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Bitcoin Magazine

Bitcoin Heated Hot Tubs and 278 Washington Bitcoin Merchants : Now Accepting Bitcoin

Washington Bitcoin merchant list has 278 businesses, from coffee shops and salons to a hot tub maker that heats its tubs with bitcoin mining. The list spans 94 named cities, and Seattle leads the way with 46 listings. First up is a homegrown US manufacturing business from Washington that makes a super unique product.

Snorkel: A Hot Tub Maker That Heats With Bitcoin

Snorkel has been making hot tubs in the Pacific Northwest since 1979, and its wood-stove business dates to the late 1970s. What makes them special is their full cedar tubs, and the wood stove which is fully submerged into the water of the cedar hot tub and has the “snorkel” coming out of the water. This is very convenient for anyone who has no electrical hook up.

It started with a bet in 2025. Michael Diederich, the owner, began accepting bitcoin for hot tubs after a wager with his brother. Payments were slow to trickle in at first, but bitcoiners kept asking him to build a hot tub powered by bitcoin miners. He started building one, pairing the tub with miners that heat the water. Snorkel works with Dane Soja of Hashrate House on the build.

The prototype with two S19J Pro miners drawing about 8 kW, which it says heated a tub from cold to 104°F (40°C) in under four hours. The project won an innovation award at the Heat Punk Summit in Denver, and a Snorkel tub is on display in Denver. Diederich sees a future where every electric hot tub is heated by miners, because the mining income helps pay back the cost of energy that would otherwise be wasted as heat.

The Rose Gift House and Coffee, Renton

The Rose sits at 226 Main Ave S in downtown Renton, in the Old Renton Pub building. Owner Katie Newman opened it in October 2020 as a gift shop that happened to serve coffee, and the coffee side grew into the larger part of the business. The shop stocks locally roasted coffee, handpicked artisan goods, and grab-and-go food. It won Best Customer Service in the 2025 Best of Renton readers’ poll.

Overcast Coffee, Seattle

Overcast Coffee is on Capitol Hill, and it started as a walk-up counter at 312 15th Ave E beside Kaiser Permanente. Owner Jonathan Pak opened the first shop there in June 2020. A second location, at 1517 12th Ave inside the Metier bike complex, came later, and the company buys its coffee and ingredients from small, local Seattle businesses.

Washington Bitcoin Merchant Directory

These 278 businesses come from the BTC Map survey of Washington. BTC Map is community-maintained, please write BTC Map and our series vagabond@b.tc if you’d like to see an update.

Coffee, Bakery & Sweets (42)

• Overcast Coffee (312 15th Ave E), Seattle, WA
• Overcast Coffee (1517 12th Ave), Seattle, WA 98122
• Toasted. Bagels & Coffee, Bellevue, WA 98004
• Ashuri Baklava & Cafe, Bellingham, WA 98225
• Daytrip Cafe, Bellingham, WA 98225
• Aloha Cafe, Blaine, WA 98230
• Koa Table Café, Blaine, WA 98230
• Dg Coffee, Bothell, WA 98011
• Los Encantos World Bakery, Bremerton, WA 98312
• Rustic Heritage Bakery, Centralia, WA 98531
• Two Brewnettes LLC, Centralia, WA 98531
• Mint City Coffee Roasting, Chehalis, WA 98532
• Stout Coffee House, Chehalis, WA 98532
• Chickalatte beautiful coffee, Everett, WA 98203
• Make It Healthy, Federal Way, WA 98003
• Fortunato Chocolate, Issaquah, WA 98027
• Fortunato Chocolate, Issaquah, WA 98027
• Fumie’s Gold, Kirkland, WA 98033
• Hub Boba, Mercer Island, WA 98040
• Little Prague Bakery, Mukilteo, WA 98275
• Bar Francis, Olympia, WA 98501
• Glowies, Olympia, WA 98501
• Buckin Coffee, Omak, WA 98841
• Mountain Goat Coffee Roaster and Bakery, Packwood, WA 98361
• Pink Pony Cafe, Port Angeles, WA 98362
• The Rose Gifts & Coffee, Renton, WA 98057
• Bright Spot, Seattle, WA 98144
• Cannolo, Seattle, WA 98109
• Hellenika Cultured Creamery, Seattle, WA 98101
• Panino, Seattle, WA 98109
• Samra Cafe & Baklava, Seattle, WA 98118
• Theo’s Gyros, Seattle, WA 98103
• TOASTED. Bagels & Coffee, Seattle, WA 98109
• TOASTED. Bagels & Coffee, Seattle, WA 98105
• Toasted. Bagels & Coffee, Seattle, WA 98104
• Tres Lecheria, Seattle, WA 98103
• Yoka Tea, Seattle, WA 98122
• Half Baked & lil Fruity, Spokane, WA 99207
• Half Baked and a Lil Fruity, Spokane, WA 99207
• Happy Belly Eatery & Juice Bar, Tacoma, WA 98402
• Naomi Joe Coffee Roasters, Tacoma, WA 98402
• Rooster Brew Espresso, Woodland, WA 98674

Restaurants & Fast Food (44)

• La Pasta @ West Seattle Farmers Market, WA
• Skylar’s, Bay Center, WA 98527
• La Tia Angelina, Bellevue, WA 98007
• La Tía Angelina, Bellevue, WA 98007
• Grouchy’s Diner, Bellingham, WA 98225
• Luchadora Burger, Bellingham, WA 98225
• Super Duper Teriyaki, Bellingham, WA 98225
• Taqueria El Rinconcito Express, Bingen, WA 98605
• Alaska Wild Fish & Chip Co., Blaine, WA 98230
• Virasat Indian Cuisine, Camas, WA 98607
• Good Fork, Chehalis, WA 98532
• Yabes Food Truck, Forks, WA 98331
• The Popcorn Shoppe, Grand Coulee, WA 99133
• Barbe-Queen Kitchen, Ilwaco, WA 98624
• Papa Zuzu’s Pizza, Kelso, WA 98626
• Skooder’s Hot Dog, Kent, WA 98032
• The Hive, Klickitat, WA 98628
• Leavenworth Coffee and Waffles, Leavenworth, WA 98826
• Zuri’s Gourmet Donutz, Lynnwood, WA 98036
• Maggie’s Kitchen, Moses Lake, WA 98837
• Best Pizza Ever, Pasco, WA 99301
• Alderdale Boneyard, Prosser, WA 99350
• Appethaizing Thai Food, Puyallup, WA 98371
• Fast and Curryous, Richland, WA 99354
• Teriyaki Thai Etc, Ridgefield, WA 98642
• Last Roadhouse, Ronald, WA 98940
• Ahadu Ethiopian Restaurant, Seattle, WA 98125
• El burrito feliz, Seattle, WA 98107
• Ka Pow Thai On Wheels, Seattle, WA 98106
• La Pasta Storefront, Seattle, WA 98109
• La Pasta Storefront, Seattle, WA 98115
• Ooink Ramen, Seattle, WA 98103
• Ooink Ramen, Seattle, WA 98122
• Poke Fresh, Seattle, WA 98115
• Wing Xscape by Hot Potato 1.2.3. Express, Seattle, WA 98105
• Burrito House, Spokane, WA 99202
• Island Style Food & BBQ, Spokane, WA 99207
• Craft & Gather, Spokane Valley, WA 99206
• Flying Boots & Wings, Tacoma, WA 98418
• Taco’n Madre, Toppenish, WA 98948
• Wild Nectar, Tumwater, WA 98512
• Steak Your Claim, Vancouver, WA 98682
• Fiddle’s Lunch Box, Yakima, WA 98902
• Jerk Juicy BBQ, Yelm, WA 98597

Bars, Breweries & Wine (11)

• The Hub Bar & Restaurant, Centralia, WA 98531
• Jones Creek Brewery, Chehalis, WA 98532
• McFiler’s, Chehalis, WA 98532
• Union Hill Cider Co., East Wenatchee, WA 98802
• Headworks Brewing, Enumclaw, WA 98022
• 3 Dog Cider and Brewstillary, Ethel, WA 98542
• Strange Ways Bar, Everett, WA 98201
• Plain Valley Brewing Club, Leavenworth;Plain, WA 98826
• Barley POP! Brewing, Snohomish, WA 98290
• Bonaparte Creek, Tonasket, WA 98855
• Paradisos del Sol Winery and Organic Vineyard, Zillah, WA 98953

Groceries & Food Shops (12)

• Bitcoin Lightning Newspaper Machine, WA
• La Pasta, WA
• La Pasta, WA
• Alucinor Farms, Chehalis, WA 98532
• Mt. Capra, Chehalis, WA 98532
• Mt. Capra Wholesale, Chehalis, WA 98532
• Tree To Me, Colbert, WA 99005
• Zambezi Market & Hair Supply, Federal Way, WA 98003
• Oak Meadows Farm, Ferndale, WA 98248
• Northsea Apothecary, Lopez Island, WA 98261
• Serendipity Farm, Quilcene, WA 98376
• Northwest Butchery, Woodinville, WA 98072

Beauty & Wellness (46)

• Rani Beauty Clinic, WA
• Wynn Nail Spa, WA
• Chavez Barbershop, Aberdeen, WA 98520
• Maria’s Beauty Salon, Aberdeen, WA 98520
• Michael Redhawk Salon, Bellevue, WA 98004
• Harbor Moon Salon, Bellingham, WA 98225
• Absolute Hair, Everett, WA 98203
• Beauty37 Studio, Federal Way, WA 98003
• The Shop Hair Studio, Gig Harbor, WA 98335
• Skintegrity Medspa, Kirkland, WA 98033
• Massage Restoration, Lacey, WA 98503
• Flippd Fades Cut Lounge, Lakewood, WA 98499
• Brand X Piercing & Fine Jewelry, Longview, WA 98632
• Beyond Beautiful Salon, Moses Lake, WA 98837
• NW Lash Boutique, Mountlake Terrace, WA 98043
• Lucid Skin Studio, North Bend, WA 98045
• Bright & Bold, Olympia, WA 98502
• Beauty By Suzi, Port Angeles, WA 98362
• Aqeel at Black Castle Barbershop, Puyallup, WA 98373
• Fuji Therapy, Renton, WA 98057
• 14th Avenue Hair, Seattle, WA 98122
• Botanabliss, Seattle, WA 98146
• CamStyledYou, Seattle, WA 98122
• Citron Aesthetics, Seattle, WA 98107
• Cleopatra Ink, Seattle, WA 98101
• CoCo & Company Hair Salon, Seattle, WA 98116
• Jerry Porter Massage Therapies, Seattle, WA 98119
• Lalascuts, Seattle, WA 98109
• Sal’s Pike Street Barbers, Seattle, WA 98122
• Snorkel Hot Tubs, Seattle, WA 98108
• Southpaw Barbershop, Seattle, WA 98116
• Treehouse Massage Therapy at Annie Firefly, Seattle, WA 98115
• Zara Jo Beauty Supply, Seattle, WA 98122
• Ace Of Fades, Selah, WA 98942
• Renay at Saluk Salon, Snohomish, WA 98290
• Flow: Massage and Fitness, Spokane, WA 99201
• Fragrance Station, Spokane, WA 99216
• Kate’s Barber Shop, Spokane Valley, WA 99212
• Flawless Tacoma, Tacoma, WA 98406
• The Crown Correction Lounge, Tacoma, WA 98444
• Cutter’s Barbershop, Tumwater, WA 98501
• Tonsor, Vancouver, WA 98660
• Exhala Wellness, Wenatchee, WA 98801
• Themaadstylist, Wenatchee, WA 98801
• Locs ‘N’ Braids, Yakima, WA 98902
• Valley Barbers, Yakima, WA 98901

Auto & Transport (22)

• Eco Car Cafe, Bellevue, WA 98004
• A&M automotive, Centralia, WA 98531
• Ricks Auto Tint, Ephrata, WA 98823
• Shop Mothership, Everett, WA 98203
• Lexy’s Oil Change, Goldendale, WA 98620
• Anytime Repair and Service, Kennewick, WA 99336
• Marty’s Place at Strawbridge Farm, Langley, WA 98260
• Mukilteo House Of Wax, Mukilteo, WA 98275
• Three Sixty PowerSports, Port Angeles, WA 98362
• OceanHills Auto Detailing, Redmond, WA 98052
• JK Towing, Republic, WA 99166
• S&J Automotive n Tires, Republic, WA 99166
• Abdi Complete Auto Service And Body, Seattle, WA 98108
• Rapid Towing, Seattle, WA 98125
• Tony’s Greenwood Auto Body, Seattle, WA 98103
• Union Square, Seattle, WA 98101
• University Used Tires, Seattle, WA 98105
• CB Automotive, Sedro Woolley, WA 98284
• AR Automotive, Stanwood, WA 98292
• Mad Max Creations, Washougal, WA 98671
• The Paddock, Woodinville, WA 98072
• Refined Rides Detail & Tint, Yakima, WA 98901

Retail, Shopping & Entertainment (31)

