24H Trending Coins & News | Epic U.S. Stock Selloff, Musk Loses Nearly $100 Billion in a Single Day; CLARITY Act May Be Shelved Until 2028 (November 6)
- Key Takeaways: An epic U.S. stock selloff triggered a broad crypto market decline, with major coins such as BTC and ETH falling 5%-8% over 24 hours; meanwhile, the $6.3 billion Binance hack has prompted the industry to rethink risk control mechanisms, and the Democrats' midterm election victory has dimmed the outlook for the CLARITY Act, exacerbating regulatory uncertainty.
- Key Elements:
- U.S. tech stocks plunged, with the Philadelphia Semiconductor Index falling as much as 11.6%; Musk's net worth shrank by $91.2 billion in a single day, and five global tech billionaires lost a combined $152.9 billion.
- Among the top 10 coins by trading volume on CEXs, 9 declined: UNI fell 10.69%, HYPE dropped 8.23%, and ETH slid 7.69%; only the gold-backed token XAUT bucked the trend with a 0.82% gain.
- Binance suffered a $6.3 billion hack; the Federal Reserve and the OCC have contacted U.S. banks to assess systemic risk; the industry has begun discussing the adoption of Wall Street-style risk controls such as trading delays.
- Democrats swept the midterm elections, with crypto critic Sherrod Brown returning to the Senate, and the CLARITY Act may be shelved until 2028.
- Hong Kong published anchoring standards for gold-backed tokens, with one token corresponding to a 400-ounce gold bar, advancing interbank tokenized gold trading through the Ensemble project.
- Samsung Wallet launched Solana-based USDC accounts, covering approximately 82 million devices, with custody built by Bastion in partnership with Coinbase.
- Greece's parliament passed a 10% crypto capital gains tax bill; South Korea plans to delay the implementation of its crypto gains tax by two years to 2029.
Trending CEX Coins
Top 10 CEX trading volume and 24-hour price change:
- BTC: -5.58%
- ETH: -7.69%
- SOL: -6.12%
- ZEC: -0.57%
- XRP: -7.05%
- BNB: -3.84%
- NEAR: -7.53%
- UNI: -10.69%
- HYPE: -8.23%
- XAUT: +0.82%
Top 24-hour gainers (data source: OKX):
- LIT: +4.48%
- INJ: +3.18%
- XAUT: +0.79%
- PAXG: +0.74%
- NFT: +0.26%
- TRX: -0.19%
- ZEC: -0.53%
- AAVE: -1.52%
- ARB: -1.86%
- ASTER: -2.09%
Top 24-hour tokenized stock gainers (data source: msx.com):
- AAOZ: +68.20%
- AXTQ: +46.25%
- LITZ: +38.22%
- SNDQ: +32.98%
- SOXS: +31.83%
- APP: +28.77%
- BEZ: +28.71%
- COHQ: +25.61%
- SKDD: +24.97%
- CONI: +22.78%
Headlines
Epic US Stock Selloff Costs Musk Nearly $100 Billion in a Single Day
US stocks suffered a sharp selloff on Thursday, with tech stocks bearing the brunt. According to MSX.CON data, intraday declines in the Dow Jones, S&P 500 and Nasdaq Composite reached as much as 2.38%, 3.57% and 5.35% respectively, while the Philadelphia Semiconductor Index widened its losses to as much as 11.6%, as the AI hardware supply chain saw concentrated selling. Nvidia fell as much as 9%, while TSMC, SpaceX and Tesla each dropped as much as 11%. The Forbes Real-Time Billionaires list showed that the US stock decline sharply eroded the net worth of several global tech billionaires. Elon Musk's net worth fell by $91.2 billion in a single day, a drop of 10.50%; Dell Technologies founder Michael Dell lost $20.5 billion, down 9.60%; Nvidia CEO Jensen Huang lost $15.1 billion, down 8.70%; Oracle founder Larry Ellison lost $13.2 billion, down 8.05%; and Meta founder Mark Zuckerberg lost $12.9 billion, down 5.98%. The five billionaires' combined net worth shrank by $152.9 billion in a single day, with Musk alone accounting for nearly 60% of the total loss. The wealth contraction mainly reflects the impact of falling share prices of the relevant listed companies on the valuations of the billionaires' holdings.
