Regulatory Landscape - Finland plans to implement its domestic Crypto-Asset Reporting Framework (CARF) starting in 2026 [1] - Finland is becoming one of the first EU countries to move ahead with CARF [1] - The OECD-led standards will require crypto exchanges to begin data collection in 2026 [1] - Global information exchange across over 50 countries is expected by 2027 [1]

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Market Overview - The crypto market is experiencing high volatility, negatively impacting both small-cap tokens and leading assets, with the global crypto market cap dropping by 2% to $3.39 trillion and a total loss of $840 billion over the past 30 days [1] Liquidation Data - The recent selloff resulted in $1.73 billion in liquidations within 24 hours, with $1.32 billion attributed to long positions; Ethereum led with $573.91 million in liquidations, while Bitcoin followed with $499.89 million [2][3] - Over 430,000 traders have been liquidated during this period [3] Investor Sentiment - Despite the market crash, Binance recorded a net inflow of 8,403 BTC (approximately $855 million), indicating that some investors are preparing to sell Bitcoin due to market volatility [4] - Additionally, 809 million USDT entered Binance, suggesting a potential buying spree as some investors view the current situation as a buying opportunity; social sentiment has shifted towards "buying dips with confidence" [5] Large Investor Activity - Large investors continued their selloff on November 4, but the shift in sentiment could trigger a buying spree in the near future [6]

Gemini, the crypto exchange founded by billionaires Tyler and Cameron Winklevoss, is preparing to offer prediction market contracts, according to sources https://t.co/xMZhziKaDK ...

The founder of collapsed Turkish crypto exchange Thodex, who died in prison, appears to have killed himself after becoming increasingly isolated, his lawyer said https://t.co/LJqB1B7tj7 ...

Core Insights - Creditors of the defunct FTX exchange may only recover between 9% to 46% of their original losses due to the significant rise in digital asset prices since the exchange's collapse [1][2] - The disparity between court-approved dollar settlements and current market prices of cryptocurrencies, such as Bitcoin, has negatively impacted the recovery for creditors [2][3] Recovery Estimates - Bitcoin's value has surged from approximately $16,871 at the time of bankruptcy to over $110,000, resulting in a 143% cash recovery translating to only about 22% of the equivalent Bitcoin amount [3] - Ethereum's rebound to around $4,000 reduces the real recovery to 46%, while Solana's increase to approximately $200 cuts creditor value to about 12% [3] Creditor Community Reactions - The recalculation of recovery estimates has sparked debate among creditors, with many arguing that FTX's decision to convert claims into US dollars locked in losses at the market's lowest point [4] - Some creditors express frustration that they are being repaid less than the current value of the crypto they were originally owed due to the delay in repayments [5][6] Legal and Operational Context - Sam Bankman-Fried, the founder of FTX, has claimed that the company was never truly insolvent and suggested that earlier repayments could have allowed customers to repurchase their coins before prices surged [5] - The FTX estate has defended the conversion of claims to US dollars as a necessary action under U.S. bankruptcy law, which values claims as of the filing date to simplify the distribution process [6]

Core Viewpoint - Amazon's strong quarterly profit report significantly boosted the U.S. stock market, leading to a winning week and month for major indices [1][2]. Group 1: Amazon's Performance - Amazon's stock surged by 9.6% after reporting a profit that exceeded analysts' expectations, with CEO Andy Jassy noting accelerated growth in its cloud-computing business [2]. - The company's market capitalization of approximately $2.4 trillion means its stock movements have a substantial impact on the S&P 500, which would have declined without Amazon's performance [2]. Group 2: Other Influential Stocks - Apple, valued at over $4 trillion, had a less pronounced effect on the market, finishing down 0.4% despite reporting better-than-expected profits [3][4]. - Reddit's stock increased by 7.5% after also reporting stronger profit and revenue than anticipated [4]. - Coinbase Global's stock rose by 4.6% following a profit report that topped expectations [5]. Group 3: Market Trends and Expectations - Netflix announced a 10-for-1 stock split, which could make its shares more affordable while maintaining the same total value for investors, leading to a 2.7% increase in its stock price [5]. - AbbVie experienced a 4.5% decline despite reporting stronger-than-expected profits, as analysts noted that its profit growth was not as robust as before [6]. - There is increasing pressure on companies to deliver significant profit growth to justify the high valuations seen in the stock market since April [7].

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Core Insights - Coinbase Global reported higher-than-expected profit and revenue for Q3, driven by increased trading activity in the crypto markets [1] - The company's net revenue reached $1.79 billion, a significant increase from $1.13 billion year-over-year [1] - Profits for the quarter totaled $433 million, or $1.50 per share, compared to $75.5 million in the same quarter last year [2] Revenue Breakdown - Transaction revenue fees rose 83% year-over-year to $1 billion [3] - Subscription and services revenue increased by 34% to a record high of $747 million [3] Trading Activity - Trading volume for the quarter was $295 billion, up from $185 billion last year [1] - Institutional trading revenues grew over 120% in the quarter, influenced by the acquisition of Deribit [7] Market Context - The stock price increased by 34% since the start of 2025, outperforming Bitcoin [2] - The Trump administration's regulatory support for the crypto industry has opened new opportunities for Coinbase [4] Strategic Initiatives - Coinbase launched a new white-glove service to attract and retain advanced traders [4] - The company has made significant acquisitions, including a $2.9 billion purchase of Deribit and a $375 million acquisition of Echo [6] Future Outlook - The company anticipates continued growth in stablecoin adoption, supported by favorable policies and institutional interest [5] - Coinbase believes it is well-positioned to lead as regulatory clarity in the crypto space increases [6]

Core Insights - Ondo Finance has expanded its tokenized securities platform to the BNB Chain, allowing access to over a hundred U.S. stocks and ETFs for BNB Chain's 3.4 million daily users [1] - The primary target for these tokenized assets is non-U.S. investors seeking exposure to U.S. markets, overcoming geographic or regulatory barriers [2] - The expansion positions Ondo in competition with other projects like Backed and Kraken's xStocks, enhancing the tokenized stock market's reach into Asia and Latin America [3] - The overall tokenized stock market has seen significant growth, doubling since August to nearly $700 million, with Ondo Global Markets holding around $320 million in total value locked [4]