• Nova Vita, Bainbridge Island, WA 98110
• Kim’s Unique Boutique, Castle Rock, WA 98611
• Let’s Play Something, Centralia, WA 98531
• Vintage Vault 33, Centralia, WA 98531
• McFiler’s Chehalis Theater, Chehalis, WA 98532
• Eastsound Sporting Goods, Eastsound, WA 98245
• Dragonfire, Kennewick, WA 99336
• Gamebound Video Games, Kent, WA 98030
• SBC Kent Snooker & Billiard Club, Kent, WA 98032
• Adorkable Flowers & Gifts, Liberty Lake, WA 99019
• Pirates Keep, Long Beach, WA 98631
• Hello Nature, Moses Lake, WA 98837
• Dos Casas Thrift, Port Orchard, WA 98366
• Park Avenue Studio, Port Townsend, WA 98368
• GameBound Video Games, Renton, WA 98059
• The Little Plant Shop, Richland, WA 99352
• Shoe Express, Seattle, WA 98101
• Slow Love Vintage, Seattle, WA 98105
• Ugly Baby, Seattle, WA 98101
• Art Room 509, Spokane, WA 99212
• Fern Plant Shop, Spokane, WA 99201
• Petunia & Loomis, Spokane, WA 99201
• Teleport Vintage, Spokane, WA 99202
• Zap Lab Fun, Spokane, WA 99207
• Sincere Tacoma, Tacoma, WA 98406
• Aqua Gallery, Vancouver, WA 98660
• Briz Loan & Guitar, Vancouver, WA 98660
• Corridor Gallery, Vancouver, WA 98660
• Petal Me Home Flowers, Walla Walla, WA 99362
• Morning Moon Mercantile, Wenatchee, WA 98801
• Geetaku Market, Yakima, WA 98902

Health, Services & Professional (50)

• Caffery Photo, WA
• Darey Philbrick MD, Aberdeen, WA 98520
• High Performance Homes, Auburn, WA 98002
• New Town Cleaners, Battle Ground, WA 98604
• Stambaugh Designs – Web Design & SEO, Bellingham, WA 98225
• Hero Fence, Camas, WA 98607
• Zues Digital Designs, Eatonville, WA 98328
• Ezzia Healthcare, Everett, WA 98204
• Amigo Cell Phone Repair & PC Kennewick, Kennewick, WA 99336
• iPhone BLVD, Kennewick, WA 99336
• Let’s Go Dog Training, Kennewick, WA 99336
• Sylvia Income Tax And Plus, Kennewick, WA 99301
• Precision Hardscapes & Irrigation, Kent, WA 98032
• Silky – The Screen Print Shop, Kent, WA 98032
• Destak Cleaning Services, Kirkland, WA 98034
• Blessed Driving School, Lacey, WA 98503
• FixLab Electronics, Longview, WA 98632
• Bal Driving School of Lynnwood, Lynnwood, WA 98036
• Cellaxs, Lynnwood, WA 98037
• iRepair Xpert, Lynnwood, WA 98037
• Speedys Multi Services, Mattawa, WA 99349
• Institute of Beauty Professionals, Moses Lake, WA 98837
• J & M Custom Upholstery, Moses Lake, WA 98837
• Sylvia Income Tax And Plus, Pasco, WA 99301
• Purewag, Redmond, WA 98052
• Ez Fix Cell Phone Repair, Richland, WA 99354
• Purewag, Sammamish, WA 98075
• 4th Systems, Seattle, WA 98146
• Farr Design, Seattle, WA 98103
• Gadget Rehab, Seattle, WA 98105
• Nauti Stitches, Seattle, WA 98178
• Savvi Kenpo, Seattle, WA 98103
• Hood Canal Street Eats & Catering, Shelton, WA 98584
• Gig-techs, Shoreline, WA 98155
• Advanta Insurance Brokers, Spokane, WA 99203
• Kalea, Spokane, WA 99207
• North West Terraria, Spokane, WA 99202
• The Guilded Dragon, Spokane, WA 99207
• Cellaxs, Tacoma, WA 98409
• Dubreezy Entertainment, Tacoma, WA 98402
• iRepair Xpert, Tacoma, WA 98409
• Puget Sound Locksmith, Tacoma, WA 98409
• Alianza Hispana, Union Gap, WA 98903
• Adams Chimney Specialist, Vancouver, WA 98682
• Double Barrel Print, Vancouver, WA 98665
• High Performance Homes, Vancouver, WA 98661
• The PC Smith, Wenatchee, WA 98801
• Gorge Ink, White Salmon, WA 98672
• Axiom Technologies, Yakima, WA 98902
• Anderson Woodwork’s, Yelm, WA 98597

Other (20)

• Alucinor Farms, WA Chehalis
• Charron Vision Therapy, WA Bellingham
• Crazy Jumpers, WA Bellingham
• Fancy Flamingo Massage, WA Kennewick
• Health And Exercise Prescriptions, WA Bellingham
• Jennifer Branch Reiki Master, WA Anacortes
• Living Well Family Chiropractic, WA Chelan
• MOHI Sports Performance, WA Bellingham
• Northwest Pastoral Counseling, WA Tacoma
• On Deck, WA Vancouver
• Sacred Path Medicine, WA Lynnwood
• Sarah Enera Manual + Movement Therapy, WA Seattle
• South Sound Hypnosis, WA Olympia
• Strait Fitness, WA Port Angeles
• Terrain Gym, WA Bellingham
• Triangle Bowl, WA
• Bitcoin ATM, Chehalis, WA 98532
• Modulo, Chehalis, WA 98532
• Glacier Foods, East Wenatchee, WA 98802
• Doug Varenas Realtor, estate_agent, WA Vancouver

This post Bitcoin Heated Hot Tubs and 278 Washington Bitcoin Merchants : Now Accepting Bitcoin first appeared on Bitcoin Magazine and is written by Vagabond.

Bitcoin Magazine

LNbits Releases 1.7.0 Urgent Security Update After November 8 Attacks Drain Funds

LNbits, the open-source Lightning Network wallet and accounts platform, released version 1.7.0 on November 10 as an urgent security update and instructed all operators to upgrade before restarting their servers. The project’s official X account posted the announcement with a link to the GitHub release, calling it a “SECURITY UPDATE”.

The release follows a wave of attacks that began over the weekend. On November 8, LNbits posted on X that all users should stop their LNbits servers immediately after reporting active attacks, adding that security patches were being prepared and that it was “better to err on the side of caution.” 

The project also disabled instances on its hosted service. Multiple reports documented unauthorized account creation and fund withdrawals. 

Kevin Ravensberg, operator of the Telegram tipping service BitTipBot, publicly stated that attackers created new accounts on his instance and withdrew 2,285,545 satoshis (approximately 0.0229 BTC) between roughly 09:22 and 14:00 UTC on November 8.

According to the official upgrade guidance published alongside the release, versions prior to 1.7.0 are affected and “funds running on prior versions of LNbits are at risk of being stolen.” The project stated that 1.7.0 includes security fixes in response to the incident discovered on November 8 and that a full technical report on the exploit will follow. 

Operators are advised to set up a fresh server if compromise is suspected, because updating alone cannot remove access an attacker may already have gained. Additional recovery steps include rotating all user wallet keys as Super Admin, replacing funding-source credentials (API keys or macaroons), rotating other secrets stored in settings, and reviewing or re-creating connections for extensions such as NWC Provider, LNDHub, Bolt Cards, TPOS, Bleskomat, and FOSSA.

The GitHub release notes describe extensive security hardening across authentication, extension management, and payment handling, plus dependency updates. New features shipping with the version include on-chain wallet support, BOLT12 offer payments, TOTP two-factor authentication, NIP-17 support, a job scheduler, automatic extension updates, and hold invoice support for the LNbits funding source. The project notes that LNbits functions as a hot wallet and that operators should keep only operational balances online, regularly review activity, and move excess funds to offline keys.

LNbits was founded as a free and open-source project in 2019 by Ben Arc and later incorporated a commercial entity to support development. It provides multi-user accounts and a large suite of extensions on top of any Lightning funding source (including LND and Core Lightning). Bitcoin Magazine profiled the project in September 2024, describing it as “the WordPress for your Bitcoin Lightning node” noting its widepsread use by individuals, businesses, and node operators seeking accessible Lightning tooling. The software is widely deployed both self-hosted and via managed instances.

As of the v1.7.0 announcement, the project has not published an aggregate total of funds lost across all affected instances. Operators who have not yet upgraded are directed to the official guidance before bringing servers back online.

This post LNbits Releases 1.7.0 Urgent Security Update After November 8 Attacks Drain Funds first appeared on Bitcoin Magazine and is written by Juan Galt.

Bitcoin Magazine

Texas Rep. Files Bill Letting Cities Invest $10 Million in Bitcoin

A Texas lawmaker filed a bill Monday that would let each city and county in the state invest up to $10 million of public money in bitcoin or another cryptocurrency, without setting any rules for how those coins would be held.

House Bill 815, filed by Rep. Ron Reynolds, a Missouri City Democrat, on the first day of prefiling for the 90th Texas Legislature, carries the caption “Relating to the authority of a municipality or county to invest money in cryptocurrencies.” The introduced text, posted on the Texas Legislature’s site, is two sections long.

The bill would amend the Public Funds Investment Act, Chapter 2256 of the Texas Government Code, by adding a new Section 2256.0165, titled “Authorized Investments: Cryptocurrency.” Under that section, “a municipality or county may invest not more than $10 million of its money or money under its control in Bitcoin or another cryptocurrency.” The authority would take effect Sept. 1, 2027, if the bill becomes law.

The $10 million figure is a cap on each city or county, not a single statewide pool. School districts and other local governments covered by the investment act are left out.

What the bill does and does not say

The measure borrows its definitions of “Bitcoin” and “cryptocurrency” from Section 403.701 of the Government Code, the definitions written into law last year by Senate Bill 21, which created the Texas Strategic Bitcoin Reserve. Bitcoin is defined as a decentralized cryptocurrency created by a peer-to-peer network that operates independently of any central authority or bank. Cryptocurrency is defined more broadly as a virtual currency that uses cryptography to secure transactions recorded on a distributed ledger, such as a blockchain.

That means a city or county would not be limited to bitcoin. The bill also does not import the reserve law’s requirement that coins bought for the state fund have an average market capitalization of at least $500 billion over the most recent 24-month period, or its provisions on cold storage and qualified custodians.

The Public Funds Investment Act already requires local governments to adopt a written investment policy that emphasizes safety of principal and liquidity, and to invest with the care a prudent person would use in managing their own affairs. A city or county would still have to add cryptocurrency to that policy before buying any. The new section itself is silent on custody, on audits specific to digital assets, and on how a loss would be handled.

A narrower version of last year’s proposal

Reynolds filed a broader measure, House Bill 4258, on March 10, 2025, with Rep. Mihaela Plesa. That bill would have let the comptroller invest as much as $250 million of the Economic Stabilization Fund, the state’s rainy day fund, in bitcoin or another cryptocurrency, and it included the same $10 million cap for cities and counties. It was referred to the House Delivery of Government Efficiency Committee on April 1, 2025, and did not become law.

House Bill 815 drops the rainy day fund language and keeps only the local-government piece. The state’s own reserve was created separately through Senate Bill 21, which Gov. Greg Abbott signed in June 2025.

The Texas Comptroller’s office later bought $5 million of BlackRock’s iShares Bitcoin Trust on Nov. 20, 2025, as a placeholder while it worked on direct custody, The Texas Tribune reported, with the office confirming the purchase. A second purchase brought the reserve’s IBIT exposure to about $10 million. In May, Acting Comptroller Kelly Hancock named an advisory committee and issued a request for proposals for a custodian, a step toward holding bitcoin directly.

What comes next

Prefiling for the 90th Texas Legislature opened Monday, and the regular session convenes Jan. 12, 2027. The bill has been filed but has not yet been referred to a committee, a step that typically waits until lawmakers convene. Even if it passes both chambers and is signed, cities and counties could not use the new authority until Sept. 1, 2027.

This post Texas Rep. Files Bill Letting Cities Invest $10 Million in Bitcoin first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Poland’s Parliament Votes 240-202 to Let Officials Freeze Crypto Before Court Review

Poland’s lower house of parliament voted 240-202 on Friday to let the interior minister freeze crypto assets, bank accounts and other property of people placed on a national sanctions list, before any court reviews the order.

The Sejm, Poland’s lower house, passed the Act on Restrictive Measures at its 68th sitting, with one member abstaining and 17 not voting. The Senate received the bill Monday and has 30 days under Article 121 of the Constitution to adopt, amend or reject it, after which it would go to President Karol Nawrocki.

The law, a government bill that also implements European Union sanctions rules, treats crypto assets as financial means that can be frozen, using the definition in the EU’s Markets in Crypto-Assets regulation. A freeze, as the text defines it, is meant to stop any movement, transfer, use or other change that would let the holder benefit from the assets.

The freeze applies only to people and entities the interior minister adds to a public national list, either on the minister’s own initiative or at the request of agencies that include the financial watchdog, the central bank, the financial intelligence unit and the internal security service. Grounds include supporting a country already under EU sanctions, serious human rights abuses, or initiating or financing information manipulation that poses a serious threat to Poland’s national security.

A listing on that last ground requires a showing of a real and serious threat to Poland’s interests, borders, security or elections. The bill carves out ordinary journalism, political speech and publishing, unless that activity is a knowing campaign of the kind the law describes.

A freeze that starts before a judge weighs in

The interior minister’s decision takes effect the day after it is posted in the ministry’s Public Information Bulletin and is immediately enforceable. There is no request to the minister to reconsider. A listed person may file a complaint with an administrative court, but the law says the decision remains in force until a judgment becomes final, and it sets aside the usual rule that would let a court pause a challenged order.

