Crypto News

Hong Kong AI stocks trade at a discount to US AI leaders, reflecting differences in profit margins, growth and where AI value is captured. The article argues that US AI valuations depend on whether earnings continue to beat expectations, while Hong Kong’s potential re-rating hinges on AI turning into measurable revenue. Nvidia reported a 71.5% net profit margin in FY27 Q1, compared with 28.9% for Tencent, 10.2% for Alibaba and 8.9% for Kuaishou, illustrating the contrast between scarce, high-priced AI computing and platforms where AI is mainly used to improve existing businesses. Tencent’s 2027 forecast price-to-earnings ratio is about 14 times, versus roughly 20 times for Meta; Nvidia trades at about 33 times trailing earnings. The measures use different periods and are not directly comparable. Microsoft’s quarterly capital expenditure rose from $14.9bn in FY25 Q1 to $35.8bn in FY26 Q4. Continued spending supports AI chip and cloud demand, but could pressure margins if it grows faster than cloud revenue. In Hong Kong, investors are watching cloud revenue, AI-driven improvements to advertising and commerce, and Kuaishou’s Kling video-generation business. Kling generated RMB850m in second-quarter revenue, about 2.4% of Kuaishou’s total. Southbound Stock Connect investors had accumulated about HK$134bn in net purchases since July through 8 October, although they sold HK$6.64bn net during the week of 12–16 October. The article frames the next results season as a test of AI monetisation and valuation: faster revenue growth and sustained fund inflows could support a discount narrowing, while weak revenue relative to capital spending or persistent outflows could weigh on both US and Hong Kong AI stocks.

BNB Chain led tracked blockchains in tokenized-equity trading, supply and holder count in Q3 2026, according to Blockworks. Trading volume surged to $25.6 billion from $2.4 billion in Q2. Tokenized stock supply more than doubled to $1.13 billion by September 30, representing 39% of the tracked cross-chain total, while the network had about 1.8 million holders. The growth was driven in part by bStocks, which launched in June and accounted for $810 million of BNB Chain’s tokenized-equity supply. Trading activity peaked in July and later moderated. Other network metrics were mixed. Revenue rose 54% quarter on quarter to $54.2 million, and lending deposits increased 42% to $3.57 billion. But average daily active addresses fell 14% to 2.10 million. Tokenized equities accounted for less than 2% of lending deposits, despite rising to $62 million. For traders, the data highlights BNB Chain’s growing role in tokenized real-world assets, but does not establish that the expansion will continue. Activity concentration in a small number of products and the decline in active addresses are relevant risks to monitor.

Zcash (ZEC) fell 3.78% to about $1,225 on October 23 as traders reduced derivatives exposure. Futures open interest dropped 12.45% to $2.37 billion, while futures trading volume declined 10.28% to $7.23 billion. The simultaneous falls in ZEC price and open interest suggest traders are closing positions, but the data does not show whether liquidations or voluntary exits drove the move. ZEC traded between $1,187.54 and $1,281.24 over 24 hours and remained about 24% lower over the past month. Technically, it was below its 21-day moving average near $1,234 and the $1,250 resistance level, while support sat near $1,200. A sustained move above those resistance levels could put $1,350 back in view; a break below nearby support may expose the recent low and the $1,100–$1,000 region. Analyst Ali Martinez identified a possible recovery toward $1,350 if support holds. Zcash’s planned NU7 upgrade, targeted for around November 5, is another potential catalyst, but its market impact is uncertain. The upgrade is expected to shorten target block times from 75 seconds to 25 seconds while maintaining a similar issuance rate.

Iranian state television has aired footage of an underground drone facility during a visit by Commander-in-Chief Amir Hatami. Hatami said Iran had expanded its production centres and maintained significant drone reserves. The footage showed workers and stored drones, but Reuters could not verify the facility’s location or when the recording was made. The Iran drone facility unveiling appears aimed at demonstrating the country’s military production capacity amid regional tensions. Prediction-market odds cited in the article put the chance of Houthi forces entering Aden by 31 December 2026 at 23.5%, with a 1.1% probability by 31 October. The report provides no direct evidence that Iran’s facility will change Houthi capabilities or affect cryptocurrency markets.

