Bitcoin defies $800 million crypto wipeout as South Koreas AI stock market crashes

Bitcoin rebounded above $83,000 on Tuesday despite a sharp Asian stock selloff, as cryptocurrency liquidations exceeded $800 million.  Related Asset Bitcoin #1 BTC · $83,168.19 24-hour change: up 0.68% Loading price history… 24H Up 0.68% 7D Down 2.70% 30D Up 7.67%  BTC recovered after briefly slipping below $81,000, while semiconductor shares continued a deepening rout that sent South Koreas benchmark KOSPI index down 6%.  South Koreas AI stock collapse exposes concentrated market risks  Reports noted that South Koreas KOSPI plunged up to 7.4% before recovering some losses to close at 6,035.35. The decline briefly pushed the index below 6,000 and triggered a sell-side trading curb as the countrys largest semiconductor manufacturers extended their losses.  Samsung Electronics fell 7.39%, while SK Hynix declined 10.09%, marking a fifth consecutive session of losses for both companies.  Together, the two memory-chip manufacturers account for approximately half of the KOSPIs market capitalization, leaving the broader index particularly sensitive to changes in the outlook for AI infrastructure spending.  Foreign investors sold approximately 4.5 trillion won ($3.35 billion) of Korean equities during Tuesdays session, extending a series of withdrawals that have weighed heavily on the countrys technology sector.  Investment research firm Paradis Labs said the decline reflected a sustained retreat by foreign institutions from Samsung

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Ripple partners with Stripes Privy to bring XRP payments to apps

Ripple has partnered with Stripe-owned Privy to bring XRP and RLUSD wallet tools into apps on the XRP Ledger, where Ripple says AI agents have already made 13 million payments.  Privy announced that it is bringing its programmable wallet infrastructure to the XRP Ledger through a partnership with Ripple, giving developers tools to build payment services inside their applications. According to the wallet provider, the integration will support both consumer-facing financial products and applications that let AI agents make payments.  Privy will bring XRP Ledger wallets directly into apps  For businesses building on XRPL, Privy said its infrastructure will handle wallet creation, wallet management, and transaction signing through software. Developers will be able to build around XRP, Ripples dollar-backed RLUSD stablecoin and other assets available on the ledger.  “With Privy, developers will be able to create and manage XRPL wallets programmatically, sign transactions, and build experiences using XRP, RLUSD, and other digital assets on XRPL,” the company said.  Within consumer apps, the provider said fintech companies could offer embedded wallets for stablecoin payments without making customers manage cryptographic keys themselves. Privys proposed setup places the wallet functions inside the service a customer already uses, while giving the developer tools to manage the underlying blockchain transactions.  Alongside

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Federated Hermes taps Prometheum for tokenized fund debut in Q1 2027

Federated Hermes, which manages $911.6 billion in assets, has partnered with Prometheum to develop tokenized funds for U.S. brokerage distribution, with the first product expected in Q1 2027.  SummaryQ1 2027 is the expected launch window for the partnerships first tokenized fund product.ProFinancial will support distribution, while Prometheum Capital will provide custody, clearing and settlement services.Introducing broker-dealers will access the funds through Prometheum Capitals correspondent clearing platform.Federated Hermes reported $911.6 billion in assets under management as of June 30, 2026.  Prometheum and Federated Hermes said in their Oct. 13 announcement that the planned collaboration will bring blockchain-based investment products to broker-dealers and registered representatives serving American investors.  Under the arrangement, Federated Hermes will supply investment management expertise, while Prometheums SEC-registered, FINRA-member broker-dealer subsidiaries will provide the securities infrastructure.  For U.S. customers, the companies described a distribution model built around brokerage accounts and adviser relationships already used for investing. Their stated plan is to extend access beyond platforms primarily serving crypto investors, using financial intermediaries to offer and service the products.  You might also like:  Nasdaq CEO says tokenization could unlock billions  Federated Hermes tokenized funds will use separate distribution and custody services  Within Prometheum‘s network, ProFinancial will support distribution of the tokenized products, according to the announcement. Prometheum Capital

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Wells Fargo prepares for stablecoins as CEO questions US use cases