The measures also bar making funds or property available to listed persons and can exclude them from public contracts. In some cases, the economy minister may appoint a temporary administrator to sell frozen assets or, under a separate order, take them over for the State Treasury.

What the freeze would mean for bitcoin

The Poland bill does not target ordinary bitcoin holders in Poland. It reaches crypto assets owned, held or under the control of people and firms on the sanctions list. Banks, exchanges and other parties face administrative fines if they fail to freeze those assets or make them available, and compliance is checked by the financial intelligence unit and the Polish Financial Supervision Authority for the firms they already oversee.

The text does not describe a way for officials to obtain the keys to coins held in self-custody. The practical enforcement path in Poland runs through exchanges, custodians and other obliged institutions that can actually stop a transfer.

What comes next for the bill

The bill still has to clear the Senate and Nawrocki’s desk. The president refused to sign a separate crypto-assets market bill the Sejm passed on May 15, and lawmakers in September failed to override that veto, voting 241-198. He had also vetoed earlier versions of that market bill, arguing the rules went too far.

That earlier fight was about licensing and supervision under the EU’s crypto-assets rulebook, not about a sanctions freeze. Whether the Senate trims the pre-court freeze, and whether Nawrocki will sign a sanctions law that reaches bitcoin, is the question the bill now leaves open.

This post Poland’s Parliament Votes 240-202 to Let Officials Freeze Crypto Before Court Review first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

Bitcoin Magazine

Canaan (CAN) Swings to an $8 Million Profit on Bitcoin Gains as Rig Sales Collapse 96%

Canaan Inc. (NASDAQ: CAN) swung to $8.0 million of third-quarter net income on a $51.9 million fair-value gain in its bitcoin holdings and derivatives, the mining-rig maker said Tuesday, even as machine sales collapsed 96%.

The company filed the unaudited results Tuesday in a 6-K with the Securities and Exchange Commission. Total revenue fell to $14.5 million from $150.5 million a year earlier, including $4.8 million from product sales and $9.5 million from mining. Canaan sold 1.0 million terahashes per second of computing power and mined 133 bitcoin.

The profit did not come from the business. Canaan posted an $8.6 million gross loss and a $42.9 million operating loss. Chief financial officer Jin “James” Cheng said a recovery in bitcoin prices toward quarter-end generated the $51.9 million fair-value gain and called it “distinct from underlying operating performance.”

The $51.9 million is the sum of a $20.1 million gain on cryptocurrency and a $31.9 million gain on financial derivatives. Canaan also reported $22.4 million of non-GAAP adjusted EBITDA, a figure that still includes those gains. Strip them out and adjusted EBITDA would have been a loss of about $29.5 million.

Nangeng Zhang, Canaan’s chairman and chief executive officer, pointed to “continued weakness in bitcoin mining equipment demand and intense industry pricing competition.” Products revenue dropped from $13.6 million in the second quarter and from $118.6 million in the same period of 2025. The company blamed lower volumes and a lower average selling price.

The treasury carries the quarter

Canaan took $8.2 million of inventory-related write-downs, down from $25.3 million in the second quarter. Mining operations posted a gross margin of about 30% before depreciation, with an all-in power cost of about $0.043 per kilowatt-hour and roughly 10 exahashes per second of installed capacity outside joint ventures.

The company held 1,875.5 bitcoin as of Sept. 30. Of that, 517.5 coins were owned outright, 1,258 were pledged for secured term loans and 100 sat in a fixed-term product. It booked $43.7 million of cryptocurrency assets and $114.2 million of cryptocurrency receivables.

The stack is down about 40 bitcoin from the 1,915.5 Canaan reported at the end of the second quarter, even after the company mined 133 in the period, implying it moved roughly 173 bitcoin off the treasury. Zhang said Canaan is “selectively monetizing cryptocurrency holdings to fund share repurchases.”

On Nov. 6, the board approved a new $100 million share repurchase authorization over 12 months and launched an initial $20 million program under that cap.

A 2-gigawatt Texas bet, and a reverse split

Canaan is trying to recast itself around power and compute infrastructure. Its 1-gigawatt project in Duval County, Texas, received a conditional “Studied Load – Firm” classification under ERCOT’s Batch Zero process, a grid-connection step Zhang said remains “subject to further studies and approvals.” A second 1-gigawatt project in Zapata County is in early-stage development.

To support those plans, Canaan set aside $50 million of restricted cash as collateral for a letter of credit tied to infrastructure contracts and made about $3.3 million of project prepayments. In October it bought a parcel of U.S. land for about $1.1 million. Cash ended Sept. 30 at $72.8 million, $50 million of it restricted, leaving $22.8 million unrestricted.

Canaan also plans a 1-for-25 reverse ADS split, effective on or about Dec. 4, changing each ADS from 15 Class A ordinary shares to 375. The move is meant to help the company regain compliance with Nasdaq’s minimum bid price requirement.

For the fourth quarter, Canaan expects revenue of $18 million to $22 million.

The shift toward power and compute puts Canaan in the same lane as other public bitcoin miners. MARA sold 13,597 bitcoin to fund AI infrastructure, and Hyperscale Data sold its last coins for a Michigan data center.

Whether a paper gain on 1,875 bitcoin and a pair of early-stage Texas power projects can carry Canaan until customers start buying machines again is the question the quarter leaves open.

This post Canaan (CAN) Swings to an $8 Million Profit on Bitcoin Gains as Rig Sales Collapse 96% first appeared on Bitcoin Magazine and is written by Micah Zimmerman.

The November 2–8 filing reports no STRC ATM sales, while buybacks absorbed two-thirds of the week’s MSTR proceeds.

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The venue accounts for about 77% of weekly turnover in DefiLlama’s Solana table, concentrating growth as stablecoin market capitalization falls.

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Full aggregation could lower fees about 14% for a modeled joint payment or 27% for consolidation, with activation and wallet support unresolved.

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The miner still plans Bitcoin monetization for infrastructure, potential buybacks and holder-exercised bond puts, with dated cash and financing offering alternatives.

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The company reported $496.1 million in combined digital-asset, pledged-digital-asset and equity gains, while adjusted EBITDA remained negative.

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What is confirmed: in the NEAR AI hack, an attacker exploited a flaw in the inference software SGLang to obtain the names and email addresses of around 100 users, in some cases also their plan and account balance, along with chat histories, settings and logs from 18 AI agents. The NEAR AI incident report makes no mention of stolen coins, wallets or private keys; the target was the company's AI service, not the NEAR Protocol blockchain. Our assessment follows further down: the biggest risk for users now comes from phishing messages built on exactly this data.

NEAR AI published the report on November 9, and the trade outlet Decrypt picked it up on November 10. If you have a NEAR AI account, run agents through the service or simply hold NEAR tokens, this piece sets out what is known, what remains open and which steps make sense now.

What happened in the NEAR AI hack via the SGLang flaw

The way in was a remote code execution vulnerability, meaning a flaw that lets an outsider run their own code on a machine from afar. It sat in SGLang, the open-source software NEAR AI uses to run its language models on its own servers. The attacker was able to execute commands on a single inference server and work their way further into the company's infrastructure from there.

According to the report, the intruder reached an internal system behind Private Chat, a feature NEAR AI had already discontinued. The attacker also accessed 18 agents on an older deployment of NEAR AI Agents. These agents were not running in the confidential computing environment the company otherwise promotes.

After discovering the breach, NEAR AI says it revoked all active sessions and administrator access, replaced every agent token, took Private Chat offline and patched the SGLang flaw on all inference servers. All remaining credentials have since been rotated, a forensic review has been completed and access to NEAR AI Cloud has been restored. The company does not say which SGLang vulnerability was exploited. It says it has reported it to the SGLang developers.

Which data the attacker took from NEAR AI

The report distinguishes between confirmed access and a residual risk. These records are confirmed:

• Account data: email address and name of around 100 users, and for some of these accounts also the subscribed plan and the balance held with the service.
• Agent data: chat history, settings and logs of 18 agents on the older agent platform.
• API keys: the logs contained the NEAR AI Cloud API keys of two cloud customers. An API key is a digital access code that programs use to log in to a service. NEAR AI has revoked both keys; the report leaves open whether the attacker used them.

The residual risk concerns November 8. On that day the attacker could have observed requests being processed on the compromised server at the time, including those in confidential mode. NEAR AI says it found no sign of access to stored Private Chat conversations or uploaded files.

One point matters for reading the account balance correctly: it refers to credit for the AI service, in other words what a user has deposited with NEAR AI for model calls or a subscription. A balance in this sense is not a wallet address and not a key. It does, however, tell a fraudster who is a paying customer, and that is precisely what makes the data valuable for targeted deception.

Are NEAR coins and wallets affected by the security incident?

Based on everything NEAR AI and Decrypt report, no. The incident played out on servers that run language models. The NEAR blockchain, its validators and its smart contracts do not appear in the report, and neither do seed phrases, private keys or drained tokens. If you hold NEAR in your own wallet or on an exchange, there is no need to move anything.

The structure helps draw the line. NEAR Protocol is a layer-1 blockchain with its own token, which we describe in detail in our guide NEAR Protocol explained: sharding, staking and the use of the NEAR token. NEAR AI is the AI branch around this ecosystem; the service is operated by Jasnah Inc. and sells private AI computing power. A leak at NEAR AI is therefore a leak at a service provider, comparable to a data incident at a hosting company, and not a fault in the protocol.

The case at the end of September was different. Back then, NEAR Intents halted withdrawals after an exploit of around $3.8 million, as cryptoticker.io reported on October 1 in NEAR Intents halts withdrawals after $3.8 million exploit. That involved funds in an application within the ecosystem. The current incident involves personal and usage data.

The market shows no move of its own. According to CoinGecko, NEAR traded at €3.19 on Tuesday evening, about 2 percent below the previous day and a good 37 percent below its level 30 days ago. That decline started long before the report and tracks the weak overall market; in early November we had already classified it as a price effect in NEAR Protocol falls to $3.70.

What SGLang is and why an inference engine became the entry point

SGLang is an open-source inference engine. Inference is the step in which a fully trained AI model takes a request and produces an answer. The engine loads the model into the memory of the graphics cards, distributes the requests and delivers the answers. Many AI providers use SGLang because the software is fast and supports open models directly.

That very position makes it sensitive. An inference engine sees every request in plain text, because the model has to process the text. Anyone who can run code on that server therefore sits at the point where confidential data is necessarily exposed.

The problem is not new. Decrypt points out that the CERT Coordination Center at Carnegie Mellon University flagged vulnerabilities in SGLang back in July, including flaws that, depending on the server configuration, could allow commands to be executed or credentials to be read. Whether the attacker used one of these flaws is unclear, because NEAR AI does not name the specific vulnerability.

Confidential computing and TEE: where hardware isolation ends

NEAR AI's business model rests on confidential computing. Calculations run in a trusted execution environment, or TEE for short: an area sealed off by the processor that not even the server operator can look into. Prompts are meant to stay encrypted and isolated while the model processes them. According to Decrypt, Brave's browser assistant Leo also uses this infrastructure for one supported model; the report does not, however, list Brave users among those affected.

The incident shows the limit of this approach, and NEAR AI names it itself. Confidential computing protects data from the operator and the host, the company writes, but it does not protect against a vulnerability in the software running inside the environment. That is exactly what happened: the SGLang flaw let the attacker execute code inside an inference server, at the very point where requests are processed in decrypted form.

An analogy makes this tangible. A TEE is like a vault with an armoured door. The door keeps out anyone coming from outside. But if an employee inside lets a stranger control them remotely, the door is useless. In this picture, SGLang is the employee.

NEAR AI says it will in future audit the inference software and the services around the isolated environment as strictly as the environment itself. According to the company, the code, dependencies and configuration of its confidential inference remain public so that third parties can verify what runs there.

Phishing after the data leak: the typical scams with a NEAR AI angle

Phishing refers to fraudulent messages that pose as a trusted sender in order to obtain login details, keys or payments. With a name, email address, plan and account balance, scammers have exactly the material that makes such a message credible. NEAR AI therefore explicitly advises treating unsolicited messages that refer to your account or balance with caution. The company has contacted affected users directly, and the owners of the 18 agents individually.

Data leaks at other crypto services have produced a few well-known patterns. They tend to resurface after incidents like this one:

• The supposed security check: an email styled like NEAR AI asks you to re-verify your account via a link, or your balance will be frozen.
• The compensation offer: affected users are promised restitution in NEAR tokens and asked to connect their wallet or sign a transaction for it. With such a signature, victims often unknowingly grant approval over their tokens.
• The support call: a supposed staff member correctly states your name and plan and asks for a confirmation code or your seed phrase.
• The migration: after the incident, all agents or balances supposedly have to move to a new address supplied in the message.

None of these scams works if you stick to one simple rule: no reputable provider will ever ask for your seed phrase or private key, whether by email, phone or chat.

How to protect your NEAR account and seed phrase after the incident

The following steps take little time and cover the realistic consequences of the data leak:

Contact NEAR AI only through the official website

Open the NEAR AI website yourself via the address bar or a saved bookmark instead of following links in messages. That is where the incident report is published and where you reach genuine support. With every email, check whether the sender address really belongs to the provider's domain.

