Gate Daily (November 12): Senate approves end-of-government shutdown bill; Brazil designates stablecoin payments as "foreign exchange"

Bitcoin (BTC) retraced from this week’s high, currently around $103,062. The U.S. Senate approved a funding bill to end the government shutdown, awaiting House vote. Under new regulations, Brazil classifies stablecoin payments as foreign exchange transactions. Stablecoin giant Tether is investing heavily to recruit top precious metals traders from HSBC, increasing gold reserves.

Macro Events & Crypto Hotspots

1. On November 10, the U.S. Senate voted on the “2026 Continuing Appropriations and Extension Act,” passing with 60 votes in favor and 40 against. The bill is expected to fund the government until January 31, 2026, contingent on House approval and signing by President Donald Trump. Due to the federal holiday on November 11, the House will likely reconvene on November 12 to vote. Prediction platform Polymarket has adjusted expectations, believing the U.S. government will resume normal operations on Friday, likely because the House has passed the bill.

2. The Central Bank of Brazil finalized regulations incorporating crypto companies into banking supervision, classifying stablecoin transactions and certain self-custody wallet transfers as foreign exchange transactions. According to Resolutions 519, 520, and 521 issued on November 10, the Central Bank of Brazil (BCB) established operational standards and licensing procedures for its new “Virtual Asset Service Providers Association (SPSAV).” SPSAV is a new licensed virtual asset service provider operating in the country. The framework extends existing consumer protection, transparency, and AML rules to crypto brokers, custodians, and intermediaries.

3. On November 11, Tether, the world’s largest stablecoin issuer, is recruiting two of HSBC Holdings’ most senior precious metals traders. The stablecoin giant is leveraging its substantial financial resources to build a large gold reserve, challenging existing players in the gold and silver markets. Sources reveal that Vincent Domien, HSBC’s Global Metals Trading Head, will join in the coming months, along with Mathew O’Neill, Head of Precious Metals for Europe, Middle East, and Africa. Recently, Tether has actively expanded into the precious metals sector, accumulating one of the largest gold reserves outside banks and governments as part of its over $180 billion in reserves. HSBC is a key player in precious metals, widely regarded as the second-largest after JPMorgan Chase, with activities spanning futures trading, vault custody, and global gold bar transportation.

News Highlights

1. GoPlus: Hello 402 contract poses risks of unlimited issuance and centralization manipulation.

2. MARA CEO: Bitcoin mining companies must control power resources; otherwise, they risk elimination before the next halving.

3. Former BlackRock executive Joseph Chalom: Ethereum is Wall Street’s “infrastructure.”

4. VCI Global plans to acquire $100 million worth of OOB tokens, with Tether becoming VCI Global’s largest shareholder.

5. Bitwise Chainlink ETF listed on DTCC website, ticker: CLNK.

6. Bank of England Deputy Governor Briden: Weakening stablecoin regulation carries risks.

7. U.S. prosecutors to review MIT crypto brothers’ alleged $25 million asset theft next year.

8. SoFi launches consumer-focused cryptocurrency trading service.

9. Qian Zhiming sentenced to 11 years and 8 months.

10. U.S. House Rules Committee to hold a meeting tomorrow morning to push government funding plans.

11. Stablecoin giant Tether invests heavily in recruiting HSBC’s precious metals traders, increasing gold reserves.

Market Trends

1. Latest Bitcoin news: $BTC retraced from this week’s high, currently around $103,062. Over the past 24 hours, liquidations reached $144 million, mainly long positions.

2. The Dow Jones Industrial Average rose nearly 560 points on November 11, hitting a new closing high. Investors are optimistic that the longest U.S. government shutdown in history will end soon. Meanwhile, NVIDIA and other AI-related stocks declined, raising concerns over overvaluation. The Dow gained 559.33 points, up 1.2%, closing at a record 47,927.96, marking the 16th time this year reaching a new high. The S&P 500 increased by 14.18 points, up 0.2%, closing at 6,846.61, rising for three consecutive days. The Nasdaq Composite fell 58.87 points, down 0.3%, closing at 23,468.30. The Philadelphia Semiconductor Index dropped 2.5%.

(Source: Gate)

3. According to Gate BTC/USDT liquidation map, with current price at $103,052.10, if price drops to around $102,202, total long liquidation exceeds $230 million; if it rises to around $105,362, total short liquidation exceeds $690 million. Short liquidations are significantly higher than longs; traders are advised to control leverage to avoid large-scale liquidations during market volatility.

(Source: Coinglass)

4. In the past 24 hours, Bitcoin spot inflow was $2.62 billion, outflow $3.63 billion, net outflow $1.01 billion.

(Source: Coinglass)

5. Over the past 24 hours, contracts for $LSK, $RESOLV, $BCH, $WLFI, and others experienced net outflows, presenting trading opportunities.

$ALCH Selected Insights from KOLs

Phyrex Ni (@Phyrex_Ni): “The shutdown has finally reached the House of Representatives, which is dominated by the Republican Party. As long as no internal chaos occurs within the Republicans, this shutdown event will end. The House vote is expected around November 12. If approved, it will be handed over to Trump, who has clearly expressed support for ending the shutdown. Once resolved, market liquidity should be stimulated, and the government could resume work as early as Wednesday.”

“Besides the shutdown, the recent announcement by Bessent about regulatory approval for crypto spot ETF collateralization is also a positive signal for market sentiment and liquidity. This feature has been loosening for months, but only now is it coming to fruition. Although rules may still take some time to finalize, it’s likely we’ll see progress within the year.”

“Looking at Bitcoin data, turnover rates are decreasing significantly. Despite the colorful chart, actual participation is limited, indicating that although prices have slightly dipped, most investors are still hopeful that liquidity and sentiment recovery will drive prices higher after the shutdown ends. Today’s decline broke support levels, but this has been expected for a while. The support between $104,500 and $111,000 remains solid, and there are no signs of panic among investors. As long as support holds, a rebound is highly probable.”

Today’s Outlook

1. China’s M2 money supply (annual rate) at the end of October, previous value 8.4%.

2. Canada’s September trade balance (billion CAD), previous value -6.32.

3. OPEC monthly oil market report (release time TBD, usually around 18-21 Beijing time).

4. FOMC permanent voting member and NY Fed President Williams to speak.

5. FOMC voter for 2026 and Philadelphia Fed President Powel to speak on financial technology.

6. U.S. Treasury Secretary Bessent to deliver remarks.