[Stablecoin Protocol Sky's TVL Drops 15% in One Week, USDS Supply Contracts] In the week ending November 7, the total value locked (TVL) of the stablecoin protocol Sky decreased from $5.2 billion to $4.42 billion, a drop of approximately 15%. During the same period, the circulating supply of USDS decreased from $6.45 billion to $5.59 billion, a drop of approximately 13.4%; the circulating supply of DAI decreased from $4.72 billion to $4.67 billion. Sky, formerly known as MakerDAO, allows users to convert USDS and DAI at a 1:1 ratio. Sky.money shows that the annualized yield of sUSDS earned by depositing into the savings module is 3.80%. This savings rate is set by governance vote, and the funds come from protocol surplus. TVL is measured in asset market value, and its decrease does not directly equate to net withdrawals. (Source: The Defiant)

The cryptocurrency fear and greed index rose to 28 today, indicating that market sentiment has shifted from extreme fear to panic.

With the Democrats winning the midterm elections and taking control of Congress, the crypto industry's political advantage in Washington faces a reversal. The repeal of federal stablecoin laws will require new legislation, and the SEC and CFTC's work on developing regulatory rules for digital assets can continue. The crypto industry is shifting towards bipartisan support to seek long-term growth, and market development is no longer limited to the alliance with President Trump. Digital assets are increasingly encompassing investment funds, stablecoin payments, and financial infrastructure. The industry is striving to gain bipartisan support by reducing its partisan affiliation. (Source: Bloomberg)

A criminal court in Paris, France, sentenced a Ukrainian man to five years in prison, including two years of actual imprisonment and three years of probation. Between May and August 2024, the man exploited a security vulnerability at his former company to illegally generate and steal 1 billion HLG tokens, worth approximately $14 million at the time of the crime. The court found that the man illegally issued 1 billion HLG tokens by tampering with the platform's token generation conditions, transferred the tokens to his personal wallet, and then, along with two accomplices, dispersed the funds to multiple cryptocurrency exchange accounts. His two accomplices were sentenced to two years in prison (with 14 months suspended) and a fine of €80,000, and two years in prison with a suspended sentence and a fine of €40,000, respectively. The court rejected the Holograph Foundation's request for compensation for losses incurred due to the token price crash. Following the incident, the price of HLG plummeted from nearly $0.03 in May 2024 to $0.001 by the end of December of the same year. (Source: tv5monde)

Berkshire Hathaway shares rose more than 5% this week, while the S&P 500 fell 2.7% and the Nasdaq fell 3.4%.