Renew your password and API keys

If you use NEAR AI Cloud, it is best to create new API keys and delete the old ones, even if your account is not one of the two named. If you have used your NEAR AI password elsewhere, change it there too and enable two-factor authentication wherever the service offers it.

Keep wallet and seed phrase separate

The seed phrase is the sequence of words from which all keys of a wallet can be restored. It belongs offline on paper or a metal plate, never in a chat, an AI assistant or a cloud document. Anyone holding larger NEAR amounts is better off storing them on a hardware wallet; our hardware wallet comparison shows which devices support NEAR and what they cost.

Review signatures and approvals

Do not sign any transaction whose purpose you do not understand. If you have responded to a suspicious message in recent days, check in your wallet's explorer which approvals and access keys sit on your NEAR account, and remove any unknown entries.

GDPR rights after the NEAR AI incident: access and complaints

For users in Germany, the General Data Protection Regulation, or GDPR, generally also applies to providers outside the EU if they offer their services to people in the EU. NEAR AI says it will make the required notifications to authorities; the report does not say which supervisor this concerns.

Regardless of that, Article 15 GDPR gives you a right of access: you can find out from the provider what data it holds about you and whether it was caught up in the incident. Under Article 17 you can request deletion if you no longer use the service. If you receive no answer or an inadequate one, you can lodge a complaint with the data protection authority of your federal state. A written request by email to support is enough; keep the reply.

A claim for damages under Article 82 GDPR requires concrete harm. With around 100 people affected and no sign of financial losses, the scope is narrow; anyone who actually loses money through a phishing message using the stolen data should document the case and report it to the police.

NEAR Protocol after the Intents exploit and the AI data leak: our assessment

For the NEAR ecosystem it is the second security incident within six weeks, even though the two cases have nothing to do with each other technically. The Intents exploit hit funds in an application, the current incident hit data at an AI service.

Our assessment: the damage is limited, the effect on trust in the promise of private AI is not. It is confirmed that the number of people affected is small, at around 100 accounts and 18 agents, that no tokens were drained and that NEAR AI disclosed the cause, scope and countermeasures within a short time. It is equally confirmed that the company sells privacy as its core product and that requests in confidential mode may nevertheless have been visible on November 8. For investors, this means the report contains no reason to sell NEAR tokens because of this incident. Arguing against that reading: the investigation does not quantify the exact number of observed requests, and any link to the price trend would only show up over weeks. This is not a buy recommendation; crypto assets can fall all the way to a total loss.

Other factors remain decisive for the price: the state of the overall market, activity on the blockchain and demand for NEAR applications. Our NEAR price prediction collects scenarios on this. How quickly attacks on devices and wallets are currently piling up is also shown by the iOS flaw from the start of the week, which we described in iOS vulnerability worse_query.

NEAR AI data leak: the danger now arrives by email

The incident itself is contained; the consequences for those affected are only beginning. Three steps are enough to avoid phishing and costly mistakes:

1. Check the trading venue: if you buy or sell NEAR, do it on an exchange with EU authorisation under MiCA rather than via links in messages. Our comparison of regulated crypto exchanges shows which providers hold a licence.
2. Keep keys offline: store larger holdings on a device that never exposes the keys to the internet. Models and prices are listed in the hardware wallet comparison.
3. Secure your everyday wallet: for smaller amounts, an app wallet with PIN, biometrics and a carefully noted seed phrase is enough. The software wallet comparison shows which apps support NEAR.

(As of November 10, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)

Crypto crash live, Tuesday, November 10, 2026, 9:36 p.m. ET: The crypto market is down 1.9 percent to $2.44 trillion after hotter-than-expected US inflation data pushed traders to price a Federal Reserve rate hike in December. Bitcoin fell to $72,748 at 12:40 p.m. ET, its lowest level since August 20, and now trades at $73,348. The altcoins took the heavier hit: Solana is down 3.2 percent at $83.09 and has lost a quarter of its value in 30 days, and Aave dropped 5.4 percent to $123.79, almost three times as much as Bitcoin. On Wall Street, Nvidia fell 5.5 percent. Within 24 hours, $728 million in leveraged positions were wiped out, 80 percent of them bets on rising prices.

We update this live ticker through the US evening. The standing answer to why crypto falls, with the six forces behind almost every sell-off and the timeline of the 2026 drops, is on our page Why is crypto down today?

Crypto crash: the key numbers at 9:36 p.m. ET

• Bitcoin: $73,348, down 1.9 percent in 24 hours and 12.5 percent in 30 days, according to CoinMarketCap
• Ethereum: $2,052, down 3.1 percent in 24 hours, day low $2,010
• Solana: $83.09, down 3.2 percent in 24 hours, 9.1 percent in 7 days and 25.8 percent in 30 days
• Aave: $123.79, down 5.4 percent in 24 hours and 27.1 percent in 30 days
• Nvidia: closed 5.5 percent lower at $168.80; on crypto exchanges the Nvidia perpetual kept trading and stood at $172.40
• Liquidations: $728.2 million in 24 hours across 117,390 traders, $579.94 million of it long positions, according to CoinGlass
• Fear and Greed Index: 29, fear, down from 32 a day earlier, according to alternative.me
• Fed: a quarter-point rate hike on December 9 is now the base case in futures markets

Crypto crash live updates: how November 10 unfolded

9:36 p.m. ET: A quiet but nervous evening. Bitcoin trades at $73,348, back above its 200-day average of about $73,150, which it lost briefly at the afternoon low. The pressure has turned: in the past four hours, CoinGlass counted $15.9 million in liquidated short positions against $8.5 million in longs, so traders betting on a deeper fall are now the ones being squeezed, on a small scale. Nvidia's perpetual contract trades at $172.40 on crypto venues, 2.1 percent above Tuesday's close of $168.80, ahead of the regular open at 9:30 a.m. ET on Wednesday. The Fear and Greed Index stays at 29.

7:30 p.m. ET: quiet charts, nervous screens. Bitcoin holds at $73,573, and the Fear and Greed Index slipped to 29 with the new day's reading, from 32. In the past hour, $2.46 million in positions were liquidated, $2.17 million of it short positions: the bounce keeps squeezing traders who bet on a further fall, CoinGlass shows. Wall Street is closed, but Nvidia is not: on crypto exchanges the Nvidia perpetual traded at $170.69. Why that matters is explained further down.

6:30 p.m. ET: a shaky bounce, and late short sellers are paying. Bitcoin has climbed 1.1 percent from its low, Solana 1.4 percent and Aave 2.1 percent. In the last four hours it was short sellers, not buyers, who were forced out: of $19.6 million in liquidations, $14.1 million hit short positions, CoinGlass shows. Open interest in crypto futures is down 2.1 percent to $126.7 billion, so leverage has been cleared, not rebuilt.

4:00 p.m. ET: Wall Street closes lower, the bond market sends the warning. The S&P 500 ended 0.38 percent lower at 7,520.93 and the Nasdaq 0.74 percent lower at 25,065.88, with Nvidia down more than 5 percent, according to Yahoo Finance. The sharper move was in Treasuries: the two-year yield jumped 17 basis points to 4.73 percent, and the ten-year rose 10 basis points to 4.98 percent after briefly trading above 5 percent, as the Capp Notes closing recap shows.

12:40 p.m. ET: Bitcoin hits the low of the day at $72,748. That is the lowest price since August 20, and it sits right on Bitcoin's 200-day average of $73,154, calculated from CoinMarketCap daily closes. Thirty minutes earlier, at 12:10 p.m. ET, Solana bottomed at $81.82, its lowest level since August 19, and Aave at $121.21.

10:45 a.m. ET: Ethereum touches $2,010. Ether came within $10 of the $2,000 mark, its lowest level since August 19. Ether positions make up the largest share of the day's liquidations: $257.6 million, ahead of Bitcoin with $204.6 million.

9:30 a.m. ET: the opening bell adds pressure. As US stocks opened, Bitcoin slipped to $73,698 and Solana to $83.61. A short rebound to $74,298 at 10:00 a.m. ET did not hold; by 11:00 a.m. ET Bitcoin was back at $73,153.

8:30 a.m. ET: the CPI shock. The Bureau of Labor Statistics reported that consumer prices rose 0.4 percent in October and core prices, which exclude food and energy, 0.3 percent, each a tenth of a point above forecasts (BLS release). Within five minutes Bitcoin fell from $74,278 to $73,883, and Ether lost 1.5 percent. Our analysis of the October CPI and the December hike covers the report in detail.

Biggest crypto losers: 24 hours, 7 days and 30 days

The crypto crash is broad: only 28 of the 86 largest cryptocurrencies, excluding stablecoins and wrapped tokens, are up over 24 hours. The biggest daily loser is Pieverse with 16.3 percent. Over seven days, XRP, Worldcoin and LayerZero lost between 14.9 and 16.0 percent each. The 30-day list shows where the real damage sits: Worldcoin lost 44 percent, Aero 42 percent and the AI token FET 39 percent.

Ranked among the 100 largest cryptocurrencies by market value on CoinMarketCap at 9:36 p.m. ET; stablecoins, wrapped and liquid staking tokens excluded.

Why is crypto crashing today? Markets now price a Fed hike, not a cut

The crypto crash today is a rates story. Even before the inflation report, traders leaned towards a hike at the Fed's meeting on December 9: after Friday's jobs report, the CME FedWatch tool put the chance of a quarter-point move at 76.8 percent, 24/7 Wall St. reported. By Tuesday's close, FedWatch priced a quarter-point hike at 88 percent and a half point at 11 percent. A quarter-point hike would lift the federal funds target range from 3.75 to 4.00 percent to a range of 4.00 to 4.25 percent.

Higher rates hit crypto through two channels. Safe yields compete with risk: a two-year Treasury now pays 4.73 percent without any price risk. And leverage gets more expensive: when prices fall, traders who borrowed to bet on rising prices are forced out, and their forced sales push prices further down. That is why 81 percent of today's liquidations hit long positions. Spot Bitcoin ETFs added to the pressure before today: they recorded $1.28 billion in net outflows last week, the most since June, according to FXStreet. How Bitcoin behaved the last time the Fed turned this hawkish, in 2022, is in our piece on Bitcoin in a financial crisis and recession.

Why is Solana down today? A high-beta coin in a risk-off market

Solana is down today because it moves harder than the market in both directions; no Solana-specific shock was behind the drop. SOL fell 4.1 percent against 2.2 percent for Bitcoin, extending a slide of 11.2 percent over 7 days and 25.3 percent over 30 days. At $82.95 it trades 6.8 percent below its 200-day average of $88.99 and 22 percent below its 50-day average of $106.71, based on CoinMarketCap daily closes. Leverage made it worse: of $37 million in Solana liquidations within 24 hours, more than 96 percent were long positions, according to CoinGlass.

The fundamental news around Solana is not negative: Formation is targeting 2027 for tokenized stocks on the network, as our report on tokenized stocks on Solana shows. In a market that is repricing interest rates, news like this does not carry the Solana price. The line traders watch is the August low: on August 19, SOL traded as low as $76.62.

Why is Aave down today? DeFi yields lose against Treasuries

Aave is down 6.1 percent today, almost three times as much as Bitcoin, and DeFi as a whole lost 4.5 percent of its market value to $71.7 billion, according to CoinMarketCap. Aave sits at the center of on-chain lending, and that business competes directly with US rates. Lenders currently earn about 4.2 percent on USDC and about 3.6 percent on USDT at Aave V3 on Ethereum, according to DefiLlama, less than the 4.73 percent a two-year Treasury yields after today's jump. Our assessment: as long as the Fed is hiking, that spread works against DeFi lending, and the governance token of the largest lending market feels it first.

The deposits are holding up better than the token. Aave's total value locked fell 2.4 percent since Monday to $16.19 billion, according to DefiLlama, while the AAVE price lost 27.8 percent in 30 days. The token now trades 17.5 percent below its 50-day average of $150.08, but still 13 percent above its 200-day average of $109.36. How the protocol works is explained in What is Aave?

Nvidia stock falls 5.5 percent and trades like a meme coin around the clock

The crypto crash met a second shock on Wall Street. Nvidia, a company worth more than $4 trillion, fell 5.5 percent to $168.80 on Tuesday, its second loss in a row, on volume more than three times its three-month average, according to Motley Fool. The trigger is not the chip business. Reports of a potential foreign intelligence operation involving CEO Jensen Huang have prompted an independent board investigation, and in an email to staff Huang said he had been "unfaithful" to his wife. None of the allegations is proven, and a shareholder class action has been filed, CNBC reports. The next test is the quarterly report on Tuesday, November 17, after the close, as Nvidia announced.

What would have been unthinkable a few years ago now shows up in crypto liquidation data. Nvidia trades around the clock as a perpetual future on crypto exchanges, with leverage and settled in stablecoins, and its traders get liquidated like memecoin traders. In 24 hours, CoinGlass counted $7.82 million in liquidations on the xyz:NVDA contract, which runs on Hyperliquid, and another $4.8 million on other Nvidia perpetuals, plus $12.4 million on SanDisk and $10.7 million on SOXL, a triple-leveraged chip-stock ETF. Tokenized stocks are already accepted as collateral on crypto platforms, as our report on tokenized stocks as collateral shows.

