💀 $USDX Cosplayed Useless Stable DeadX

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🌱 Happy Green Monday! $ETH.X ( ▲ 8.47% ) is back above $3,600, $BTC.X ( ▲ 4.59% ) touched $106K again. One clear boost is that the US Senate just voted to end the shutdown.

Even Trump chimed in: “Looks like the shutdown is ending soon. We’ll see it very shortly.”

Did your bags turn green with the market this morning? 🌞

Here’s what we got for you today:

• 👀 LTC breakout, TRUMP rebound, ICP shortage

• ⭐ US gov reopening sparks BTC to $106K

• ⭐ Multiple stablecoins are all in crisis…

• 🔥 Burning hot takes for the road

Markets are warming up again with 3 charts standing out! Smart money’s rotating from memes to momentum:

• $LTC.X ( ▲ 23.7% ) beaking a 7-year triangle

• $TRUMP.X ( ▲ 5.78% ) holding the $7 floor

• $ICP.X ( ▼ 1.47% ) → supply squeeze + hype = … setup

Keep eyes on LTC & ICP, both look early in their runs. You can see the analysis of these charts here:

🟢 US GOV REOPENING SPARKS BTC TO $106K

The US government may reopen soon, and markets are already reacting.

This is the fuel behind the market’s green start. $BTC.X ( ▲ 4.59% ) rebounded from a -10% weekly drop and is now holding strong around $106,000.

It briefly broke below $100K (hitting $99K), but held the critical 365-day MA, a historical support level. Here’s what helped trigger the bounce:

• Trump hinted at a $2,000 “tax dividend” (free cash rumors = bullish vibes)

• Shutdown end news hit betting markets → Polymarket moved end date from Nov 20 to Nov 12

• BTC stayed above the 365-day moving average (super key level)

The crash earlier this week was triggered by fear. Michael Burry dropped a $1.2B short on AI stocks like Nvidia and Palantir.

That spooked the stock market and crypto took a harder hit. Institutional players started dumping positions, just like the Black Friday selloff a month ago.

Large institutional holders began unwinding crypto positions, echoing the Black Friday selloff from October 10. That pressure sent BTC below $100K.

BTC hit $99K, but didn’t break below the long-term MA. That line saved us again, thanks!

Same thing happened in the yen crisis last August and the tariff mess in April. Stuff to keep an eye on this week:

• Tuesday: First shutdown vote in Congress

• Bunch of Fed folks giving speeches could drop hints on a possible rate cut
  (Daly, Williams, Bostic, Waller, etc.)

Markets are reacting to liquidity narratives and hope. Shutdown = paused spending = drained liquidity → bad for crypto

Reopening = liquidity flood incoming → bullish for risk assets.

If we see real fiscal momentum from here, BTC breaking above $110K wouldn’t surprise me. This market is reactive. The faster you adapt, the better you’ll do.

President Trump said we’re “very close” to ending the shutdown, and a group of Democratic senators greenlit a bipartisan spending deal. That means:

• ✅ At least 10 Democrat Senators will vote in favor

• ✅ A short-term spending bill is set to be voted on in December

• ✅ It includes Obamacare tax credit extensions

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😨 MULTIPLE STABLECOINS IN CRISIS AFTER BALANCER FALLOUT

Last week, we saw one of the most chaotic weeks in DeFi stablecoin history, and it’s not over yet.

It all started on Nov 7, when $USDX.X ( ▼ 21.95% ) from Stable Labs lost its peg, dropping below $0.45, 55% down in 24 hours. This was its worst depeg since launch, and it triggered panic across DeFi.

Before the crash, USDX had over $683M in supply and was listed across Uniswap, PancakeSwap, and lending platforms like Lista DAO.

→ Now? Market confidence is broken. The crash is suspected to be linked to the $128M Balancer exploit earlier this month.

Why? USDX relies on delta-neutral strategies, balancing between crypto collateral (like ETH/BTC) and short futures.

But the Balancer hack liquidated many of these hedges, causing mass redemptions and a collapse in the peg.

Then things got worse.

A wallet tied to Flex Yang (founder of Stable Labs and Babel Finance) was caught using USDX as collateral to borrow more stablecoins like $USDC.X ( ▼ 0.0% ) , $USDT.X ( ▲ 0.03% ) , $USD1.X ( ▼ 0.1% ) across Euler, Lista, Silo, with interest rates as high as 100%. And no repayment in sight.

That drained nearly all USDC/USDT liquidity. Lista DAO had to emergency-liquidate over $3.5M USDX, using flash loans just to recover $2.9M USD1.

Meanwhile, Re7 Labs revealed some of Lista’s vaults were exposed to xUSD, the stablecoin from Stream Finance, which also lost its peg after a $93M loss. That dragged everything deeper into crisis.

Then came the collapse of deUSD from Elixir.

• Elixir officially shut down deUSD, calling it a strategic decision after 80% of holders were refunded

• A 1:1 USDC redemption portal is being prepped for the rest but currently paused

• Why? To block Stream Finance from dumping deUSD before repaying debts

Here’s the real mess:

• Stream owes over $285M to DeFi lenders

• Of that, $68M is owed to Elixir via deUSD loans

• Stream used deUSD to collateralize xUSD, but once xUSD depegged, it defaulted

• Stream now holds ~90% of all deUSD (~$75M) but refuses to repay

• Elixir holds matching collateral via loans on Morpho, but needs help recovering it

Elixir is now working with Euler, Morpho, Compound, and DeFi curators to liquidate Stream’s positions and recover user funds.

They insist deUSD is still fully backed, and every LP or lender will be made whole.

USDX collapsed. xUSD collapsed. deUSD shut down. All tied together by poor risk management, no transparency, and way too much trust in fancy math + leverage.

Even worse, Stable Labs apparently held weird coins like BANANA31 in their reserves… which is insane.

Every cycle someone tries to reinvent the stablecoin. Every cycle ends the same: fancy model, bad risk controls, users lose money.

→ If a stablecoin can’t survive a normal market panic, it’s not stable!

If the team is borrowing at 100% APY with no plan to repay, run. If there’s no real-time transparency or audits, assume the worst.

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🔥 BURNING HOT TAKES FOR THE ROAD

Samourai Wallet co-founder got failed 5 years & a $250K fine for running a crypto mixing tool tied to money laundering. Read more

Sui launched its first AI-native financial protocol, Beep, with 6 top AI models. Read more

BingX launched “AI Arena”, a real-time battle arena where the world’s best AI trading models compete live. Read more

CFTC is preparing to allow licensed exchanges to launch spot crypto trading with margin and leverage. Read more

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