Wells Fargo has outlined plans to issue stablecoins with 20 other financial institutions in the first half of 2027, while CEO Charlie Scharf has said their use cases in the United States remain unclear.  Summary21 financial institutions are establishing a stablecoin company, with a dollar token planned first.Scharf said Wells Fargo launched tokenized deposits for corporate and commercial clients in September.The consortium plans to support cross-border payments and digital asset settlements across several customer groups.Wells Fargo reported third-quarter net income of $5.95 billion, compared with $5.59 billion a year earlier.  Wells Fargo CEO Charlie Scharf said during the banks Oct. 13 earnings call that it was building digital payment services while assessing where stablecoins could serve American customers. Alongside the proposed stablecoin business, he confirmed that the bank had already launched tokenized deposits on its own blockchain platform.  “Use cases in the US for stablecoins remain unclear, but were building solutions to be prepared as opportunities potentially unfold,” Scharf said.  In describing the bank‘s spending priorities, Scharf said Wells Fargo was accelerating investment in traditional and digital payments for consumers and businesses. He identified corporate money transfers as a use case for tokenized deposits, saying the platform’s expansion would let clients move funds between

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Ethereum Name Service plans major .eth overhaul with one irreversible catch for domain holders

Ethereum Name Service has proposed activating ENSv2 without requiring existing .eth domain holders to migrate to the new system.  Related Asset Ethereum #2 ETH · $2,503.51 24-hour change: down 0.30% Loading price history… 24H Down 0.30% 7D Down 7.23% 30D Down 0.10%  The Oct. 11 proposal would let users keep their current names indefinitely, as long as they keep renewing them, while offering a permanent migration option for those who want access to upgraded features.  Once activated, ENSv2 would handle all new .eth registrations, replacing the existing registration infrastructure. Holders who migrate would permanently transfer management of their domains to the new system, with no mechanism for returning their original tokens.  Related Asset Ethereum Name Service ENS · $6.03 24-hour change: down 1.39%  The proposal remains subject to approval by the ENS decentralized autonomous organization (DAO), whose Oct. 12 governance bulletin listed the vote as pending. ENS has not announced a launch date.  ENSv2 introduces permanent migration and higher registration fees  The upgrade would replace ENSs existing registry, introduced in 2017, with a hierarchical structure that allows individual domains to maintain separate registries for their subdomains.  The changes would give owners more flexibility in assigning permissions, letting businesses and decentralized applications delegate responsibility for specific names or records

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Strive Buys $280 Million in Bitcoin, Its Largest Purchase in Months

In briefStrive bought 3,311 BTC worth roughly $280 million between Oct. 5 and Oct. 9 at an average price of about $84,500 per coin, its largest purchase since January, lifting holdings to 32,773 BTC.The buy caps an aggressive run—following $169 million and $94.5 million purchases—for the firm, which trades as ASST and recently merged with Semler Scientific to grow its balance sheet.It lands amid heavy treasury activity from Strategy, Solana‘s DeFi Dev Corp. and Bitmine, as Strive bought into a dip well below Bitcoin’s recent highs.  Strive is piling into Bitcoin at its fastest clip of the year, scooping up another 3,311 BTC worth roughly $280 million in its biggest single purchase since January.  The Nasdaq-listed asset manager, which trades under the ticker ASST, disclosed in a filing Monday that it bought the Bitcoin between Oct. 5 and Oct. 9 at an average price of about $84,500 per coin, including fees. The buy lifts Strive‘s total holdings to 32,773 BTC, worth roughly $2.73 billion at today’s prices, up from 29,462 BTC a week earlier.  Myriad: How high will Bitcoin go? Click to make your prediction.  The purchase caps a stretch of aggressive accumulation. Strive added $169 million in Bitcoin earlier this month in what

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Bitcoin price rebounds as whales return: Can BTC break $84,000?

Bitcoin price recovered toward $83,200 on Oct. 13, but weak daily momentum and another rejection near $84,000 left buyers facing a fresh test despite an analysts report of renewed whale activity.  TradingView‘s Binance BTC/USDT daily chart showed Bitcoin at $83,200.43, up 1.65% from the day’s opening price of $81,850.01. The session reached $84,168 before retreating, leaving BTC roughly $968 below its intraday high.  The rebound followed a decline to $81,033.66, putting Bitcoin about 2.7% above the session low. However, the daily chart still placed the price below its 20-day moving average, while the 4-hour chart showed momentum close to neutral.  Bitcoins rebound stalls below its 20-day average  TradingViews daily Bollinger Bands placed the middle band, representing the 20-day simple moving average, at $83,986.24. Bitcoin traded approximately 0.9% below that level, making the average an immediate technical hurdle alongside the round $84,000 threshold.  Bitcoin price daily chart — Oct. 13 | Source: TradingView  The same indicator placed the upper band at $86,366.41 and the lower band at $81,606.06. The sessions low extended below the lower band before the price recovered inside it, while the advance above the middle band failed to hold.  That sequence left the daily chart showing a recovery from the lower edge of its recent