CLARITY Act May Be Shelved Until 2028 as Democratic Sweep Puts Crypto Industry on the Back Foot
The Democratic Party's major victory in the US midterm elections could reshape the crypto industry's policy environment in Washington. With crypto critic Sherrod Brown returning to the Senate and Elizabeth Warren continuing to wield influence in financial policy, the new Congress may focus more on scrutinizing Trump's personal crypto business dealings, including his affiliated project World Liberty Financial, rather than advancing industry-friendly legislation such as the CLARITY Act. Sharplink CEO Joseph Chalom expects the CLARITY Act could remain stalled until 2028. TD Cowen analyst Jaret Seiberg believes the CLARITY Act will struggle to make progress over the next two years, and the political environment could even prevent an industry-backed version of the bill from advancing. However, industry figures such as Circle emphasize that the crypto industry has a bipartisan character, with crypto-supportive lawmakers in both the Democratic and Republican parties; even if the CLARITY Act is delayed, areas such as stablecoins and tokenized stocks could still make progress through existing laws and rulemaking by regulatory agencies. (CNBC)
Fed and OCC Probe US Banking System Risks After Binance's $6.3 Billion Hack
The US Federal Reserve (Fed) and the Office of the Comptroller of the Currency (OCC) have begun contacting banks to ask whether they have seen unusual activity or service disruptions, in order to assess potential banking system security risks exposed by Binance's recent $6.3 billion hack. People familiar with the matter said several US banks are reviewing their cybersecurity systems, and one major bank has begun drafting an internal report to assess whether security defenses need to be upgraded. Binance said it is in close contact with global regulators and continues to report on the incident's progress. There is currently no evidence that the US banking system has been affected by the attack. (Reuters)
Industry News
The Binance hack is prompting the crypto industry to re-examine its long-held decentralization ethos, as well as traditional finance's mechanisms for transaction review, settlement delays and fund intervention. As the crypto industry seeks entry into mainstream US financial markets, some institutional investors are beginning to reconsider Wall Street-style financial risk controls; banks, payment networks and clearinghouses in traditional finance can screen suspicious transactions during fund transfers and, in certain cases, suspend the flow of funds. Tian Zeng, CEO of crypto hedge fund Third Eye, said he hopes settlement times can be shortened from traditional finance's T+1 days to T+1 hours, and that appropriately extending settlement times and adding review steps could reduce hackers' ability to move funds quickly.
Fed's Hammack: Gradual Rate Hikes Are Best Path to Bringing Inflation Back to 2%
Fed official Hammack said monetary policy needs to shift to a restrictive stance, and that gradual rate hikes have a smaller impact on the economy and financial system and are the best path to bringing inflation back to 2%. She noted that US inflation remains too high and is moving in the wrong direction. Hammack also said Fed independence is crucial to achieving the 2% inflation target, and that the dollar remains the world's primary reserve currency, a status underpinned by US institutions and the legal system.
Christopher Hui, Secretary for Financial Services and the Treasury of Hong Kong, said at Hong Kong Fintech Week that Hong Kong will soon launch an interbank tokenized gold trading project. The project will be advanced under the Hong Kong Monetary Authority's Project Ensemble, with one gold token intended to correspond to one standard 400-ounce gold bar, using the Hong Kong Gold Reference Price (HAU) as the pricing benchmark. To support the project's operation, Hong Kong will also introduce new arrangements for tokenized deposits. Hui also revealed that HKEX plans to build a blockchain-supported multi-asset tokenization platform to allow pilot trading of tokenized carbon credits, and in 2027 intends to include warehouse receipts stored in Hong Kong and supported by London Metal Exchange-approved warehouses in the pilot. (21st Century Business Herald)
Samsung Wallet Launches Solana-Based USDC Accounts, Covering About 82 Million Devices
Samsung Wallet has rolled out stablecoin accounts to eligible US Galaxy users, supporting the buying, holding, sending and receiving of USDC on the Solana blockchain, covering about 82 million compatible devices. The service requires no separate crypto app download or private key management, and is not yet available to New York State residents. The service was built by stablecoin custody and infrastructure provider Bastion in partnership with Coinbase, which provides sub-custody of USDC for Bastion through Coinbase Prime Vault. Samsung notes that the accounts are crypto wallets, not bank accounts.
Project News
Binance Submits Arbitrum Governance Proposal to Recover 8,426 Frozen ETH and 74.56 Million ARB
Binance has submitted a draft constitutional improvement proposal to the Arbitrum forum, seeking the return of 8,425.997 ETH and 74.56 million ARB that were frozen after its hot wallet was attacked. The assets remain in an intermediate frozen address on Arbitrum One and have not yet been returned to Binance. The proposal must go through governance processes including forum discussion, a Snapshot temperature check and a binding on-chain vote, and Binance expects the entire process to take about 7 weeks or more. Based on CoinGecko prices on November 5, the frozen assets were worth about $19.6 million and $11.7 million respectively. Binance said it will cover affected users' losses through its SAFU fund and corporate treasury, and that recovered assets can be used to offset incident-related losses and costs, including replenishing reserve funds already used to compensate users; the proposal does not seek new grants from the DAO treasury. Under the draft, if there are legal proceedings blocking the transfer of assets, the on-chain proposal submission and asset delivery will be suspended, and the process also requires Binance to first sign an indemnity agreement with the Arbitrum Foundation, Offchain Labs and Security Council members.
