U.S. Data Steady as Crypto Regulation Speeds Up

Market Performance

“Prepared at UTC 07.55 am”

Today’s Key Events

• President Trump Meets with Service Members
• US Markets Closed – Thanksgiving Holiday
• Deadline for Ukraine to Accept US “28-Point Plan”

Fed’s November Beige Book

The Fed’s November Beige Book showed very little change in economic activity overall and increased labor market risks. About half of the regions reported a decline in labor demand; tariff-related inflation pressures were described as “moderate.” The overall picture provides a basis for a 25-basis-point rate cut at the December meeting.

• Economic activity: Similar to the September report, there was very little change in activity. Two regions saw slight declines, while one region saw a slight increase. Overall consumer spending continued to weaken, while luxury retail spending remained resilient.
• Labor market: Pressures on the employment side increased, with about half of the regions reporting a decline in labor demand. Although there was an increase in layoff announcements, companies are preferring to freeze hiring, only replace those who leave, and downsize through natural attrition. Some companies noted that artificial intelligence is replacing entry-level positions or reducing the need for new hires by increasing the productivity of existing employees.
• Inflation: Prices are rising at a moderate pace; the tempo is slower compared to the more pronounced increases in September. Manufacturers and retailers are reporting input cost pressures, mostly from tariffs. While the ability to pass these costs on to consumers varies by region, margin compression and financial stress are being observed in many places.

US Macro Data: Jobless Claims and Orders

• Initial jobless claims for the week ending November 23 were 216,000 (expectation 226,000). The previous data was revised to 222,000, having been previously reported as 220,000.
• Continuing claims for the week ending November 15 came in at 1.960 million (expectation was 1.965 million). The previous figure was revised to 1.953 million; it had previously been 1.974 million.
• Durable goods orders rose 0.5% month-on-month in September, in line with expectations. The August figure was revised upward from 2.9% to 3.0%.
• September core capital goods orders (excluding defense and aircraft) rose 0.9% month-on-month, significantly exceeding the expectation of 0.3%. The previous figure was also revised from 0.4% to 0.9%.

Trump Extends Deadline for Russia-Ukraine Peace

Trump backed down from his previous pressure to sign a final agreement by Thanksgiving, allowing room for negotiations to continue. This time, he outlined a more flexible framework, stating that the “deadline” was the date when the issues would actually be resolved. Kremlin spokesman Peskov emphasized that it was too early to conclude that the conflict was coming to an end. It was also reported that the US and Russia are close to a preliminary agreement and that Trump’s representative will visit Moscow next week.

Trump Administration Seeks Semiconductor-Focused Trade Agreement with Taiwan

It is reported that the Trump administration is negotiating a trade agreement aimed at expanding Taiwan’s semiconductor production in the US. The draft agreement includes billions of dollars in investment, as well as the arrival of Taiwanese technical teams to set up facilities in the US, operate production lines, and train American personnel. The goal is to increase US semiconductor supply security and bring strategic production to US soil. If the agreement is finalized, it will be seen as a long-term industrial policy step that reduces supply chain dependency.

Nasdaq Applies to SEC to Raise IBIT Option Position Limit to 1 Million

Nasdaq has applied to the SEC to raise the option position limit for BlackRock’s spot Bitcoin ETF, IBIT, to 1 million contracts. This level is known to be the highest limit allowed by the regulator. The aim is to increase liquidity in IBIT options and facilitate institutional investor participation. If approved, the IBIT derivatives market could further boost traditional financial interest in Bitcoin.

SEC’s New Guidance Could Speed Up Crypto ETF Approvals

The SEC has published technical guidance that could speed up the crypto ETF approval process due to the backlog of applications following the government shutdown. The new listing standards eliminate the requirement for separate 19(b) approval for each eligible crypto ETP. It was also clarified that applications submitted during the shutdown period could automatically take effect 20 days later. Offering issuers the option of both automatic entry into force and an acceleration request via Rule 461 could significantly shorten their market entry timelines.

Part of the Funds Stolen from Upbit Transferred to Binance Addresses

According to Beosin Trace analysis, a suspicious outflow of approximately $36 million was detected on the Solana network from Upbit, and the funds began to be transferred between addresses on the chain. Within these transfers, it was reported that approximately $315,000 worth of 2,202.72 SOL reached a wallet labeled as a Binance user address. The movement is being closely monitored as it could be an attempt to obscure the trail of the funds or convert them into liquidity. Risk perception may remain high until the scope of the incident and the final destination addresses are clarified.

STRK Staking Reaches 1 Billion on Starknet, User Count Hits 1 Million

Starknet announced that its ecosystem has grown significantly through 2025, with STRK staking increasing from zero to 1 billion tokens. The user count rising from 8 to 1 million during the same period indicates a breakthrough in network adoption. The increase in staking both strengthens network security and demonstrates the long-term commitment of token holders. Such metrics suggest that Starknet is becoming a more permanent player in the Ethereum L2 competition.

ALT5 Sigma Top Management Removed

ALT5 Sigma, a crypto company reportedly with close ties to Trump, announced it parted ways with its acting CEO Jonathan Hugh and COO Ron Pitters. While the company stated the decision was not based on any specific misconduct, it implied that long-standing legal issues were a factor. Successors have been appointed for both positions, but the detailed reasons for the dismissals have not been shared. This development suggests that the company may be undergoing a restructuring in terms of corporate risk management and regulatory compliance.

Ripple Stablecoin RLUSD Recognized in Abu Dhabi ADGM

Ripple announced that RLUSD has been accepted by the Abu Dhabi FSRA as an “approved fiat-backed token.” With this approval, RLUSD becomes legally usable within ADGM. The decision is a critical milestone in Ripple’s strategy to bring its stablecoin to institutional and regulated markets in the Middle East. It also signals that stablecoin competition in the region is moving to a more formal ground.