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first_img 10x Research Founder: Wall Street Ends Bitcoin Surge, Year-End Target Price $90,000

Markus Thielen, founder of 10x Research, stated in the Cointelegraph podcast Trade Secrets that the days of Bitcoin experiencing double-digit gains consecutively are over, as Wall Street traders and profit-taking whales are reshaping the market structure. He believes that institutional traders are selling call options after price increases, making the extreme price surges of earlier years less common. Thielen, who is also the author of the industry historical work Crypto Titans, found in his writing that each cycle has different drivers, and different drivers attract different investors. The current drivers are from Wall Street, with investors trading based on economic data and Federal Reserve decisions.Thielen estimates that among the $60 billion in net inflows for spot Bitcoin ETFs he analyzed, market makers could account for as much as half. These institutions hold ETF shares to hedge options trading, so they do not necessarily represent a bet on Bitcoin's price increase. His estimate is based on a review of the SEC's 13F filings. He still expects Bitcoin to reach $90,000 by the end of the year, but it may first drop to a range of $76,000 to $79,000. Bitcoin fell to about $76,100 last Friday after a $6.3 billion hacking incident on Binance, with a cumulative drop of 7.3% in October.Thielen expects Bitcoin to outperform Ethereum, believing that too much value generated by Ethereum's ecosystem is flowing to Layer 2 networks. He has been bearish on Ethereum for over a year, comparing it to a highway: everyone wants the road to be clear and tidy for fast travel, but no one wants to pay for it. He cited the decentralized perpetual contract exchange Hyperliquid as an example, pointing out that its aid fund converts trading fees into HYPE and destroys them, suggesting that Ethereum needs to establish a stronger connection between network usage and financial benefits for holders.

Binance was hacked starting from a fake recruitment, with methods similar to the Axie case

The preliminary investigation report on the security incident released by Binance on October 29 shows that the attack began with a fake recruitment. According to the report, in September, a Binance software engineer was contacted by someone impersonating a project director through a legitimate job platform. After undergoing a fake HR video interview and a fake CEO second interview, the engineer was asked to download a homework code repository on their work computer, which contained a zero-day Trojan that bypassed endpoint protection. The attackers then used the compromised device and an internal AI tool to control the computers of two other wallet engineers, stealing deployment credentials, and ultimately executed a malicious script on October 29 to transfer approximately $6.3 billion. Binance stated that it has frozen or intercepted about $2.85 billion and has compensated 98% of the affected assets.This method is almost identical to the March 2022 theft of the Axie Infinity sidechain Ronin cross-chain bridge. At that time, the North Korean hacker group Lazarus contacted a senior engineer at developer Sky Mavis through LinkedIn for a high-paying position. After several rounds of interviews, they sent an offer file containing a Trojan, which allowed them to control the private keys of the validation nodes, stealing approximately $625 million. The Binance report also noted that this year, 57 suspected cyberattacks related to North Korea have been detected and intercepted, with methods including fake interviews, malware disguised as popular development tools, tampered software packages, and browser plugins, among others.

Aztec launched the Tierra V6 network upgrade, fixing security vulnerabilities and doubling the speed of privacy transaction proofs

According to The Block, the Aztec Foundation behind the Ethereum privacy Layer 2 network Aztec has launched the Tierra (Alpha V6) upgrade, which fixes security vulnerabilities from previous versions, including a critical vulnerability in V5, and introduces an AI-based security testing system.In terms of performance, the new version doubles the speed of generating privacy transaction proofs, taking only about 1 second on local devices; the time for Ethereum messages to reach Aztec has also been reduced from an average of about 2 minutes to as fast as 12 seconds, further enhancing cross-chain deposit and transaction efficiency. Aztec stated that due to the network's decentralized architecture, fixing critical vulnerabilities requires an upgrade of the entire network, and plans are currently underway to accelerate the deployment of future security updates.In terms of ecosystem, Aztec has recently relaunched the self-custody privacy wallet zk.money, and several applications are being launched or prepared for launch, including Galactica, which supports privacy AI inference, the privacy perpetual contract trading platform Nemi, the privacy browser wallet Nulo, and Xochi and Nyx, which support privacy payments and transactions. Meanwhile, Aztec has also released a new brand image and website, aiming to become the infrastructure platform for privacy applications.

first_img The Moscow Exchange will launch Bitcoin, Ethereum, and USDT trading on December 1

According to Cointelegraph, the Moscow Exchange plans to launch trading for Bitcoin, Ethereum, and Tether's USDT on December 1, calling it Russia's first organized digital currency market.The exchange stated that pilot trading will begin simultaneously as participants gradually access the platform, with trading relying on its existing stock market infrastructure and clearing completed through the National Clearing Center (NCC). Trading hours will be from 6:50 AM to 11:50 PM Moscow time, initially supporting same-day and next-day settlements as well as swap trading. Non-qualified investors must pass a test before purchasing cryptocurrencies, and each brokerage has an annual purchase limit of 300,000 rubles (approximately $3,700).The plan is advancing based on a cryptocurrency law in Russia, the main provisions of which took effect on September 1. This law allows regulated trading but still prohibits the use of cryptocurrencies for payment of goods and services within Russia. The Moscow Exchange and NCC have been under U.S. sanctions since June 2024, with the UK also imposing sanctions that year, and the EU listing them on the sanctions list in July 2026.Sergey Mendeleev, founder of the Russian cross-border payment platform Exved, told Cointelegraph that he doubts the market will attract significant demand and questions who would trade at a sanctioned exchange.He expects the trading conditions to lack competitiveness, comparing it to the precious metals accounts of Sberbank, and warns that investors may face "extremely outrageous spreads," believing that the product is completely unattractive to ordinary non-qualified investors. However, he is optimistic about its cross-border payment potential, stating that a venue allowing importers and exporters to buy and sell cryptocurrencies directly would be welcomed, but whether adding intermediaries is competitive in a market where traders negotiate spreads as low as 0.05% remains questionable.
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