MeNews

U.S. stocks closed higher on Wednesday, with technology shares strengthening, Dell surging, and oil prices stabilizing. U.S. Treasury yields approached 5%, and global stock markets may face a 5%-8% correction. Trump said the strikes on Iran would end soon and that the Strait of Hormuz would be renamed the Trump Strait. The former British prime minister warned that failure to control debt would force emergency spending cuts. The Beige Book said the U.S. economy grew moderately, with AI and data centers serving as key supports. Tron’s USDT supply surpassed Ethereum’s for the first time. Broadcom’s Q3 results exceeded expectations, and its AI revenue guidance was raised. Robinhood Chain generated $3.75 million in daily fees, exceeding the combined total of Solana, ETH, and Base.

ME News reports that on Thursday, November 5 (UTC+8), Jinshi Data said long-term U.S. Treasury yields fell to eight-week lows as investors believed that a sweeping Democratic victory in the U.S. midterm elections could lead to tighter fiscal constraints, benefiting the bond market. Tradeweb data showed that Treasury yields broadly declined across maturities. The 10-year and 30-year Treasury yields touched eight-week intraday lows of 4.837% and 5.229%, respectively, before rebounding slightly, but remained lower on the day. After falling to a two-month low on Wednesday, the two-year Treasury yield was last trading slightly above that low. MissionSquare Chief Investment Officer Shari Hensrud said that a divided Congress could benefit the bond market, but would not solve the fiscal deficit problem. Lower fiscal risks could support long-term Treasuries and exert some downward...

Darkfost notes the 90-day BTC–S&P 500 correlation Z-score turned positive for the first time since 2015 (98.5), signaling BTC often tracks equities, with momentum slowing as market maturity rises.
Abstract: A 90-day rolling BTC–S&P 500 correlation Z-score rose above zero for the first time since 2015, reaching 98.5, indicating more common co-movement with equities. The short-term rate has cooled to +6.3%, suggesting momentum is waning as market maturity and institutional use expand.

At the HarmonyOS Office Industry Summit, Huawei unveiled the Qingyun HM650 series desktop computers and HarmonyOS Computer Enterprise Edition, with a 100% localization rate. Powered by the Kirin X90 chip, the computers deliver an approximately 15% performance boost through hardware-software collaboration. Huawei also announced the debut of the Enterprise Edition and AI features, including Xiaoyi Work, Xiaoyi Deep Research, and Xiaoyi Hui Ji. Cumulative shipments of HarmonyOS computers have surpassed one million units.

ME News reports, Nov. 5 (UTC+8), that South Korea’s Deputy Prime Minister and Minister of Finance and Economy Lee Hyeong-il said the government had decided to postpone the collection of taxes on virtual asset income by two years, until 2029. Lee said that after 2029, if the government can obtain virtual asset transaction information from the United States, it will have sufficient information to tax investors who use U.S. exchanges. The government will also establish and operate a public-private task force on digital asset taxation to advance tax system rationalization and infrastructure expansion, and accelerate legislation of the Digital Asset Act. (Source: ODAILY)

ME News reported on November 5 (UTC+8) that South Korean Finance Minister Lee Hyoung-il said the government plans to delay the cryptocurrency gains tax, originally scheduled to take effect in 2027, by two years to 2029, and will consult with the National Assembly to advance the relevant legislation. The South Korean government said the country plans to begin exchanging virtual asset tax information with the United States in 2029, and imposing the tax before then could put South Korea’s domestic cryptocurrency market at a competitive disadvantage. The delay aims to improve the tax framework for domestic and overseas transactions and enhance tax fairness. Under the current plan, annual cryptocurrency gains exceeding 2.5 million won (about $1,869) per individual would be subject to a 22% tax rate. If approved, the delay would mark the fourth time South Korea has postponed implementation since it first pushed for a tax on cryptocurrency gains in 2020.

Meritz Securities warns 2027–28 storage-chip orders exceed capacity, keeping shortages even if US data-center delays ease; delivery sits at 80–85% now and could fall to about 80% in 2027, with demand shifting to customized HBM storage.

Major outlets predicted a Democratic sweep in the midterms, regaining control of Congress, while Elon Musk spent about $474 million backing Republicans and posted pro-GOP messages on X that were later deleted, but the results did not favor him.
Abstract: Forecasts favored a Democratic midterm victory with Congress in Democratic hands, while Elon Musk spent about $474 million backing Republicans and posted pro-GOP messages on X, which did not alter the outcome and were later removed.

The XRP Ledger activated the fixCleanup3_4_0 amendment at 22:52 Beijing time on November 4, blocking a vulnerability that could allow accounts with only destroy permissions to mint new tokens under certain conditions. The vulnerability affected assets including stablecoins, but not XRP itself. The fix also addresses planned lending system issues, accounting problems in Single Asset Vaults, and flaws involving automated pool token reclamation, permissioned trading, and transaction signatures. Activation followed two weeks of coordination after validator support was interrupted.
Abstract: The XRP Ledger activated fixCleanup3_4_0 to patch a vulnerability that could allow some accounts with only destroy permissions to mint new tokens under certain conditions, affecting assets on the ledger including stablecoins but not XRP itself. The update also fixes accounting issues for planned lending, Single Asset Vaults, automated pool token reclamation, permissioned trading, and transaction signatures, and followed a two-week validator-support period after an earlier outage.

