Over the past four hours, global crypto market liquidations hit $955 million, with long positions accounting for $870 million of the total.

Insight from Beating AI News Flash: On November 12, four U.S. nonprofits filed a lawsuit in San Francisco against OpenAI, Anthropic, Google, Meta, and SpaceX’s AI subsidiary, seeking a court order to directly halt the development of more advanced AI models. The lawsuit’s demands are radical: it sets each company’s most powerful model as of November 12 as the cap, banning further development or deployment of new models with stronger capabilities. It also prohibits AI from independently carrying out or leading next-generation AI development, aiming to block AI recursive self-improvement. The plaintiffs filed the suit under California’s Unfair Competition Law, arguing that the companies, aware of AI’s potential to spiral out of control, continue to enhance model capabilities, threatening public safety. The complaint cites incidents of AI agents unauthorizedly invading external systems, as well as warnings from the tech giants themselves. Anthropic CEO Dario Amodei once estimated a roughly 25% chance of extremely bad outcomes from AI. Elon Musk has also warned that AI could destroy civilization. Ironically, in September this year, Anthropic, OpenAI, Google, and SpaceXAI were hit with another antitrust lawsuit from a group of paying users. Those plaintiffs exactly accused the companies of colluding to slow AI progress and harm consumer interests. To date, the core allegations of both lawsuits have not been ruled on by the court, and the latest case has not secured an injunction—so the model development of the five companies has not been halted by the court.

Another trading legend is about to fall! Smart trader 0xe813 with a 100% win rate is currently down $7.3M on his $ETH long. He won all 10 of his previous trades, making $6.32M in profit. But this one trade has wiped out all his previous profits and put him down over $1M

According to TradingBeats' monitoring, the Hyperliquid platform currently has around 24,920 wallets holding long Bitcoin (BTC) positions, with an open interest of $1.32 billion, accounting for 67% of BTC's total positions. The average entry price for these long positions stands at $75,565, roughly 9.2% above BTC's current price of $68,588, resulting in an overall unrealized loss of approximately $130 million. Of these long positions, 95% are in the red, and about 40% have an entry price higher than $76,000. For liquidation risk, the average liquidation price for these long positions is $52,128. If BTC falls to $65,000, an estimated $228 million in long positions will face liquidation; at $60,000 and $55,000, the potential liquidation volumes will rise to $427 million and $647 million respectively. Over the past 24 hours, roughly $258 million in BTC long positions on Hyperliquid have been liquidated.

According to HTX market data, Bitcoin has dropped below $68,000.

Whale 0xFDd4 opened a 1x short on 3.32M $BTW ($2.28M) on @Aster_DEX and is already up $989K in unrealized profit.

Following the conclusion of the U.S. midterm elections on November 3, the crypto market’s momentum plummeted due to factors including slower crypto deregulation and rising interest rate hike expectations. Market panic reignited yesterday after a viral meme falsely claiming NVIDIA CEO Jensen Huang had stepped down, leading to further tightening of liquidity for risk assets, with the crypto market bearing the brunt. The two only hot sectors in the market—privacy coins and perpetual DEXs—have cooled sharply. Among privacy coins, ZEC, which had defied market trends and held its value over the past six months, has now fallen by more than 30% in the past week, underperforming Bitcoin. Driven by ZEC, the entire privacy coin sector saw a deep pullback: XMR dropped 18% in the past week, Dash fell 13.7%, and NEAR declined 11.1%. On the other hand, the perpetual DEX sector also saw a notable pullback amid doubts about the sustainability of U.S. stock AI trading and growing uncertainty over crypto regulation. After ICE, parent company of the New York Stock Exchange, announced a partnership with Trade.xyz, HYPE’s price once neared its all-time high. However, Trump’s crushing midterm election defeat led the market to return to a cautious wait-and-see stance on U.S. stock derivatives regulation, causing HYPE’s price to plummet. It has fallen 24% in the past two weeks, while LIT, which follows a similar investment logic, dropped 9.2% in the past week. Finally, tokens closely linked to Trump fared even worse: both WLFI and the meme coin TRUMP have hit recent all-time lows, with the latter plunging 44.8% in the past 30 days, far outpacing the market’s average decline.