Author: TechFlow TechFlow
Yesterday's Market Dynamics
The number of Americans filing for initial jobless claims for the week ending November 29 was 191,000, compared to expectations of 220,000 and a revised figure of 218,000 for the previous week (originally reported as 216,000).
According to data from Jinshi Data, the number of initial jobless claims in the United States for the week ending November 29 was 191,000, compared to an expected 220,000 and a revised figure of 218,000 for the previous week (originally 216,000).
A Reuters poll showed that over 80% of economists expect the Federal Reserve to cut interest rates by 25 basis points in December.
According to Jinshi Data, a Reuters survey indicates that the Federal Reserve will cut interest rates by 25 basis points at its December meeting to support the cooling labor market. Of the 108 economists surveyed, 82% (89 in total) hold this view. This strong consensus is largely consistent with the November survey results and matches the nearly 85% probability of a rate cut in the interest rate futures market, but it contrasts sharply with the widening divergence among policymakers—who disagree on whether the global economy needs further easing next year. The survey's forecasts for 2026 reflect this lack of consensus. While the median forecast indicates two more rate cuts, bringing the federal funds rate down to 3.00-3.25% by the end of the year, no clear majority has been formed for any quarterly forecasts.
Ethereum L2 network Base launches Solana cross-chain bridge
According to The Block, Coinbase-incubated Ethereum Layer 2 network Base announced on Thursday the official launch of a cross-chain bridge connecting to Solana, an integration powered by Chainlink's Cross-Chain Interoperability Protocol (CCIP).
This integration will enable developers on Base to natively support Solana's SPL token in their applications, while also allowing users to export Base assets to the Solana network. The Base team stated that this is a significant step towards its goal of becoming the "center of the economy," aiming to allow users to transfer assets across chains at "internet speeds," regardless of which blockchain the assets reside on.
Blockaid: Pepe's official website was attacked, and related links were redirected to malicious links.
According to Cointelegraph, cybersecurity firm Blockaid discovered that the Pepe meme website suffered a front-end attack, with attackers redirecting links to malicious sites.
The Blockaid system detected that the website contained Inferno Drainer code. Inferno Drainer is a suite of scam tools used by threat actors as phishing website templates, wallet drainers, and social engineering tools.
Lighter announces the launch of spot trading functionality
According to decentralized exchange Lighter, spot trading functionality will be launched soon. Users can currently deposit, withdraw, and transfer ETH on the platform.
HSBC: The private blockchain standard currently used for tokenized deposits is compatible with Ethereum and consistent with ERC-20.
According to Caixin, Sun Lei, Global Director of Local and Innovative Payment Products at HSBC Global Payment Solutions, stated in an interview that HSBC has long invested resources in promoting tokenized deposit business. Even if only 5%-10% of commercial bank deposits are tokenized in the future, it will still far exceed the scale of any cryptocurrency currently on the market. HSBC's private blockchain currently meets the same technical standards as Ethereum's EVM compatibility and ERC-20 standards, and it does not rule out the possibility that some user scenarios may require choosing a public blockchain technology route in the future. Regarding whether to launch tokenized loans in the future, HSBC is already discussing related programming applications with its clients.
Twenty One Capital is expected to list on the NYSE on December 9.
According to BUSINESS WIRE, Bitcoin investment firm Twenty One Capital and special purpose acquisition company Cantor Equity Partners (NASDAQ: CEP) announced that CEP shareholders have approved a proposal to merge their businesses at a special shareholders' meeting.
The merger is expected to close on December 8, and the combined company will operate as Twenty One Capital. Its Class A common stock is expected to begin trading on the New York Stock Exchange on December 9 under the ticker symbol "XXI".
TD Cowen lowered its price target for Strategy to $500.
According to Decrypt, investment bank TD Cowen on Wednesday lowered its price target for Strategy, the world's largest holder of Bitcoin, from $535 to $500, citing increased stock price volatility and exacerbated shareholder dilution. Strategy recently announced it has raised $1.44 billion to build a cash reserve, primarily for paying preferred stock dividends, and stated it may sell its Bitcoin holdings if necessary.
Strategy has issued $7.7 billion in preferred stock this year, but its share price has fallen by about 24% in the past month and is currently hovering near a 13-month low, resulting in a greater-than-expected dilution effect. TD Cowen analysts believe that while building up liquidity reserves is a prudent move, the company's high volatility necessitates reducing its earnings multiple from 9 to 5.
Meanwhile, investment bank Benchmark is optimistic about Strategy, raising its 2026 price target to $705, believing that the company's stock remains "one of the most promising asymmetric investment vehicles in the global market" due to its unparalleled financing capabilities and potential gains from rising Bitcoin prices.
BlackRock CEO: Multiple sovereign wealth funds are increasing their holdings during the BTC price decline.
According to Forbes, BlackRock CEO Larry Fink revealed that several sovereign wealth funds are increasing their holdings during the Bitcoin price decline. Fink stated that "many sovereign wealth funds are on the sidelines" and "gradually buying in" as Bitcoin's price fell from its peak of $126,000. He confirmed that these funds "bought more" in the $80,000 range, establishing long-term positions.
Recently, sovereign wealth funds from Abu Dhabi and Luxembourg disclosed their purchases of shares in BlackRock's IBIT Bitcoin fund. Fink, in an event with Coinbase CEO Brian Armstrong, warned that other countries will surpass the US if it doesn't accelerate its digitalization and tokenization efforts.
Digital Asset announced the completion of a $50 million funding round, with participation from BNY Mellon, Nasdaq, and others.
According to PRNewswire, blockchain technology company Digital Asset announced it has secured strategic investments of $50 million from BNY Mellon, iCapital, Nasdaq, and S&P Global. These investments reflect the accelerating convergence of traditional finance (TradFi) and decentralized finance (DeFi).
Digital Asset, the creator of Canton Network, currently supports over $6 trillion in on-chain assets, covering multiple asset classes including bonds, stocks, money market funds, alternative investment funds, and commodities, with over 600 institutions participating in its ecosystem. CEO Yuval Rooz stated that the participation of these institutions reinforces the necessity of building blockchain infrastructure for regulated markets. All investors have expressed their intention to deepen their cooperation with Digital Asset to advance the construction of next-generation financial market infrastructure.
Portal to Bitcoin, a native Bitcoin interoperability protocol, has raised $25 million in funding, led by JTSA Global.
According to Cointelegraph, Portal to Bitcoin, a Bitcoin native interoperability protocol, has raised $25 million in funding and launched an atomic OTC platform based on Hash Time Locked Contracts (HTLCs).
This funding round was led by digital asset lending firm JTSA Global, which had previously received investment from institutions such as Coinbase Ventures, OKX Ventures, and Arrington Capital.
Chandra Duggirala, founder and CEO of Portal to Bitcoin, stated that the protocol aims to "make Bitcoin a settlement layer for global asset markets without the need for bridging, custody, or packaging assets." The platform is built on the BitScaler Layer 3 network and employs a Lightning Network-like architecture, operating through a validator consortium as the central node and liquidity providers as radiating nodes.
Market Dynamics
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