Bitcoin Holds Near $76,000 as Nasdaq Slides Into Correction
Bitcoin traded near $76,000 on Thursday afternoon while the Nasdaq sank further into a correction. Crypto liquidations topped $1 billion, and Strategy, Coinbase and bitcoin miners fell by double digits.
Why it matters: Bitcoin dropped alongside tech stocks and leveraged positions were wiped out, which shows how much of the market still runs on risk appetite and cheap credit rather than the sound money case bitcoin was built on.
Core Scientific Ends Bitcoin Mining, Goes All-In on AI Colocation
Core Scientific will finish winding down its bitcoin mining in the fourth quarter and enter 2027 as a pure-play AI colocation provider. Its self-mining revenue has already fallen to $12.3 million, while the colocation business has reached $215 million. The company is choosing to rent out its power and data center space to AI tenants rather than run its own machines.
Why it matters: When a major miner hands its power to AI tenants, the market is telling Bitcoin's network that hashing no longer pays as well as other uses of scarce energy.
Tech Selloff Pushes Money Into Gold Above $4,080 as Treasury Yields Fall
US tech stocks sold off heavily on November 5 (local time), and capital moved into safe assets. Treasury yields dropped sharply and gold rose above $4,080 an ounce. The dollar gained only modestly ahead of the jobs report, but the dollar-won rate jumped more than 1%, showing the risk-off mood reached currency markets too. Investors were reacting to fears of tougher AI regulation after the US midterm elections and the chance that the Fed raises rates.
Why it matters: When equities crack and the central bank may tighten at the same time, investors still run to gold, which tells you how little they trust paper money and policy promises, and Bitcoin is the same escape hatch with a fixed supply and no central bank behind it.
Montana Bans Corporate and Union Election Spending, and a Lawsuit Follows
The Institute for Free Speech has sued over a new Montana law that bars corporations, unions, and nonprofits from spending money on elections. The group argues the ban gets around the Supreme Court's 2010 Citizens United ruling and violates the First Amendment rights of those organizations.
Why it matters: When the state decides which organizations may spend money to speak, it shows why people need control over their own capital and why voluntary association should not depend on government permission.
White House Reviews SEC Plan to Ease Crypto Broker-Dealer Capital Rules
The White House Office of Information and Regulatory Affairs (OIRA) is reviewing an SEC proposal to amend net capital and customer asset protection rules for broker-dealers that handle digital assets. Coin Gape reported on the 5th (local time) that the proposal, regulatory identifier 3235-AN48, is under OIRA review. The SEC is adapting legacy securities rules to crypto markets, and the rulemaking has now reached formal review.
Why it matters: Each rule that lets regulated intermediaries custody bitcoin widens access, but it also keeps the state inside the custody chain, so self-custody remains the sounder default.
October Jobs Report Lands Today at 8:30 a.m. ET, Fed Watchers Take Note
The Bureau of Labor Statistics releases the October nonfarm payrolls report this Friday, November 6, at 8:30 a.m. ET. CNBC's preview walks through what to watch in the numbers. Payrolls feed directly into how traders price the Federal Reserve's next rate move.
Why it matters: A single jobs print is a snapshot, but the Fed reacts to it, and every shift in rate expectations reprices the dollar that savers are forced to hold.
Nic Carter Says Bad News Hides Real Reasons for Optimism
Nic Carter opens by acknowledging a widespread sense that the world is getting worse, and getting worse fast. He pushes back on that mood in an essay on his site, arguing that the gloomy headlines leave out real grounds for hope. The piece works as a counterweight to the prevailing doom narrative, and Carter sets out his case in full.
Why it matters: A belief that decline is inevitable tends to justify more central planning, while a sound-money case that survives a clear look at the trend gives people reason to protect their own savings rather than hand them to institutions.
This digest curates and summarizes news from multiple sources. All source links are provided for full context. Summaries reflect the author's interpretation and do not constitute financial advice. View all sources