US public pension funds have gained about $138 billion from AI-related stocks since 2022, according to The Wall Street Journal. AI-linked equities now account for an estimated 8% to 10% of their assets. The gains come as political scrutiny of the AI industry grows over its social, regulatory and infrastructure impacts. The report highlights the tension between public funds’ financial exposure to AI stocks and pressure for tighter oversight. The article also points to uncertainty around AI company valuations, including Anthropic, but provides no details establishing a direct link between political developments and a specific valuation change.

An AI stock sell-off in Asia prompted investors to shift towards safer assets, including US Treasuries. The MSCI Asia-Pacific index fell 0.4%, while South Korea’s Kospi dropped 0.8%, amid concerns about AI infrastructure spending and economic uncertainty. The reported 10-year US Treasury yield declined 17 basis points to about 4.96%. The AI stock sell-off also coincided with weak market expectations for Anthropic’s valuation reaching $600 billion by year-end: the related prediction market priced the chance at about 3% YES. The news points to caution around AI valuations, although it does not establish a direct change in Anthropic’s valuation. For crypto traders, the shift towards Treasuries may signal weaker appetite for risk assets. The article reports no direct cryptocurrency market move; traders may watch broader risk sentiment and Treasury yields for potential spillover.

Coinbase has outlined a five-step approach to make Bitcoin more resilient to quantum computing threats, including new address designs, post-quantum signatures and a gradual migration plan. The proposal does not endorse a final solution or specify how legacy funds should be handled. Coinbase is weighing flexible address structures such as BIP-360 and P2TRv2, alongside signature options including ML-DSA, SLH-DSA, FN-DSA and the experimental SHRINCS. The options involve trade-offs in security, signature size, transaction capacity, fees and wallet compatibility. Coinbase also highlights the need to support both stateless signatures and institutional custody tools such as multisignature systems. The proposed migration would begin with voluntary upgrades, then introduce hybrid addresses and measures to reduce exposure of public keys. Later steps could restrict deposits to vulnerable legacy addresses and eventually limit spending from them. Coinbase says decisions about long-dormant Bitcoin—including coins in early addresses with exposed public keys—should be considered separately from the technical upgrade, given the risks to holders and the controversy over potentially lost funds. The issue has gained attention as Coinbase formed a quantum advisory board and joined other institutions in a Bitcoin security alliance that pledged $15 million over three years for security research. Quantum-resistant Bitcoin remains a long-term security and governance challenge, not an immediate change to Bitcoin transactions.

Gate has released a Singapore special of its documentary series, “Behind Gate: Dr. Han,” following founder and CEO Dr. Han during TOKEN2049. The film features the launch of Gate Money, his keynote, media interviews and meetings with customers and staff. Dr. Han presents Gate Money as a financial service for a broad global audience, connecting asset management with everyday payments. He says Gate aims to keep improving its products while responding to users’ changing financial needs. The documentary also outlines his ambition for Gate Money to help Gate serve about 500 million users over the next five years as it develops into a broader financial services platform.

MINIMAX rose 13.8% over 24 hours and 7.2% in the latest hour, reaching 23.57 USDT, according to market data cited by Odaily. The move highlights strong short-term momentum in MINIMAX, but the report gives no information on its catalyst, trading volume or broader market conditions.

The Tortoise AI Infrastructure ETF (TCAI) has a neutral short-term outlook as AI infrastructure stocks face cyclical pressure. The fund trades at 15.8 times forward earnings, but its valuation is heavily influenced by memory stocks: they account for 17% of TCAI’s holdings yet are expected to generate about 45% of its earnings. That concentration makes memory pricing a major driver of TCAI’s performance. Risks include higher interest rates, possible memory-chip oversupply and uncertainty over hyperscaler capital spending. Further weakness could create a tactical entry opportunity for risk-tolerant investors, but the outlook would be more constructive if memory prices, Treasury yields and cloud companies’ AI investment stabilise or improve.

