Binance Pool, which once handled about 2.3% of the Bitcoin network's computing power, is shutting down. Its hashrate has dropped from roughly 26 EH/s in December to about 9 EH/s. Remaining miners must move to another mining provider before the November 10 deadline.
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Roughly $1 billion in leveraged cryptocurrency positions were forced to close as bitcoin, ether and XRP prices declined. Ether made up nearly 60% of these forced liquidations across the two largest cryptocurrencies. The ether price dropped about twice as sharply as bitcoin during the slide. Forced closures occur when traders' leveraged positions fall below required margin levels, amplifying market moves. The article does not specify the exact date or the precise size of each asset's decline.
Bitcoin declined as investors grew uneasy about the Federal Reserve's interest rate path. Following Wednesday's inflation report, market bets on an October Fed rate hike briefly climbed to nearly 50%. Those expectations have since eased back. The article also notes an 8% plunge in South Korea's Kospi index. The report provides no further detail on the specific drivers behind the Kospi decline.
Kalshi CEO Tarek Mansour commented on the ongoing legal dispute over the regulation of prediction markets in the United States. He expressed optimism about the eventual outcome of the legal proceedings. Mansour argued that if state-level authorities were to gain primary regulatory control, it could drive such markets out of the country. His remarks highlight the industry's concern over a potential patchwork of state regulations.
New research from Chainalysis reveals that wallets linked to the United States accounted for over 88% of tracked cryptocurrency payments to AI models. This spending drastically overshadows the share attributed to China, which stood at only 0.1%. The report highlights that AI agents have processed approximately 138 million crypto transactions. The data illustrates the significant dominance of U.S.-based entities in funding AI development through cryptocurrency.
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