Bitcoin slid below $67,000 and XRP broke $1 for the first time since 2024, and the stress is now showing up in corporate balance sheets. Bitcoin fell to an intraday low near $65K as CME FedWatch put a December rate hike at near-certainty, and the stablecoin market has shed $26 billion since May. Trump Media faces a November 30 deadline to repay up to $1 billion in convertible bonds sold to fund a “bitcoin treasury,” while its shares are down more than 60% this year. Nakamoto’s debt now dwarfs its market cap, Pump.fun has sold nearly $888 million in SOL into the crash, and Binance is still recovering from a $6.3 billion breach by slowly reopening 87 networks. Cobra, the pseudonymous steward of bitcoin.org, says bitcoiners are the most demoralized he has seen and warns that AI threatens self-custody as winter looms, while Unocoin disclosed a $200,000 loss and a customer-data breach. The Swiss city of Lugano’s crypto-hub bet looks brave or reckless depending on which side of this cycle you were standing on.
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