Blockchain is struggling to hold on to its original purpose: Aztec co-founder

Blockchain can still serve its purpose while catering to institutional finance needs through privacy technology, says Aztec Labs’ Zac Williamson

Blockchain is being pulled between traditional finance and its decentralized ethos as the industry shifts to serve institutional products.

Zac Williamson, co-founder of Aztec Labs, said early decentralized governance failures shifted blockchain’s trajectory away from community coordination.

Texas Buys $5M in BTC ETF as States Edge Toward First Government Crypto Reserves

The effort is starting small, but Texas made an opening foray into a state-based crypto reserve — getting closer to the first government stockpile in the U.S.

• It’s not technically the start of a direct state-based bitcoin reserve, but Texas has picked up $5 million in a bitcoin ETF, which a spokesman said is a placeholder for the first direct state-funds investment.
• The state is working on its reserve, having put out an information request that expired last month, and it had already appropriated $10 million earlier this year for that purpose.
• Other states have previously put state pension funds into such ETFs on behalf of retirees, but advocates are still awaiting a state to start its own stockpile.

State of Crypto: What Congress Has Left to Do This Year

There is not a lot of time left for Congress to make meaningful progress this year on crypto issues.

The restarted Senate is moving forward with certain crypto initiatives, but how much time is left compared to how much work is left, really?

Less than 40 Days

The narrative

Now that Congress is back from the government shutdown, all eyes are on how it will proceed on crypto issues. There are a few components to this: Mike Selig’s nomination to run the Commodity Futures Trading Commission, market structure legislation and other crypto matters.

Bitcoin Rebounds From ‘Extreme Oversold’ Levels; XRP Jumps 7%, ZEC Surges 14%

Bitcoin and major altcoins bounced Sunday after an oversold RSI reading and more than $200M in liquidations signaled seller exhaustion amid thin weekend liquidity.

• Bitcoin rebounded after hitting extreme oversold levels on the RSI, a zone that previously preceded short-term recoveries.
• More than $206 million in weekend liquidations and thinning liquidity pointed to seller exhaustion.
• XRP and ZEC led gains among major altcoins, with ZEC extending one of the strongest year-to-date rallies in crypto.

Crypto markets climbed Sunday as Bitcoin flashed an extreme oversold signal and more than $200 million in liquidations helped ease selling pressure across major tokens.

Advocacy group proposes DeFi solutions to address global poverty

The DeFi Education Fund estimated that decentralized finance technology could potentially save people up to $30 billion annually by reducing remittance costs.

The DeFi Education Fund, an advocacy organization focused on decentralized finance, has proposed utilizing the technology to reduce costs, aiming to address poverty in the United States and globally.

In a Wednesday blog post, the group said DeFi infrastructure could potentially save unbanked and underbanked people around the world about $30 billion annually through reducing remittance costs. The organization cited examples of workers sending funds home and paying fees to do so, which could be reduced “by up to 80%” with DeFi.

Fed Rate Cut Odds Plunge Further on Jobs Data Delays

Traders slash chances of a December cut to 33% as the Fed loses a key data point ahead of its final 2025 meeting.

• The BLS said that the October employment report will scrapped due to the government shutdown and the November jobs numbers won’t be released until after the Fed’s December meeting.
• The odds of a December Fed rate cut — nearly 100% as recently as three weeks ago — tumbled further to just 33%.
• U.S. stocks gave up large early gains and crypto prices fell further as the news hit.

Bitcoin Slips Back Below $90K — Crypto Correction Now Ranks Among Worst Since 2017, K33 Says

After a rare spot of outperformance on Tuesday, bitcoin has resumed sliding, with one analyst eyeing $84,000–$86,000 as potential local bottom.

• Bitcoin fell below $90,000, losing 4.2% during early U.S. trading hours on Wednesday, while ether dropped 6% to under $3,000.
• Crypto-related equities more than mirrored the decline, with Strategy (MSTR), BitMine (BMNR) and Circle (CRCL) booking 8%-9% selloffs.
• Bitcoin’s current slide from its early October record at $126,000 ranks among the steepest 43-day drawdowns since 2017, K33’s research head said.

The big news Tuesday was crypto not just posting gains, but also rising even as U.S. stocks sold off. That outperformance has been rare for what seems like months, with bitcoin and other cryptocurrencies watching from the sidelines as major stock market averages made new record highs on a regular basis.

Sadly for the bulls, though, normality has returned just 24 hours later, with bitcoin tumbling 4% back below $90,000 even as U.S. stocks manage gains. Ethereum’s ether slid 6.5% to below $3,000.

New Hampshire Awaits Bitcoin Bond Buyer to Get First State Effort Rolling

The New Hampshire Business Finance Authority took the opening steps toward shepherding a potential $100 million private-sector bitcoin bond.

• The New Hampshire Business Finance Authority, an organization meant to boost the state’s economy, made the first big maneuver to stand up a $100 million bitcoin bond.
• While the bond is initiated by the state entity, it would be backed and managed by a private-sector partner, assuming one comes forward.