Bitcoin dropped to $100,640.15, declining 5.6% in 24 hours and briefly breaking below $100,000 on Binance futures for the first time since June 23. The decline coincided with the dollar index rising to 100.215, four consecutive days of spot ETF outflows totaling approximately $1.34 billion, and $1.3 billion in futures liquidations across crypto markets.

President Trump told 60 Minutes on November 2 that China poses a competitive crypto threat, stating the country is "getting into it very big." The assertion contrasts with Beijing's 2021 ban on crypto trading and mining. Multiple parallel systems—Hong Kong's licensed market, the e-CNY CBDC exceeding ¥7 trillion in transactions, and gray-market stablecoin adoption—create the appearance of Chinese advancement in digital assets despite the mainland prohibition.

Perpetual decentralized exchanges recorded $1.049 trillion in 30-day volume as of October 24, crossing the $1 trillion threshold for the first time, data show. On-chain open interest stands at $15.83 billion, down 12% over the same period. The surge followed major liquidations on October 10-11, when a tariff-driven selloff triggered what industry trackers described as the largest liquidation event in crypto history.

Federal Reserve Governor Christopher Waller introduced a payment account proposal on October 21 that would provide stablecoin issuers and crypto firms access to Fed payment systems without full master account rights. The account would enable Fedwire and ACH connectivity while excluding interest payments, overdraft facilities, and emergency lending access. The framework aims to support payments innovation while limiting central bank exposure to digital asset entities.