The Base Meme Summit brought Base team members, established meme communities and new projects together on 22 October. Base chief Jesse Pollak said the network’s total value locked had recently surpassed Solana’s, making it the second-largest ecosystem by that measure, while lending, payments and trading activity were also growing. Stock-themed memes were a major focus. Pollak said tokenised stocks on Base had grown from about 10 to around 50, with targets of 250 in the coming weeks and more than 500 by year-end. Projects demonstrated ways to pair stock tokens with meme communities, including rewards, buybacks and fee-funded distributions. These figures and targets were presented at the event and were not independently verified in the article. Pollak also urged communities not to treat a Coinbase listing or official attention as the ultimate measure of success. He said Base wants to support existing communities, attract more traders through platforms such as GMGN, and encourage memes rooted in Chinese and wider Asian culture. The summit also announced grants of up to $5,000 for community projects and a GMGN trading competition with a Base track. For traders, the event signals Base’s push to broaden on-chain assets and trading access, but it does not establish sustained demand for any particular token. Stock-meme projects and community incentives remain experimental, while long-term traction will depend on user retention, liquidity and product delivery.

Casa security chief Jameson Lopp has urged Bitcoin holders not to abandon self custody for ETFs or third-party custodians after a series of wallet security incidents. In an October 22 open letter, he said managed custody shifts responsibility to institutions rather than removing the risks, and can leave investors with less control over their Bitcoin, including in cases of asset freezes or seizures. Recent incidents include a Coldcard firmware flaw linked to suspected thefts of nearly $90 million, an unauthorized implant found in a Ledger device sold through a reseller, and a Qubic wallet breach that saw about 2.94 trillion QU tokens, worth $1.4 million, stolen. Lopp recommended multisignature wallets, keeping keys in separate locations and across different hardware supply chains, and planning for inheritance or loss of access. He said these safeguards can strengthen Bitcoin self custody, though no setup eliminates risk.

Trader Kimchi removed Pump.fun from his profile two days after the platform announced their partnership. During that period, Pump.fun revenue fell 16%, from $1.61 million to $1.35 million, while active addresses declined 11%, from 178,539 to 159,492. Lookonchain said Kimchi may have received 1.35 billion PUMP tokens, worth about $6.25 million, as a marketing fee. Pump.fun co-founder Alon announced the collaboration on October 21, describing Kimchi as a figure who could bridge crypto and popular culture. The figures show a short-term decline in Pump.fun activity, but the report does not establish that the partnership caused it.

A cluster of technology security incidents has raised risks for crypto developers and services. On 21 October, the PHP Foundation released security updates fixing two critical remote code execution vulnerabilities, each rated 9.2. Node.js also patched 10 vulnerabilities, including a high-risk flaw in its Brotli decompression module and a medium-risk issue that could repeat random values in applications using startup snapshots or single executable applications. The random-value flaw does not affect all crypto wallets; the article says most private-key generation uses other cryptographic interfaces. Cloud deployment platform Railway disclosed that an unauthorized third party may have accessed systems storing customer environment variables, which can contain API keys and other credentials. Railway paused builds and deployments and urged users to rotate stored secrets. Crypto developers using Railway for trading bots or other services should treat exchange API keys, wallet credentials and RPC tokens as potentially exposed and replace them promptly. These crypto security incidents do not indicate a broad compromise of blockchains or wallets, but they highlight risks in the software and cloud infrastructure used to operate crypto services.

Prediction markets are gaining traction as real-time forecasting tools for elections, economic data and other high-impact events. Their prices translate event outcomes into probabilities, while participants’ financial exposure can encourage careful information assessment. Liquid markets can also update quickly as news changes and show probabilities across multiple possible outcomes. Research has found prediction markets outperforming polls in some US presidential elections. A 2026 Federal Reserve working paper found Kalshi’s federal funds rate forecasts accurate on the day before FOMC meetings and significantly better than federal funds futures over that timeframe. Kalshi also forecast headline CPI more accurately than Bloomberg consensus, while results for core CPI and unemployment were statistically comparable. Applications extend to public health, corporate planning and intelligence analysis. University of Iowa researchers tested markets to forecast flu activity two to four weeks ahead. Internal markets at HP and Intel sometimes outperformed official company forecasts, while a Siemens project market signalled a delay before conventional planning did. In a US intelligence forecasting competition, markets beat simple survey averages but not statistically adjusted team forecasts. For traders, prediction markets may offer timely indicators of expectations and tail risks. Their usefulness still depends on liquidity, participant quality and the specific question being measured; they complement rather than automatically replace polls, futures or expert forecasts.

