Market Performance
| Asset / Index | Value ($) | Daily Change (%) |
|---|---|---|
| Bitcoin (BTC) | 92,312.0 | +0.23% |
| Ethereum (ETH) | 3,175.80 | +1.33% |
| Bitcoin Spot ETF | -194.60M | Net Outflow |
| Ethereum Spot ETF | -41.50M | Net Outflow |
| Nasdaq (NAS100) | 25,682.3 | +0.37% |
| S&P 500 (SPX) | 6,857.13 | +0.11% |
| Russell 2000 (RUT) | 2,533.3 | +0.08% |
| U.S. Dollar Index (DXY) | 98.523 | -0.18% |
| VIX Volatility Index | 15.78 | -1.87% |
| U.S. 10-Year Yield | 4.10417 | +1.05% |
| Brent Crude Oil (BRENT) | 63.762 | -0.14% |
| LBMA Gold (XAU) | 4,225.24 | +0.41% |
| LBMA Silver (XAG) | 58.145 | +1.94% |
“Prepared at UTC 07.50 am”
Today’s Key Events
- US President Trump to Attend FIFA World Cup Draw
- US President Trump to Sign Executive Orders and Receive Intelligence Briefing
- US September Inflation Data to be Released
- US December University of Michigan Consumer Confidence to be Released
U.S. Jobless Claims at Lowest Level in Three Years
Initial jobless claims in the U.S. for the week ending November 29 came in significantly below expectations at 191,000. Continuing claims also fell below the forecast level at 1.939 million, maintaining the strong outlook for the labor market. The data points to continued resilience in the labor market despite expectations of a slowdown.
Kevin Hassett: Fed Should Cut Rates at This Meeting
NEC Director Kevin Hassett stated that the Fed should cut rates by 25 basis points at its meeting next week. Hassett emphasized that recent statements signal easing and that a data-driven approach is critical in decision-making. He also said that aggressive cuts would only be possible after carefully assessing their impact on inflation and employment.
Markets Focus on Fed’s RMP Program
Markets are expecting the Fed to announce its Reserve Management Purchases (RMP) program at the FOMC meeting to support liquidity. Goldman Sachs forecasts monthly purchases of $20 billion, while JPMorgan expects around $8 billion. Unlike QE, RMP is a technical liquidity management tool, and markets are focused on the size and start date to be announced.
US SEC Puts Tokenization Regulations on the Table
The SEC Investor Advisory Committee held a comprehensive review meeting on tokenization with the participation of executives from Citadel, Coinbase, and Galaxy. While Citadel proposed defining non-intermediated transaction protocols, crypto representatives argued that this would not be compatible with the DeFi structure. Coinbase requested that the obligations in the regulations be examined individually, while the SEC Chairman stated that a framework compatible with tokenization innovation is needed.
Italy Launches Comprehensive Review of Crypto Risks
Italy’s Ministry of Economy has launched a wide-ranging analysis to assess the risks of crypto assets for retail investors. The Macroprudential Policy Committee warned that risks are rising due to the increasing integration of crypto assets into the financial system. Regulators noted that the fragmented nature of international rules also complicates risk management.
Bank of Japan Prepares for Interest Rate Hike in December
According to sources, the Bank of Japan will raise interest rates at this month’s meeting unless there is a major shock. This move will bring the policy rate to its highest level since 1995. Markets will closely watch how aggressive the guidance on the pace of subsequent rate hikes will be.
JPMorgan: Bitcoin’s Theoretical Value is $170,000
JPMorgan stated that the most critical risk for BTC in the short term is not miners, but MicroStrategy’s ability to maintain its EV/BTC ratio above 1. The company’s $1.44 billion reserve reduces the risk of forced sales. The bank maintained its medium-term model, announcing that Bitcoin’s theoretical value is $170,000.
U.S. Treasury Debt Exceeds $30 Trillion
Total debt issued by the U.S. Treasury reached $30.2 trillion for the first time, doubling since 2018. This figure constitutes the bulk of the country’s total national debt of $38.4 trillion. The increase has reignited debates about the sustainability of the federal budget.
BlackRock CEO: Bitcoin is a “Panic Asset”
Larry Fink said Bitcoin is a panic asset of choice during times of uncertainty. Noting that the IBIT ETF manages over $80 billion in assets and holds 780,000 BTC, Fink added that sovereign wealth funds are also buying at high levels. However, he emphasized that Bitcoin is not suitable for short-term trading due to its volatility.
Ethereum Trading Ratio Hits Peak After Fusaka Update
According to CryptoQuant data, Binance’s ETH Taker ratio rose to 0.998 after the Fusaka upgrade, reaching its highest level in four months. This increase indicates that buyers are aggressively opening positions in futures trading. While the ratio is rising, the price is still hovering around $3,130, indicating that the indicator is signaling leadership.
Musk Thanks Vance for His Comments on X
US Vice President Vance responded to rumors that the EU could impose a hefty fine on X, stating that freedom of expression must be protected. Elon Musk reposted the statement, thanking Vance. The debate has brought the impact of the EU’s regulations on digital platforms back into focus.
Eric Trump: American Bitcoin Will Surpass GameStop
Eric Trump said American Bitcoin continues to increase its BTC purchases and will soon surpass GameStop’s BTC holdings. GameStop is currently known to hold approximately 4,710 BTC. The statement is seen as one of the signs that institutional-level Bitcoin accumulation is growing in the US.
Pepe’s Official Website Hacked
Pepe’s official website was hit by a front-end attack, and Blockaid detected that Inferno Drainer malicious code had been placed on the site. This software can steal wallet information and cause unauthorized transactions. Users were warned not to access the site and to protect their wallets.
AlphaTON Files $420 Million Registration Application with the SEC
AlphaTON, focused on the TON ecosystem, filed a shelf registration application for $420.69 million to expand its investments in artificial intelligence and high-performance computing. The company plans to provide computing power to Telegram’s Cocoon AI network and make acquisitions within the ecosystem. The funds are expected to accelerate its TON-based growth strategy.
SoFi Technologies Aims to Raise $1.5 Billion
SoFi plans to raise $1.5 billion through a new share offering to expand its product range. Shares will be priced in the $27.50–28.50 range, with Goldman Sachs acting as advisor. The company is also preparing to expand user access to digital asset trading by opening the SoFi Crypto waitlist in November.
21Shares’ 2x SUI ETF, TXXS, has received approval to list on Nasdaq and aims to deliver twice the daily return of SUI. According to Bloomberg analysts, it is quite rare for a crypto ETF to be offered with leverage as its first product. Considering that the SEC previously halted high-leverage ETF plans, the approval is seen as a notable step in the market.
