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More →Brazil’s Stock Market Crashes After Lula’s Upset Victory
Brazil’s stock market lost more than $200 billion in value at the open on Monday after President Luiz Inácio Lula da Silva beat Senator Flávio Bolsonaro in Sunday’s runoff, a result that prediction markets had priced at roughly a one in five chance. The iShares MSCI Brazil ETF, ticker EWZ, a basket of Brazilian stocks that trades in New York like a single share, fell as much as 26% from Friday’s close of about $42.60, touching $31.40 before trimming the loss to about 23% at $32.84 by 10:38 a.m. ET. That is memecoin-sized volatility for a fund built around Brazil’s biggest companies, and it leaves EWZ roughly where it started 2026 after a 34% gain through Friday. The dollar rose as much as 12% against the real on Friday, while the Ibovespa, Brazil’s benchmark stock index, fell as much as 17% to about 170,000 points. For a dollar-based investor, those moves at their worst combine to a loss of about 26%, in line with the ETF’s low. B3, the São Paulo exchange, halted trading for 30 minutes after the Ibovespa fell 10% from Friday’s close, its first circuit breaker since the COVID-19 pandemic. A circuit breaker is an automatic pause meant to slow panic selling, but the index kept sliding after trading resumed. Investors had been positioning for the opposite result since Bolsonaro unexpectedly finished first in the Oct. 4 first round, with 47.03% of valid votes to Lula’s 45.16%. The Ibovespa jumped 7.85% the next day and EWZ gained more than 10% on bets that Bolsonaro would tighten public finances and open the way to lower interest rates. Monday’s drop erased that rally and, at its lows, left the Ibovespa about 11% below its Oct. 2 close. But Lula didn’t just beat Bolsonaro, he also beat prediction markets. Polymarket gave Bolsonaro an<a href="https://x.com/Polymarket/status/2114003200017575948" target="_blank" rel="nofollow external noopener" class="sc-adb616fe-0 dJryYS">> 82% chance</a> of winning the day before the vote, and Kalshi had him near 80% on Sunday morning. Both platforms are<a href="https://decrypt.co/resources/what-are-decentralized-prediction-markets-myriad-polymarket-kalshi" target="_blank" class="sc-adb616fe-0 dJryYS" rel="nofollow"> prediction markets</a>, where a contract that pays $1 if a candidate wins trades at 80 cents when traders see an 80% chance. Polling pointed to a coin flip rather than a favorite, with the latest Datafolha survey tied at 50% each among valid votes and CNT/MDA showing Bolsonaro ahead 50.5% to 49.5% in mid-October. Lula won 51.79% to 48.21%, a margin of about 4.4 million votes, according to Brazil’s Superior Electoral Court. Bolsonaro said on Sunday night that he does not recognize the result and will ask the courts to annul the election, after pledging in August to respect the outcome. He objected to Supreme Court Justice Cristiano Zanin’s decision to extend voting until 7 p.m. at the request of Lula’s campaign, which he said changed the rules midgame. His own campaign had separately asked for extr
Zcash co-founder calls to stop funding ‘over $125M’ grants program
Sean Bowe says ZCG has enough money to keep funding projects and wants its share of new ZEC redirected to a reserve for the network. Zcash co-founder Sean Bowe proposed ending the automatic funding stream to Zcash Community Grants (ZCG), saying its treasury was large enough to continue funding projects without further automatic payments. “ZCG has over $125M in funding, and will receive millions more before the spigot is turned off,” Bowe <a href="https://x.com/ebfull/status/2114911107718742451" rel="nofollow noopener" target="_blank">>said</a> Tuesday on X. “The program was never designed to handle this amount of funding.” Bowe shared a draft GitHub <a href="https://github.com/zcash/zips/blob/end-zcg-stream/zips/draft-bowe-end-zcg-stream.md" rel="nofollow noopener" target="_blank">>proposal</a> that would redirect ZCG’s 8% share of the Zcash (ZEC) block subsidy to the network’s sustainability reserve, while leaving its existing funds untouched. The allocation would flow to the Network Sustainability Mechanism until the current funding period ends in 2028. The mechanism is designed to hold ZEC out of circulation and gradually reissue it through future block rewards. In September, Haseeb Qureshi, managing partner at crypto venture capital firm Dragonfly, proposed ending the <a href="https://cointelegraph.com/news/dragonflys-qureshi-end-zcash-dev-fund-2028" target="_blank" rel="nofollow">Zcash developer fund</a> when its current funding period expires, saying that it risks being “politicized” as it approaches $100 million in value. ZCG’s dashboard <a href="https://zcashcommunitygrants.org/" rel="nofollow noopener" target="_blank">>listed</a> 91,453 ZEC and $8.8 million in cash as of Wednesday, with $2.4 million in outstanding grant commitments. The ZEC holdings alone were worth about $111 million at press time. The network’s separate development lockbox <a href="https://zecstats.org/shielded" rel="nofollow noopener" target="_blank">>held</a> 72,351 ZEC, worth roughly $89 million, according to ZecStats. <em><strong>Related: </strong></em><a href="https://cointelegraph.com/news/prediction-markets-17b-robinhood-exceed-crypto-revenue-2028-bernstein" target="_blank" rel="nofollow"><em><strong>HOOD’s prediction markets to add $1.7B to revenue, exceed crypto by 2028: Bernstein</strong></em></a>
VIX1D one-day volatility index at 10.49
CoinWorld US stock data: The VIX1D one-day volatility index closed at 10.49 points. Compared with the same-caliber snapshot 7 days ago, it fell by 1.44 points.
