Odaily reports: CZ posted an analysis of the potential reasons behind the recent crypto market decline, emphasizing that no one can determine the real cause at present and that correlation does not imply causation. As for the medium- to long-term outlook, CZ remains bullish on the development of the crypto industry and believes the crypto market will continue to grow. He also added that Bitcoin fell to as low as $62,006 today, a price that can serve as a reference for subsequent market movements.
CZ listed five possible factors: First, capital may be rotating into the Anthropic IPO; second, U.S. spot Bitcoin ETFs recorded approximately $1.9 billion in net outflows over seven consecutive trading days (as of November 13), and Ethereum ETFs also saw outflows; third, security incidents such as the Binance hack, the theft of an iPhone-linked crypto wallet, the Chrome vulnerability, and the Microsoft system outage may have weakened investors' willingness to hold crypto assets; fourth, hotter-than-expected U.S. inflation data has increased market expectations of another Federal Reserve rate hike, and a stronger dollar and rising yields could pressure risk assets such as cryptocurrencies; fifth, political uncertainty stemming from the U.S. midterm election results has raised concerns that U.S. crypto regulation may become stricter.
CZ also denied rumors that Binance is selling off crypto assets, and revealed that after receiving some stablecoins recently, he had bought cryptocurrencies over the past few days, joking that this might also be one of the reasons for the market decline.
Odaily reports: 21 banks have pledged approximately $270 million for Project Faro.
A banking consortium comprising 21 institutions has committed approximately $270 million to the U.S. dollar stablecoin project Project Faro. Goldman Sachs, Citigroup, Santander, and Deutsche Bank are reportedly among the participants. The project is scheduled to launch in 2027 and will be operated by a U.S.-registered issuer.
Fintech company SoFi has expanded its U.S. dollar stablecoin SoFiUSD to Polygon, having previously supported Ethereum and Solana. SoFi has also launched a tokenized deposit product called SoFi Earn, offering an annualized yield of 4.40% and convertible into SoFiUSD.
Tokens from federally chartered crypto bank Anchorage Digital can now settle transactions on the Visa network, with the first project involving Western Union's USDPT. Mastercard has launched stablecoin-related tools and payment features for AI agents, while Circle plans to pilot in Colombia to connect USDC settlement to Latin American banking channels.
The GENIUS Act was signed in 2025, establishing a U.S. regulatory framework for U.S. dollar stablecoins. Project Faro currently has no token, CEO, or final name; Tether and Circle still hold approximately 85% of the roughly $290 billion stablecoin market. (Decrypt)
According to Bitcoin News on X, Sahara Las Vegas claims to have become the first casino on the Las Vegas Strip to accept cryptocurrency gaming deposits. Customers can deposit BTC, ETH, or LTC at the casino cage in exchange for USD-denominated chips or gaming vouchers; transactions are subject to a 5% service fee, and all winnings are paid out in USD rather than cryptocurrency.
Odaily Report: U.S. Treasury Secretary Bessent made a series of remarks on the current economic situation. On inflation, he noted that core inflation remains moderate and is already close to the Fed's target, and he expects the inflation rate to fall substantially next month. Regarding monetary policy, Bessent warned the Fed against further tightening and called on it to "look forward rather than dwell on the past." He stated that both President Trump and he are fully confident in Fed Chair Warsh's fulfillment of the dual mandate. In addition, Bessent also mentioned the policy of economic pressure on Iran, saying it "is working," and predicted that Iran will face a difficult winter due to natural gas shortages. (Sina Finance)
Odaily Report: Binance Futures will adjust the contract size of the ANTHROPICUSDT perpetual contract at 16:30 (UTC+8) on November 17, 2026, and rename the ticker to ANTUSDT. Trading and other services will be suspended during the adjustment period. The share count benchmark has been raised from an estimated 1 billion shares to 13.116 billion shares, approximately 13.12 times the original benchmark, based on the S-1/A-2 filing submitted by Anthropic on November 10. Existing positions will not be affected by the ticker change, and users do not need to close or settle their positions as a result.
Odaily reports: Italy's data protection authority announced on the 14th that it has fined Meta's Irish subsidiary €805 million (approximately $887 million) for accessing mobile photo gallery information without Android users' consent.
The announcement stated that Meta's Irish company accessed photos, videos, and related metadata stored on Italian users' smartphones through the Facebook app on Android devices without obtaining users' specific consent in advance and without providing adequate notice to users.
According to the announcement, the penalty concerns a feature called "accessing recommendations from the photo gallery while browsing Facebook." Available since 2023, this feature allows the app to select photos and videos from the phone's gallery as content suggestions for users to post while browsing Facebook.
The announcement said the Italian data protection authority determined the fine amount based on multiple factors, including the large number of affected individuals in the case and the company's low level of cooperation during the investigation.
