Former Treasury Secretary Downplays Economic Recession Concerns, Calls Stock Market Pullback a Natural Phenomenon

Crypto analyst Omkar Godbole noted in a post that Bitcoin’s weekly MACD histogram dropped below the zero line this week, signaling weakening price momentum. The weekly bearish signal will only be confirmed if the histogram remains negative at Sunday’s weekly close. At press time, Bitcoin trades at around $69,000; a 16% drop would push it below $60,000, approaching this year’s low of roughly $57,700. Statistics show that since November 2012, Bitcoin’s weekly MACD has generated 24 bearish signals. Of those, in 13 cases, Bitcoin fell at least 16% from the signal confirmation before the indicator turned bullish again. Among these 13 instances, 5 saw the decline hit within a week, 10 within four weeks, with a median time of three weeks. Notably, in November 2018 and February 2014, Bitcoin dropped 38% and 35% respectively within a week after signal confirmation. Conversely, the other 11 times saw declines of less than 16%. The most recent bearish signal occurred in June this year, when Bitcoin only fell around 3% to $57,700 before rebounding. The current signal emerges amid outflows from U.S. spot Bitcoin ETFs and a strengthening U.S. dollar, though a single technical indicator is insufficient to determine whether Bitcoin will retest this year’s low.

According to a U.S. Department of Justice (DOJ) announcement, U.S. law enforcement agencies on local time November 12 unveiled two actions targeting North Korea-linked cryptocurrency theft operations: seizing cloud infrastructure used in the "FaceStealer" attack campaign, and in a separate Binance theft case, U.S. government and private partners have collectively frozen over $2.7 billion in involved assets, with more than $1.2 billion authorized by courts for seizure or transfer restrictions. FaceStealer has caused over $400 million in losses over the past 18 months. The FBI said the group uses video conferencing and deepfake videos to impersonate contacts trusted by targets or prominent crypto industry figures, luring victims to install malware. Beyond crypto holders and Web3 workers, attackers are increasingly targeting open-source software developers and maintainers to gain access to their devices and code repositories. Acting on federal search warrants, the FBI seized more than 900 victim camera recordings and issued prevention and response guidelines. On the Binance theft case: The over $1.2 billion forms part of the frozen assets. The DOJ stated that around October 29, the North Korean military-linked hacker group dubbed "TraderTraitor" by the FBI stole over $6 billion in crypto assets from Binance. Following the incident, law enforcement agencies including the DOJ and FBI collaborated with virtual asset service providers to freeze a portion of the stolen funds. The DOJ added that tracking, freezing, seizure and forfeiture procedures are ongoing, and the frozen amount does not equal the total to be returned to victims.

According to CNN, sources close to U.S. Vice President Vance have revealed that following last week’s disastrous midterm elections, Vance has seriously considered not running for president in 2028. Though Vance has not yet made a final decision, interviews with roughly a dozen of his allies and advisors show the vice president is grappling with his political ambitions, the collapse of the MAGA coalition, and his responsibilities as a father. They describe Vance as firmly committed to rebuilding the movement that won in 2024, but uncertain whether he should lead it. "I wouldn’t be surprised by any decision he makes," one source said. "He’s only 42. He’s young, and if the current political climate makes success impossible, he’s fully capable of bouncing back. It’s just not his time right now." Vance was widely viewed as a frontrunner for the 2028 presidential nomination, but he has not set a timeline for the decision, and a White House run remains firmly on the table. Some allies insist he is more likely to run than not.

Hyperliquid’s third-quarter protocol revenue reached $190.9 million, rising 21.7% quarter-over-quarter, marking the highest single-quarter figure since 2026. USDC reserve yields and priority fees were the main drivers of the quarter’s revenue growth. USDC reserve yields have totaled $17.3 million as of August 27, accounting for roughly half of the quarter’s revenue increase. Priority fee revenue hit $9.6 million, about 3.3 times that of the previous quarter, primarily from traders paying for faster transaction execution and data access. The two revenue streams combined make up 14% of the quarter’s total protocol revenue, with their growth not dependent on trading volume growth.

Former Coinbase CTO and angel investor Balaji Srinivasan has called on NVIDIA’s employees, shareholders, partners and customers to submit demands to the company’s board of directors, urging the reinstatement of Jensen Huang as CEO and the resignation of the directors he accuses of pushing Huang to step down. Srinivasan questioned the national security allegations against Huang, arguing that if the claims are unsubstantiated, stakeholders hold sufficient influence to prompt the board to reconsider its decision. He noted that Huang’s return would better serve NVIDIA’s long-term value and is critical to the development of open-weight AI models. Citing OpenAI’s earlier management shakeup as a precedent, Srinivasan suggested first verifying the voting records of individual directors before pushing the board to reverse its call. He also warned that if the board does not shift its stance, it could face mass employee resignations, or lawsuits from shareholders, partners and customers alleging breach of fiduciary duty. Srinivasan emphasized that these are potential scenarios he outlined, not actions that have yet materialized.

Anthropic’s status page shows that after investigating authentication issues encountered by users logging into Claude.ai and Claude Code, the company has deployed a fix and is currently monitoring system recovery.