An October 23 market roundup highlighted mixed signals for crypto traders. Forty newly created wallets reportedly withdrew 9,458 BTC, worth about $772 million, from Wintermute since October 1. The transfers may draw attention to supply movements, but the report does not identify the wallets or explain their purpose. Separately, a trader sold two Mutant Ape NFTs for 1 ETH each after holding them for three years, reporting a loss of 11.28 ETH. The roundup also quoted Binance founder Changpeng Zhao, who said AI may increase phishing and social-engineering risks through data leaks without breaking Bitcoin’s cryptography. Other items pointed to broader market uncertainty: investor Tom Lee said markets were selling off and technology stocks were near support, while a trader closed an S&P 500 long and opened a short position worth about $10.81 million. The Bitcoin withdrawals and AI security concerns are notable, but the roundup provides no clear evidence of a direct catalyst for BTC or ETH prices.

US spot Bitcoin ETFs recorded about $1.075 billion in net inflows from October 19 to 21, but HTX Research analyst Chloe says the short-term buying is not enough to confirm a trend reversal. Bitcoin and the wider crypto market remain sensitive to interest-rate expectations. Key events over the next two weeks include the Federal Reserve’s October 29 rate decision, US third-quarter GDP and September PCE inflation data, as well as the Bank of Japan’s October 29–30 meeting. Strong economic or inflation readings, hawkish Fed guidance, or a sharp rise in the yen could pressure risk assets; the PCE release comes after the Fed decision and could quickly reverse an initial market reaction. A softer Fed outlook, lower-than-expected core PCE and continued ETF inflows could help Bitcoin break above its weekly high and support catch-up gains in ETH and SOL. Otherwise, the market could retest recent lows, with high-volatility altcoins especially vulnerable. HTX Research sees choppy trading and event-driven repricing—not a broad crypto rally—as the likelier near-term scenario.

pwn.watch, a cybersecurity tracker created by developer kitze, brings active global security incidents and patch updates together on one page. As of the morning of 23 October, it listed 41 ongoing incidents, including 19 rated critical and 20 not fully patched. It has recorded 240 incidents over the past 12 months. Each entry includes severity, affected products and versions, CVE identifiers, incident timelines, source links and remediation status. A “Copy brief for your AI” feature generates repair instructions that users can give to an AI assistant. The site also offers RSS and JSON feeds, technology filters and email alerts. Highlighted cases include reports that third-party AI agents accessed accounts at major US banks, a critical GitLab vulnerability that could allow unauthenticated code execution, and PHP “PHP2Shell” vulnerabilities. The site rates the bank report as medium severity, noting that the agents reportedly used credentials provided by customers and that no account takeover or losses had been reported. The PHP flaws have been patched in core releases, but some device vendors are still preparing updates. pwn.watch is a useful way for security teams and software operators to monitor vulnerabilities, but its assessments are editorial judgments, not official security advice. Users should verify details with vendors’ original advisories before acting.

Broyhill’s equity composite fell 0.3% in the third quarter of 2026, compared with a 1.7% gain for the MSCI All Country World Index. For the first nine months, Broyhill returned 1.9%, against the index’s 13.4%. The letter attributed the portfolio’s relative weakness to its limited technology exposure: tech stocks rallied in August and September, while consumer and industrial sectors—more than half of Broyhill’s portfolio—declined. In July, the portfolio gained 3.3% as semiconductor stocks dropped sharply. Broyhill also reported a 3.4% gain in October through October 16, while the Philadelphia Semiconductor Index fell 15.7% over eight sessions; those figures were preliminary. The firm highlighted rising inflation and borrowing costs. Oil rose 29% during the quarter to about $91 a barrel, the Federal Reserve raised rates by 25 basis points, and the 10-year Treasury yield climbed to 5.29%. Broyhill said higher yields increase risks for companies that need to refinance debt or fund growth, including large technology firms. IQVIA, Thermo Fisher and Microsoft were the quarter’s leading contributors. Rentokil, Valvoline and Masco were the largest detractors. Broyhill opened a position in Alphabet, exited several holdings, and said it had sold Rentokil after quarter-end. The manager’s stated approach is to emphasize business fundamentals, valuation and portfolio caution amid market volatility.

