Market Performance
| Asset / Index | Value ($) | Daily Change (%) |
|---|---|---|
| Bitcoin (BTC) | 103,660.0 | −0.27% |
| Ethereum (ETH) | 3,380.89 | −1.26% |
| Bitcoin Spot ETF | −137.0M | Net Outflow |
| Ethereum Spot ETF | −119.0M | Net Outflow |
| Nasdaq (NAS100) | 25,544.9 | −0.21% |
| S&P 500 (SPX) | 6,796.30 | +0.37% |
| Russell 2000 (RUT) | 2,457.2 | −0.44% |
| U.S. Dollar Index (DXY) | 100.013 | −0.15% |
| VIX Volatility Index (VIX) | 18.00 | −5.21% |
| U.S. 10-Year Treasury Yield (US10Y) | 4.143 | −0.43% |
| Brent Crude Oil (BRENT) | 63.675 | +0.54% |
| LBMA Gold (XAU) | 4,007.790 | +0.70% |
| LBMA Silver (XAG) | 48.5220 | +1.04% |
Today’s Key Events
- FOMC Member Harker to Speak
- FOMC Member Musalem to Speak
- FOMC Member Hammack to Speak
- FOMC Member Barr to Speak
- FOMC Member Paulson to Speak
- Tesla Shareholder Meeting (Vote on Musk’s compensation and stock incentive plan)
Trump’s Tariff Authority Challenged in Supreme Court
The Supreme Court debated Trump’s right to impose tariffs under his international emergency powers. While most judges expressed skepticism about the scope of this authority, Chief Justice Roberts stated that the power to levy taxes clearly belongs to Congress. The court is expected to rule by the end of the year; if the tariffs are overturned, the current tariffs are likely to be suspended without refunds.
China and EU Ease Trade Tensions
China suspended its 24% additional tariffs on the US for one year and lifted some export restrictions on US companies. China also cooperated with the European Union on rare earth exports, speeding up export license approvals. These steps signal that stability in the global supply chain may be restored.
Democrat Victory Brings End to Government Shutdown
Democratic candidate Zohran Mamdani made history as New York’s first Muslim and South Asian mayor. Mamdani won the election with a comprehensive economic plan that included tax increases, childcare subsidies, and rent control. Meanwhile, Democratic victories in Virginia and New Jersey increased pressure on the Trump administration to end the shutdown. The election results showed that Democrats have regained strength in the public eye on issues of economic stability and social justice.
Increasing Pressure to Resolve the U.S. Government Shutdown
Despite increased political pressure after the election, reopening the government is still stalled by the filibuster in the Senate. While Trump called on Republicans to remove this rule, Senate Majority Leader John Thune firmly rejected the proposal. The prolonged shutdown has caused disruptions in essential services such as air traffic and food aid; the FAA reduced flight capacity by 10% at 40 airports.
Strong US Economic Data Weakens Expectations for Interest Rate Cuts
October ADP employment and ISM services data came in stronger than expected. This data reduced the likelihood of a Fed interest rate cut in December. Rising long-term interest rates in the bond market indicate that investors are pricing in higher borrowing costs.
Treasury’s Refinancing Plan Impacted Markets
The U.S. Treasury Department maintained its $125 billion refinancing plan for the November-January period but announced it could increase bond issuance in the future. This announcement strengthened expectations of increased long-term bond supply in the market, causing yields to rise.
Progress in US Crypto Legislation: Bipartisan Bill on the Way
White House Director of Crypto and Artificial Intelligence David Sacks announced that he had constructive discussions with Senate Agriculture Committee Chairman John Buzman and member Cory Booker on crypto market structure legislation. Sacks stated that “significant progress has been made” and that a bipartisan bill could be introduced soon. This development has strengthened expectations for progress in crypto regulations, which have been uncertain for a long time.
Circle Allows Gun Purchases with USDC: Neutrality Debate Begins
Stablecoin issuer Circle announced that it has changed its terms of service to allow legal firearm purchases with USDC. This decision was made following pressure from the National Shooting Sports Foundation (NSSF) and Republican circles. Senator Bill Hagerty described the decision as “a victory against the militarization of the financial system,” while some industry representatives warned that this change could increase the susceptibility of stablecoins to political pressure.
Wormhole Purchases 1 Million W Tokens
Bridge protocol Wormhole announced it has purchased 1 million $W tokens to strengthen its strategic reserves. This move is seen as part of the project’s strategy to expand its ecosystem reserves.
Japan Legalizes State-Supported Bitcoin Mining
According to data from research firm VanEck, Japan has become the 11th country to support Bitcoin mining using state resources. Following countries such as Iran, El Salvador, the UAE, and France, Japan’s move is seen as part of a strategy to utilize its energy surplus in crypto mining.
Bank of England: Stablecoin Regulations to Align with the US
Bank of England Deputy Governor Sarah Breeden announced that stablecoin regulations will be synchronized with the US and that a comprehensive consultation report will be published on November 10. Breeden stated that “moving quickly in this area is critical for the country’s economy.” Similarly, Canada announced a regulatory plan that increases reserve requirements for fiat-backed stablecoin issuers.
Ripple: We Have No IPO Plans
Ripple President Monica Long stated that, despite expectations for the company, “there are no plans or timelines for an IPO.” Ripple prefers to maintain its status as a private company amid ongoing regulatory uncertainty.
Chainlink and Dinari to Bring S&P Crypto Stock Index to the Blockchain
Chainlink and Dinari announced a collaboration to bring the S&P Digital Markets 50 Index to the blockchain. The index will track the performance of 35 U.S. companies traded on exchanges and 15 major digital assets. Chainlink’s oracle network will provide verified real-time data feeds to the index. The launch is expected in the fourth quarter of the year.