The same goes for companies that are not even listed yet. About $250 million traded in 24 hours in two Hyperliquid contracts tracking Anthropic ahead of its IPO; the price implied about $98 per share and a market value of roughly $1.7 trillion, more than 30 percent above the $70 to $78 range in the prospectus, CNBC reports. These contracts are not shares and are not available to US investors. How the actual IPO works is in our guide how to buy Anthropic stock. Stocks behave like tokens, and tokens like stocks: that is the market crypto investors live in now, and leverage is what turns a 5 percent day into a wipe-out.

Going long in a crypto crash: what leverage did to Bitcoin traders on November 10

Every crash is also a trade. Traders who expect a rebound go long, either by buying coins on the spot market or with perpetual futures, which multiply every move with leverage. November 10 shows both sides of that bet: leverage turned a 2 percent drop in Bitcoin into a total loss for the most aggressive longs, while the same move paid shorts 20 percent on their margin.

The table follows a Bitcoin long opened at $74,278, the price when the inflation data came out at 8:30 a.m. ET, down to the low of $72,748 at 12:40 p.m. ET.

Based on CoinMarketCap five-minute prices and a maintenance margin of 0.5 percent, before fees and funding.

A 100x position is wiped out by a move of half a percent against it, and Bitcoin delivered that within five minutes of the CPI release. That is how CoinGlass came to count about $580 million in liquidated long positions within 24 hours, roughly four times the amount on the short side.

The same move paid the other side. A short opened at the release was up 2.1 percent at the low, or 20.6 percent on margin with 10x leverage. A long opened exactly at the low is up 1.3 percent at 8:50 p.m. ET, 13.5 percent with 10x leverage. Nobody catches the exact bottom, which is why many traders buy a crash in steps and size their leverage so that a normal daily swing cannot liquidate them. How margin, liquidation and funding work is explained in our guide to leverage trading in crypto, and how exchange contracts differ from CME contracts in Bitcoin futures explained.

Where you can trade depends on where you live. Since July 2025, US residents can trade CFTC-regulated perpetual-style futures on Bitcoin and Ether at Coinbase, launched with up to 10x leverage, as The Block reported.

Advertisement: Crypto futures trading: Bitget offers leverage of up to 100x. Leverage can lead to high losses. Our exchange comparison shows more platforms.

Crypto crash: the levels and dates that matter now

For Bitcoin, the 200-day average around $73,150 is the line of the week. Market maker Wintermute calls the $73,000 zone key support; a daily close below it could open a move towards $68,000, and only a sustained daily close above $80,000 together with renewed ETF inflows would turn the picture constructive, FXStreet reports. Our Bitcoin price prediction for the $72,000 zone walks through the chart.

What's coming this week: Veterans Day, PPI and Nvidia earnings

After the CPI shock, the next days decide whether the hike becomes a done deal. On November 11, Veterans Day, the US bond market is closed while stocks trade normally, according to the SIFMA holiday schedule, so the first real tests come on Thursday and Friday.

• Wednesday, November 11: Veterans Day, bond markets closed, no major US data scheduled
• Thursday, November 12, 8:30 a.m. ET: weekly jobless claims, forecast 194,000 after 189,000; Fed speakers Hammack, Goolsbee, Daly, Schmid and Williams follow through the day
• Friday, November 13, 8:30 a.m. ET: October producer prices, forecast plus 0.4 percent after 1.3 percent, core plus 0.3 percent after 0.7 percent, according to FXEmpire; a second hot inflation print would harden the hike odds. Fed speakers Collins, Bowman and Daly
• Tuesday, November 17, after the close: Nvidia's third-quarter results, conference call at 5 p.m. ET
• This month: Anthropic's Nasdaq listing under the ticker ANT, with a range of $70 to $78 per share in the updated prospectus
• Wednesday, December 9: the Fed's rate decision

The market has already flushed a large share of its leverage, which made the evening bounce possible. Other coins show how thin the support is: Zcash lost 16 percent in under two hours on Tuesday, as our Zcash report shows, and Dogecoin trades at its lowest level since November 2023 (Dogecoin price at $0.067).

Crypto crash and retirement: how to plan in a 24/7 market

Look at the world this sell-off reveals: a $4 trillion chipmaker trades at night with leverage on crypto exchanges, a company that has not listed yet is valued at $1.7 trillion by a perpetual contract, and one inflation number liquidates more than 117,000 traders in a day. For retirement money, the lesson runs the opposite way of the trading screen.

• Keep retirement money and trading money apart. Leverage has no place in retirement savings; today 80 percent of all liquidations hit traders betting on rising prices.
• Safe yields are back. A two-year Treasury pays 4.73 percent. The safe part of a portfolio earns money again, so the rest needs to carry less risk to reach the same goal.
• Size crypto so that a bad month does not change your plan. Solana and Aave lost about a quarter of their value in 30 days, Worldcoin 44 percent. Our guide on Bitcoin for retirement works through position size and the timing of withdrawals.
• Buy on a schedule, not on headlines. Regular purchases spread your entry over good and bad days; our comparison of Bitcoin savings plans lists the providers.
• Know what you own. A tokenized share or a perpetual contract is not the share itself, and a pre-IPO contract is not an IPO allocation.

What it means for you: A sell-off driven by interest rates rarely ends with one data release. Leverage turns a 2 percent drop into forced selling, so position size matters more than timing. If you buy or sell during the volatility, use a regulated platform with clear fees: our crypto exchange comparison lists the major platforms, and the comparison of regulated crypto exchanges shows the providers licensed under MiCA. This live ticker is market information, not investment advice; crypto assets can lose value quickly.

The Shiba Inu price stood at $0.00000443 late on Tuesday evening, November 10, 2026, roughly €0.00000397. Over 24 hours SHIB has lost practically nothing, while Bitcoin gave up about 2 percent to $73,735 and Dogecoin a little over 3 percent to $0.0678, according to market data from CoinGecko. The real news of the day is not a price, however. According to a report by U.Today, at least 137 counterfeit tokens are circulating that dress themselves up with the name of SHIB's anonymous founder, Ryoshi.

For SHIB holders in Germany this leads to a concrete check that belongs before every purchase and before any interaction with an unknown token in the wallet: who actually signed the transaction, and does the contract address match the genuine SHIB contract? This article puts the price in context, explains how the fake transfers come about and shows the levels SHIB will be measured against in the coming days.

Shiba Inu price on Tuesday evening: sideways while Bitcoin slips

The trading range over the past 24 hours ran from $0.00000432 to $0.00000447. That is a swing of a little over 3 percent between low and high, an unusually quiet day for a meme coin. Trading volume came to about $50 million, in line with the previous week, when daily figures moved between $34 million and $63 million.

The longer view remains weak. Over seven days SHIB has lost 4.6 percent, over 30 days 19.6 percent and over the year almost 56 percent. The token trades almost 95 percent below its all-time high of $0.00008616 from October 2021. Market capitalisation is about $2.6 billion, enough for 38th place among cryptocurrencies. Around 589 trillion SHIB are in circulation.

That SHIB does not give way on a day when Bitcoin and Dogecoin fall is notable, but it is not yet a trend signal. A single day of relative strength says little as long as the price remains below its moving averages. The average of the last 50 daily closes stands at $0.00000519, the 100-day average at $0.00000513. Both are more than 15 percent above the current price.

137 fake tokens under Ryoshi's name: what the report shows

The trigger was Mazrael, a long-standing member of the SHIB community, whose analysis U.Today picked up on Tuesday around midday. According to it, at least 137 tokens use Ryoshi's name or circle to appear legitimate. By that count, more than 9,131 fake transfers have run through these tokens, and more than 2,500 wallets are affected. Among the names are three tokens called "SHIBA INU2.0", three fake "Shibarium" tokens, one "BONE2.0", three "UNLEASHED DAO" tokens and one token simply named "Ryoshi".

The core of the analysis concerns the address that issued SHIB on Ethereum in 2020. This deployer address begins with 0xB8f2 and ends in FA08. According to the report, it has not sent a single transaction since October 2021, has created only one contract, SHIB itself, and has never left a public signed message. Mazrael sums it up this way: "The SHIB deployer never signed anything."

A deployer is the address that puts a smart contract on the blockchain. Whoever creates the contract signs that first transaction with their private key. If a transfer appears in a wallet history that seems to come from this address, even though it has been dormant for years, that is a strong warning sign.

The report also makes clear that the projects around SHIB do not all come from the same hand. LEASH was created by a different address, which is also behind the StarLink project, BONE by shiba-swap.eth according to Mazrael, and TREAT came from yet another deployer. Anyone promoting a new token as coming "from the Ryoshi wallet" is therefore claiming something that cannot be shown on the blockchain.

How fake transfers end up in the Etherscan history

An ERC-20 token is a program on Ethereum that manages balances and emits an event called Transfer with every movement. This event contains three pieces of information: sender, recipient and amount. Block explorers such as Etherscan and many wallets read exactly these events and display them as incoming payments.

The catch lies in the code. A malicious contract can emit a Transfer event with a sender of its choosing, without that address having done anything at all. The history then appears to show "from 0xB8f2…FA08", even though the transaction was sent and signed by a completely different address. That is why the second piece of advice in the report reads, word for word: "Always check who signed the transaction, not what the token says."

The goal of such campaigns is almost always the same. The recipient is meant to take the unknown token for a gift from the founder's circle, want to sell it and, in the process, grant an approval on a rigged website. Such an approval allows a third-party contract to move tokens out of your wallet. The fake token therefore only becomes dangerous through your own signature, not through its mere arrival in the wallet.

The genuine SHIB contract: how to verify the address before you buy

The genuine Shiba Inu token on Ethereum has the contract address 0x95aD61b0a150d79219dCF64E1E6Cc01f0B64C4cE. On Etherscan it carries the name SHIBA INU, the ticker SHIB and 18 decimals, and its source code is marked as verified there. The page counts almost 1.7 million addresses holding SHIB. Among the parameters used to create the contract, the owner listed is exactly the address 0xB8f2…FA08 from the report.

This gives a simple sequence. First, for every token with "SHIB" in its name, you compare the contract address character by character with the genuine address above, not just the beginning and the end. Second, for an unexpected incoming transfer, you open the transaction itself and read its "From" field, not the sender shown in the token event. Third, you leave a token you did not buy untouched: no sale, no swap, no approval. An unknown token that you ignore costs you nothing.

Buying SHIB through an exchange largely sidesteps this problem, because the exchange has the genuine contract on file. The check becomes relevant as soon as you move SHIB to a wallet of your own or trade on a decentralised exchange, where anyone can list a token under any name.

Since Monday: the July low at $0.0000041 has held

On Monday, our article on the Shiba Inu price at its July yearly low asked whether SHIB would defend the zone around $0.0000041. That is where the lowest daily close of the past 120 days was set on July 17, at $0.00000411. After one day the answer is cautiously positive: Monday closed at $0.00000436, and Tuesday's intraday low was $0.00000432. The level itself was not even tested.

What has changed since then is mainly the situation on exchanges. On Monday, according to data reported by U.Today, exchange holdings stood at 86 trillion SHIB. On Tuesday the same outlet, citing CryptoQuant, reported a net outflow of about 114.6 billion SHIB from exchanges. A net outflow means that more tokens were withdrawn from trading venues than deposited. This is generally seen as a sign that less supply is available for immediate sale.

The scale puts the figure in perspective, though. At $0.00000443, 114.6 billion SHIB is worth about $508,000 and a little over 0.13 percent of exchange holdings. A single day of outflows does not turn the picture around, but it does confirm that selling pressure from the start of the week has not increased further.

Levels on the SHIB chart: $0.0000047 above, $0.0000041 below

On the upside, $0.0000047 is the first level that matters. SHIB last closed there on November 5, at $0.00000474, before the price fell in two steps to today's zone. A daily close above it would recover last week's leg down. The second level above lies at the 50-day average of $0.00000519. As long as the price stays below it, any rise is technically a recovery within a downtrend.

On the downside, $0.0000041 remains the decisive zone, the July low. A daily close below it would push SHIB under its low for the year so far and open the way for a new round of declines. In between, $0.0000043 offers short-term orientation, because Monday's and Tuesday's lows sit there.

For investors using stop orders this means: a stop placed just below $0.0000041 sits below a level that many market participants watch. A stop right on the round number, by contrast, is easily triggered in volatile phases before the price turns again. The range between the two levels is about 13 percent, an ordinary weekly move for SHIB.

Shiba Inu vs Dogecoin: the comparison over the last 30 days

Dogecoin and Shiba Inu are often mentioned in the same breath, but they do not move in step. Over 30 days Dogecoin has lost almost 22 percent, SHIB 19.6 percent. On Tuesday the gap was even clearer: minus 3.1 percent for Dogecoin, practically zero for SHIB. Dogecoin stands at $0.0678, while SHIB is still above its July low.

One reason for the difference lies in the structure of the tokens. Dogecoin has its own blockchain with ongoing issuance, while SHIB is a token on Ethereum with a fixed total supply, small portions of which are continually destroyed through burn mechanisms. A burn is the permanent transfer of tokens to an address that nobody can access. For the price on any single day, though, this hardly matters; there, exchange flows and sentiment across the wider market decide.

What the two have in common is that they swing more than Bitcoin. Over 30 days Bitcoin has lost 11.7 percent, a little over half of what the two meme coins gave up. Holding SHIB therefore means carrying a considerably higher price risk than with Bitcoin, even if Tuesday suggests otherwise.

