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Bitcoin Price Crash Below $80K: Liquidations, ETF Outflows and Fed Uncertainty

Bitcoin fell below $80,000 on Saturday, October 24, as forced liquidations and fund withdrawals increased selling pressure. The cryptocurrency dropped 1.91% over 24 hours to $79,994.97 during the initial decline. Meanwhile, upcoming Federal Reserve decisions, US economic data, and tensions involving Iran added pressure across digital asset markets. The decline pushed Bitcoin below a key psychological price level for the first time since October 15. Leveraged traders faced mounting losses as falling prices reduced the value of their positions. At the same time, withdrawals from Bitcoin exchange-traded funds signaled reduced exposure through regulated investment products. The broader cryptocurrency market also weakened during weekend trading, with several major tokens posting losses. Market data placed total cryptocurrency market capitalization at approximately $2.68 trillion, down 2.19%. However, the available figures do not establish how much each individual factor contributed to Bitco...
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US Senator Questions Tether After Reported Deal Involving Ex-Adviser

Connecticut Sen. Richard Blumenthal has escalated a Senate investigation into Tether’s alleged relationships with a marketing company linked to former White House crypto adviser Bo Hines. The probe centers on claims that Tether entered into a $6.3 million marketing arrangement with Nxum, and that the dealings may have involved lobbying coordination around pending stablecoin legislation. In a letter to Tether CEO Paolo Ardoino, Blumenthal said the Senate Permanent Subcommittee on Investigations is requesting records and information covering contracts, payments, communications, and lobbying activity involving Tether and Nxum. Blumenthal also pointed to allegations that messaging between parties indicated direct coordination on efforts related to the GENIUS Act, a bill intended to regulate stablecoins. Key takeaways Blumenthal’s letter asks for Tether records tied to Nxum, including contracts, payments, communications, and lobbying activity. The senator alleges the arrangement may hav...
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IRS to Ease Tax Disclosure Penalties, Including Crypto Reporting: Forbes

The U.S. Internal Revenue Service (IRS) is working on a substantial update to its voluntary disclosure program, with plans to cut penalties and speed up case resolution for taxpayers who come forward to address tax violations—an approach that would also cover cryptocurrency-related noncompliance. The changes were reported by Forbes in a Friday piece outlining remarks from senior IRS leadership. Jarod Koopman, the chief of IRS Criminal Investigation, said the agency intends to introduce a revised version of the program before December. He added that the IRS is targeting resolution within 120 days after a taxpayer completes the required submission process. Key takeaways The IRS plans to revise its voluntary disclosure program before December, aiming to resolve cases within 120 days of submission completion. According to Jarod Koopman, digital assets would be handled under the same voluntary disclosure framework as other types of tax noncompliance, not via a separate crypto-specific p...
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IRS to Reduce Tax Disclosure Penalties, Including for Crypto: Forbes

The U.S. Internal Revenue Service (IRS) is preparing to revise its voluntary disclosure program, with plans to reduce penalties and speed up case resolution for taxpayers who come forward to address tax noncompliance—potentially including violations involving cryptocurrencies. The development was reported by Forbes , citing comments from IRS Criminal Investigation Chief Jarod Koopman. Koopman said the agency is working toward introducing the updated program before December. The IRS’s goal, as described in the report, is to resolve cases within 120 days after taxpayers complete the submission process required to participate. Key takeaways The IRS is considering lower penalties and faster timelines for its voluntary disclosure program, with a reported target of resolving cases within 120 days after submission. IRS leadership indicated digital assets would be handled under the same voluntary disclosure framework as other tax issues, rather than through a dedicated process for crypto. ...
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Initia Pauses L1 and Rollups After Reported $2.6M Exploit

Initia, a layer-1 blockchain built to support interconnected rollups, has halted operations after researchers reported an exploit that allegedly enabled an attacker to mint unauthorized tokens and convert them into crypto assets worth more than $2.6 million. The network was stopped at 3:41 p.m. UTC on Friday, according to an announcement from Initia on X . The team said it is coordinating with security researchers, validators, and exchanges to assess the full scope of the incident. Key takeaways Initia paused its layer-1 and rollups at 3:41 p.m. UTC after reports of an unauthorized token-minting exploit. Security researcher Spreek first flagged the issue, alleging minted tokens were converted into roughly $2.6 million in other assets. D2 Finance later described the mechanics as minting 2 million AUSD tokens without sufficient backing, followed by cross-chain withdrawals. The stolen value appears to have been consolidated into an Ethereum wallet, according to D2 Finance. Initi...
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Initia Suspends Blockchain After Reported $2.6M+ Exploit Drain

Initia has paused operations of its layer-1 network and rollups after security researchers reported an exploit that allegedly enabled unauthorized token minting and the drainage of crypto funds. The halt was initiated at 3:41 p.m. UTC on Friday, according to a post from Initia on X, as the team coordinated with validators, exchanges, and external researchers to assess the damage. While Initia has not yet provided a full account of the incident, reports from blockchain analysts and DeFi participants suggest the attacker minted unbacked tokens, converted them across chains, and consolidated proceeds on Ethereum. The event has also spilled into Initia’s token market, where the native INIT token briefly dropped before rebounding. Key takeaways Initia halted its layer-1 and connected rollups at 3:41 p.m. UTC Friday following a reported security incident. Security researcher Spreek said an attacker minted tokens without authorization and converted roughly $2.6 million into other assets. ...
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US Senator Questions Tether After Reported Deal With Ex‑Trump Aide

Senator Richard Blumenthal has asked Tether CEO Paolo Ardoino to provide documents and information to the Senate Permanent Subcommittee on Investigations after a Wall Street Journal report alleged that the stablecoin issuer signed a $6.3 million marketing deal tied to Bo Hines, a former White House crypto adviser. In a Thursday letter to Ardoino, Blumenthal said the subcommittee is seeking records covering contracts, payments, communications, and lobbying activities involving Tether and Nxum, Hines’ company. The senator framed the inquiry as part of broader concerns about conflicts of interest and “self-enrichment and self-dealings with cryptocurrency firms” connected to the Trump administration’s crypto policy influence. Key takeaways Blumenthal’s letter requests records and information on Tether’s arrangements with Nxum, including contracts, payments, communications, and lobbying efforts. The inquiry is linked to allegations from a Wall Street Journal report about a $6.3 million...
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