BTC drops below $90,000; Tether plans to acquire Juventus Football Club

Headlines

▌BTC Falls Below $90,000

Market data shows that BTC has fallen below $90,000, currently trading at $89,960.16, with the 24-hour change narrowing to 0.14%. Market volatility remains high; please exercise risk management.

▌Tether Plans to Acquire Juventus Football Club, Preparing to Invest $1 Billion to Reshape the Club

Stablecoin issuer Tether announced plans for a full acquisition of Italian football club Juventus FC. The company has submitted a fully cash-constrained bid to buy its 65.4% stake from controlling shareholder Exor and is prepared to make a public tender offer for the remaining shares after the deal closes, aiming to hold 100% ownership.
Tether stated that if the deal succeeds, it will inject $1 billion into the club. CEO Paolo Ardoino emphasized that, as a lifelong Juventus fan, he hopes to leverage Tether’s strong financial strength to provide long-term stable capital support to the team.
Following the announcement, Juventus fan token JUV surged by 30% in the short term.

Market Overview

As of press time, market data shows:

BTC approximately $90,330, up about +2.0% over 24 hours;

ETH approximately $3,086, up about +4.7% over 24 hours;

BNB approximately $883, up about +0.5% over 24 hours;

SOL approximately $132.90, up about +3.0% over 24 hours;

DOGE approximately $0.1372, down about -2.4% over 24 hours;

XRP approximately $2.02, up about +0.8% over 24 hours;

TRX approximately $0.2740, down about -1.94% over 24 hours;

WLFI approximately $0.1427, down about -1.9% over 24 hours;

Policies

▌U.S. Office of the Comptroller of the Currency Conditionally Approves Ripple National Trust Bank Application

The OCC has conditionally approved Ripple National Trust Bank.
Ripple National Trust Bank is a proposed national trust bank under Ripple Labs Inc., focusing on trust and custodial services to support Ripple’s digital asset business, especially the issuance, management, and custody of its USD stablecoin RLUSD.

▌BitGo Receives Regulatory Approval to Convert into a Banking Institution

Cryptocurrency custodian BitGo announced on Friday that it has received conditional approval from the OCC to convert into a bank.
Once final approval is obtained, BitGo will convert its trust company registered in South Dakota into a federally chartered national trust bank, capable of custody of digital assets and certain non-deposit financial assets, and providing regulated crypto-related services without state-by-state approval. The company expects to receive final approval soon.

▌Ripple, BitGo, Fidelity, Paxos, and Circle Receive Conditional Approval for Trust Bank Licenses

The OCC has just conditionally approved trust bank licenses for Ripple, BitGo, Fidelity Digital Assets, Paxos, and Circle.
“Conditional approval” is a preliminary recognition indicating that the OCC has reviewed the application and considers the company generally compliant with regulatory requirements (such as capital adequacy, risk management framework, and business plan), but it is not a final license. The companies must meet specific conditions within a set timeframe to convert to full operational status.
Once all conditions are met, the OCC will issue a final, unconditional national trust bank license, allowing the company to immediately exercise trust bank powers, including expanding core activities, managing client assets as trustees, processing payments, custody of digital assets (such as stablecoin reserves), and offering related financial services. However, trust bank licenses differ from full-service banks as they cannot accept deposits or issue loans. They can apply for Federal Reserve master accounts, speeding up settlement and accessing traditional financial systems, further integrating crypto and traditional finance.

▌Nasdaq Gains Greater Discretion to Deny High-Risk IPOs

Nasdaq has gained increased discretion to reject IPO applications involving manipulation risks. This new regulation was immediately approved and took effect on Friday by the SEC.
The new rule authorizes Nasdaq to reject listings if: the company’s business location does not cooperate with U.S. regulators; underwriters, brokers, lawyers, or auditors have been involved in questionable transactions; there are concerns about the integrity of management or major shareholders.
This move aims to address the surge in small IPOs with prices collapsing after listing in recent years. Over the past year, half of Nasdaq IPOs raised less than $15 million, with most share prices falling over 35% within a year.

