Daily Market Wrap | Nov. 05

Hot Topics

• Bitcoin tests $102.9K support as China suspends 24% U.S. tariffs for one year, boosting risk assets, despite Sequans dumping BTC to pay debt.
• Ethereum plunges 20% in a freefall, sparking a $1B liquidation cascade and accelerating crypto market losses amid heightened volatility.
• U.S. Bitcoin and Ethereum ETFs see $797M combined outflows ($578M BTC, $219M ETH) amid Powell's hawkish comments and shutdown fears, pushing crypto into "extreme fear" but keeping bullish structure intact.

Market Updates

• Canaan Inc. raises $72M through a private placement of convertible bonds to bolster its bitcoin mining hardware production amid surging demand.
• Gemini introduces prediction market contracts on its exchange, enabling bets on real-world events like elections and sports to expand crypto trading options.
• Ripple's RLUSD stablecoin reaches $1B market cap in under a year, ranking 10th among USD-backed tokens.
• ZKsync proposes tying $ZK token to network revenue via interoperability fees and enterprise licensing for buybacks and staking rewards.