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Bitcoin experienced a nearly 3% price drop over the past 24 hours, dipping to $100,500 before stabilizing at $102,180, amid broader market turmoil. This decline led to the liquidation of $308 million in long positions, part of a larger $982.55 million crypto market liquidation. The downturn aligns with escalating tensions between US President Donald Trump and Elon Musk, with Musk warning that Trump’s proposed global tariffs could trigger a recession. Trump retaliated by threatening to cut Musk’s government contracts, prompting a brief, retracted statement from Musk about decommissioning SpaceX’s Dragon spacecraft. Meanwhile, long-term Bitcoin holders are selling off after the cryptocurrency hit a peak of $111,970 in May, adding sell pressure and raising the risk of a short-term correction, as noted by Glassnode. Other major cryptocurrencies, including Ether (down 7.25%), XRP (down 4.35%), and Solana (down 5.20%), also faced sharp declines. Crypto analysts suggest that US policy delays on monetary easing due to Trump’s tariffs could further slow growth, exacerbating market uncertainty.
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North Carolina Senator Thom Tillis has issued a stark warning that Congress must act by early 2025 to pass critical cryptocurrency legislation, or risk it being derailed by political gridlock and the 2026 midterm elections. Speaking to Bloomberg, Tillis highlighted the urgency as the government shutdown, ongoing since October 1, and disputes over funding have stalled progress on key bills like the CLARITY Act, which seeks to clarify regulatory oversight of digital assets between the CFTC and SEC. Despite bipartisan support—evidenced by the House passing the CLARITY Act and the earlier GENIUS Act becoming law—Senate discussions have faltered due to a leaked DeFi proposal and the shutdown. Recent closed-door meetings with industry leaders show renewed bipartisan efforts, with Coinbase CEO Brian Armstrong noting 90% of issues resolved and a potential Thanksgiving deadline. However, skepticism persists, with Polymarket data indicating only a 20% chance of passage by 2025. As other nations advance their digital asset frameworks, the U.S. risks falling behind if it cannot overcome political paralysis. Tillis emphasized that failure to act by February could render the current push for crypto reform effectively “dead,” underscoring the fragile momentum in Washington.
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The Morning Minute newsletter by Tyler Warner highlights significant developments in the crypto market, with a focus on the launch of the first U.S. spot Solana ETFs, including the Bitwise Spot Solana ETF (BSOL) and Grayscale Solana Trust, alongside Litecoin and Hedera ETFs. This marks Solana’s entry into the ETF space, following Bitcoin and Ethereum, with BSOL uniquely offering staking to compound yields. Trading near $200, Solana’s momentum as a top-5 crypto by market cap is bolstered by this move, enhancing liquidity and access for institutional and retirement accounts. However, the absence of BlackRock, a dominant player in BTC and ETH ETFs, suggests tempered expectations for inflows. Other news includes slight declines in major cryptos like BTC (-1% at $114,500) and ETH (-1% at $4,120), a $500M raise by MegaETH in its ICO, and political moves to ban crypto trading for U.S. elected officials. Additionally, Ethereum treasury stock ETHZ surged 14% after a $40M ETH sale, while NFT and memecoin markets showed mixed results. France’s potential Bitcoin Strategic Reserve and Mt. Gox’s delayed repayments also made headlines, reflecting the dynamic and evolving crypto landscape.
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Tesla Chair Robyn Denholm has issued a urgent plea to shareholders to approve CEO Elon Musk’s unprecedented compensation package, potentially worth $1 trillion, warning that his departure could jeopardize Tesla’s future. In a letter to shareholders, Denholm emphasized Musk’s indispensable role in driving Tesla’s success across automotive, robotics, and autonomous driving sectors, arguing that without an equitable pay-for-performance plan, Tesla risks losing his leadership and significant value. The package, linked to ambitious targets like a $8.5 trillion market cap, faces opposition from proxy advisers Glass Lewis and ISS, who deem it excessive. Musk, embroiled in a legal battle over his 2018 pay package, has criticized these advisers harshly. Despite concerns over Musk’s political engagements harming Tesla’s brand, analysts like Dan Ives predict shareholder approval at the November 5 meeting, viewing it as crucial during a critical phase for Tesla. Denholm insists Musk alone can lead Tesla to new heights in growth and societal impact.
