- Visa’s stablecoin settlement volume tops $25 billion annualized, up 10x on year.
- Companies objecting to OKXICE tokenized trading rose to 33, including Coca-Cola.
- Hyperliquid has burned 49.87 million HYPE, or 4.99% of its 1 billion max supply.
The global crypto market cap fell 1.3% to $2.774 trillion over the past 24 hours. Bitcoin traded at $79,741.74, down 1.2% on the day and down 4.2% over the past week. Ethereum changed hands at $2,304.19, down 1.8% in 24 hours and down 5.8% over seven days.
BNB rose 0.6% to $745.57 and is also up 0.6% weekly. XRP fell 3.2% to $1.29, down 4.1% over the week. Solana slipped 1.6% to $99.55, down 5.8% over seven days.
CoinGlass data showed $172 million in liquidations over 24 hours, with shorts at $116 million and longs at $56.1412 million. The largest single liquidation, worth $6.3468 million, hit a BTC-USD position on Hyperliquid.
Trending Searches
Bitcoin led trending searches, down 1.3% to $79,759.64. Lighter fell 8.3% to $2.81 and Pudgy Penguins slipped 3.0% to $0.007564. Among top gainers, MEET48 rose 47.7% to $0.01244, Incentiv climbed 44.7% to $0.00188 and Metaplex gained 40.1% to $0.06776.
Fed Decision
The FOMC held the federal funds rate at 3.75% to 4.00% in a 10-2 vote. Governor Lisa Cook and Cleveland Fed President Beth Hammack dissented in favor of a 25 basis point hike. The Fed’s statement described economic activity as expanding at a strong pace and inflation as elevated.
Chair Warsh said the Fed will turn one of its eight 2027 meetings into a strategy session with no rate vote, cutting rate decisions to six in 2028. Bloomberg reported that bond traders are pricing roughly a 90% chance of a rate hike in December.
Related: Fed Holds Rates at 3.75%-4.00% as Inflation Fuels Calls for Hike
Tokenization Infrastructure
DTCC launched its Tokenization Service with an initial 34 securities. Each token is backed 1:1 by holdings in DTC custody and can move between registered wallets around the clock. BitGo, Fireblocks, Talos and Tradeweb are among the first partners, and Ondo Finance joined as an ecosystem partner.
Google’s Multi-Party Compute custody service for banks is in private preview, with commercial availability planned for early 2027. Eleanor Terrett reported that 33 companies, including JPMorgan, AMD and Coca-Cola, now object to tokenized trading of their shares on OKXICE.
Prediction Market Crackdown
The Utah Attorney General’s Office filed 14 criminal counts against Kalshi and its co-founders, Tarek Mansour and Luana Lopes Lara. The charges include one second-degree felony and 12 third-degree felonies for promoting online gambling. Kalshi called the charges an overreach and said it will contest them in court. The CFTC sued Utah on Monday, arguing that federal law gives it exclusive jurisdiction over event contracts.
Payments and Stablecoins
Visa said its annualized stablecoin settlement volume has passed $25 billion, up 10x year over year, across 10 blockchains. Ripple expects to end 2026 with $900 million in annualized product revenue. RLUSD’s market cap has reached $2.6 billion, and Coinbase opened RLUSD trading on Prime, Exchange and its retail app.
Circle asked the SEC to treat GENIUS Act-compliant stablecoins as cash. It also asked the agency to cut the 2% broker-dealer haircut on such stablecoins to zero.
Regulatory Actions
OFAC sanctioned 10 individuals and one entity linked to North Korean IT worker fraud and crypto laundering. Binance applied for authorization in Brazil ahead of the October 30 deadline. Binance will restrict eight services and delist 22 tokens for Brazilian users.
Related: Six Men Charged in Alleged Crypto Romance Scam Tied to About 800 Victims
On-Chain Signals and Security
CryptoQuant said Bitcoin’s October return stands at -4.2%, against an average October return of +18.1% since 2020. The Coinbase premium fell to -0.146 on October 24, its lowest since June 30. Darkfost put the cost basis for short-term holders at $76,500.
Onchain Lens said Hyperliquid has burned 49.87 million HYPE, or 4.99% of its maximum supply. Blockaid also said attackers drained about $786,000 from the zkLink bridge on Ethereum.
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