▌White House “Crypto and AI Czar” Supports Trump’s AI Regulation, Aims to Reduce Corporate Compliance Burdens

The White House’s AI and crypto advisor Sachs defended President Trump’s efforts to limit state-level AI regulation, stating it aims to ease the growing compliance burdens on businesses.
Sachs said that, according to the executive order signed by Trump on Thursday, the government is working with Congress to develop common standards for regulating this emerging technology.
Currently, AI models can be developed in multiple states, each with its own regulations. Sachs mentioned in an interview: “Fifty states acting independently makes compliance difficult for small businesses and startups, especially innovators. What we need is a single federal or national AI regulatory framework.”

Blockchain Applications

▌Pakistan Signs MOU with Binance to Explore Tokenization of $2 Billion State Assets

According to Reuters, Pakistan has signed an MOU with Binance to explore tokenizing up to $2 billion in government bonds, treasury bills, and commodity reserves.
The Pakistani Ministry of Finance said this cooperation is an important step toward introducing blockchain technology, increasing asset liquidity, and attracting foreign investment. It could also pave the way for more state-owned physical assets to be onboarded on-chain.
This move comes as Pakistan accelerates the rollout of a formal crypto regulatory framework and studies how to distribute government assets on the blockchain. Just the day before, Pakistan’s Virtual Asset Regulatory Authority (VARA) Chairman Bilal Bin Saqib revealed in an interview that the country plans to promote the adoption of cryptocurrencies, develop Bitcoin mining, and issue a national stablecoin.

Cryptocurrency

▌“Insider Whale 1011” Holds Over $660 Million in Long Positions on BTC, ETH, and SOL

According to Onchain Lens monitoring, “Insider Whale 1011” has long positions worth $662 million in BTC, ETH, and SOL, including:
A 5x leveraged ETH long position of 175,561.8 ETH, worth $538.89 million;
A 5x leveraged BTC long position of 1,000 BTC, worth $89.94 million;
A 20x leveraged SOL long position of 250,000 SOL, worth $33.13 million.

Morning Liquidation of Maggi ETH Long Positions Results in Losses Over $20.62 Million Since October 11 Drop

According to on-chain analyst Yu Yan monitoring, Maggi (Huang Licheng)’s ETH long position was liquidated during the early morning decline. Since the October 11 crash, he has lost $20.62 million in principal.

Brazil’s Largest Private Bank Itaú Recommends Up to 3% Asset Allocation in Bitcoin

According to Bitcoin Magazine, Brazil’s largest private bank Itaú is advising investors to allocate no more than 3% of their assets into Bitcoin.

Major Economic Developments

▌U.S. Stock Market Continues Decline, Nasdaq Falls to 2%

The U.S. stock market remains bearish, with the Nasdaq dropping by 2%.

▌U.S. Stocks Continue to Slide During Trading, BitMine Down 6.7%

Market data shows U.S. stocks kept declining during the trading session, with the Nasdaq 100 index falling by 2%. Crypto-related stocks also fell across the board, including:
Strategy (MSTR) -2.13%;
Circle(CRCL) -6.3%;
Coinbase(COIN( -1.56%;
MARA Holdings)MARA( -3.2%;
Riot Platforms)RIOT( -3.4%;
BitMine Immersion (BMNR) -6.7%;
SharpLink Gaming)SBET( -4.4%.

Spot Gold Falls Below $4,260/oz, Down 0.50% Intraday

Spot gold prices dropped below $4,260 per ounce, down 0.50% for the day.

Bank of America Sees Fed Treasury Purchases as Pressure on 10-Year Treasury Yields

Bank of America’s rate strategists suggest that the Fed’s treasury purchases to maintain ample bank liquidity could suppress long-term yields. Wall Street strategists generally expect that the Fed’s repo operations—along with its October decision to buy mortgage-backed securities on its balance sheet—will absorb most of the net treasury supply over the next year.