Michael Saylor: Bitcoin is on Sale

On November 6th, Circle submitted a comment letter to the U.S. Treasury Department regarding the implementation of the "GENIUS Act." It emphasized the need for a comprehensive regulatory framework for stablecoins to protect consumers, maintain market integrity, and ensure global interoperability. Circle believes that rulemaking should adhere to congressional intent and provide clear and strong rules for all issuers operating in the U.S. market, while offering the American people transparent and easily understandable financial products and services. Circle has put forward a series of policy principles, such as safeguarding customer funds, achieving interoperability through mutual recognition, ensuring consistent rules for the same activities, maintaining a balance between domestic and international competition, and establishing clear consequences and contingency plans.

On November 6th, based on Coinglass data, within the past 1 hour, the entire network has witnessed a total liquidation amount of $50.65 million. Among them, there is $43.09 million in long liquidations and $7.37 million in short liquidations.

On November 6th. US stock cryptocurrency-related stocks witnessed a decline. Robinhood saw a drop of more than 8% because of lower-than-expected cryptocurrency revenue. Cipher Mining and IREN fell by over 5%, Circle dropped nearly 5%, and Coinbase decreased by more than 3%.

November 6th: Quarles of the Federal Reserve stated on Thursday that the absence of official inflation data during the government shutdown "further emphasized" his cautious attitude towards further interest rate cuts. Quarles said in an interview, "My inclination is that when the current situation remains highly uncertain, we should be more cautious and slow down." Quarles pointed out that the Fed can still obtain various private data on the labor market, including the biweekly unemployment rate estimate newly launched by the Chicago Fed. The latest data indicates that the October unemployment rate may rise to 4.4%, which is the highest level in four years. He stated that this estimate and most other labor market indicators show that "the labor market remains quite stable." "If the labor market begins to deteriorate, we can almost immediately notice signs." However, he also mentioned that alternative data sources for inflation are very limited. Before the government suspended the rele

On November 6th, according to HTX market data, Bitcoin fell below $102,000, experiencing a 24-hour decline of 0.95%.

On November 6th, U.S. stocks opened at a lower level and continued to decline. The Nasdaq dropped by 1%, the S&P 500 index decreased by 0.68%, and the Dow dropped by 0.65%. (FX168)