Bitcoin Drops as Oil Shock Hits Markets, but Holds Up Better Than Equities

The Bank of England has proposed temporary limits on stablecoin holdings for retail and business users, with individuals allowed up to £20,000 and businesses facing a £10 million cap. The proposal aims to prevent sudden outflows from traditional bank deposits during the initial phase of adoption.

Hong Kong is set to issue government-backed digital green bonds denominated in multiple currencies, marking its third digital bond sale since 2023. These bonds, settled on blockchain platforms, aim to fund environmental projects, with HSBC providing the infrastructure. S&P has given the bonds an AA+ rating, highlighting a fail-safe for potential risks.

Crypto hardware wallet manufacturer Ledger is reportedly considering an IPO in New York or a private financing round in 2026. CEO Pascal Gauthier mentioned the plan in an interview with the Financial Times, citing increased demand for secure custody solutions due to rising crypto thefts and record revenues this year.

Bitcoin treasury firm Strategy has acquired a further 487 BTC for approximately $49.9 million, the company's Chairman Michael Saylor announced in a tweet. Strategy now holds some 641,692 BTC purchased for about $47.54 billion.

The Bank of England has published a proposed framework for regulating stablecoins that would cap retail users' holdings at £20,000, with businesses facing a £10m cap. Stablecoin issuers would be required to back at least 40% of their liabilities with unremunerated deposits at the Bank of England, with the remaining 60% held in short-term UK government debt.

Canaccord Genuity raised IREN's price target to $70 after its $9.7 billion AI contract with Microsoft, emphasizing the shift from mining to AI and the potential of the Texas data center expansion. The deal includes a 20% prepayment from Microsoft and a projected 32% levered internal rate of return.

Bitcoin surged past $106,000 as reports indicated a potential end to the 40-day U.S. government shutdown. Ethereum also saw a 7% increase, while XRP and Solana climbed about 6% each. The government impasse caused market turbulence, with Bitcoin dropping below $100,000 multiple times.

The Bitwise Solana Staking ETF (BSOL) has attracted over $545 million in net inflows since its launch, with $126 million coming in the first week. Despite SOL's price drop, the fund's success is evident in the market's response.

Cardsmiths released its Currency Series 5 with five cards redeemable for 1 Bitcoin each, valued at over $100,000. The set includes cards redeemable for Bitcoin, Ethereum, Litecoin, and Dogecoin, with a non-redeemable 1/1 Bitcoin trading card.

A Bitwise exchange-traded fund tracking Dogecoin may be available to investors by the end of November pending SEC approval. The ETF, if approved, would provide U.S. investors exposure to DOGE, following the success of other cryptocurrency ETFs in the market.