearly $1.65 billion. October outflows exceeded $1.6 billion, with funds recording as many as 23 consecutive days of withdrawals. Since launching in July 2024, Ether ETFs have attracted roughly $12 billion to $14 billion in net inflows. Solana ETFs also recorded a record weekly outflow of $71.47 million, extending their losing streak to four weeks. Flows were mixed across other products: Zcash funds gained $17.72 million and XRP ETFs attracted $4.32 million. The latest figures suggest increasingly selective institutional demand, with renewed selling pressure on Bitcoin and more persistent redemptions from Ether and Solana funds. Traders may monitor flows at major issuers, including BlackRock and Fidelity, for signs of stabilisation.

XRP Ledger account creation jumped on November 1, even as XRP remained under bearish pressure. XRPScan recorded 7,734 newly activated accounts, up 33% from the previous day and more than twice the 30-day daily average of about 3,500. The increase was reported as a 142.4% surge, though its underlying causes remain unclear. The latest total is still below the record of roughly 30,600 new accounts in a day. More accounts may reflect interest in XRPL tokenized assets, stablecoins or DeFi, but exchange onboarding and automated registrations could also contribute. Account creation does not prove growth in unique users or demand for XRP; sustained gains in active addresses, transaction volume and real-world network use would offer stronger evidence. XRP traded near $1.25 on November 2, below its September and October highs and several major moving averages. The article identified support at $1.20–$1.25 and potential resistance at $1.30–$1.35. The contrast between rising XRP Ledger activity and weak XRP price action means the account surge alone does not confirm a bullish shift.

BTCPay Server reported hot-wallet attacks on self-hosted payment servers running version 2.4.1 or earlier, with attackers reportedly gaining admin access. Founder Nicolas Dorier initially urged operators to take affected instances offline. The project has not confirmed whether that advice remains in effect or disclosed technical details, the number of affected servers or losses. It said it had received no credible reports of drains on version 2.4.7; operators who updated at least once after version 2.4.2 are considered safe from this attack. The incident is separate from an August vulnerability involving exposed credentials for connected Lightning nodes, and no link has been confirmed. Merchants should check their software versions and monitor official security updates. The BTCPay Server incident highlights hot-wallet risks for Bitcoin merchants but has no confirmed connection to a wider Bitcoin network issue.

Binance began restoring withdrawals in stages on Nov. 1 after a reported $6.3 billion hot-wallet loss. In the first nine hours, Binance processed $4.649 billion in withdrawals and $1.01 billion in deposits, a net outflow of about $3.64 billion—2.1% of its reported $171 billion in assets. DefiLlama data cited in the earlier report put Binance’s net outflow over the following 24 hours at $7.034 billion. Binance said withdrawal activity eased after an initial surge, and Changpeng Zhao said 98% of users chose to stay. The exchange said it had recovered or replenished about 95% of the affected assets. It reported that balances in 10 named tokens were fully backed, with the remaining recovery involving less-liquid tokens. Binance also used 7,499 BTC from its SAFU fund to support liquidity and said it planned to restore the fund to about $1 billion. Its latest proof-of-reserves snapshot showed major asset reserve ratios at or above 100%; updated data were expected on Nov. 2 in the later report, while the earlier report cited Nov. 3 for the full report. For traders, Binance’s outflows and recovery remain important exchange-confidence and liquidity signals. Reports that withdrawals eased and users largely stayed may limit broader concern, but large outflows and incomplete recovery could still weigh on sentiment. The summaries report no broad shift of user assets to rival exchanges.

