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Crypto Daily Roundup, 15 Nov: Crypto market Slides Amid Uncertainty

15-Nov-2023 By: Lokesh Gupta
Crypto Daily Roundup

The top 5 cryptocurrency that recorded losses within the last 24 hours

TOP 5 Losers Coins

Indices LTP Change (%)
Sui $0.567 8.82%
Immutable $1.10 8.04%
ApeCoin $1.40 5.77%
Chiliz $0.07619 5.42%
Ethereum Classic $18.97 5.25%

Crypto News Key Highlights:

October's inflation report suggests a successful Fed battle against rapid inflation, with the Consumer Price Index slowing to 3.2% YoY. Core prices rose 4%, less than expected, indicating positive economic cooling. Stock markets surged as hopes grew for a pause in rate hikes. The report boosts confidence in the Fed's strategy.

FTT, FTX ecosystem's native token, surged 180% last week on hopes of FTX 2.0 relaunch, triggered by SEC Chair Gary Gensler's comments. FTT's trading volume and price rose, signaling optimism. Despite FTX's past challenges, FTT is up 232% from October lows, trading at $3.22. Speculations surround Tom Farley as a potential FTX buyer.

The alleged BlackRock XRP ETF filing in Delaware has sparked controversy, with claims that anyone can create an ETF Trust, potentially leading to fraudulent filings. Pro-XRP attorney Jeremy Hogan highlights the ease of creating such trusts, emphasizing the filing's questionable nature. Despite initial denials, uncertainty persists, with the filing remaining on the Delaware Corp. Commission website. A BlackRock spokesperson has reportedly confirmed the filing is fake, but skepticism lingers.

IOG's subsidiary, Midnight, launches the devnet for the privacy-focused Midnight Network on Cardano, aiming to enhance data protection in blockchain. 100 'Midnight Pioneers' will develop data protection apps on the private network, influencing its refinement. The introduction of the DUST token raises speculation about a potential Cardano (ADA) price impact, akin to historical surges following airdrop announcements.

XRP enthusiast Krippenreiter announces the launch of the latest XRP Ledger version, highlighting APIV2 with enhanced functionalities, Transaction Per Second (TPS) upgrades, RPC method introduction, bug fixes, and code refactoring. Proposed amendments include federated side chains, sovereign identity solutions (DID), XRPL payment engine fixes, and clarification of authorized trust lines. Voting opens for community approval.

Solana (SOL) has surged over 520% in the past year, reaching new 2023 highs above $50. However, Kaiko, a crypto analytics platform, expresses concern over the disparity in liquidity when measured in native units (SOL) versus USD. Despite the blistering rally, SOL's liquidity in native units remains at its lowest since the collapse of FTX. The impact of FTX's collapse still lingers, affecting SOL's recovery.

JPMorgan's digital token, JPM Coin, is expected to handle up to $10 billion in daily transactions within the next one to two years, according to Umar Farooq, the bank's Global Head of Financial Institution Payments. Currently processing around $1 billion daily, Farooq anticipates five to ten times growth, emphasizing the coin's potential for increased adoption.

The debate between Digital Gold and Bitcoin as investment options continues. While Digital Gold offers a traditional investment avenue with perceived stability, Bitcoin is seen as the "gold of the crypto market," gaining traction for its performance and potential as a store of value despite market volatility and regulatory uncertainties.

Circle has launched the Circle Mint facility in Singapore, allowing for zero-fee minting and redemption of the USDC stablecoin. This move comes after securing a Major Payments Institution license from the Monetary Authority of Singapore (MAS). The facility aims to comply with MAS regulations, providing Singapore-registered entities with benefits such as instant availability and seamless compliance. Circle is preparing for an IPO in 2024, but challenges arise as USDC's market share drops below 19%, with trust issues following an incident involving Silicon Valley Bank in March.

Also read - 24 Crypto Update, 14 Nov: Cryptocurrency Market Loses its Spark!