Crypto Daily Roundup, 17 Nov: Crypto drops on unexpected jobless surge

The top 5 cryptocurrencies that experienced losses in the past 24 hour

TOP 5 Losers Coins

Crypto News Key Highlights:

US jobless claims rose by 13,000 to 231,000, exceeding expectations. The labor market, influenced by higher interest rates, experienced slower job growth in October, contributing to a 3.9% unemployment rate. Easing labor conditions and subsiding inflation suggest the completion of the Fed's tightening cycle. Some attribute the rise in continuing claims to seasonal adjustments, expecting clarity upon government data revisions next spring.

The Bank of International Settlements (BIS) expressed serious concerns about stablecoins' stability, questioning their reliability as a store of value and means of payment. The report highlighted a lack of assurance in redeeming stablecoins fully and on demand, emphasizing the need for regulatory attention and promoting central bank digital currencies (CBDCs) for regulatory clarity.

Coinbase has unveiled an open-source Onchain Payment Protocol to enhance its Commerce platform, aiming to make crypto payments faster, more cost-effective, and globally accessible. Leveraging the protocol, it offers instant settlement, lower fees, and improved asset support, addressing challenges of crypto volatility for merchants. The Onchain Payment Protocol, an open-source universal standard, ensures clarity and consistency across platforms and wallets, encouraging broader adoption in the crypto payments landscape.s

BlackRock , the world's largest asset manager, has submitted an Ethereum exchange-traded fund (ETF) application, signaling its deeper involvement in the digital asset market. The proposed 'iShares Ethereum Trust' aims to track Ethereum's price performance closely, excluding operational expenses. The move underscores growing institutional interest and expands BlackRock's digital asset portfolio.

Singapore's MAS is initiating a live pilot program for a wholesale CBDC in Singapore dollars. Designed for local banks, the CBDC aims to streamline instant settlements, enhancing efficiency in clearing processes. Announced by MAS Managing Director Ravi Menon at the Singapore Fintech Festival, this move builds on previous CBDC simulations, marking a substantial step in practical CBDC application.

JPMorgan's Umar Farooq anticipates a five to tenfold growth in transactions involving JPM coin, the bank's digital currency. He envisions daily transactions reaching $10 billion within the next year or two, emphasizing the coin's potential. In October, JPMorgan reported JPM coin settling $1 billion daily and aims for broader adoption.

Bitcoin's long-term holders (LTHs) reached an all-time high, with 69% of the supply inactive for over a year. LTHs, known for commitment, resist selling during market fluctuations. The surge indicates strong HODLing sentiment, even after Bitcoin's value doubled since the lows following the FTX exchange collapse.

Former Ethereum advisor Steven Nerayoff accused Ethereum founder Vitalik Buterin of copying his inventions, questioning Buterin's intelligence and contributions to Ethereum's scalability. Nerayoff claimed Buterin never invented anything substantial and accused him and co-founder Joseph Lubin of deliberately damaging the cryptocurrency through fraudulent ICOs. The allegations have sparked debates in the crypto community.

CoinShares secures exclusive option to acquire Valkyrie Funds, the ETF unit of U.S. competitor Valkyrie Investments. The move aims to expand CoinShares in the U.S., with CEO Jean-Marie Mognetti eyeing opportunities in the evolving global ETF market. The option is active until March 31, 2024, pending SEC approval for the Valkyrie Bitcoin Fund.

Also read - 24 Crypto Update, 16 Nov: Crypto Market Erases Previous Day's Upsurge