[Upbit to list CARDS for KRW, BTC and USDT trading]

South Korean exchange Upbit announced the addition of Collectorcrypt (CARDS) for KRW, BTC and USDT trading at 7:30 a.m. UTC today.
https://coinness.com/en/news/1174460

[BTC perp long/short ratios on top exchanges by open interest]

The following are the 24-hour long/short ratios for BTC perpetual futures on the world’s three largest crypto futures exchanges by open interest:
Overall: 49.56% long, 50.44% short
- Binance: 51.88% long, 48.12% short
- OKX: 51.78% long, 48.22% short
- Bybit: 52.5% long, 47.5% short
https://coinness.com/en/news/1174461

[Upbit to temporarily suspend AKT deposits and withdrawals]

South Korean crypto exchange Upbit announced it will temporarily suspend AKT deposits and withdrawals starting at 9:00 a.m. UTC on Nov. 6 to support the Akash Network upgrade.
https://coinness.com/en/news/1174462

[Bithumb to list MAGMA in KRW trading pair]

South Korean exchange Bithumb announced the addition of Magma Finance (MAGMA) to its KRW trading pair today.
https://coinness.com/en/news/1174463

[Bithumb to delist FET]

South Korean exchange Bithumb announced the delisting of FET.
https://coinness.com/en/news/1174464

[Analyst warns most corporate BTC reserve strategies will fail]

Most companies building BTC reserves through debt or share issuance will eventually fail, macro analyst Roberto Rios warned, according to BitcoinTreasuries.

Rios said a strategy of buying BTC through new share issuance can be copied by anyone, leaving no competitive edge. He added the approach is not sustainable and said those companies’ market capitalization-to-modified net asset value, or mNAV, will eventually fall to around 1x. A better strategy, Rios said, would be to allocate 30% of corporate profits to BTC purchases and fund those purchases with internal cash flow.
https://coinness.com/en/news/1174465

[PPP lawmakers urge government to apologize over crypto tax delay confusion]

Lawmakers on the People Power Party’s fiscal and economic planning committee urged the government to apologize after it said it would pursue an additional two-year delay to taxation on virtual asset income, according to The Fact.

In a statement on Nov. 5, the lawmakers said the Lee Jae-myung administration had pushed to implement the tax without fully resolving the issues involved, while the Democratic Party had declined to take part in reviewing the bill and only recommended a delay to the government shortly before the planned rollout. They added investor confusion had grown as the government and ruling party belatedly shifted responsibility to each other, and said recognizing the need for a delay was welcome but did not erase responsibility for putting off the decision. The government and ruling party should first apologize to investors who faced anxiety because of the policy confusion, the statement said.
https://coinness.com/en/news/1174466
See more: https://news.tf.co.kr/read/ptoday/2385403.htm

[Thena mints 32.61M THE, equal to 10% of prior max supply]

Thena, a decentralized exchange on BNB Chain, said on its official X account that the foundation has decided to implement the THE-02 proposal previously approved by the community, and around 32.61 million THE has now been minted.

The newly issued tokens amount to 10% of the token’s previous maximum supply. Thena said the tokens will be held in a foundation-operated multisig wallet and used gradually for ecosystem expansion, liquidity support, strategic partnerships, infrastructure development, and operating funds.

Voting on the THE-02 proposal took place on the project’s official forum on July 22, and the foundation said on Aug. 7 it would not pursue the additional issuance at the time, citing concerns over token value dilution.
https://coinness.com/en/news/1174467

[BTC correlation with U.S. stocks rises sharply, analyst says]

Bitcoin’s correlation with the U.S. stock market’s S&P 500 index has risen sharply, according to an analysis by crypto analyst Darkfost. In a post on X, Darkfost said the cumulative Z-score between BTC and the S&P 500 currently stands at 98.5, indicating the two have moved together more often in both rallies and declines.

Darkfost added the 90-day fluctuation range is running at about 6.3%. Darkfost attributed the shift to broader access through spot ETFs, exchanges, over-the-counter trading and custody services, adding BTC has become a product that financial professionals can access more easily.
https://coinness.com/en/news/1174468

[Bitcoin may retest all-time high after U.S. midterms, analyst says]

Cryptocurrency analyst DonAlt said Bitcoin’s price action after the U.S. midterm elections suggests it could make another run at its all-time high, Daily Hodl reported.

