BTC is currently trading around $96,200 and ETH around $3,550. Notable gainers in the last 24 hours are UNI, AAVE, and XLM. The global crypto market cap is $3.48T, up 3.8% over the last day. DeFi Total Value Locked is ~$119b and BTC dominance is around 59%.
Equity markets are mixed, while crypto prices are bouncing after their recent dip. Notably, US headline and core PCE inflation met expectations in October, and are unlikely to materially alter expectations around future Fed action.
Notable news includes: the Trump administration is reportedly exploring plans to expand the regulatory authority of the CFTC over cryptocurrencies; a US appeals court overturned the US Treasury’s sanctions on crypto mixer Tornado Cash; the Russian Ministry of Industry called for a delay in rolling out digital ruble payments to ease retail implementation; a Suriname Presidential candidate promised to adopt Bitcoin as the country’s national currency; the mayor of Vancouver submitted a motion for the Canadian city to adopt Bitcoin as a reserve asset; Chinese blockchain company SOS announced plans to purchase $50m of Bitcoin; Japan’s Remixpoint announced intentions to buy $3.2m of Bitcoin; Bitwise filed for a Bitcoin-Ethereum market cap-weighted ETF; the total stablecoin market cap hit a record $190b; Tether announced it will stop minting its euro-backed EURT stablecoin amidst regulatory challenges; Bitcoin-backed stablecoin USDa grew to a $230m market cap in just two weeks; Ripple and other founding members created the XRP Ledger Foundation; the Dogecoin Foundation introduced the Dogebox initiative to accelerate the adoption of DOGE by small and medium-sized businesses; Art Blocks made it so 90% of its NFTs are viewable on Ethereum without any outside support; Cardano successfully deployed its first zero knowledge smart contract on mainnet; and, Flashbots launched BuilderNet to address centralization in Ethereum block building.
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Author:
Brian Rudick, Head of Research | Twitter, Telegram, LinkedIn
Carlos Guzman, Research Analyst | Twitter, Telegram, LinkedIn
Toe Bautista, Research Analyst | Twitter, Telegram, LinkedIn
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