Market Performance
| Asset / Index | Value ($) | Daily Change (%) |
|---|---|---|
| Bitcoin (BTC) | 111,620.0 | +0.63% |
| Ethereum (ETH) | 4,024.98 | +0.94% |
| Bitcoin Spot ETF | −94.0M | Net Outflow |
| Ethereum Spot ETF | +5.3M | Net Inflow |
| Nasdaq (NAS100) | 24,840.9 | +0.34% |
| S&P 500 (SPX) | 6,671.07 | +0.40% |
| Russell 2000 (RUT) | 2,527.3 | +0.01% |
| U.S. Dollar Index (DXY) | 98.590 | −0.08% |
| VIX Volatility Index (VIX) | 20.63 | −0.82% |
| U.S. 10-Year Treasury Yield (US10Y) | 4.032 | +0.10% |
| Brent Crude Oil (BRENT) | 62.195 | +0.13% |
| LBMA Gold (XAU) | 4,221.645 | +0.33% |
| LBMA Silver (XAG) | 52.9855 | −0.11% |
Prepared at UTC 06:45 am
Today’s Key Events
- October Philadelphia Fed Manufacturing Index
- FOMC Member Waller Speech
- FOMC Member Miran Speech
Bessent: Rare Earth Elements May Be Central to US-China Talks
In US-China trade negotiations, Treasury Secretary Bessent stated that rare earth elements could play a central role in this round. It was stated that the US could extend its current 90-day tariff suspension period and that a new trade balance could be established if China eased its export restrictions. Bessent also said he would meet with Chinese Vice Premier He Lifeng and criticized Chinese officials for taking a “provocative stance” in the negotiations.
Fed Beige Book: Employment Risks Rising, Inflation Pressures Manageable
The Beige Book for September showed limited changes in economic activity. Most regions reported a decline in spending due to weak consumer demand and rising tariffs.
- Employment: Layoffs increased and some firms slowed hiring.
- Inflation: Input costs are rising, but companies are unable to fully pass on prices to customers.
- Interest Rate Outlook: The report provides economic justification for interest rate cuts.
U.S. Government Shutdown Crisis Deepens
The Republicans’ temporary funding bill was rejected in the Senate by 51 votes to 44. The proposal, which aimed to fund the government until the end of November, failed, and a wave of layoffs began. A federal court in San Francisco temporarily halted the Trump administration’s mass layoffs. The White House anticipates that the total number of layoffs could exceed 10,000.
Bessent: Fed Chair Candidates to be Presented to Trump in December
Treasury Secretary Bessent announced that he will present 3-4 candidates for the Fed Chair to Trump in December. The shortlist includes Bowman, Waller, Hassett, Warsh, and BlackRock executive Rick Rieder.
Mixed Chinese Inflation Data
- CPI (Annual): -0.3% (expectation: -0.1%)
- CPI (Monthly): +0.1%
- Core CPI (Annual): 1.0%
- PPI (Annual): -2.3% (expectation: -2.4%)
The data shows that deflationary pressures continue in the Chinese economy, but the decline in producer prices has moderated.
Trump: India Will Stop Buying Russian Oil
Trump announced that Indian Prime Minister Modi has promised to end Russian oil imports. This step is seen as a possible sign of reconciliation in the energy and trade tensions between the US and India.
U.S. Bank Establishes New Unit for Digital Assets and Money Flow
According to Reuters, U.S. Bancorp (NYSE: USB) has established a dedicated division focused on digital assets and money flow to accelerate digital product development and increase financial services revenue. Chief Digital Officer Dominic Venturo stated that customers want to leverage digital assets for secure money transfers, deposit management, and asset tokenization. The new unit will operate in the areas of stablecoin issuance, crypto asset custody, asset tokenization, and digital payments.
SEC Chair Atkins: Crypto and Tokenization Are “Job One”
Speaking at DC Fintech Week, SEC Chairman Paul Atkins said cryptocurrencies and tokenization are the agency’s “job one,” or top priority. He announced that the SEC will launch an “innovation exemption” program within the year to enable innovators to bring their products to market faster. He also stated that they aim to create a “super app”-like system by increasing coordination among regulatory agencies.
The Trump Family Earned Over $1 Billion from Crypto Ventures
According to the Financial Times, the Trump family earned over $1 billion in pre-tax income from crypto activities last year. The family’s digital asset empire includes NFTs, meme coins, stablecoins, token sales, and DeFi platforms.
- Trump and Melania meme coins: $427 million in revenue.
- World Liberty Financial ($WLFI): $550 million in token sales.
- $USD1 stablecoin issuance: $2.71 billion.
U.S. Government May Have Seized Another $2.4 Billion in BTC Belonging to Chen Zhi
According to Arkham data, $2.4 billion worth of Bitcoin in a wallet linked to Chen Zhi has been transferred again. This may be a continuation of the previous $14.1 billion BTC seizure operation. Although not yet confirmed in court documents, the funds were transferred to addresses associated with the U.S. government.
CZ’s YZi Labs Leads $50 Million Investment in Better Payment Network
YZi Labs, formerly known as Binance Labs, led a $50 million seed round for Better Payment Network (BPN), a stablecoin-based payment infrastructure company. The investment aims to accelerate the scaling of on-chain payments and stablecoin adoption.
Solana Tops 24-Hour DEX Trading Volume at $6.16 Billion
Solana’s decentralized exchange (DEX) trading volume over the past 24 hours reached $6.16 billion. This figure surpassed all other chains, including Ethereum, propelling Solana to the top.
UK Plans Compensation for Victims of $6.8 Billion Bitcoin Fraud
According to Decrypt, British prosecutors are planning to pay compensation in a $6.8 billion Bitcoin fraud case involving Chinese investors. The perpetrator, Qian Zhimin, defrauded 128,000 people between 2014 and 2017, converting the funds he obtained into Bitcoin. The UK seized most of the funds; however, CryptoCare CEO Nick Harris warned that the government could use legal loopholes to keep the money.
ETHZilla to Implement 1:10 Reverse Stock Split
Ethereum finance company ETHZilla ($ETHZ) has approved a 1:10 reverse stock split, effective October 20. This move aims to attract institutional funds by raising the share price above $10. The split was approved at the July 24 shareholder meeting; the share price is currently hovering around $1.77.
Eric Trump Confirms Real Estate Tokenization Plans with World Liberty Financial
Eric Trump has confirmed plans to tokenize family-owned real estate through World Liberty Financial ($WLFI). The model will offer investors micro-ownership shares starting at $1,000 and provide benefits such as hotel discounts or exclusive access. The tokenization will integrate with the $USD1 stablecoin.
U.S. Senate Rejects Republican Spending Bill
According to Jinshi Data, the U.S. Senate has rejected the Republican Party’s spending bill. This means the risk of a government shutdown persists; parties have yet to reach an agreement on a new funding plan.