DonAlt said on X that BTC rebounded after falling to $75,000 on Nov. 4, turning the monthly candle positive. DonAlt added that the move suggests BTC could keep climbing toward its all-time high, while holding the $70,000 support level could allow it to form a higher low than the previous monthly low. DonAlt also said it was encouraging that BTC did not see an additional sharp drop despite the large-scale Binance hack, adding that the pattern resembles the bullish reversal seen after the FTX collapse in 2022.
https://coinness.com/en/news/1174469

[Arkansas sues Kalshi over alleged illegal gambling operations]

Arkansas has sued prediction market platform Kalshi over allegations it operated illegal gambling services, The Block reported. Arkansas Attorney General Tim Griffin argued Kalshi violated state law by offering services that let users wager money on the outcomes of sports games and other events.

Griffin also said the service risked driving excessive betting, financial losses and mental health problems including depression. Kalshi, meanwhile, has argued in earlier litigation that its prediction market products are not gambling but derivatives regulated by the U.S. Commodity Futures Trading Commission, or CFTC. Several other states, including Utah, have also taken legal action against Kalshi.
https://coinness.com/en/news/1174470

[SlowMist identifies on-chain links tied to OFAC-sanctioned North Korean IT workers]

Blockchain security firm SlowMist said its analysis of addresses tied to North Korean IT workers sanctioned by the U.S. Treasury’s Office of Foreign Assets Control, or OFAC, found the wallets were closely interconnected.

According to SlowMist, Boykov and Obertas each sent about $9.88 million to the same linked Ethereum address, while addresses associated with Obertas also transferred a combined 1.66 million USDT on the Tron network. The firm added that Boykov and Kim Gi-hyeok sent about $4 million and 50,000 DAI, respectively, to the same Bybit deposit address.

OFAC had previously sanctioned 10 individuals and one entity linked to a North Korean IT worker network. SlowMist urged companies to strengthen identity verification and access control management, warning that North Korean IT workers could use false identities to gain access to internal systems or sensitive information.
https://coinness.com/en/news/1174471

[XRP treasury firm Evernode files resale registration as shares slide after Nasdaq debut]

Evernode (XRPN), an XRP accumulation firm also known by the DAT ticker, has registered investor-held shares for potential resale even as its stock has fallen more than 40% since its Nasdaq listing, CryptoSlate reported. The filing means the shares were registered so they can be sold, but the registration itself does not mean a sale will occur.

According to an S-1 filed with the U.S. SEC on Oct. 30, local time, the resale registration covers holdings tied to Arlington XRP Capital, Ripple Labs, SBI affiliates and Ripple co-founder Chris Larsen. However, a large portion of those shares remains subject to lock-up restrictions through April next year.

Evernode said the registration reflects a contractual obligation rather than a decision to sell. The company listed on Nasdaq on Oct. 12, local time, and the stock closed at $10.59 on Nov. 4, local time, down more than 40% from its intraday high on the first trading day.
https://coinness.com/en/news/1174472

[Upbit to restrict all services for server maintenance on Nov. 9]

South Korean exchange Upbit announced it will conduct server maintenance from 5:00 p.m. to 10:00 p.m. UTC on Nov. 8. Access to all Upbit services will be limited during the maintenance window.
https://coinness.com/en/news/1174473

[DDC Enterprise seeks IPO for SAVOR preferred shares, targets $24M raise]

DDC Enterprise, a Bitcoin treasury company, is seeking an IPO for its first preferred stock, SAVOR (SVOR), with an initial offering price of $20 per share, according to Bitcoin Treasuries.

The preferred shares carry a 13.5% annual dividend rate, with dividends paid daily. DDC plans to raise about $24 million through the offering and use the proceeds to repay outstanding convertible notes, fund a reserve account for dividend payments, and buy additional Bitcoin.
https://coinness.com/en/news/1174474

[American Bitcoin swings to $126M net profit in Q3]

American Bitcoin, a Bitcoin mining company linked to the family of U.S. President Donald Trump, posted net profit of $126 million in the third quarter, reversing from a $57.2 million net loss in the previous quarter, The Block reported.