Buying SHIB in Germany: a MiCA exchange instead of unknown tokens

Since the end of 2024 the EU's crypto regulation MiCA has applied. Providers that sell or hold crypto assets for customers in Germany need authorisation, either from BaFin or another supervisor in the EU. For buying SHIB this means that a provider with a MiCA licence lists the genuine contract, holds the tokens for you and is liable for custody under the rules of the regulation. Which platforms list SHIB and what they charge is shown in our crypto exchange comparison.

Fees vary more for a token like SHIB than for Bitcoin, because spreads are wider for smaller assets. A spread is the gap between the buy and sell price. When you buy through the simple app interface many providers offer, it is often higher than in the order book of the same exchange. Checking both prices before you buy shows what you really pay.

If you prefer to hold SHIB yourself, you move the tokens to a wallet of your own. The check from the section on the genuine contract then applies without exception: any token that lands there unsolicited is ignored. A hardware wallet shows on its own display what you are approving with every signature, which makes an unnoticed approval much harder.

SHIB at $0.0000044: without $0.0000047 the trend stays down

SHIB kept calm on Tuesday while Bitcoin and Dogecoin slipped, and the July low at $0.0000041 was not tested. That does not break the downtrend of the past 30 days, however. The fake tokens using Ryoshi's name change nothing about the price, but they do change the risk for everyone who holds SHIB themselves. Three steps for the coming days:

1. Check how you buy: Buy SHIB only from a provider with MiCA authorisation and compare spread and fees beforehand. Our comparison of regulated crypto exchanges gives an overview.
2. Secure your custody: If you move SHIB to your own wallet, compare the full contract address 0x95aD61b0a150d79219dCF64E1E6Cc01f0B64C4cE and never sign an approval for unknown tokens. The hardware wallet comparison shows which devices support this.
3. Record your purchases: Note the date, amount and price of every SHIB purchase. The tax office will ask for them when you sell, and with many small purchases a tool from our comparison of crypto tax software helps.

(As of November 10, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)

So far, bitcoin has not protected against losses in a financial crisis or recession. In the last three major downturns, the bitcoin price fell further than stocks and gold each time: by 52 percent in the 2020 Covid crash, by 77 percent in the 2022 rate turn and by 28 percent in the 2025 tariff shock. Afterwards, however, it often recovered faster than the stock market once central banks were pumping money back into the markets. Anyone wanting to understand what crypto does in an economic crisis therefore has to look less at the economy and more at interest rates and liquidity.

That contradicts the image many people have of bitcoin as "digital gold". The price data show a risk asset that is sold alongside tech stocks in a panic and gains more strongly in a recovery. For you as an investor in Germany, this is above all a question of position size and how you buy in, for example through regular purchases with one of the providers in our bitcoin buying comparison. The following sections run the numbers on the crises of 2020, 2022 and 2025 and assess where the economy stands in November 2026.

What is a recession, and when does it become a financial crisis?

A recession is a decline in overall economic output over several months. In Germany, the rule of thumb of a technical recession usually applies: gross domestic product (GDP), the value of all goods and services produced in the country, falls in two consecutive quarters compared with the previous quarter. In the US, the National Bureau of Economic Research (NBER) determines recessions and also looks at employment, income, consumption and industrial production.

A financial crisis is something else. Its origin lies in the financial system itself: banks run into liquidity trouble, credit dries up, asset prices collapse. The 2008 financial crisis triggered a deep recession, whereas the 2020 Covid recession was caused by the economy shutting down, while the banking system remained largely stable. For crypto the difference matters, because bitcoin was created explicitly as a response to the 2008 banking crisis: the first block of the bitcoin blockchain, dated January 3, 2009, carries a newspaper headline about a second bank bailout in Britain.

Telling economic crisis, bear market and crash apart

In everyday use the terms blur. A bear market means a market falling at least 20 percent from its high, a crash a slump within days. Both can happen without a recession. How bitcoin reacts to a pure stock market crash is covered in our guide to the 2026 stock market crash. This article is about the longer phases in which the economy shrinks or central banks put the brakes on growth.

Bitcoin in the 2020 Covid recession: down 52 percent, then a record year

According to the NBER dating, the shortest recession in US history lasted only two months: the peak in economic output was in February 2020 and the trough in April 2020. On the markets the crisis moved even faster. The S&P 500 fell 33.9 percent from February 19 to March 23, 2020, and the DAX 38.8 percent from February 19 to March 18.

Bitcoin was hit harder. From a close of around $10,330 on February 12, 2020, the price fell to about $4,970 by March 12, a drop of 51.9 percent. On March 12 alone, the day that went down in crypto history as "Black Thursday", bitcoin lost 37 percent on a closing basis. Investors sold everything that could quickly be turned into cash, and bitcoin could be traded around the clock. Even gold fell 11.8 percent in this phase, because many market participants needed cash for margin calls.

The rapid recovery after the flood of money

Then the picture changed. The US Federal Reserve cut its policy rate to zero in March 2020 and bought bonds on a large scale, while governments handed out support programmes. Bitcoin was back above its February high on July 27, 2020, the S&P 500 only on August 18 and the DAX not until December 28, 2020. Across the whole of 2020, bitcoin gained around 300 percent and the S&P 500 15 percent. The lesson from 2020: the first blow of a crisis hits crypto disproportionately, but so does the rescue policy that follows.

The 2022 rate turn: why bitcoin lost 77 percent without a recession

The year 2022 shows the second type of crisis. There was no recession in the US by the NBER definition, but inflation rose to its highest level in four decades, and the Fed raised its policy rate in rapid steps from near zero to over four percent. Rising rates make safe investments such as government bonds more attractive and drain capital from speculative assets. That is exactly what hit crypto.

From a close of around $67,570 on November 8, 2021, bitcoin fell to about $15,790 by November 21, 2022. That is 76.6 percent. Over the same period, the S&P 500 lost 25.4 percent from peak to trough, the DAX 26.4 percent and gold 20.2 percent. The slump was amplified by crises within the industry: the collapse of Terra and Luna in May, the bankruptcies of crypto lenders in the summer and the fall of the FTX exchange in November 2022.

A long dry spell back to the old high

This time the recovery took longer. Bitcoin did not surpass its November 2021 high again until March 4, 2024, more than 15 months after the low. The S&P 500 made it on January 19, 2024, and the DAX as early as May 2023. Anyone who sold in a panic in 2022, however, missed a rise of a good 150 percent in 2023. Anyone who bought at the high and held on needed just over two years to break even.

The 2025 tariff shock: bitcoin fell further than the S&P 500

The third test case is not long ago. After the US government's tariff announcements in early April 2025, many economists expected a recession in the US. The S&P 500 fell 18.9 percent from its high on February 19 to April 8, 2025, and the DAX 16 percent from March 6 to April 9. Bitcoin lost around 28 percent from a close of about $106,150 on January 21, 2025 to April 8, trading at around $76,270 at one point.

Gold behaved in this phase the way investors expect a crisis hedge to behave: it rose to record levels, and its largest pullback in the window to the end of May was seven percent. The predicted recession did not materialise, and markets recovered when the tariffs were partly suspended. Here too, then, bitcoin fell further than stocks but recovered along with them.

Correlation with stocks: bitcoin trades like a tech stock in crises

Correlation measures how closely two prices move in step. A value of 1 means moving in complete lockstep, 0 no relationship, minus 1 opposite moves. We compared the daily price changes of bitcoin and the S&P 500 for each calendar year. In 2019 the value was minus 0.12, so bitcoin largely went its own way. In 2020 it rose to 0.43, in 2022 to 0.56. In the current year, 2026, it stands at 0.47.

For comparison, the correlation between bitcoin and gold has not been above 0.27 in any year since 2019. In practice, this means that since the arrival of large institutional investors and the spot ETFs, bitcoin has been swinging more closely with the stock market than before. In a crisis in which funds cut risk, they sell stocks and bitcoin together.

2026: bitcoin falls while stocks rise

The current year shows that the correlation is not a fixed rule. Since the turn of the year, bitcoin has lost around 17 percent as of November 10 and stands at about $73,500, some 24 percent below its high for the year on January 14. Over the same period, the S&P 500 is up a good nine percent and the DAX a good seven percent. A sharp setback on the stock market in early November nevertheless dragged bitcoin down with it, as our analysis of the bitcoin crash of November 5 shows. The link therefore works mainly to the downside.

Liquidity and central banks: what drives the recovery after a crisis

The most important driver for bitcoin in crises is liquidity: the amount of money and credit available to investors. If a central bank cuts rates or buys up bonds (quantitative easing), liquidity rises and high-risk assets benefit disproportionately. If it raises rates or shrinks its balance sheet (quantitative tightening), the opposite happens.

The three crises show the pattern clearly. In 2020, the Fed and the European Central Bank responded within days with rate cuts and bond purchases, and bitcoin recovered in four months. In 2022, central banks fought inflation, liquidity fell throughout the year, and bitcoin only found a floor after rate hikes ended. For a future recession, this means the decisive question is whether inflation leaves central banks room to cut rates. A recession with high inflation, known as stagflation, would be the less favourable environment for crypto.

The 2023 banking crisis: the case in which bitcoin rose

There is one exception to the pattern. When Silicon Valley Bank collapsed in March 2023, bitcoin rose around 36 percent from March 10 to 17, the S&P 500 only 1.4 percent. This time the crisis concerned the banking system itself, and the US authorities guaranteed all deposits. Many investors read the price rise as confirmation of the original idea behind bitcoin: an asset that does not depend on the health of individual banks. A single case, however, is no proof of lasting behaviour.

Digital gold? Bitcoin and gold compared in crises

The "digital gold" label rests on two properties: the supply is limited, to 21 million units in bitcoin's case, and no state can print new coins. A store of value is an asset that preserves its purchasing power over a long period. Over ten years, bitcoin has fulfilled this role so far, but not in acute crises. Gold lost at most just over 20 percent in the three phases examined, bitcoin up to 77 percent.

Gold has a head start of millennia: central banks hold it as a reserve and buy more in crises. Bitcoin, by contrast, is held mainly by private investors, funds and companies, which are more likely to have to sell in a recession. Whether that changes as adoption grows is an open question. Anyone looking for protection against an economic crisis today will, on the data, find it in gold and high-quality government bonds rather than in bitcoin.

Recession signals in 2026: where the German economy stands in November

Germany is not currently in a technical recession. According to the Federal Statistical Office's flash estimate of October 30, 2026, GDP grew by 0.2 percent quarter on quarter in the third quarter of 2026, adjusted for price, seasonal and calendar effects, and by 1.3 percent year on year adjusted for price, as DATEV reports the Destatis release. Consumer spending rose slightly, while investment declined. Growth is weak, but positive.

Signals you can follow if you want to know whether a recession is drawing closer:

• GDP flash estimates from Destatis, published about 30 days after the end of each quarter. Two minus signs in a row mean a technical recession.
• Labour market: rising unemployment figures from the Federal Employment Agency and in the US jobs reports are among the NBER's criteria.
• Yield curve: if yields on short-dated government bonds are above those on long-dated ones, this is called an inverted yield curve. Such a curve has preceded many recessions in the US, albeit with a long and variable lead time.
• Purchasing managers' indices: readings below 50 indicate that the companies surveyed expect business activity to shrink.
• Central bank decisions: the most important for crypto. Rate cuts in a weak economy have so far helped bitcoin, rate hikes have hurt it.

A crypto portfolio in an economic crisis: you must be able to bear a 50 percent drop

The figures allow a few sober conclusions for your crypto portfolio. First, position size: if bitcoin can realistically lose half or more of its value in a crisis, its share of your assets should be sized so that you can withstand such a drop without having to sell. Anyone who needs money for daily life during a crisis sells at the worst moment.

Second, how you buy in: a savings plan spreads purchases over many months and reduces the risk of investing everything just before a crash. Third, custody: in a financial crisis, crypto exchanges also come under pressure, as the FTX case showed in 2022. Anyone holding larger amounts for the long term should consider their own wallet or at least an exchange authorised under the European MiCA crypto regulation.

Fourth, tax: in Germany, gains from selling bitcoin are tax-free after a holding period of more than one year (Section 23 of the Income Tax Act). Losses from sales within the one-year period can be offset against gains from other private disposals. Anyone selling in a crisis should first check how long they have held the coins.

Bitcoin in a recession: without a turn in rates there is no tailwind

In the crises of 2020, 2022 and 2025, bitcoin was a risk asset with deep setbacks and a quick recovery as soon as money became cheaper. For a possible recession, this means: expect large swings and plan so that you do not have to sell.

1. Spread your entry: Compare providers for regular purchases in the bitcoin savings plan comparison instead of investing a large amount at once.
2. Choose how to buy: You will find the platforms' fees, spreads and withdrawal options in the comparison of providers for buying bitcoin.
3. Secure custody: Look for MiCA authorisation; the comparison of regulated crypto exchanges offers an overview.

(As of November 10, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)

Bittensor is a blockchain network that trades computing power for artificial intelligence (AI) like a commodity and pays for it with its own token, TAO. Anyone who supplies a language model, image recognition or a forecast is rewarded in TAO, and the better other participants rate the work, the bigger the reward. The actual AI work runs outside the blockchain, in what are known as subnets. The blockchain records who takes part, measures who does good work and distributes new tokens accordingly.

