Coinbase is in late-stage acquisition talks with London-based stablecoin infrastructure firm BVNK, with the deal valued between $1.5 billion and $2.5 billion, sources familiar with the discussions said. The transaction remains under due diligence and could finalize late this year or early next year. Terms are not yet finalized and the deal could still change or fall apart.

The U.S. Court of Appeals for the Tenth Circuit rejected Custodia Bank's appeal for direct Federal Reserve payment system access on Friday. The three-judge panel upheld the Fed's authority to deny master account applications, ending the Wyoming crypto bank's multi-year legal effort. The ruling affirms the central bank retains broad discretion over which institutions may access its payment infrastructure.

Bitcoin is trading near $109,700, approximately 20% below the power law model's fair value of $136,100, data show. The model places BTC within a rising channel with support at $48,300 and resistance near $491,800. Recent exchange-traded fund flows have introduced volatility that could drive price toward either boundary.

Bitcoin fell below $110,000 in a sharp decline that triggered panic selling following the Federal Reserve's 25 basis point rate cut and announcement regarding quantitative tightening. The cryptocurrency briefly tested $108,500 before attempting recovery. Analysts identify $117,000 as the Point of Control—the price zone with highest traded volume—which now serves as a key battleground for bulls seeking to re-establish momentum.

Coinbase is drawing increased attention from long-term investors as major financial institutions integrate its backend infrastructure to offer cryptocurrency services. The company reported third-quarter revenue of $1.87 billion, exceeding analyst expectations of $1.8 billion and driving a 9% rally in COIN stock. Analysts highlight partnerships with J.P. Morgan, Citi, and PNC as evidence that Coinbase is becoming foundational infrastructure for traditional banks entering crypto markets.

The T3 Financial Crime Unit froze over $300 million in criminal cryptocurrency during its first year of operation, according to an announcement on 31 October. The partnership between Tether, TRON, and TRM Labs handled cases spanning fraud, money laundering, and state-sponsored hacking across five continents. United States investigations accounted for $83 million in frozen assets across 37 separate cases.

MicroStrategy's valuation premium relative to its Bitcoin treasury contracted to approximately 1.3× its market-adjusted net asset value, despite reporting a $2.8 billion net income beat for the third quarter, according to Bloomberg data. The multiple declined from earlier periods when the premium exceeded 2×, reflecting diminished investor enthusiasm for the balance-sheet Bitcoin strategy. At least three analysts lowered price targets while maintaining buy ratings, citing concerns over reduced momentum and slower capital issuance heading into the fourth quarter.

Bitcoin has not yet reached its cycle peak, market analyst Joao Wedson said, citing Alphractal's Max Intersect SMA Model. The model, which accurately identified tops in 2017 and 2021, has not triggered its signal. Wedson projects a potential apex between $143,000 and $146,000 based on historical cycle patterns.