The earnings improvement was mainly driven by about $197.34 million in gains from digital asset revaluation. Mining revenue, however, fell 5.4% from the previous quarter to $63.4 million, while BTC mined declined 4.4% to about 891. American Bitcoin also added about 425 BTC to its holdings during the third quarter, bringing its total holdings to 8,427 BTC as of the end of September.
https://coinness.com/en/news/1174475

[French lower house rejects budget, shelving crypto tax and wallet disclosure measures]

France’s lower house rejected the revenue portion of the government’s 2027 budget at first reading on Nov. 4 local time by 458 votes to zero, automatically scrapping previously adopted amendments on virtual asset taxation and self-custody wallet disclosure.

With the revenue bill thrown out in full, the government will forward the original draft to the Senate without the crypto-related amendments adopted by lawmakers. Those measures had included taxing gains from crypto-to-stablecoin conversions, requiring disclosure of holdings in self-custody wallets worth more than €100,000 ($108,000), and raising fines fivefold for unreported exchanges to as much as €50,000 ($54,000). The provisions have therefore lost effect at this stage, although they could still be reintroduced during Senate deliberations.
https://coinness.com/en/news/1174476

[Professor says won stablecoin could generate $26B in annual economic value]

A won-denominated stablecoin could create around 36 trillion won ($26.0 billion) in annual economic value, Moon Cheol-woo, a professor at Sungkyunkwan University’s business school, said at a policy seminar in Seoul, according to Munhwa Ilbo.

At the seminar on the opportunities and strategy of Korean finance, held at the National Assembly Members’ Office Building in Yeouido on Nov. 5, Moon presented a single-model framework to estimate the economic value of introducing a won stablecoin by applying adoption and effectiveness rates to official baseline statistics across eight use cases.

Under a base-case scenario assuming a 10% to 20% adoption rate, the annual economic value was estimated at about 36 trillion won. Under a conservative scenario with a 5% adoption rate, the figure came to 12 trillion won ($8.7 billion), while an optimistic scenario with adoption expanding to 30% put the value at 72 trillion won ($52.0 billion).
https://coinness.com/en/news/1174477
See more: https://www.munhwa.com/article/11629073?ref=naver

[Vitalik says Ethereum plans to boost parallel processing with GPUs]

Ethereum co-founder Vitalik Buterin said Ethereum plans to strengthen the network’s parallel processing capabilities over the next several years by using advanced technologies including GPUs.

In a blog post shared on X, Buterin said the technology would advance to let the network handle multiple tasks at the same time while maintaining decentralization. Buterin added the Ethereum Foundation plans to focus on helping developers improve technical standards, security, privacy and openness, while leaving areas outside the foundation’s expertise for users and the community to explore independently.
https://coinness.com/en/news/1174478

[Vitalik says survival, not expansion, is crypto firms’ top task for next 2 years]

Ethereum founder Vitalik Buterin called for a fundamental improvement in security standards as the cryptocurrency industry’s top survival strategy amid a recent string of major security incidents.

In an interview on Nov. 5, Buterin said that unlike in the past, flaws in smart contracts themselves have declined, while most major breaches over the past year and a half have centered on user interfaces and points of contact with centralized infrastructure. Buterin said the key task for companies over the next two years is survival rather than aggressive expansion, and suggested that major exchanges and custodians move core operating processes from centralized servers to advanced onchain smart contract infrastructure to build a stronger security backstop. Buterin also warned that business models focused only on leverage and short-term efficiency while neglecting security would ultimately invite tough accountability measures from regulators.
https://coinness.com/en/news/1174479

[Five global banks launch GL1 Org in Singapore to standardize RWA infrastructure]

JPMorgan, HSBC, MUFG, Standard Chartered and Societe Generale have launched GL1 Org, a Singapore-based nonprofit aimed at standardizing asset tokenization infrastructure.

The group announced the formal launch of the Global Layer One Organization, or GL1 Org, on Nov. 5. The organization was established based on Project Guardian, a multilateral blockchain infrastructure initiative led by the Monetary Authority of Singapore, and the Global Layer One concept. Its main goal is to secure interoperability across fragmented on-chain ledgers used by financial institutions in different jurisdictions and to establish shared global governance and technical standards.

The initiative envisions building a regulatory-compliant infrastructure for cross-border distribution of real-world assets such as government bonds, funds and bonds, along with instant clearing and settlement networks.
https://coinness.com/en/news/1174480