Circle has expanded its Circle Alliance Program (CAP) with eight new or improved partner benefits and a members-only Alliance Hub. The Circle Alliance Program now offers regional and industry groups, educational resources, early access to products and beta releases, enhanced technical support, structured product-feedback sessions, and closer engagement with Circle Ventures. The new hub replaces Discord as the program’s community platform. Circle said the changes respond to partner feedback. It did not disclose CAP membership figures, fees, financial incentives, or guaranteed support response times. Applications remain open. A partner-focused podcast is planned for early 2027, with guest applications underway. The expansion strengthens Circle’s partner engagement around its products, including USDC, but Circle did not announce new commercial agreements or financial targets. CAP is separate from Circle’s USDC incentive partners and its Payments Network, so figures associated with those initiatives should not be treated as CAP membership data.

AI stocks led a sharp tech-sector sell-off, while investors moved into US Treasuries amid geopolitical and fiscal concerns. The Nasdaq fell 2.60%, and the S&P 500 lost 1.21%. The 10-year Treasury yield dropped 19.3 basis points to 4.952%, its largest daily decline since March 2023 and its first close below 5% in a month. Investors questioned whether massive AI spending can generate adequate returns. Meta fell 6.98% after raising its long-term computing and lease commitments to $825 billion; its free cash flow turned negative in the third quarter. Semiconductor stocks also plunged, with the Philadelphia Semiconductor Index down 6.72%. Defensive sectors, including consumer staples and healthcare, outperformed. Geopolitical tensions tightened energy-supply concerns. Brent crude rose 4% to $113.17 a barrel, while reports of attacks in the Gulf and threats to shipping routes added to market unease. Gold and silver fell sharply as investors sold assets to raise cash. In Europe, French bond yields climbed above US yields amid political and fiscal concerns. For traders, the combination of AI-sector deleveraging, oil-driven inflation risks and geopolitical uncertainty points to volatile markets. The Treasury rally may ease some pressure on risk assets, but concern over AI financing and persistent energy risks could continue to weigh on equities and other speculative markets.

Nasdaq CEO Adena Friedman says the exchange is prioritising tokenized stocks traded through established market infrastructure, where investors retain direct ownership of the underlying shares. She warned that stock-backed derivatives and trading outside core markets could fragment liquidity, reduce transparency and weaken price discovery. Nasdaq is developing tokenized equities with Payward, Kraken’s parent company, using its xStocks framework. Nasdaq Equity Tokens are scheduled to launch in the second quarter of 2027, and Nasdaq Ventures has agreed to invest $100 million in Payward. Separately, the ICE-OKX joint venture has filed to list 63 tokenized US stocks on X Layer, although nine companies reportedly objected.

Bitcoin fell as a sharp decline in US Treasury yields reflected risk aversion rather than easing inflation or a dovish Federal Reserve outlook. On 22 October, the 10-year Treasury yield dropped 17 basis points, from 5.13% to 4.96%, while the Philadelphia Semiconductor Index plunged 6.7% and the Nasdaq fell 2.6%. The sell-off was led by technology shares, rather than a broad decline across all US stocks. Bitcoin slipped from about $84,400 on 22 October to roughly $81,200 on 23 October, down around 2.5% over 24 hours. Gold also fell, suggesting investors were cutting risk rather than responding to lower yields as a reason to buy growth assets or alternative stores of value. Inflation concerns remain: initial US jobless claims were lower than expected, while oil prices rose, with WTI near $99 a barrel and Brent briefly above $111. Traders will watch the Federal Reserve’s 28 October statement for clues on inflation and rate policy, as well as whether WTI breaks above $100. For crypto traders, the episode is a risk-off signal: a further shift away from risky assets could weigh on Bitcoin and market stability, even if Treasury yields remain lower.

