Plus: Streamer's cancer fund stolen via fake game

GM. Crypto's acting like an overripe orange: squishy, unpredictable, and slightly cursed.

Here's the serving today:

🤝 US & UK crypto task force.

🍍 Calm market after big liquidation.

🍋 Cancer patient streamer hacked, HYPE token unlocks ahead + more

🤝 US & UK crypto task force

Think about playing soccer with friends.

If half of you are following FIFA rules and the other half are following the good ole make-it-up-as-you-go ones, the game's gonna be a MESS.

One side calls offside, the other side ignores it. Nobody knows what's fair, y'all start arguing, and eventually, everyone wants to go home.

That's pretty much what's been happening in crypto: every country has its own version of rules, and it makes the whole system confusing.

Which is why what happened this week is a big deal.

The UK & US created a joint task force to work on digital asset rules together.

The group has ~6 months to come up with recommendations, with a focus on:

👉 Looking at ways the two countries can work together on crypto rules while each side's laws are still evolving;

👉 Exploring long-term ideas for how digital markets might innovate;

👉 Finding ways to make it easier for companies to raise money across borders without drowning in duplicate rules.

Some media outlets think stablecoins will likely be a big part of those talks. That hasn't been officially confirmed, but it does make sense: regulators everywhere are under pressure to figure out how to deal with 'em.

Now, here's why this whole thing matters 👇

Right now, if you're a crypto company like Coinbase and you wanna work in both New York and London, you're stuck between regulators who don't see eye to eye = more money spent on lawyers, more hesitation from banks, and more "is this even safe?" from regular people.

But if the rules started matching up, things would get simpler: companies would be able to focus on building instead of fighting in court, scams would be easier to catch, and you & I would get clearer protections when we use crypto apps.

In short, this is like the UK and US finally agreeing to play by the same rules. And maybe even agreeing on whether we're calling it soccer or football 👀

🍍 Market flavor today

Yesterday was intense: $1.5B+ in leveraged crypto long positions were liquidated - one of the biggest wipeouts of the year.

After whatever tf that was, the crypto market seems to be stabilizing today:

👉 BTC is holding above $112K;

👉 ETH is near $4.1K;

👉 Other major altcoins are mostly flat.

I know, nothing exciting.

But who's surprised? September's usually a boring month for crypto. Matter of fact, Bitcoin is up about 4% this month, which is actually better than usual for September.

What could bring a little more spice, though, is October - Uptober, if you will - which has historically been Bitcoin's strongest month.

And positioning is already showing that: QCP says there's heavy demand for $120K - $125K calls. In plain English: traders are buying options that only pay off if BTC trades above $120K - $125K in the near future.

Whether that optimism sticks could depend on this week's events:

👉 US economic data coming out on Thursday and Friday;

👉 Fed Chair Jerome Powell's speech in Rhode Island today at 12:35 PM ET.

If inflation data looks under control and Powell sounds dovish, markets might take it as a sign of more Fed cuts incoming (and rate cuts = more liquidity = usually bullish for crypto).

Combine that with October's track record + traders already preparing, and BTC could finally have the setup for a breakout.

To be continued...

🍋 News drops you can't miss

🐙 Thinking about margin trading on Kraken? Check out our page for a simple breakdown on how to maximize opportunities and manage the risks.

😬 A streamer lost over $31K in crypto after downloading malware that was disguised as a Steam game. That money was supposed to go toward his medical bills, since he's battling a rare form of cancer.

👀 On November 29, Hyperliquid will start releasing its native token, HYPE, to team members. It's part of a 2-year vesting plan that could put selling pressure on the token's price.

🚨 South Korea's regulators noticed an increase in suspicious crypto transactions in 2025. From January through August, local crypto firms filed 36K+ suspicious transaction reports.

🏛️ US lawmakers want the SEC to let people add crypto to retirement accounts. Nine members of Congress asked SEC Chair Paul Atkins to work with the Department of Labor to update the rules.

🍌 Juicy memes