Cryptocurrency markets recorded $50.65 million in liquidations over the past hour, with long positions accounting for $43.09 million and short positions for $7.37 million, Coinglass data show. The liquidation wave primarily affected leveraged long traders across exchanges.

Chicago Fed President Austan Goolsbee said on Nov. 6 that the absence of official inflation data during the government shutdown reinforces his cautious stance on further rate cuts, Jin10 reports. "My inclination is to be more careful and slow down when the road ahead is still foggy," Goolsbee said in an interview. The Fed retains access to private labor market data, including the Chicago Fed's new biweekly unemployment estimate, which suggests October unemployment may have risen to 4.4%, the highest in four years. Goolsbee noted that alternative inflation data sources are highly limited, making it harder to detect potential inflation issues.

U.S. stock indexes opened lower and extended declines on November 6, with the Nasdaq Composite falling 1%, Jin10 reports. The S&P 500 Index declined 0.68%, while the Dow Jones Industrial Average dropped 0.65%.

More than 60 wallets mistakenly sent funds to a contract address instead of the correct receiving address during Stable's Phase 2 pre-deposit activity, resulting in combined losses exceeding $2.34 million, Lookonchain data show. The errors occurred after the second phase of the pre-deposit campaign opened on November 6.

Bitcoin could rise to approximately $170,000 over the next 6 to 12 months as leverage resets and its volatility improves relative to gold, JPMorgan analysts said. The team led by Managing Director Nikolaos Panigirtzoglou noted in a Wednesday report that the crypto market has pulled back around 20% from recent highs, with the sharpest decline occurring on Oct. 10 when the perpetual contract market witnessed the largest liquidation event in crypto history. A smaller-scale liquidation followed on Nov. 3, associated with further erosion of investor confidence after the Balancer protocol in the decentralized finance sector suffered a vulnerability exploit exceeding $120 million, reigniting concerns over protocol security.

STABLE is trading at $0.055 in Binance perpetual contract pre-launch trading, market data show on Nov. 6. Binance announced the token has a total supply of 100 billion tokens, corresponding to a fully diluted valuation of $5.5 billion.

Federal Reserve official Austan Goolsbee indicated reluctance to continue the current rate-cutting cycle on November 6, Jin Shi reports. The statement suggests a potential shift in monetary policy stance amid evolving economic conditions.

Bitcoin long positions saw liquidations exceeding $2.8 billion over the past two days, Bitfinex data show. The cryptocurrency fell more than 10.4% during this period, dropping below $99,045 and breaching the October 10 low, while overall market capitalization contracted by $280 billion. Open interest declined to $69.3 billion from $92 billion in early October. Buyers entered the market after the price broke below $100,000, suggesting the deleveraging process may be nearing completion, according to the report.

The Federal Reserve could halt its rate reduction cycle next month as a U.S. government shutdown disrupts official economic data releases, First Abu Dhabi Bank analysts Simon Ballard and Almaha Alnuaimi said on Nov. 6. The analysts noted the shutdown uncertainty may strengthen the case for a December pause, despite objections from board member Michelle Bowman. Fed Chair Jerome Powell indicated following last week's 25 basis point cut that a December reduction is not guaranteed, Jin10 reports.