On today's podcast:
1) US envoy Steve Witkoff is traveling to Moscow to meet with President Vladimir Putin, who claimed a key Ukrainian city had fallen to Russia on the eve of talks about a potential peace plan to end his war. Putin said Russian troops had taken the city of Pokrovsk in Ukraine’s eastern Donetsk region in a video announcement posted late Monday by the Kremlin, an advance that would be Russia’s most significant on the battlefield in nearly two years. Ukraine’s Military Staff spokesman Bohdan Senyk denied its forces had lost the city in a message early Tuesday. Bloomberg isn’t able to independently verify the claims of either side. Witkoff is due to hold talks with Putin on Tuesday on the latest proposals for ending Russia’s full-scale invasion of Ukraine following negotiations between US and Ukrainian officials in Florida. Amid fears in Europe that the plan risks rewarding Russian aggression by forcing Kyiv into a deal, Ukrainian President Volodymyr Zelenskiy said the latest version “looks better” during a visit to Paris on Monday to meet with French counterpart Emmanuel Macron.
2) The White House defended the Pentagon’s handling of a September attack on an alleged drug-running boat and denied that Defense Secretary Pete Hegseth had given an order to kill everyone on the vessel, rebutting a report that had led to allegations of possible war crimes. White House spokeswoman Karoline Leavitt confirmed there were two strikes on the vessel in the Sept. 2 attack but stressed the actions were lawful amid a deadly domestic opioid crisis in the US. The comments signaled Trump continues to support Hegseth, who came under fresh scrutiny after the Washington Post reported Friday that he ordered the attack and demanded that those strikes kill everyone on board. That report led to accusations that the US military was committing war crimes in the waters off the coast of South America.
3) Almost $1 billion of leveraged crypto positions were liquidated during another sharp drop in prices on Monday that brought fresh momentum to a wide-ranging selloff. Bitcoin slid as much as 8% to $83,824 in New York, bringing its decline since early October to almost 30%. Ether dropped as much as 10% to as low as $2,719, and is down 36% over the past seven weeks. The market downturn has been even tougher on smaller, less liquid tokens that traders often gravitate toward because of their higher volatility and typical outperformance during rallies. A MarketVector index tracking the bottom half of the largest 100 digital assets is down almost 70% this year. The crypto market is on shaky ground after a weeks-long selloff that began when some $19 billion in levered bets were wiped out in early October as President Trump whipsawed markets with threats of higher tariffs, data compiled by tracker Coinglass show. That was just days after Bitcoin set an all-time high of $126,251.

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