What Happened Today in the Crypto Market? A Review of the Most Important Cryptocurrency News (November 9, 2023)

The cryptocurrency market today, November 9, 2023, remains under pressure; Bitcoin is struggling to maintain the $74,000 range, while capital outflows from ETFs, security concerns regarding exchanges, and weakness in tech stocks are overshadowing market sentiment.

The Heavy Cost of AI Hype

The capital expenditure of Amazon, Alphabet, Meta, Microsoft, and Oracle reached approximately $230 billion in the third quarter, while their total operating cash flow was $199 billion. The increase in debt to support AI infrastructure and the volatility of tech stocks could also impact risky assets, including crypto.

Meanwhile, the tokenized stock market continues to grow, with assets under management at bStocks surpassing $1 billion just 125 days after its launch. About 18.5% of the active assets on this platform are also being utilized in DeFi programs.

Bitcoin; ETF Pressure vs. Whale Demand

The price of Bitcoin has failed to stabilize above $75,000 after dropping to around $73,500. At the same time, BlackRock's IBIT fund recorded a capital outflow of $213.2 million on November 9, with its consecutive outflows since October 30 reaching approximately $1.66 billion.

However, BlackRock has reported record demand from some large holders for direct conversion of Bitcoin to IBIT shares. The value of these conversions has reached about $3.6 billion since the mechanism for non-cash transfers was authorized, indicating that some large investors prefer the ETF structure due to concerns over the security of direct custody.

Trump Media has also increased its Bitcoin reserves to about 15,649 BTC in the third quarter, with the value of these assets nearing $1.31 billion at the end of September. The company's official report also stated that its financial assets exceed $2.3 billion.

MEXC Restrictions and Binance's Warning to iPhone Users

Binance has restricted direct asset transfers to the MEXC exchange and its affiliated companies. This action was taken after the U.S. Financial Crimes Enforcement Network identified MEXC as a major money laundering concern due to at least $16 billion in transactions related to illegal activities.

Binance has also warned about a potential vulnerability in certain iOS versions that could expose sensitive information on devices, including private keys or recovery phrases, if a malicious application is installed. Users are advised to delete unknown apps and update their operating systems.

Ethereum Under Pressure and Solana on the Path to Tokenized Stock Market

Ethereum faced $432 million in liquidations on November 8 and 9, dropping to around $2,060. The sharp decrease in open contracts indicates that some leveraged positions have been closed. The psychological support at $2,000 is now very significant, and breaking it could raise the range of $1,840 to $1,950 again.

On the other hand, Formation Securities plans to launch a tokenized stock trading market on Solana with a notification to the SEC. This platform, scheduled for 2027, could facilitate around-the-clock trading of tokenized stocks if it receives the necessary licenses.

Wallets and Scams; Walt Becomes Independent

The former Telegram wallet, now named Walt, is launching its independent application and aims to offer cryptocurrency transactions, tokenized stocks, ETFs, and yield products outside of Telegram as well.

In another security incident, an Ethereum wallet that had been inactive since 2015 was targeted in an Address Poisoning attack after a test transfer. The attackers created similar addresses, but the owner was not deceived and ultimately transferred about 2,155 ETH worth $4.6 million to the correct address.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.