For investors in Germany, Bittensor (TAO) is interesting above all as one of the largest AI tokens on the crypto market. On November 10, 2026, one TAO costs around €193 ($215) according to CoinGecko, and market capitalisation is about €2.26 billion, enough for 39th place among all cryptocurrencies. TAO can be bought on several large exchanges; our comparison of crypto exchanges shows which providers are authorised in Germany. This profile explains how the network works, how TAO is created and where the risks lie.

Bittensor explained simply: a blockchain network as a marketplace for AI services

The basic idea comes from the white paper "Bittensor: A Peer-to-Peer Intelligence Market", published under the pseudonym Yuma Rao. In it, machine intelligence is meant to emerge through a market, like other commodities. AI systems rate each other, the ratings go into a shared ledger, and highly rated participants receive more weight and more tokens. An incentive mechanism is meant to protect the system against collusion, as long as no more than half of the network's weight teams up.

Technically, Bittensor is a layer-1 blockchain of its own called Subtensor, built with the Substrate framework that Polkadot also uses. A block is produced every twelve seconds. The blockchain itself does not run any AI models; it serves as a settlement system for work that happens elsewhere, much as an exchange settles trades but produces no goods.

A comparison with conventional AI providers helps put it in context. At a large technology group, the company decides which model is trained and who earns from it. On Bittensor, each subnet sets its own rules, and the network distributes rewards according to performance. The project is open source, and the blockchain's code is public.

Subnets, miners and validators: who does what work in the Bittensor ecosystem

A subnet is a self-contained market for a specific task, such as text generation, data storage or forecasting. Each one carries a number. Every subnet has three roles, which Bittensor's official documentation describes in detail.

• The owner registered the subnet, defines the incentive mechanism and sets the parameters.
• Miners deliver what the subnet asks for: a response from a language model, stored data, a forecast. On Bittensor, a miner is therefore a supplier of AI work and does not find blocks as on Bitcoin.
• Validators check the miners' work and assign scores, which the protocol calls weights. Only those with enough stake behind them become validators; by default, the 128 participants with the highest stake receive a permit.

The number of slots per subnet is limited, by default to 256 participants. Anyone registering in a full subnet displaces the lowest-rated participant that is no longer under a grace period. With runtime version 475 from October 2026, subnets may also allocate up to 2,500 slots and choose a simplified scoring method; we described the details on October 19 in a separate article on Null Consensus.

A fourth group joins these roles: stakers. These investors make their TAO available to a validator, strengthening its weight, and in return receive part of its earnings, minus a commission that Bittensor calls the take.

Yuma Consensus: how the consensus mechanism separates good work from bad

Yuma Consensus is the method Bittensor uses to turn the scores of many validators into a shared ranking. Each subnet works in cycles called tempos. During a cycle, the validators set their weights on the miners; at the end, Yuma Consensus aggregates these weights, weighted by the validators' stake. This produces each participant's rank, trust and share of the payout.

The trick lies in the comparison: a validator whose scores differ markedly from the majority loses influence and earnings. Anyone trying to boost a friendly miner therefore harms themselves. With this consensus mechanism, Bittensor aims to make honest scoring pay, even when participants do not know each other.

One point is important for understanding it: Yuma Consensus does not secure the blockchain itself. The blocks of the Subtensor blockchain are produced through a separate process with nodes that run the network. Yuma Consensus only decides how the new TAO and alpha tokens are distributed within a subnet.

Dynamic TAO and alpha tokens: since February 2025 the market decides the distribution

The biggest change in the network's history is called Dynamic TAO, or dTAO for short. Since the upgrade in February 2025, each subnet has its own token, the alpha token. It is traded against TAO in a liquidity pool managed by the protocol itself. Anyone staking TAO into a subnet swaps it at the pool price into that subnet's alpha; anyone leaving swaps back.

Before the upgrade, a small group of validators in the root network decided how much each subnet received. Today, a subnet's share of new TAO depends on a smoothed average of its alpha price. A subnet whose token is in demand therefore gets more. To stop short-term buying waves from gaming the system, this average adjusts only very slowly for young subnets. An additional filter dampens weak subnets: the benchmark is the share of the subnet ranked 32nd, and any subnet well below it receives disproportionately less.

Within a subnet, the default setting splits the payout as follows: 18 percent to the owner, 41 percent to miners and 41 percent to validators and their stakers. Owners may change this split within fixed limits, and miners receive at least 33 percent. Like TAO, each alpha has a cap of 21 million units. An alpha token from subnet 4 is not worth the same as one from subnet 64, as the pools are separate.

TAO tokenomics: a 21 million cap and a halving based on issuance

TAO is modelled on bitcoin: there are at most 21 million tokens, and issuance halves in stages. Initially, one TAO was created per block. The first halving took place in December 2025; since then it has been 0.5 TAO per block, which at 7,200 blocks a day means around 3,600 TAO daily.

The difference from bitcoin lies in the trigger. On bitcoin, the reward halves after a fixed number of blocks, roughly every four years. On Bittensor, it is the issued amount that counts: issuance halves each time the total amount crosses the midpoint of the remaining supply, so at 10.5 million and then at 15.75 million TAO. TAO collected for registrations or fees is deducted by the protocol from the issued amount and can be issued again later. The more is recycled, the later the next halving comes. There is therefore no fixed calendar date.

According to CoinGecko, around 11.7 million TAO are in circulation on November 10, 2026, a good 56 percent of the maximum supply. Arithmetically, that leaves about four million TAO to go until the 15.75 million threshold; at 3,600 new tokens a day, that would take a little over three years, provided nothing is recycled.

Staking on Bittensor: root network with TAO or subnet with alpha

On Bittensor, staking means assigning your TAO to a validator and sharing in its earnings in return. Since dTAO there are two fundamentally different routes. In the root network, subnet 0, your stake remains TAO. This network has no miners and no token of its own; the TAO bonded there does, however, count towards validators' weight in all subnets, currently with a factor of 0.18, and receives a share of their earnings.

In the second route, you stake directly into a subnet. You then swap TAO into its alpha token and carry the price risk of that one subnet. If demand for the subnet rises, alpha can gain against TAO; if it loses relevance, the value falls, and swapping back can incur price discounts depending on the pool size. The documentation recommends simulating the swap beforehand, because otherwise fees and slippage only become visible afterwards.

Our comparison of staking platforms gives an overview of which platforms offer staking for TAO and other coins and what they charge. If you hold the tokens yourself, Bittensor works with two keys: the coldkey holds the balance and allows transfers and staking, while the hotkey handles the ongoing work in a subnet.

Opentensor Foundation, founders and governance: who is behind Bittensor

Bittensor is developed by the Opentensor Foundation; Jacob Steeves and Ala Shaabana are regarded as its co-founders. The white paper bears the author name Yuma Rao, after whom the consensus mechanism is also named. Companies of their own have formed around the network, such as Yuma, a subsidiary of Digital Currency Group that supports and finances subnets.

Governance is the project's sore point. In April 2026, the Covenant AI team withdrew from the ecosystem, citing criticism of the core team's decision-making power; the price then fell sharply, as we reported on April 10. Changes to the blockchain, such as new runtime versions, still come from a small circle of developers today. Anyone holding TAO should be aware of this dependency.

On the institutional side, interest is growing. On October 23, 2026, Grayscale filed a revised version of its application with the US Securities and Exchange Commission (SEC) to convert its Bittensor trust into an exchange-traded fund. There is no approval or launch date yet; we described the details on October 29.

TAO in Germany: crypto exchange, an ETP with a 2.5 percent fee, and the holding period

For retail investors in Germany there are two common routes to TAO. The direct route is through a crypto exchange that lists TAO, including Coinbase and Bitvavo. There you buy the actual token and can withdraw it to your own wallet to stake it yourself. Check for authorisation under the European MiCA crypto regulation; our comparison of regulated crypto exchanges lists which providers hold it.

The second route is an exchange-traded product through a securities account. The 21Shares Bittensor ETP (ticker ATAO, ISIN CH1495416971) has existed since October 22, 2025. According to the factsheet of October 30, 2026, it is physically backed by TAO held in custody at BitGo, and the annual fee is 2.50 percent. Legally, an ETP is a debt security, not a fund; the product is approved for distribution in Germany. More on this product class is in our guide to crypto ETFs and ETPs in Germany.

For tax purposes, TAO is treated like other cryptocurrencies. Gains from a sale are tax-free after a holding period of one year; before that they count as a private disposal under Section 23 of the German Income Tax Act, with an exemption limit of €1,000 a year. Staking income is taxable on receipt as other income, with an exemption limit of €256. dTAO adds a peculiarity: anyone staking TAO into a subnet swaps it into alpha, given how the protocol works. A swap of crypto assets generally counts as a disposal for tax purposes; whether the tax authorities see subnet staking the same way has not been settled. If in doubt, it is worth asking a tax adviser, and every transaction should be documented.

Bittensor risks: TAO trades around 72 percent below its all-time high

On March 7, 2024, TAO reached its all-time high of $757.60 according to CoinGecko. At $215 on November 10, 2026, the price is around 72 percent below it. Price swings are large, partly because the market trades AI tokens as a group of their own, where sentiment can turn quickly.

On top of that come risks built into the design. The alpha pools of small subnets are sometimes thin, and exiting can cost significant discounts. A subnet's success depends on whether its AI work finds buyers outside the network; rewards from newly issued tokens are not revenue from customers. Control of the protocol lies in a few hands, and new rules such as Null Consensus change the distribution at short notice. Finally, Bittensor is technically demanding: anyone working with coldkey and hotkey themselves needs secure storage, ideally a hardware wallet, and must bear the cost of any mistakes when swapping.

Bittensor (TAO): exchange, staking route and tax records

1. Choose a provider: Check which authorised exchange lists TAO and what buying and withdrawing cost. The crypto exchange comparison helps.
2. Decide on the staking route: Decide whether your TAO stays in the root network or moves into a subnet alpha, and compare the terms in the staking comparison.
3. Keep records: Record the purchase date, the swap into alpha and every staking reward, most easily with a tool from our comparison of crypto tax tools.

(As of November 10, 2026. This article is not investment advice. Prices and fee structures change; check the terms with the provider before you buy.)

The Bitcoin miner says its Boden facility could generate $45 million annually, but a June letter of intent remains nonbinding as executives negotiate financing and customer protections for the project.

Truth Social’s parent booked $409.7 million in quarterly income largely from crypto investments, even as its stock remained more than 94% below its March 2024 peak.

The chipmaker has erased its 2026 gains as a suspected Chinese espionage case brings fresh scrutiny of CEO Jensen Huang.

An SGLang flaw let an attacker reach internal systems and potentially view confidential AI requests, exposing the limits of hardware-backed privacy protections.

Elon Musk says the incoming Grok 4.8 will trail Anthropic’s Claude Opus 5.5, praising his rival’s model while predicting Grok 5 could surpass it in two or three months.

Chainlink, Cardano, Ethereum and Dogecoin remain under pressure as bearish sentiment drives the market toward critical fear levels.

Chicago-based investment management firm Rothschild Investment LLC has disclosed its first reported stake in the Bitwise XRP ETF, adding the Ripple-linked cryptocurrency to its portfolio.

Crypto exchange Gemini has named the biggest altcoin losers of 2026, with Bitcoin Cash leading the bloodbath after plunging nearly 62%.

Marc Asch, founder of Hidden Road, now Ripple Prime, will leave the company at the end of 2026, with senior vice president Noel Kimmel appointed to lead the institutional brokerage business.

Ledger CTO Charles Guillemet has warned crypto holders against storing recovery phrases on iPhones following Binance's urgent alert over a dangerous iOS vulnerability, with the warning coming just weeks after Ledger's own hardware wallet security scandal.

TLDR

• BBAI shares fell 5.10% to $2.3250 despite a new European security certification.
• Pangiam earned ECAC approval alongside SureScan’s DETECT 1000 CT baggage scanner.
• ECAC lists Pangiam among only two third-party approved APIDS software solutions.
• The certification builds on Dutch approval secured by BigBear.ai in July 2026.
• BigBear.ai plans additional tests with equipment makers and certification bodies.

BigBear.ai Holdings (BBAI) shares fell 5.10% to $2.3250 as the company announced a new European aviation security certification. Its Pangiam Threat Detection software met a screening standard alongside SureScan’s DETECT 1000 CT system. The milestone strengthened the platform’s credentials, although the stock remained under selling pressure.

BigBear.ai Holdings, Inc., BBAI

BigBear.ai Secures European Certification for Pangiam Threat Detection

BigBear.ai announced that Pangiam Threat Detection received certification from the European Civil Aviation Conference (ECAC). The approval covers its integration with SureScan Corporation’s DETECT 1000 CT baggage screening system. Moreover, the certification confirms compliance with the ECAC/EU Automated Prohibited Items Detection System (APIDS) Standard 1.

The certification places Pangiam among only two third-party software solutions on ECAC’s APIDS approval list. Aviation security authorities across 44 ECAC member states use the list when evaluating airport screening equipment. Consequently, the recognition expands the platform’s regulatory standing beyond its previous national approval.

BigBear.ai previously secured Dutch national approval for the same screening configuration in July 2026. However, that approval covered the Netherlands rather than the wider European aviation security framework. The latest certification establishes another regulatory milestone as the company pursues additional testing with equipment manufacturers.