Kalshi co-founder and CEO Tarek Mansour said that U.S. election prediction markets correctly forecast 479 of the first 487 contests yesterday, an accuracy rate of about 98%. He said prediction markets can aggregate dispersed local knowledge, challenge Washington elites’ dismissive attitudes toward markets, give people a voice without requiring titles or large followings, and reshape the information power structure.
Kalshi co-founder and CEO Tarek Mansour tweeted that prediction markets correctly forecast 479 of the first 487 U.S. election contests, about 98%. He argues that these markets aggregate dispersed local knowledge and empower ordinary people without titles or large followings, challenging elite biases and reshaping the information power structure.

Summary: The Zcash NU7 upgrade, effective around 9:30 PM ET, will render about 12,226 ZEC from the Sprout pool unspendable, reduce block time to 25 seconds, retire old transaction formats, and may lock remaining ZEC supply until access is confirmed.
Abstract: The NU7 upgrade of Zcash is scheduled to take effect around 9:30 PM ET on November 5. It will render roughly 12,226 ZEC from the Sprout privacy pool unspendable, valued at about $16 million at $1,300 per ZEC. The upgrade removes outdated transaction formats, reduces block time from 75 to 25 seconds, and leaves the remaining locked ZEC in circulation with uncertain recoverability. Migration activity has been high, with about 10,000 ZEC moved from Sprout the previous week and the pace dropping to around 40 by Wednesday.

ME News, November 5 (UTC+8) — Zcash plans to upgrade its network to NU7 on Thursday evening, at which point it will stop accepting version 4 transactions, currently the only way to withdraw funds from the Sprout privacy pool. After the upgrade, any ZEC remaining in the pool will be unable to be withdrawn. As of Thursday morning, approximately 12,226 ZEC remained in the pool, worth about $16 million; approximately 9,094 ZEC had been withdrawn on Sunday. The upgrade is expected to activate at block height 3,543,405, estimated to be around 9:30 p.m. Eastern Time on Thursday at the current block production rate. If miners produce blocks more slowly, activation could be delayed until Friday during Asian trading hours. (Source: ODAILY)

ME News, November 5 (UTC+8) — Glassnode posted on X that despite Bitcoin’s recent pullback, native traders have not left the market. Before prices rose in August, trading volume had fallen to its lowest level since 2023. During Bitcoin’s pullback in recent weeks, however, volume has remained above that low. This suggests that trader interest in the crypto market has remained steady after several months of subdued activity. (Source: Foresight News)

Arkansas Attorney General Tim Griffin has sued prediction-market platform Kalshi, alleging that it operates an illegal gambling platform that allows betting on real-world events, violates the state’s Deceptive Trade Practices Act, and should pay damages. Several other states have previously brought criminal or civil actions against Kalshi.

Abstract (English):
HyperLiquid co-founder Jeff Yan traveled to London to meet policymakers, revealing that core contributors hold about 238 million HYPE tokens worth approximately $20 billion. He declined to disclose personal net worth but said he is not pursuing asset figures. Reports also suggest a future product tokenizing large-company stocks could offer higher liquidity than traditional stock markets, though outcomes are uncertain due to significant third-party involvement on the platform.
Summary (Chinese, 50-250 characters):
HyperLiquid co-founder Jeff Yan traveled to London to meet policymakers, disclosing that core contributors hold about 238 million HYPE tokens with a market value of approximately $20 billion. He declined to disclose his personal net worth but said he was not deliberately pursuing a specific figure. A future product may offer tokenized trading of large-company stocks, with the potential for greater liquidity than traditional stock markets, though the outlook is uncertain given the role of third-party providers.

Arthur Hayes warns post-IPO dilution at SpaceX, Anthropic, and OpenAI could flood supply, raise financing costs, and stress AI credit markets, tightening liquidity for banks and crypto; a crisis might later trigger liquidity from central banks.
Abstract: In "D is for Dilution," Arthur Hayes argues that post-IPO dilution could significantly increase share float for SpaceX, Anthropic, and OpenAI, depressing stock prices and weakening fundraising for AI leaders. Weaker valuations may lift bond yields, raising financing costs and straining AI credit markets. Since banks are deeply involved in lending and securitization of AI investments, any slowdown in AI funding could curb dollar liquidity and pressure crypto assets. However, Hayes acknowledges that if a bubble triggers a financial crisis, major central banks and governments would likely inject liquidity, potentially reviving Bitcoin and other crypto assets.

CryptoZeno notes that BTC’s cycle structure shows cooling momentum, with no extreme signals indicating a historical turning point yet. The 30-day moving average of the cycle-extreme index has fallen to 15.8%, in the watch/low-pressure zone. Price has pulled back about 46% from its high but remains well below active/extreme levels. The cycle-extreme oscillator is cautious, with its 30-day moving average near the bottom of its range and below 1.0. Current conditions are closer to a correction and low-activity phase; low readings do not mean selling pressure has been exhausted. Price may continue to consolidate or move lower, so watch for a recovery into the active phase.
Abstract: CryptoZeno notes Bitcoin’s cycle metrics show cooling momentum with no clear extreme turning point. The 30-day moving average of the cycle-extreme index is 15.8% in a watch/low-pressure zone, and price is about 46% below the all-time high but still well under active/extreme levels. The cycle-extreme oscillator remains cautious, suggesting possible consolidation or further downside rather than a confirmed bottom; monitor for rebound into the active phase.