Hong Kong is expanding its stablecoin trials as it upgrades Project EnsembleTX for 24/7 settlement of real-value tokenized transactions. The Hong Kong Monetary Authority (HKMA) says recognized dealers have completed secondary-market trial trades in tokenized Exchange Fund Bills. Future settlement trials are expected to include regulated stablecoins, with tokenized central bank money providing the settlement foundation. The tests could support round-the-clock trading and repo transactions involving tokenized government debt, but the HKMA has not announced a start date for stablecoin trials. Separately, HSBC said its Hong Kong dollar stablecoin, RedCoin, had reached 50,000 users around 10 days after its October 23 launch through PayMe. HSBC aims to expand adoption and plans to add RedCoin to its mobile banking app and support subscriptions to tokenized investments. The user figure does not reveal how many people transact regularly or the total payment volume. The HKMA also announced work on AI governance, post-quantum security and cross-border payments. These initiatives strengthen Hong Kong’s digital-finance infrastructure, but the stablecoin trials and tokenized-debt developments are unlikely to have an immediate, material effect on crypto prices.

Binance’s October 31 proof-of-reserves snapshot showed user USDT holdings fell 7.95% from October 1, to 29.48 billion tokens. The USDT reserve coverage ratio dropped from 103.88% to 100%, meaning reported reserves matched user balances at the snapshot date. Binance USDT reserves were not the only balances to change: ETH holdings declined 3.80% to 3.65 million, while BTC holdings rose 0.52% to 692,187. BNB holdings fell 0.93% to 42.64 million. The report covered 10 cryptocurrencies, down from 55 in the previous snapshot. Binance said the listed assets had been replenished and that a complete zero-knowledge reserve proof was expected by November 3. The October 31 figures predate the reopening of withdrawals and do not reflect later outflows. After withdrawals resumed on November 1, Binance reported $4.649 billion in withdrawals and $1.01 billion in deposits over nine and a half hours, leaving net outflows of about $3.64 billion. These movements followed the reported $6.3 billion security breach. The exchange said it was replenishing affected assets and would cover losses.

Circle is due to report Q3 results on November 4, putting USDC growth, reserve income and distribution costs in focus for crypto traders. In Q2, Circle recorded $701.315 million in revenue and reserve income, while distribution, transaction and other costs totalled $412.470 million. That left $288.845 million, or about 41.2%, before operating expenses. The retained amount rose 15% year on year, and its margin improved from 38.2% in Q2 2025. USDC’s average circulation increased about 25% year on year to $76.524 billion, but reserve income grew only 5.3% as yields fell. Coinbase-related distribution costs were $324.6 million. Circle’s rate-sensitivity model estimates that a one-percentage-point rate change would shift annual reserve income by $737 million and distribution and transaction costs by $360 million, leaving a modelled $377 million difference before other effects. The estimate assumes circulation and reserve allocation remain fixed; it is not an earnings forecast. Traders will watch Q3 figures for changes in USDC balances, reserve yields, partner payments and recognised payments or infrastructure revenue. The figures show that USDC growth does not automatically translate into proportionate earnings growth, but Q2’s improved retained-revenue margin offers a positive baseline.

The Hong Kong Monetary Authority (HKMA) has launched SAGE to support the responsible development and use of agentic finance in Hong Kong. It has also established an expert group drawing members from financial institutions, technology providers, professional services firms and academia. SAGE will explore agent-led use cases in consumer shopping and payments, business procurement and treasury management, and machine-to-machine payments for digital services. The project will also examine agent identity verification, including “Know Your Agent” (KYA), interoperability standards, governance, legal responsibility and consumer protection. The initiative signals regulatory interest in the infrastructure and safeguards needed for agentic finance, but the announcement does not specify a launch timeline or create a direct change to crypto-market rules.

US stocks face a high-stakes week after a sharp sell-off in major technology shares. The Nasdaq fell 2.86% on Friday, 30 October, and lost more than 5.3% in October, its steepest monthly decline in about 18 months. Alphabet, Amazon and Intel shares slid after disappointing results or guidance. Apple, the last of the “Magnificent Seven” to report, is due to release results alongside Palantir. Investors will watch iPhone 18 demand, memory costs and Apple’s AI plans. AMD and other major companies are also scheduled to report. US midterm elections and October’s non-farm payroll report add to the risks for US stocks. Economists expect 55,000 new jobs, up from 29,000 previously. A weaker reading could shift expectations for Federal Reserve policy and trigger further volatility across equities and other risk assets. For crypto traders, the week’s key signals are likely to be changes in rate expectations, technology-sector sentiment and broader risk appetite.