Pangiam AI Platform Expands Airport Security Capabilities

Pangiam Threat Detection uses artificial intelligence to analyze three-dimensional CT scans of passenger cabin baggage. The system identifies potential prohibited items and alerts security officers during screening operations. Its near-real-time analysis supports faster assessments while maintaining human oversight of security decisions.

The platform also provides smart device interfaces that help airport personnel manage screening operations remotely. These tools support incident escalation, employee training, security audits, and operational supervision. Furthermore, its threat analytics help screening teams evaluate flagged items within established airport security procedures.

BigBear.ai has tested the platform extensively, including continuous deployment at a major European airport. The company has also integrated its software with modern CT screening equipment and airport security workflows. These deployments provide operational experience as BigBear.ai continues developing its aviation security technology.

BBAI Stock Declines Despite European Regulatory Milestone

Despite the certification announcement, BBAI shares remained under selling pressure during the trading session. The stock’s decline contrasted with the company’s progress in securing European aviation security recognition. However, the announcement provided no financial projections or confirmed revenue contributions from the certification.

The ECAC approval creates a broader regulatory reference for airports evaluating compatible automated baggage screening systems. Nevertheless, individual aviation authorities retain responsibility for equipment approval decisions within their jurisdictions. BigBear.ai plans further certification testing with additional regulatory bodies and screening equipment manufacturers.

The company’s aviation security operations form part of its wider defense and security technology business. Its latest milestone strengthens Pangiam’s technical credentials across European aviation screening markets. Meanwhile, BBAI stock’s decline highlights the gap between regulatory progress and the company’s immediate share price performance

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TLDR

• Ondas secures a Digital Bat order to develop affordable tactical attack drones.
• ONDS shares decline 7.45% even as the company advances its defense drone plans.
• Planned ARAN deal would add 4,400 square meters of Israeli manufacturing space.
• Airobotics will lead drone technology, while ARAN may support manufacturing.
• Ondas targets capacity for thousands of drones as it expands precision strike.

Ondas Inc. secured a new purchase order for its Digital Bat tactical drone program, advancing its plans for larger production. Meanwhile, Ondas stock traded at $5.53, down 7.45%, despite the company’s announcement about expanding its autonomous defense operations. The contract covers development and production of affordable attack drones, while Ondas prepares additional manufacturing resources for future defense programs.

Ondas Holdings Inc., ONDS

Ondas Secures New Digital Bat Drone Purchase Order

Ondas announced the purchase order on November 10, marking another step in its previously awarded Digital Bat defense program. The program focuses on low-cost tactical attack drones that combine autonomous functions with capabilities for precision strike missions. The company plans to create dedicated production operations as demand grows for affordable unmanned systems across defense markets.

The latest order moves Digital Bat toward manufacturing, although Ondas did not disclose its value or delivery schedule. Ondas also identified potential demand for tens of thousands of affordable drones, but this figure represents its market assessment. For now, the confirmed development and production order provides a foundation for the company’s broader manufacturing expansion strategy.

The program forms part of Ondas’ Precision Strike business, one of four operating segments across its defense portfolio. Its other activities include aerial security, intelligence and surveillance systems, and autonomous ground vehicles for military and security applications. Together, these segments support the company’s objective of integrating unmanned platforms, software, sensors and manufacturing within one organization.

Planned ARAN Acquisition Supports Manufacturing Expansion

Ondas intends to combine its Airobotics technology business with the manufacturing infrastructure of ARAN Defense following its planned acquisition. The company announced the acquisition agreement in August 2026 and expects to complete the transaction during the fourth quarter. ARAN’s planned contribution to Digital Bat manufacturing depends on the transaction closing and the companies completing operational integration.

ARAN operates approximately 4,400 square meters of engineering and manufacturing facilities in Israel, offering substantial industrial capabilities. Its services include CNC machining, prototyping, electromechanical assembly, 3D printing, procurement, quality checks and supply-chain coordination for complex projects. Through these resources, Ondas aims to improve production efficiency and establish repeatable processes for manufacturing affordable autonomous defense systems.

Airobotics will oversee Digital Bat development, autonomous functions, mission software and the integration of its drone systems. After the acquisition closes, Ondas expects ARAN to contribute industrial engineering and manufacturing support across the expanding program. The combined operation aims to establish capacity for thousands of systems while supporting other projects within Ondas’ defense businesses.

Digital Bat Order Advances Ondas Defense Strategy

Ondas seeks to expand serial production as defense customers increase their focus on cost-effective and rapidly deployable autonomous aircraft. The company also plans to develop scalable facilities that can serve additional programs and international customers over time. These objectives extend beyond the current Digital Bat order, and the company has not announced completed production at that scale.

Ondas connected its expansion strategy with broader defense procurement efforts that emphasize large fleets of affordable drones. The company cited the United States Drone Dominance Program as an example of demand for lower-cost unmanned aircraft. Its approach combines artificial intelligence, mission software, physical platforms and engineering resources to support a wider range of operations.

The planned manufacturing structure could also serve Ondas’ aerial security, surveillance and autonomous ground vehicle operations after integration. Digital Bat offers an initial application for infrastructure that Ondas expects to use across several defense programs. The purchase order marks progress toward production, while the proposed ARAN acquisition remains a key step in expansion.

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TLDR

• Alphabet (GOOGL) stock slipped 0.48% on Tuesday as Google released Gemini 4 Carbon to paying developers and businesses.
• Intro pricing is $2 per million input tokens and $10 per million output tokens, rising to $4 and $20 on December 1.
• Carbon checks its answers more, so it uses more tokens and can cost more than Argon at the same rate.
• Google says Carbon ranked first on three AI coding and automation tests at less than half the next-best cost.
• Wall Street rates GOOGL a Strong Buy with an average price target of $398.30.

Alphabet (GOOGL) stock slipped 0.48% on Tuesday as Google opened its strongest AI model to paying users. Gemini 4 Carbon is now available to developers and businesses.

Alphabet Inc., GOOGL

The launch comes with a clock attached. Introductory pricing is $2 per million input tokens and $10 per million output tokens, and it ends after November 30.

Starting December 1, those rates rise to $4 and $20. Google has not said how much revenue it expects Carbon to bring in.

Carbon matches the launch pricing of Gemini 4 Argon, which stays Google’s pick for everyday coding and office work. Carbon is built for harder jobs with many steps, like hunting bugs in complex software or doing scientific research.

Why Carbon Can Cost More Than the Price Tag Says

The catch is in how it works. Carbon spends more time on tough problems and checks its own answers.

That takes more tokens, which are the units AI systems process. So a complex request could cost more on Carbon even at the same per-token price as Argon.

Google says Carbon ranked first on three AI coding and automation tests. It also finished those tasks at less than half the cost of the next-best rival, based on the company’s reported results.

Google also calls Carbon its strongest model for long-running agent work. That covers software engineering, full-stack web development and scientific reasoning.

Cybersecurity is part of the pitch. Wiz, Google’s security partner, used Carbon to find previously unknown software flaws at two major software providers in under two hours.

Early users also turned up zero-day vulnerabilities in a short span, according to the company.

Developers get another tool alongside it. Google is testing a feature called Swarm in its Antigravity platform, which lets one instruction go out to several AI agents at once.

One agent might write code while another checks it for mistakes.

Cloud Numbers and Wall Street’s View

Google Cloud revenue rose 103% last quarter to $30.7 billion. Operating profit more than tripled to $11.1 billion.

The unit ended the quarter with $561 billion in contracted future revenue, though that includes services beyond AI models.

Analysts rate GOOGL a Strong Buy, based on 30 Buys and four Holds over the past three months. The average price target of $398.30 implies 38.7% upside.

Carbon is available in Google AI Studio and Android Studio on the paid API tier, and in Gemini for business. Google AI Ultra subscribers can try it in AI Studio and Antigravity, and the higher pricing starts December 1.

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TLDR

• BitGo closed Monday at $5.10, up 4.94%, then slipped 1.14% after hours to $5.04.
• Q3 net income rose 94% to $44.1 million, driven by a $71.5 million unrealized crypto gain.
• Revenue fell 51% to $2.85 billion, missing the $4.2 billion consensus by 32%.
• The company posted an operating loss of $19.2 million and an adjusted EBITDA loss of $4.3 million.
• BitGo bought back $24.7 million of stock and holds 2,399 Bitcoin worth $200.4 million.

BitGo Holdings (BTGO) closed Monday at $5.10, up 4.94%, before the company released its third-quarter report. The stock slipped 1.14% in after-hours trading to $5.04 once the numbers came out.

BitGo Holdings, Inc., BTGO

The crypto custodian reported net income of $44.1 million, up 94% from a year ago. Diluted earnings came in at $0.36 per share, versus $0.15 last year.

That profit came from a paper gain, not from cash in the till. BitGo booked a $71.5 million unrealized gain on its digital asset treasury.

Day-to-day operations told a different story. The company posted an operating loss of about $19.2 million and an adjusted EBITDA loss of $4.3 million.

Revenue fell 51% to $2.85 billion, from $5.81 billion a year earlier. That missed the $4.2 billion Zacks consensus by 32%.

Why Revenue Dropped

Digital asset sales brought in $2.72 billion, down 52% from a year ago. BitGo blamed weaker crypto trading and a bigger mix of low-margin stablecoin activity.

After costs, those sales left just $4.2 million, a margin of 15 basis points. That compares with 17 in the second quarter and 20 a year ago.

Revenue after direct costs fell 32% to $37.3 million. Operating expenses, excluding direct costs, dropped 5.5% from the prior quarter to $56.6 million.

The cost cuts followed a June layoff of about 15% of staff. BitGo said it wanted to refocus on trading, stablecoins and artificial intelligence.

Clients, Stablecoins and Buybacks

BitGo ended the quarter with 6,640 clients, up 33% from 4,988 a year earlier. The platform served about 1.3 million users.

Platform assets fell to $59.9 billion from $104 billion as crypto prices dropped. Adjusted for current prices, platform assets rose 32% and staked assets rose 41%.

Stablecoin-as-a-Service revenue rose 52.5% to $37.4 million, though it slipped 3.8% from the prior quarter. Staking revenue was $68.2 million, down 24% on the year.

BitGo bought back $24.7 million of its stock under a $50 million plan. About $25.3 million is still available.

The company closed its purchase of NYDIG’s institutional trading business during the quarter. It also expanded its OKX settlement setup abroad, and CEO Mike Belshe said BitGo “expanded our global footprint.”

On Sept. 30, BitGo held $143.2 million in cash and 2,399 Bitcoin worth $200.4 million. Riot Platforms finished moving its Bitcoin custody from NYDIG to BitGo on Oct. 29.

The stock has traded between $4.36 and $24.50 over the past 52 weeks and is down about 60% this year. After hours Monday, it sat at $5.04.

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TLDR

• Bitdeer posted record Q3 revenue of $320.7 million, up 89% and above estimates of $251.11 million.
• The per-share loss was $0.46, wider than the $0.37 analysts expected.
• Net loss grew to $125.5 million from $30.1 million, as cost of revenue jumped to $309.9 million.
• The miner mined 3,855 BTC but held only 47 BTC at the end of September.
• The AI Cloud backlog reached about $2.9 billion, and the Tydal site in Norway is on track for Q4.

Bitdeer (BTDR) stock closed Monday at $6.61, up 9.9%, ahead of its third-quarter report. Tuesday’s trading was choppier.

Bitdeer Technologies Group, BTDR

Premarket moves were mixed, with one report showing a 1.5% gain and another a 2.7% drop. Later in the day, the stock was down about 7%.

The report showed record revenue of $320.7 million, up 89% from $169.7 million a year earlier. Analysts had expected $251.11 million.

The bottom line was not as kind. Bitdeer lost $0.46 per share, wider than the $0.37 loss analysts expected.

Where the Bitcoin Went

Bitdeer mined 3,855 BTC in the quarter, up from 1,109 Bitcoin a year earlier. Its proprietary hashrate rose to 86.4 EH/s from 35 EH/s.

Yet the miner held just 47 BTC on Sept. 30. A year earlier, it held 2,029 BTC.

Bitdeer took in $221.5 million from selling digital assets in the quarter, mostly mined bitcoin. In short, it sold much of what it dug up.

It ended September with $43.2 million in digital assets. It also had $343.8 million in digital-asset receivables from a related party, for a combined $387 million.

Cash and cash equivalents stood at $213.7 million.

Costs Outran Sales

Cost of revenue jumped to $309.9 million from $130.0 million, mainly on higher electricity costs and depreciation. Gross profit fell to $10.8 million from $39.7 million.

Net loss widened to $125.5 million from $30.1 million. A non-cash $54.6 million charge tied to a digital-asset loan was part of that.

Adjusted EBITDA still climbed 173% to $69.6 million from $25.5 million. Self-mining revenue rose to $217.5 million from $130.9 million.

Co-mining added $59.9 million. AI Cloud revenue rose to $20.4 million from $1.8 million.

The AI Cloud backlog reached about $2.9 billion, with roughly 332 IT megawatts of capacity secured. CFO Michael G. Potter said the company is “converting AI demand into long-duration contracts.”

He added that customer prepayments and project-level financing are meant to fund AI capacity as it is contracted. Construction at the Tydal site in Norway remains on schedule for energisation in the fourth quarter of 2026.

BTDR was down about 7% on Tuesday, while bitcoin slipped about 2%.

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