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24 Crypto Update, 03 Nov: Crypto market goes green as US labor cools

Key Takeaways
  • On November 3, the US labor market released October's job data, indicating a noticeable slowdown
  • Bitcoin is trading at over $34,500, and Ethereum is maintaining a value of $1,800
  • The global cryptocurrency market capitalization has increased by 1.00% to reach $1.34 trillion
04-Nov-2023 By: Lokesh Gupta
24 Crypto Update, 03

US Adds 150K Jobs in October Amid Economic Shift

On November 3, US labor market data for October indicated a cooldown. Wall Street welcomed this, expecting a milder Federal Reserve stance on monetary tightening. The bond yields and labor market changes had little impact on Bitcoin, which traded at $34,726 with a market cap of $677 billion, showing a minimal 0.17% movement in the last 24 hours.

The total crypto market volume over the last 24 hours is $55.80B, which makes a 16.21% decrease. The total volume in DeFi is currently $4.7B, 9.83% of the total crypto market 24-hour volume. The volume of all stable coins is now $42.86B, which is 89.65% of the total crypto market 24-hour volume. Bitcoin’s dominance is currently 52.70%, a decrease of 0.13% over the day.

Major Events To Watch:

Crypto Fear and Greed:

Over the past day, crypto markets saw substantial buying, pushing the "Greed and Fear Index" up by 3 points. Consequently, the index now stands at 68 on its 0 to 100 scale.

Latest Market Update: 

On Saturday morning, Bitcoin surpassed $34,500, while the Fear & Greed Index reached 68. Ethereum, Solana, Uniswap, and Stellar lumen all showed gains. THORChain was the top performer, while Huobi Token saw a slight 1.72% decrease over 24 hours.

Major Worldwide News Update:

  • In October, the US labor market slowed as nonfarm payroll numbers increased by just 150,000, a significant departure from earlier robust growth. Some sectors saw gains, while manufacturing suffered losses. Despite slower job growth, wages showed a slight increase, reflecting a competitive labor market. This shift aligns with a trend toward a more balanced employment landscape.

  • OpenSea is undergoing a substantial workforce reduction, cutting half of its employees, to pave the way for "OpenSea 2.0." This strategic shift aims to improve technology, reliability, and the overall user experience in response to feedback, as OpenSea seeks to regain dominance in the NFT market. The company is providing support for affected employees with severance and additional benefits.

  • Floki DAO has announced a significant reduction in the on-chain taxation for TokenFi transactions, making it more accessible to users. This move aims to boost TokenFi's presence in the growing tokenization niche. Despite challenges with exchange listings, the reduced taxation may attract new buyers and potentially rejuvenate the prices of TOKEN and FLOKI.

  • The U.S. Supreme Court is addressing a legal dispute involving Coinbase and its customers, focusing on the choice of a judge or arbitrator in disputes due to conflicting contracts. This case has broader implications for user agreements and the interplay of contract stipulations in various industries.

  • CFTC's new rule aims to boost FCM and DCO regulations for customer assets but doesn't address LedgerX's unique model. Calls for comprehensive regulation to ensure equal protection for all retail customers, whether trading through intermediaries or directly with DCOs. The public has 75 days to comment, stressing the importance of keeping regulations in sync with the evolving derivatives market to safeguard retail customer interests in the dynamic digital finance landscape.

  • Sam Bankman-Fried, FTX's founder, faces a lengthy prison term after a unanimous guilty verdict on seven counts. Legal experts anticipate a decades-long sentence, and the case's outcome signals heightened regulatory scrutiny in the crypto industry, serving as a moment of reckoning for the digital currency market.

  • Singapore Police warn of a phishing scheme targeting WhatsApp users, urging increased vigilance. Cybercriminals lure victims to scan a QR code, compromising personal data and contact lists. Such scams, prevalent in the messaging sphere, are increasingly affecting cryptocurrency users due to irreversible blockchain transactions.

  • The US Treasury's Office of Foreign Assets Control has sanctioned Ekaterina Zhdanova for her involvement in a money-laundering network assisting Russian elites in evading international sanctions. She handled over $2.3 million in schemes, using virtual currencies to aid oligarchs. This reflects the US government's commitment to combat illicit finance and protect against financial technology misuse, emphasizing their determination to stop ill-gotten gains via virtual currencies.

COIN GABBAR Views: Will Bitcoin's price uncertainty transition into a correction? Is the recent Bitcoin breakout fake? Will BTC revisit $30,000 before striving for a new all-time high? Is November poised to be as bullish as October? To get latest news Stay tuned us at

Disclaimer: Crypto is not regulated and can offer considerable risks. There may be no regulatory remedies available in the event of any losses resulting from price analysis. As a result, before engaging in any transactions involving crypto products, each investor must perform in-depth examination or seek independent advice.

For More News: Crypto Daily Roundup, 03 Nov: Sam Bankman-Fried Guilty of FTX Fraud