Polygon Proposes Hard Fork to Recover $6.8 Million in Stolen POL; Plan Requires Governance Approval
Binance and Polymarket have proposed a hard fork of the Polygon network to recover about 70.49 million stolen POL, worth about $6.8 million. Of that, Polymarket-related addresses account for 23.86 million and Binance-related addresses 46.63 million; the tokens would be moved from five attacker-controlled addresses to verified recovery wallets designated by the two platforms, without changing the total POL supply. Polygon block producers have already blocked transactions from the affected addresses, but the restriction is only a temporary measure and cannot return the funds to their owners. The plan requires governance approval and testing on the Polygon Amoy testnet first, with discussion expected on November 5; the mainnet hard fork date has not yet been set. (Cointelegraph)
Base Mainnet Denim Upgrade Goes Live, Block Time Cut to 200 Milliseconds
Base said the Denim upgrade is now officially live on mainnet, with the network achieving native 200-millisecond block times, producing 5 full blocks per second. The upgrade replaces the previous Flashblocks pre-confirmations with native blocks, each with its own block number, hash, state root and receipts; the introduced BaseTime enables contracts to achieve millisecond-level time precision, though block.timestamp remains in seconds. The upgrade also improves the B20 token standard, allowing issuers to require that each transfer be approved by a designated party such as a transfer agent, and allowing the same address list to be used as either a whitelist or a blacklist.
Anza recommends that Solana mainnet validators urgently upgrade to Agave 4.4.1, otherwise unpatched nodes will be forked off the network at epoch 1079, expected at 21:30 Beijing time on November 6. This version applies a minimum loaded data limit to loader-v3 ProgramData accounts.
Funding & Investment
Uranium Digital Closes $16.5 Million Series A Led by Blockchain Capital
New York-based startup Uranium Digital announced the completion of a $16.5 million Series A round led by Blockchain Capital, with participation from existing investors Portal Ventures and Apeiron Investment Group. The round closed last month, and the funds will be used to expand its electronic trading platform. Founded in 2024, Uranium Digital aims to use blockchain to track ownership of physical uranium in storage facilities and provide institutions with a platform to buy and sell uranium. The company hopes to move uranium trading from the traditional model of broker quotes, email-signed contracts and offline warehouse delivery to electronic trading. It previously raised a $6.1 million seed round in 2025. As AI data centers drive growth in energy demand, the nuclear power and uranium fuel markets are drawing more attention. (Fortune)
3Jane Reaches Forward Flow Financing Agreement of Up to $100 Million
3Jane announced a forward flow financing agreement with Settle worth up to $100 million. The facility has an initial size of $50 million and an option to expand to $100 million; 3Jane currently holds about $30 million of Settle's existing loans. As the forward flow buyer, 3Jane will purchase loans from Settle's $240 million warehouse financing facility after origination to support Settle's continued expansion and advance the development of the on-chain asset-backed securities (ABS) market.
Blockaid Secures $40 Million Investment Commitment
Blockaid has secured a $40 million investment commitment. The platform primarily provides real-time on-chain security and threat prevention services. (Axios Pro)
Regulatory Developments
Arkansas Accuses Kalshi of Concealing Trading Risks and Allowing Users Under 21
The US state of Arkansas has accused prediction market platform Kalshi of knowing about the risks of professional traders and insider trading on its platform while telling users it is legal and safe and concealing the relevant risks; the state also claims Kalshi allowed users under 21 to use its products. Arkansas is seeking unpaid taxes from Kalshi since it began operating in the state, as well as civil penalties of up to $10,000 per violation under state law. (Bitcoin.com News)
10% Capital Gains Tax Approved as Greek Parliament Passes Crypto Taxation Bill
The Greek parliament passed a bill imposing a 10% capital gains tax on crypto gains, Greece's first comprehensive legal framework for taxing crypto assets. Crypto capital gains of up to €500 (about $563) per year are exempt from the tax.
South Korean Finance Minister Lee Hyoung-il said today that the government plans to postpone the crypto gains tax, originally scheduled to take effect in 2027, by two years to 2029, and will consult with the National Assembly to advance the relevant legislation. The government said South Korea plans to begin exchanging virtual asset tax information with the US in 2029 and intends to improve taxation mechanisms for domestic and foreign transactions before then. Under the current plan, individuals' annual crypto gains exceeding 2.5 million won (about $1,869) are subject to a 22% tax rate. The government also plans to study allowing investors to carry forward losses for three years to offset future gains, and to submit relevant amendments to the National Assembly during the regular session in 2027.
