Wu said daily selected encryption news - QCP: Bitcoin stabilizes amid macro uncertainties, market follows Fed policies and government shutdown progress.

1.QCP: Bitcoin stabilizes amidst macro uncertainty, market focuses on Fed policies and government shutdown progress.

QCP analysis pointed out that Bitcoin fluctuates with risk sentiment, stabilizing around $103,000 in the Asian session after a decline in the U.S. market. Although the U.S. government shutdown is still ongoing, the Senate has passed a temporary funding bill, extending funding until January 30, 2026, with market expectations that the shutdown will end between November 12-15. Yesterday's ADP data was weak, reinforcing the Fed's “cautious easing” expectations. In the short term, the market is still affected by policy and procedural developments, and Bitcoin's performance at the year-end will depend on the Fed's direction and corporate earnings support.

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2. Fed's megaphone: The divisions within the Fed regarding the interest rate cut in December are growing larger.

According to a report by Wall Street Journal reporter Nick Timiraos, there is a clear division within the Fed regarding whether to continue interest rate cuts in December. Some officials are concerned about sticky inflation and tariff effects, advocating for a pause in rate cuts; while doves believe that weak employment and slowing demand are more worthy of attention. The report states that the government shutdown has interrupted key economic data, exacerbating the split among decision-makers. Current interest rates are in the range of 3.75%–4%, and the market expects a slightly higher probability of a rate cut in December, but a rare “hawk-dove standoff” has emerged within the Fed.

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3. Coinbase terminates negotiations to acquire BVNK stablecoin trading platform for $2 billion.

Coinbase has terminated acquisition negotiations with UK stablecoin infrastructure company BVNK, with the proposed amount being around $2 billion. Coinbase confirmed to Fortune that both parties entered an exclusivity period in October and conducted due diligence during this time, but ultimately decided not to proceed with the deal, without specifying the reason for termination. BVNK primarily provides clients with application services for stablecoins in payment and cross-border transaction scenarios. Coinbase stated that after discussing the potential acquisition, both parties have jointly decided not to continue.

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4. The Central Bank of Brazil has released a regulatory framework for cryptocurrencies, establishing a capital threshold of up to 7 million dollars for enterprises to apply for a license.

The Central Bank of Brazil officially announced a regulatory framework for cryptocurrency service providers, requiring relevant enterprises to obtain licenses and comply with foreign exchange and capital market rules, with international transactions needing to be reported regularly. According to the regulations, the minimum capital for cryptocurrency enterprises is 10.8 million reais (about 2 million USD), and some types of business must hold at least 37.2 million reais (about 7 million USD). Those who do not meet the standards on time will be prohibited from operating, and overseas platforms must establish local entities in Brazil to serve customers. The framework also incorporates stablecoins and cross-border transfers into the foreign exchange regulatory system, setting a limit of 100,000 USD per transaction for self-custodied wallet transactions, and requiring monthly submission of transaction data to the central bank starting in May. Previous reports indicated that the new regulations will take effect on February 2, 2025, and existing enterprises must complete compliance within nine months.

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5. First Financial: Investors in multiple regions are required by tax authorities to pay additional taxes on overseas investment income.

According to a report by Yicai, many investors in multiple locations have recently received notifications from Chinese tax authorities requesting them to pay additional taxes on overseas investment income. These investors are spread across cities such as Beijing, Shanghai, and Hangzhou. Bloomberg reported in June that China is intensifying its scrutiny of offshore income among the middle class, including investment returns, dividends, and employee stock options, and will tax investment income by up to 20%; tax authorities will pay special attention to citizens investing in the US and Hong Kong stock markets.

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