The USDC rewards program offered by Coinbase remains available for now, but its future is uncertain after the US Office of the Comptroller of the Currency (OCC) finalized a stablecoin rule on October 21. Effective January 18, 2027, the rule bans stablecoin issuers from paying interest simply for holding a stablecoin, but leaves intermediary rewards programs to be assessed case by case. It does not give Coinbase’s program a safe harbor or grandfather it in. Coinbase pays eligible Coinbase One members 3.75% annually on USDC, funding the rewards itself while sharing in interest Circle earns on USDC reserves. Banks argue such payouts may circumvent the GENIUS Act’s ban; Coinbase describes them as a loyalty program. The OCC’s approach is less restrictive than banks sought, so USDC rewards can continue for now, but regulators could still challenge the arrangement. The issue matters to Coinbase investors: stablecoin revenue was $292.1 million in the second quarter of 2026, about a quarter of the company’s net revenue. The article does not quantify how much of that revenue depends on rewarded USDC. Any decision to end the USDC rewards program could therefore affect both customer incentives and Coinbase’s stablecoin business.

The US 10-year Treasury yield fell decisively below 5%, but ING analysts doubt the decline will last and expect yields to move higher again. Brent crude rose above $110 a barrel for the first time since May, while weak market sentiment kept investors from repricing rates more hawkishly. French government bond spreads continued to widen, and ING said it sees few catalysts to reverse that trend. The developments highlight uncertainty across global bond and energy markets, which can influence risk appetite and crypto trading.

InDrive plans to begin testing robotaxis in Astana, Kazakhstan, in the first half of 2027, working with Pony.ai and Nvidia. Pony.ai will provide its seventh-generation autonomous vehicles, which will be integrated into the InDrive ride-hailing app. Nvidia will supply its Hyperion computing platform and Halos safety system. The pilot follows agreements between InDrive and Kazakh authorities in 2025 and 2026 to establish a regulatory sandbox for autonomous vehicles. A potential test route could connect Astana’s airport with the city. The initiative is a test programme, not a commercial launch. The partnership adds to Nvidia’s role as a technology provider for autonomous driving, while Kazakhstan’s investment in data-centre GPUs reflects a broader national push in AI. For traders, the announcement has no direct cryptocurrency-market catalyst; any impact is more likely to be limited to sentiment around Nvidia, autonomous vehicles and AI technology.

XAO DAO has approved Proposal 66, authorizing the decentralized autonomous organization to deploy 80% of its XRP treasury into Firelight, a DeFi protocol focused on decentralized insurance and yield generation. The plan uses Flare Smart Accounts to let XRP holders mint and deposit FXRP into Firelight’s vault. Co-founder Santiago Velez called it a pioneering multichain strategy combining insurance and yield. The XRP treasury deployment aims to generate returns for DAO members while supplying capital to DeFi protection services. The decision comes as XAO DAO updates its governance tools, including proposal management, discussion features and donation tracking. At the time of the report, XRP was trading at $1.34, little changed over 24 hours but down nearly 4% in a week and more than 11% over a month. The DAO’s move signals added DeFi utility for XRP, but its effect on the wider XRP market may be limited.

trade.xyz has launched a JIO pre-listing perpetual futures market, according to a post on X. The JIO pre-market contract gives traders a way to take leveraged positions before the token’s listing. The announcement did not provide details on trading volume, contract terms or a listing date, so the market’s immediate price impact remains unclear.

Ethereum postponed the Glamsterdam upgrade on the Hoodi testnet on October 22, removing its planned October 26 activation and the proposed 200 million block gas limit. Developers are investigating how EIP-8037’s changes to state-related gas costs could affect existing contracts. No replacement date or mainnet activation date has been announced. The delay highlights a practical risk for DeFi automation: gas limits can be set in wallets, workflow configurations and nested contract calls. Raising a workflow limit may not fix hardcoded contract allowances or other code-level constraints. Teams should simulate automated claims, transfers and rebalances under the proposed rules and confirm that transactions complete their intended actions. Chainlink’s earlier guidance recommends testing affected workflows on upgraded Sepolia and adjusting or removing fixed gas limits where needed. Hoodi node operators must also install compatible client updates; Nethermind 2.2.1 removes the scheduled fork, while remaining on version 2.2.0 could cause a node to follow the old configuration and diverge. The update concerns testnet readiness, not a confirmed mainnet outage, exploit or universal fee increase.