Ethereum falls to $3.7K as major shorts hint at price rebound: Santiment

NEO Legacy, often referred to as the Chinese Ethereum, is officially shutting down its original blockchain, marking a significant transition for the platform that began in 2016. This shutdown is occurring in two phases, with the first phase already completed in June 2025. As the crypto community watches closely, the future of NEO may hinge on upcoming plans from Xi Jingping, which could potentially influence NEO's price in 2026. This development is crucial as it reflects the evolving landscape of cryptocurrency and the impact of governmental strategies on digital assets.

Bitcoin and Ethereum ETFs are facing significant challenges as they continue to experience outflows amid a weakening market. With Bitcoin trading below $110,000 and Ethereum also struggling, this trend highlights the ongoing volatility in the cryptocurrency sector. Investors are closely watching these developments, as they could signal broader market trends and impact future investment strategies.

The Shiba Inu cryptocurrency is facing a significant downturn as its open interest has plummeted to levels not seen since 2024, contrasting sharply with the rising trends of Bitcoin and Ethereum. This decline is concerning for investors and enthusiasts, as it suggests a lack of confidence in the meme coin's future. The stark difference in performance highlights the challenges Shiba Inu faces in maintaining relevance in a competitive market, raising questions about its sustainability moving forward.

In a surprising turn during Coinbase's earnings call, CEO Brian Armstrong made remarks that significantly influenced prediction market traders, showcasing the evolving relationship between corporate communications and trading strategies. This development is important as it highlights how corporate leaders can impact market dynamics, offering traders new insights and opportunities.

On October 31, the crypto market experienced a significant downturn as major cryptocurrencies like Bitcoin, Ethereum, and XRP saw declines due to a wave of long liquidations that wiped out nearly $900 million in leveraged positions. This drop has led to a 1.5% decrease in the global market capitalization, now at $3.7 trillion. This matters because it highlights the volatility and risks associated with investing in cryptocurrencies, impacting traders and investors alike.

Bitcoin's recent performance has taken a hit, dropping nearly 4% in just 24 hours, despite the Federal Reserve's decision to cut interest rates. Analysts are now cautioning that the upcoming weekly close is critical for Bitcoin's short-term outlook. This decline raises concerns among investors, especially as it marks the first time in a week that Bitcoin has fallen below its local range low. The situation is particularly tense as Ethereum also prepares for significant market movements, indicating a volatile period ahead for cryptocurrencies.

SBF's recent claims on X suggest that his company, FTX, was never actually bankrupt, despite legal filings indicating otherwise. This assertion could significantly influence ongoing legal battles and the efforts to recover funds for users affected by the company's collapse. The situation remains complex, and how it unfolds could have lasting implications for the cryptocurrency industry.

Ethereum's price has dipped below the crucial $4,000 mark, reflecting growing market uncertainty after Federal Reserve Chair Jerome Powell hinted that the recent rate cut might be the last for 2025. This decline is significant as it highlights the cautious sentiment among investors, even as institutions continue to accumulate Ethereum. Understanding these market dynamics is essential for anyone following cryptocurrency trends.

Coinbase's Chief Product Officer has stepped up to defend stablecoins against the banking sector's concerns about their potential impact on bank deposits and community banks. He argues that these fears are unfounded and could hinder the growth of the emerging stablecoin market. This discussion is crucial as it highlights the ongoing tension between traditional banking and innovative financial technologies, emphasizing the need for a balanced perspective on the role of stablecoins in the economy.

Ripple's CTO David Schwartz, known as 'JoelKatz', recently discussed the value of XRP on X, emphasizing that its worth isn't solely determined by the ledger itself. Instead of using typical marketing jargon, he focused on deeper concepts like power, control, and speculation. Schwartz's insights are significant as they challenge conventional views on cryptocurrency valuation, highlighting the need for a broader understanding of what drives the worth of digital assets like XRP.

The U.S. is facing a significant disruption in its inflation reporting due to a government shutdown that has led to the furlough of Bureau of Labor Statistics staff. This unprecedented situation means there will be no Consumer Price Index released, leaving markets without a crucial measure of the cost of living. This lack of data could create uncertainty for investors and policymakers alike, highlighting the broader implications of the shutdown on economic stability.

Nordea, a leading Nordic bank, is set to launch a Bitcoin-linked synthetic exchange-traded product (ETP) on its platforms, marking a significant step in the integration of cryptocurrency into traditional finance. This move not only reflects the growing acceptance of digital assets among mainstream financial institutions but also provides investors with a new way to gain exposure to Bitcoin without directly holding the cryptocurrency. As more banks embrace such innovations, it could pave the way for broader adoption of cryptocurrencies in the financial sector.

In a significant breakthrough, the Australian Federal Police successfully cracked a coded crypto wallet backup, seizing an impressive $5.9 million in cryptocurrency. This achievement was made possible by a skilled data scientist who deciphered a complex numerical sequence on a phone. This event highlights the ongoing efforts of law enforcement to tackle cybercrime and recover stolen assets, showcasing the intersection of technology and policing in the fight against financial fraud.

NEO Legacy, often referred to as the Chinese Ethereum, is officially shutting down its original blockchain, marking a significant transition for the platform that began in 2016. This shutdown is occurring in two phases, with the first phase already completed in June 2025. As the crypto community watches closely, the future of NEO may hinge on upcoming plans from Xi Jingping, which could potentially influence NEO's price in 2026. This development is crucial as it reflects the evolving landscape of cryptocurrency and the impact of governmental strategies on digital assets.