Flash News

TREE NEWS update: China has collected more than RMB 160 billion (about $22 billion) in individual income tax on offshore trusts, with over RMB 120 billion booked in October alone, driving a nearly 90% year-on-year jump in national individual income tax revenue that month. The levy is not a new tax or a targeted hike on the wealthy but the recovery of taxes already owed, CCTV.com said in a commentary.

TREE NEWS reports: Asian refiners are increasingly shifting back to crude from Middle East producers, curbing import demand from alternative suppliers including the United States, as Middle East oil supply recovers after months of conflict. Although Washington and Tehran have yet to reach a settlement, the global oil market is increasingly showing signs of returning to its pre-February configuration. Plunging oil prices and lower freight rates are reinforcing the trend.

TREE NEWS reports: Bitcoin dropped below $69,000 as Nvidia turmoil compounded Fed-driven market jitters. A total of $798 million in crypto positions was liquidated over the past four hours, including $718.5 million in long positions. The liquidation wave underscores the market’s sensitivity to broader equity and macro pressures.

TREE NEWS update: Nakamoto has pushed a 60 million USDT debt payment owed to Kraken into 2027 and received credit for protective derivatives, while collateral requirements still permit earlier liquidation. The restructuring follows a decline in the value of Bitcoin collateral backing the obligation.

TREE NEWS update: Osmosis resumed block production after a roughly four-hour interruption, on-chain records show. Upbit kept OSMO trading open but suspended deposits and withdrawals during the halt. The exchange has not said when transfers will resume.

TREE NEWS update: A China-led international standard proposal for virtual power plants has been formally approved by the International Electrotechnical Commission (IEC). The standard, titled “Virtual Power Plant Part 4: Primary Frequency Control Functional Requirements and Specifications,” focuses on virtual power plants’ core capability to rapidly stabilize power grids and will be developed with experts from multiple countries as unified global technical guidelines. The approval marks a key step for China in international standardization of virtual power plants.

TREE NEWS update: Wang Shengbang, chief lawyer and director of the Legal Affairs Department at China’s National Financial Regulatory Administration, said on Nov. 13 that discussions of economic-financial adaptability focus too much on growth and overlook the impact on financial stability. Speaking at the 17th Caixin Summit, Wang described the economy and finance as a mirror relationship with multiple complex interactions between the real economy and the financial sector.

TREE NEWS update: Microsoft said it found no evidence of malicious activity behind a service disruption, the company stated. The announcement gave no further detail on the cause or the scope of the outage. It did not specify which services were affected or how many users were impacted.

TREE NEWS update: Chinese Vice Minister of Commerce Ling Ji and EU Directorate-General for Trade and Economic Security Director-General Jorgensen led delegations in Brussels on Nov. 12 for consultations on implementing the outcomes of the second meeting of the China-EU trade and investment consultation mechanism and preparing for its third meeting. The two sides exchanged views on the mechanism’s progress.

TREE NEWS update: Elon Musk said Nvidia CEO Jensen Huang “will always be remembered,” responding on X to a user’s post quoting the line “You will always be remembered, because some things are eternal” from the 2023 film AIR. Musk’s reply consisted of the nickname “Jensen.” The exchange, dated to the X post, involved no further comment from Musk or Huang and no corporate announcement.

TREE NEWS update: Injective has opened voting on a proposed Nov. 24 upgrade called Veyra that would add asset-transfer and trading infrastructure, with CypherOS privacy features remaining on the roadmap. The proposal is still short of quorum. No timeline was given for when voting might conclude.

TREE NEWS reports: Bitcoin dropped below $70,000 as crypto market sentiment fell to its lowest level in more than four months. Analysts pointed to institutional outflows, thinning liquidity and elevated leverage as factors weighing on the price.

TREE NEWS reports: Bitcoin broke below $69,000, with ether, XRP and SOL also hitting four-week lows on Coinbase as the selloff set new lows. Bullish bets accounted for most tracked liquidations, data showed.

TREE NEWS update: Japan’s Digital Minister Shunichi Furukawa said on November 13 that a large-scale outage of Microsoft office software disrupted the government-wide GSS system shared by more than 20 ministries and agencies, leaving email unable to be sent or received normally. The government is maintaining operations where possible through phone calls, text messages and chat tools. The GSS system is used jointly by over 20 Japanese government departments.

TREE NEWS update: Wuhan sold 10 residential land parcels on November 13 for a total of 4.69 billion yuan. The sites covered 563,992.22 square meters of land area and 1,325,140.14 square meters of planned gross floor area, with a combined starting price of 4.12 billion yuan. Nine parcels sold at the reserve price and one sold at a premium, with the highest premium rate reaching 62.27%.

TREE NEWS reports: Retail investors net-bought $111 million of Nvidia stock in the first 30 minutes of Thursday’s US trading session, the largest opening-half-hour purchase of the shares on record, Vanda Research said, citing its historical data. That was more than 40 times the normal opening level. Through Wednesday, Nvidia accounted for 61% of all US retail net buying of US stocks and ETFs this week.

TREE NEWS update: Xi Jinping has issued important instructions on the Party building work of state-owned enterprises, calling for persistent efforts to advance full and rigorous Party self-governance and to provide strong guarantees for making state-owned enterprises stronger, better and larger and for state-owned capital. The instructions were carried in a Xinhua News Agency report.

TREE NEWS update: Nvidia announced Thursday, Nov. 12, that CEO Jensen Huang resigned as president, chief executive and director effective immediately, with CFO Colette Kress named interim CEO. Huang had directed more than $140 billion into AI startups, cloud providers and labs over three years; Nvidia shares fell nearly 7% intraday and are down over 25% in two weeks, while CoreWeave and Iren each dropped about 7%. Signed deals, including $5 billion for Safe Superintelligence and about $2.5 billion for Thinking Machines Lab, are expected to proceed.

TREE NEWS reports: South Korea’s KOSPI index extended its decline to 1% on the day, with chipmaker SK Hynix falling more than 3%. The move marks a sharper intraday selloff in Seoul equities, with the memory-chip heavyweight leading losses among index constituents.

TREE NEWS reports: Bitcoin fell below $70,000 on Nov. 13, hitting $68,307, a 7% drop in 24 hours and its lowest since Aug. 19, after Nvidia announced Jensen Huang had resigned as president, CEO and board member effective immediately. NVDA opened down 14%, and crypto liquidations topped $1.46 billion in 24 hours, $1.3 billion of them longs. Spot bitcoin ETFs bled $299.9 million on Nov. 11, a fifth straight day of outflows.