SOL breaks through the $200 mark

Bitcoin cleared $112,000 on heavy volume and hovered near $114,500 late Sunday (UTC), while CoinGlass showed $319M of short positions liquidated over 24 hours.

[CITIC Securities: Waller May Succeed as Fed Chair, Potentially Sparking Independence Controversy] CITIC Securities' research report pointed out that U.S. President Trump is in the process of selecting the next Federal Reserve Chair, with the main candidates being Waller and Hassett. The report analyzes that Trump may weigh a balance between 'most suitable' and 'most obedient' during the selection process. Although market data currently shows Hassett in the lead, Trump's trust in Waller may ultimately lead to his victory. If Waller takes over, the Federal Reserve's independence may face challenges, which could benefit U.S. dollar assets and negatively impact gold, while the market may lower its expectations for a rate cut in 2026. If Hassett wins, the market may revisit concerns over the Federal Reserve's independence, putting pressure on U.S. dollar assets, benefiting gold, and raising expectations for a rate cut next year.

[40x Short Bitcoin Whale Faces Unrealized Loss of Nearly $3.245 Million, Only $2,000 Away from Liquidation Price] The whale holding a 40x short position on Bitcoin is currently facing an unrealized loss of nearly $3.245 million. As Bitcoin's price continues to rise, its liquidation price is $116,914.8, now only $2,000 away.

[Western Union Pilots Stablecoin Settlement System to Optimize Global Remittance Services] Financial services giant Western Union has announced a pilot program for a stablecoin-based settlement system to enhance the efficiency and modernization of its global remittance business. Western Union CEO Devin McGranahan stated during the company's third-quarter earnings call that the pilot project aims to leverage blockchain technology to optimize settlement processes, reduce reliance on traditional correspondent banking systems, shorten settlement cycles, and improve capital efficiency. McGranahan revealed that although the company had previously taken a cautious stance on cryptocurrencies due to their volatility, regulatory uncertainties, and customer protection concerns, the passage of the 'GENIUS Act' has prompted a reassessment of this space. Western Union noted that the stablecoin service will provide customers with more flexible options for fund management and transfers, which could bring significant improvements, particularly for users living in high-inflation countries.

[Solana Co-Founder Toly: L2 Relies on Upgradeable Multisig Mechanism, Security Risks Exist] On October 27, Solana co-founder Toly posted on social media, pointing out that all current L2s rely on the 'upgradeable multisig' mechanism, making it difficult to fulfill their security commitments. He stated that the code complexity and potential attack surface of L2s are vast, making it challenging to achieve the goals of being bug-free, high-performance, and fully functional. Toly emphasized that the multisig mechanism of L2s could expose cross-chain bridge funds to risks similar to Wormhole. Users trading via cross-chain bridges bear additional risks, while native users remain unaffected.