Bitcoin Surges Above $113,000

On November 1st, Atlanta Fed President Bostic made it unequivocally clear on Friday that a rate cut in December is not a certainty. While discussing the monetary policy outlook at a Dallas Fed event, he underscored, "I will once again stress that each meeting is significant and active. We have no pre-determined path and will not depart from our data-driven approach." Bostic specifically pointed out that despite the strong market anticipation of a year-end rate cut, Fed Chair Powell explicitly stated after this week's policy meeting that a December rate cut is not a foregone conclusion. He stated, "The dot plot indicates different viewpoints, but one should not attach too much significance to it. We will rely on data to ensure that the decision is appropriate." (FXStreet)

On November 1st, according to HTX market data, Bitcoin dropped below $109,000, with a 24-hour variation of 0.58%.

On November 1st, according to Coinglass data, within the past 1 hour, the total liquidation amount across the entire network was $41.47 million. Among them, there was $40.48 million in long liquidations and $0.99 million in short liquidations. In the past 24 hours, a total of 160,289 individuals were liquidated globally, with a total liquidation amount of $539 million. The largest single liquidation took place on Hyperliquid - BTC-USD, amounting to $8.5337 million.

On November 1st, the US chain fast food brand Steak 'n Shake announced the setting up of a strategic Bitcoin reserve, with all payments made in Bitcoin being held therein. Over the next 12 months, Steak 'n Shake will contribute 210 sats from each Bitcoin meal sale to the Open Sats Initiative, Inc.

On November 1st, as per crypto journalist Eleanor Terrett, the U.S. Court of Appeals for the Tenth Circuit rendered a ruling in the Custodia v. Federal Reserve case. In a 2-to-1 decision, the court took the side of the Federal Reserve and rejected Custodia's request for the central bank to establish a master account for it.

On November 1st, Harker of the Federal Reserve stated that stablecoins are an exciting technology, and their use cases still require time to be validated. (FX168)