The Binance hack saw $6.43 billion in crypto stolen on October 29, in an attack the FBI attributed to North Korean group TraderTraitor. The laundering operation has since involved about 12,000 wallets across 11 blockchains and more than 40,000 transactions in under four days. About $2.85 billion has been frozen or seized, while roughly $3.24 billion remains in addresses linked to the theft. Most of the funds still held are in bitcoin and ether. A negligible amount appears to have been cashed out so far. The laundering has relied on splitting funds across thousands of wallets, cross-chain bridges, decentralised exchanges and lending vaults. Some bitcoin has also been mixed through coinjoins. Activity initially centred on Tron before funds began moving on Ethereum, Solana, NEAR and XRP. Analysts say the pattern points to conventional automation, not evidence of AI-driven decisions. The Binance hack could continue to pressure crypto-security sentiment and raise scrutiny of exchanges and cash-out services. However, most stolen assets remain traceable on-chain, and the article reports no substantial cash-out to date. Analysts expect some ether to be swapped for bitcoin and funds to be moved gradually through over-the-counter brokers and exchanges.

Coinbase Global published a slide deck alongside its 2026 third-quarter earnings call. The supplied article contains no financial results, operating figures or management commentary, so it does not provide enough information to assess Coinbase’s quarterly performance or its outlook.

The Bitcoin white paper marked its 18th anniversary on October 31, revisiting Satoshi Nakamoto’s proposal for peer-to-peer electronic cash. Its central idea is using digital signatures and a shared proof-of-work history to verify transaction order and prevent double-spending without a central ledger. The Bitcoin white paper does not make every payment immediately final: additional confirmations strengthen the accepted transaction history, so businesses must weigh confirmation risk against transaction value. Bitcoin can verify coin transfers, but it cannot establish whether goods were delivered or resolve disputes about a commercial agreement. The anniversary highlights the distinction between Bitcoin’s payment-verification design and the services, market demand and expectations built around the asset.

South Korea will tax gains from US stock perpetual contracts traded on overseas crypto exchanges at 11% from next year. The products will be classified as overseas stock derivatives and brought under the country’s capital gains tax rules. The tax will apply to annual gains after a basic deduction of 2.5 million won. The 11% rate is half the 22% tax rate on overseas spot stocks. US stock perpetual contracts track shares such as Nvidia, Apple and Tesla, and are available to Korean investors through overseas platforms because local authorities have not permitted these products. Trading volume across 19 exchanges reached about $1 trillion between January and August this year. The South Korean government plans to obtain records of investors’ overseas transactions to assess and collect the tax. The move adds a tax cost and reporting risk for traders, but does not itself change the contracts’ market structure.

An on-chain trader has reduced a HYPE short position by about $3.19 million, but a short worth roughly $32.35 million remains open. The later report also puts the address’s cumulative contract profits at about $142 million. An earlier report described a reduction of 86,704.63 HYPE, valued at around $7.6 million, and said the address retained 59,886.31 HYPE in shorts; it also cited $25.36 million in gains over 30 days but a cumulative loss of about $18.79 million. These figures do not align, and the reports do not clarify whether they use different snapshots or profit measures. The HYPE short reduction could ease some immediate selling pressure, while the sizeable remaining position may continue to weigh on sentiment. The address’s entry price and reason for reducing the HYPE short were not disclosed.

Metaplanet has fully repaid early an ¥8 billion bond issued to EVO FUND, which was originally due in April 2027. The company also redirected ¥8 billion in planned proceeds from its 27th stock acquisition rights offering, previously earmarked for bond repayment, to Bitcoin purchases. This increases the planned allocation for Bitcoin buying from ¥25.422 billion to ¥33.422 billion. The planned ¥3.714 billion allocation for its Bitcoin yield business remains unchanged. The move signals a stronger focus on Bitcoin accumulation, though the announcement does not confirm when the purchases will take place.