Analyst: BTC falls for three consecutive weeks, with U.S. spot Bitcoin ETFs seeing a single-day net outflow of $636 million.
CoinWorld data: According to Wintermute's weekly market report, BTC fell 2.43% last week to about $80,500, while ETH fell 3.40% to about $2,330. U.S. spot Bitcoin ETFs saw a net outflow of $636 million on Thursday, the largest single-day outflow since June; on the same day, the Nasdaq index fell 2.6% and Brent crude rose 5.66% to $116.72. BTC needs to reclaim $82,000 to $82,500; if it loses $80,000, the next support level is $76,000, and a break below that would test $70,000. Key events include the FOMC meeting on October 28, third-quarter GDP and September PCE data on October 29, and monthly options expiry on October 30.
Ripple expands strategic partnership with BNY Mellon to support XRP and RLUSD
Ripple announced on October 27 that it is expanding its strategic partnership with Bank of New York Mellon (BNY). BNY now supports XRP and the U.S. dollar stablecoin RLUSD on its digital asset custody platform, and plans to expand support for tokenized assets and investment products on the XRP Ledger (XRPL), enabling institutional clients to mint and redeem RLUSD directly through BNY in the future. In addition, the two parties are exploring tokenized supply chain finance based on XRPL with global working capital platform C2FO, broadening investors' access to assets such as trade receivables. Ripple also announced the same day a partnership with C2FO, planning to bring the financing and settlement activities of its Instant Pay service onto XRPL, using RLUSD for settlement so that suppliers can receive payment for approved invoices within seconds. The related trade finance solutions are still in the development stage.
Justin Sun holds nearly 3% of the PEPE supply, worth $51.25 million.
According to CoinWorld news, Justin Sun holds nearly 3% of the PEPE supply in his officially disclosed wallet, worth approximately $51.25 million. These PEPE tokens were transferred into his wallet over the past 10 days, making him the largest individual holder of PEPE.
NVIDIA and Meta expand partnership to advance personal AI agents
CoinWorld news, NVIDIA CEO Jensen Huang stated that AI agents represent a new computing paradigm, where software can understand our goals, reason, use tools, and complete work on our behalf. He pointed out that this will change the way we use computers, from operating applications to collaborating with intelligent agents. NVIDIA and Meta are expanding their partnership to optimize computing infrastructure and ensure efficient and secure AI agents that help billions of people achieve greater goals. Meta CEO Mark Zuckerberg stated that Muse is how we will bring personal superintelligence to everyone, and he looks forward to continuing to work with NVIDIA to deliver the best personal agents and frontier models.
The UK is considering mandating that data centers invest locally to meet new AI agreements.
Cointime news: The UK is considering mandating local investment in data centers to meet the requirements of new artificial intelligence agreements.
CryptoMichNL: Custodysync drives institutional secure access to the on-chain ecosystem
CryptoMichNL posted that Custodysync is a major update for $LINK, aimed at driving institutional access to the on-chain ecosystem through a secure approach. The project continues to deliver and keeps making progress.
BNB Chain prediction market suspected of being attacked, with approximately $300,000 in anomalous fund outflows.
According to CoinWorld news, onchain lens monitoring indicates that BNB Chain prediction market Predict Fun appears to have suffered an attack, with approximately $300,000 in abnormal funds flowing out of multiple contracts and being transferred through intermediary wallets to the cross-chain service Relay. The funds were subsequently moved across chains and further flowed to the mixing protocol Tornado Cash. onchain lens said it is continuing to track other related addresses to confirm the complete flow of funds.