Market Performance
| Asset / Index | Value ($) | Daily Change (%) |
|---|---|---|
| Bitcoin (BTC) | 101,880.0 | +0.42% |
| Ethereum (ETH) | 3,347.59 | +1.03% |
| Bitcoin Spot ETF | +229.8M | Net Inflow |
| Ethereum Spot ETF | +12.5M | Net Inflow |
| Nasdaq (NAS100) | 25,223.1 | +0.12% |
| S&P 500 (SPX) | 6,720.31 | −1.12% |
| Russell 2000 (RUT) | 2,431.1 | +0.19% |
| U.S. Dollar Index (DXY) | 99.849 | +0.15% |
| VIX Volatility Index (VIX) | 19.49 | +8.28% |
| U.S. 10-Year Treasury Yield (US10Y) | 4.101 | +0.34% |
| Brent Crude Oil (BRENT) | 63.865 | +1.03% |
| LBMA Gold (XAU) | 4,004.685 | +0.69% |
| LBMA Silver (XAG) | 48.6438 | +1.26% |
“Prepared at UTC 07.48 am”
Today’s Key Events
- University of Michigan Consumer Sentiment Index
- FOMC Member Williams to Speak
- FOMC Member Jefferson to Speak
- Senate Vote Planned on US Government Reopening Bill
Fed Officials Await December Data: Views Divided
- Goolsbee (Chicago Fed, dovish): Noted that inflation remains high in core services and that data gaps make an early rate cut decision difficult.
- Hammack (Cleveland Fed, hawkish): Stressed that inflation is a more significant risk than employment and opposed further cuts.
- Musalem (St. Louis Fed, hawkish): Said tariff-related uncertainty threatens price stability, but the labor market remains strong.
- Milan (Fed Governor, dovish): Expressed expectation of a rate cut in December despite the majority’s reservations.
Employment Data Weakens: Revelio and Challenger Reports Show Decline
Revelio Labs reported that employment fell by 9,100 in October, while identifying over 22,000 layoffs in the public sector. According to Challenger, Gray & Christmas data, 153,000 layoffs set a 20-year record. The largest declines were seen in the technology and warehousing sectors, with total layoffs exceeding 1 million since the beginning of the year. The data points to the beginning of a contraction in the labor market.
Government Shutdown Continues, New Vote Planned
- The Trump administration plans to put a new funding proposal to a vote today to reopen the government.
- Senate Leader Thune said talks with Democrats are ongoing, but disagreements remain over subsidies and layoff plans.
- The FAA plans a 4% reduction in flight capacity starting Friday; an additional 1% cut will be applied for each day of the shutdown. A federal judge ruled that SNAP food assistance payments should continue; the White House has appealed the decision.
Trump Signals Softness Ahead of Tariff Case
Trump announced that he is not planning new tariffs ahead of the Supreme Court’s December ruling on customs duties. He said an alternative plan would be prepared in case of a negative ruling. U.S. Trade Representative Greer stated that if the Court overturns Trump’s policies, the refund process will be managed by the Treasury Department, and the scope will be determined “on a case-by-case basis.”
Critical Minerals List Expanded: US Strengthens Supply Chain
Trump added 10 new items to the critical minerals list, including copper, coal, uranium, boron, lead, phosphate, potash, rhenium, silicon, and silver. This step aims to increase supply security in the US defense, energy, and manufacturing sectors. The new definitions will clarify which projects can benefit from federal incentives and will be decisive for future Section 232 tariffs.
American Bitcoin Increases Its Holdings to 4,004 BTC
American Bitcoin, a Bitcoin mining company affiliated with the Trump family, reported an increase of 139 BTC since October 24. The company’s total holdings reached 4,004 BTC, and the Satoshi per share rose to 432 SPS. This growth is attributed to the expansion of mining capacity and investments in energy efficiency.
Musk: Tesla May Build Its Own Artificial Intelligence Chip Factory
Tesla CEO Elon Musk announced plans to build a new factory with a production capacity of 1 million artificial intelligence chips per month. Musk signaled a possible collaboration with Intel, saying it was “worth discussing.” Tesla currently works with TSMC and Samsung but aims to develop the fifth-generation artificial intelligence chip that will support its autonomous driving goals with its own production network.
New President for Ondo Finance: Ian De Bode
Former McKinsey digital assets president Ian De Bode has been appointed as the new president of Ondo Finance. De Bode’s role will be to strengthen corporate digital asset strategies and expand the company’s tokenization-based investment products.
USDC Treasury Burns $104 Million on Solana
According to Whale Alert data, the USDC Treasury burned $104 million worth of USDC on the Solana network on November 7. This is considered a routine burn to balance supply and regulate stablecoin circulation.
Sui Launches Mysticeti v2 Consensus Engine
Sui Network has launched a new consensus engine called Mysticeti v2 to improve network performance. The update enables transactions to be validated with lower latency and less resource usage. Mysten Labs announced that it has increased the network’s efficiency by integrating transaction verification directly into the consensus process.
Google Adds Polymarket and Kalshi Prediction Data to Search Results
Google Finance will integrate data from Polymarket and Kalshi prediction markets directly into search results in the coming weeks. This will allow users to see market-based probabilities related to events in real time. Polymarket reached a valuation of $9 billion after receiving a $2 billion investment led by ICE (the parent company of the New York Stock Exchange), while Kalshi rose to a valuation of $5 billion with a $300 million investment round backed by Sequoia Capital and a16z.
