CryptoQuant: Bitcoin Enters Bull Market Cooling-off Period, Fed's September Meeting Rate Cut Could Be a New Catalyst

Gnosis Pay announced in a post that its B2C business system supporting the Gnosis Pay branded card experienced a data breach, resulting in the exposure of some customer information. All affected customers have received emails containing detailed information. The firm noted that user funds were not compromised, adding that personal information security is equally critical and it takes full responsibility for the incident. Gnosis Pay has deployed additional security measures, and the relevant B2C platform will still be fully decommissioned as scheduled on December 20, 2026. The company also reminded users to stay vigilant, stressing that its official team will never request users’ PIN codes, mnemonic phrases, or ask them to transfer funds.

Aave Labs has acquired Avon’s team and technology to advance its fixed-rate lending business. The acquisition covers Avon’s fixed and variable lending protocols, on-chain order books, domain names, and related assets; financial terms of the deal were not disclosed. Per the agreement, Prince Sinha and Ayush Kaul will join Aave Labs’ engineering team, while Omar el-Ashaal will join the business development team. The Avon team will initially focus on fixed-rate lending, helping Aave expand the range of loan products available to its users. Avon’s prior research and development also included interest rate pricing, risk isolation, and lending market design. Aave Labs CEO Stani Kulechov said fixed rates are one of the products users already use in traditional finance, noting the Avon team will help Aave serve global institutions, fintech firms, and retail users. Aave added that its network currently has over $30 billion in deposits and more than $12 billion in outstanding loans.

According to HTX market data, Bitcoin fell below $75,000, with a 3.37% decline in the past 24 hours.

Preliminary survey from the University of Michigan shows the U.S. consumer confidence index has edged up roughly 6%. Multiple areas including personal financial outlooks and business environment expectations have improved, though the gains are concentrated mainly among independent voters. While confidence among low- and middle-wealth consumers has rebounded, high-wealth consumers holding large stock portfolios saw their confidence drop by 5% following recent sharp stock market volatility. Additionally, consumer comments reveal growing concerns about an AI bubble. However, compared to AI-related worries, the cost of living remains consumers’ top concern. Around 57% of respondents voluntarily noted that high prices have eroded their standard of living — the highest level since May this year, up from 46% before the Iran conflict broke out in February. Despite the recent improvement in consumer confidence, it is still 10% lower than in February. The survey was conducted between October 20 and November 2. In the two months leading up to the midterm elections, over two-thirds of consumers expect the Democratic Party to take control of the House of Representatives, and more than half of respondents also predict the Democrats will win the Senate. The one-year ahead inflation expectation fell to 4.3% this month from 4.7% last month. Though this is the lowest level since August, it remains significantly higher than the 3.4% recorded in February before the Iran conflict, and higher than all 2024 readings. Long-term inflation expectations edged down to 3.4% from 3.5% in October, but are still well above the 2.8% to 3.2% range seen in 2024.

According to data from the BIT Stock Platform, the Nasdaq’s gains expanded to 2%, and the S&P 500 rose 1.1%. The Philadelphia Semiconductor Index gained 6.8%, with AMD (AMD.O) up 13% and SanDisk (SNDK.O) rising 12%. Nvidia (NVDA.O) saw its stock price climb as much as 7.3%, after falling 9.3% on Thursday.

The U.S. Treasury's Financial Crimes Enforcement Network (FinCEN) has withdrawn a 2020 proposal related to the Travel Rule. The proposal originally required financial institutions and crypto firms to collect identifying information of individuals involved in specific transfers. FinCEN said Friday that relevant authorities believe the convertible virtual currency (CVC) industry has undergone significant changes since the proposal was released.