Under the penalty decision, the company must set the feature to default-off within 60 days, including for users who had previously authorized the app to access their phone's photo gallery. Additionally, the company must obtain user consent through a separate and explicit method, and clearly explain to users the purpose of the feature, the involvement of photo gallery access, and how to disable it. (Xinhua Net)
Odaily: US Treasury Secretary Bessent stated that Nvidia's leadership needs a "major adjustment," that Nvidia should look for an outsider to serve as its new CEO, and that reviewing whether Nvidia complies with export restrictions is crucial. (Jinshi)
Odaily: Nvidia announced that Jensen Huang has resigned from his positions as President, Chief Executive Officer (CEO), and board member. US outlet Politico reported that many Silicon Valley executives are lamenting Huang's rapid departure and discussing possible paths for his return. Perplexity CEO Aravind Srinivas and others have spoken out in support of Huang, while SpaceX CEO Musk has even floated the idea of hiring him.
Three other Silicon Valley sources said they would not be surprised if Huang returned. "Given all the value he has created and his role as widely regarded godfather of AI, a second act (in his career) is inevitable," said an executive at a well-known California startup. The anonymous executive also said that numerous hyperscalers and startups are "all scrambling to reach out to Huang, hoping to bring him on board, regardless of any past missteps." Some said that despite losing his position at Nvidia, Huang still has roughly $145 billion in net worth, a high-level network, and an outstanding entrepreneurial reputation in the industry. "That kind of influence doesn't disappear overnight," said Hoffer, chief AI officer at lobbying firm Monument Advocacy. "I wouldn't conflate losing a job with losing the ability to shape where the future goes."
Huang's spokesperson did not respond to a request for comment on his future plans. However, the three sources who spoke with Politico said that for Huang, using his substantial capital to start a new venture would be easier than joining an existing company. (Global Times)
Odaily reports: “White-haired Stock Guru” Serenity posted that she had previously published multiple pieces of content about NVIDIA (NVDA) because she believed Jensen Huang deserved support. She stated that after conversations with Jensen Huang and people around him, she believes Jensen Huang is a unique figure who is crucial to NVIDIA's future development and to the United States maintaining its leadership position in the field of artificial intelligence. Serenity also stated that, at a friend's request, she has signed the petition on the reinstatement petition website.
Odaily reports that DFINITY founder Dominic Williams stated that Hyperliquid is actually a centralized exchange. He noted that selling priority access to specific trading parties is a key part of the business model of most centralized exchanges—for example, the New York Stock Exchange sells server cross-connections to hedge funds, enabling them to front-run trades; whereas an on-chain, open-source MULTI/DEX updated by a DAO would not do this. It was previously reported that market maker Wintermute spends approximately $10 million per year participating in Hyperliquid's priority auction.
Odaily: Cynthia Lummis posted that Democrats had previously demanded a mandatory SEC review mechanism requiring crypto projects to submit relevant information to the SEC and complete certification before offering products to the public. The CLARITY Act has incorporated this requirement, but Democrats ultimately voted against the bill. Lummis believes this means Democrats oppose the related measures aimed at protecting consumers.
Odaily reports: Bitwise Chief Investment Officer Matt Hougan stated that market trends, rather than the launch of Bitcoin ETFs, are the primary driver of the premium contraction in digital asset treasury (DAT) companies. He noted that he had previously held a bearish view on DATs, believing that aside from a few leading companies in niche sectors, such firms may have lost their room for growth. However, after studying the relevant data, he found that ETFs did not end the DAT premium as he had previously expected—market performance is the more important influencing factor. If Bitcoin enters a new bull market, valuation premiums for DAT companies could still re-emerge.
Odaily: Multiple US crypto industry figures expect that the final weeks of Congress's current session (the "lame-duck" period between the election and the start of the next Congress on January 3) will struggle to advance crypto legislation in any meaningful way. Cody Carbone, CEO of the Digital Chamber, said there is little hope of further progress on the CLARITY Act (Digital Asset Market Clarity Act), and that lawmakers appear to be gradually shifting their attention to other matters. With Democrats set to hold more sway in the new Congress following the midterm elections, Republicans have limited time remaining, and Democrats likewise lack incentive to make major compromises at this point.
A handful of issues could still draw attention, including crypto tax rules, granting the US Commodity Futures Trading Commission (CFTC) more authority to oversee crypto spot markets, and expediting permits for data center construction. Among these, a bipartisan bill related to data center permitting has cleared an initial procedural step in the Senate, but some Bitcoin mining companies are divided over provisions that could require them to bear grid expansion costs and higher energy fees. Kristin Smith, head of the Blockchain Association, said that with little time left in the current Congress and a crowded to-do list, the most important regulatory rules for the US crypto industry are still being formulated by the US Securities and Exchange Commission (SEC) and the CFTC. (CoinDesk)
Odaily News: According to on-chain analyst Ai Yi's monitoring, trader 58bro.eth (0xc24...E8d2) appears to have capitulated on 6,914.08 ETH, with an estimated loss of $1.207 million. Over the past 11 hours, the trader deposited ETH worth $12.47 million to an exchange in three batches; if sold, the assets would shrink by 8.82%, and the remaining portion still has an unrealized loss of $522,000.