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AI Researchers Are Smoking Cigarettes to Prove AI Will Cure Cancer, Says Palantir Exec

In briefPalantir CTO Shyam Sankar claimed on CBS that many AI researchers have started smoking to show how much they believe in AI.Sankar provide any data, and used the segment to attack effective altruism as a doomsday cult.The CDC says smoking causes about one in three U.S. cancer deaths, and Anthropics Dario Amodei says only actually curing cancer will earn public trust in AI.  Nothing says “I trust the future of medicine” quite like lighting a Marlboro and waiting for the chatbot to fix your lungs. That is the habit Palantir CTO Shyam Sankar says is spreading among AI researchers, who have supposedly started smoking cigarettes to prove how confident they are that AI will cure cancer.  “So many AI researchers have started smoking as a way of signaling to other researchers how much they believe in AI,” Sankar said in an interview on CBS News “Face the Nation” on Sunday. “I believe so much in AI that its going to cure cancer. So Im showing you my chips are all in.”  Myriad: Which company will have the best AI model? Click to make your prediction.  He did not name a single researcher, cite a survey, or explain how he knows. The remark landed

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Wall Street Earnings, Sliding Chip Stocks Keep Bitcoin's Price at Bay

Wall Street has been struggling to find its footing on Tuesday, Oct. 13, 2026, as disappointing JPMorgan Chase earnings collided with another semiconductor selloff. Goldman Sachs delivered a blockbuster quarter, but chip stocks continued losing ground amid mounting concerns over artificial intelligence (AI) spending and Chinese competition. Meanwhile, bitcoins price clawed its way back above $83,400 after a punishing liquidation wave erased hundreds of millions of dollars in leveraged positions.  Key TakeawaysBitcoins price recovered to $83,445 Tuesday after briefly falling below $81,000 amid heavy liquidations.JPMorgan Chase missed earnings expectations, while Goldman Sachs delivered a powerful trading quarter.Nvidia and other chipmakers faced selling pressure as Wall Street awaited Wednesdays inflation report.  Bitcoins Price Reclaims $83K as Wall Street Wobbles and Chip Stocks Take a Beating  Wall Street had two problems on Tuesday. America‘s biggest banks couldn’t agree on whether business was booming, and the semiconductor industry was having another miserable day. JPMorgan Chase stumbled on earnings while Goldman Sachs came out swinging, leaving investors to sort through conflicting signals from the financial sector.  Top Wall Street Indexes at 1 p.m. ET | Oct. 13, 2026IndexValuePoint ChangeNasdaq Composite27,211.86???? -34.05NYSE Composite23,958.61???? -32.12Dow Jones Industrial Average51,676.69???? -173.86S&P 5007,802.57???? -4.67  All four major indexes were trading in negative territory at

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How the SECs lack of leadership could facilitate crypto rulemaking

After US lawmakers failed to pass a comprehensive digital asset market structure bill, financial regulators stepped up efforts to change rules around the oversight and enforcement of crypto companies and offerings.  However, the two primary regulators, the Securities and Exchange Commission (SEC) and Commodity Futures Trading Commission (CFTC), are understaffed at the leadership level, leaving the decisions for regulating aspects of the $3 trillion crypto market largely in the hands of just three individuals, two of whom were nominated by US President Donald Trump.  At the SEC, two commissioners — Chair Paul Atkins and former Acting Chair Mark Uyeda — remain following the departure of Commissioner Hester Peirce earlier this month. The dearth of leadership at the CFTC is even more stark, with Michael Selig serving as the only Senate-confirmed chair and commissioner since December 2025. The agencies are intended to each have five commissioners.  Both agencies have proposed rules that appear to be attempting to take the place of legislation from Congress in regulating cryptocurrencies.  The SEC proposed rules to provide companies with a safe harbor from tokens being treated as “investment contracts” in August, and the CFTC followed suit in October, with Selig saying the agency would use its “existing statutory authorities”

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