Rewards Hub I. Crypto Market Overview
Key Takeaways
1.
Macro Environment
The probability of a US Fed rate cut in December has dropped to 33% amid delayed jobs data, sustaining USD strength and pressuring crypto liquidity. UK and euro area inflation rates have declined, increasing expectations for policy easing and supporting regional stablecoin flows. The US OCC now allows banks to hold crypto for network fees, signaling greater institutional integration of digital assets.
2.
Crypto Market
The crypto market saw broad declines over the past 12 hours, with Bitcoin down 4.43% to $97,474 and Ethereum falling 9.27% to $3,144.86, driven by heavy ETF outflows and risk-off sentiment. Altcoins also dropped, with MYX Finance plunging 13.58%, Zcash down 3.97%, and Starknet losing 3.32%. No sector outperformed, as institutional rebalancing and macro uncertainty weighed on all major tokens.
3.
Today's Outlook
Today, the delayed US September Employment Report will be released, providing key nonfarm payroll data. This event is expected to drive significant volatility across both traditional and crypto markets, as investors reassess Fed policy expectations and risk appetite.
Fear and Greed Index
74.00% Annual Percentile
16 Fear
Total Crypto Market Cap
$3.12T
Total Market Trading Volume
$179.64B
Altcoin Season Index
9.09%
Quarterly Percentile
27 / 100
Total Futures Market Open Interest
4.33B
Futures
867.80B
Perpetuals
II. Industry Updates
Macro-economic Policies
1.
The probability of a Federal Reserve rate cut in December 2025 has dropped to 33% due to delays in key US jobs data, increasing uncertainty for crypto markets and sustaining USD strength, which pressures BTC and altcoin liquidity.
2.
UK CPI inflation fell to 3.6% in October, boosting market expectations for a Bank of England rate cut in December; this dovish shift could enhance GBP-denominated crypto flows and support DeFi activity in the region.
3.
The euro area annual inflation rate declined to 2.1% in October, signaling easing price pressures; this trend may encourage ECB policy easing, potentially increasing euro liquidity and supporting EUR-based stablecoin adoption.
4.
Asian currencies have weakened sharply against the US dollar as traders brace for critical US jobs data and potential Fed policy shifts, increasing volatility and risk-off sentiment in crypto markets, especially for BTC and DeFi assets exposed to EM flows.
5.
The US Office of the Comptroller of the Currency clarified that national banks can hold cryptocurrencies to pay network fees for digital asset operations, providing operational clarity that may facilitate institutional crypto adoption and on-chain settlement efficiency.
Cryptocurrency Regulatory Trends
1.
The U.S. is reviewing a proposal to join the OECD's Crypto-Asset Reporting Framework (CARF), which would require automatic sharing of Americans' foreign crypto account data with the IRS. This move aims to close tax evasion loopholes and could boost compliance, impacting offshore crypto platforms and increasing transparency for U.S. investors.
2.
Brazil is considering a tax on cryptocurrency used for international payments as it aligns with CARF global standards. The proposal would extend the IOF tax to certain cross-border digital asset transactions, signaling tighter oversight and a push for global crypto tax transparency.
3.
Canada's 2025 federal budget includes new stablecoin regulations, mandating one-to-one reserves and immediate redemption, with oversight by the Bank of Canada. Non-bank issuers are barred from offering yields, aiming to ensure financial stability and consumer protection in the digital currency sector.
4.
The U.S. Office of the Comptroller of the Currency has authorized national banks to hold cryptocurrencies for paying blockchain network gas fees. This regulatory shift allows banks to directly manage digital assets for operational needs, potentially increasing institutional adoption and integration of crypto in traditional finance.
5.
The U.S. Senate is advancing the CLARITY Act, a comprehensive crypto market structure bill that would clarify regulatory boundaries between the SEC and CFTC. The bill aims to provide exemptions for certain decentralized assets, offering greater legal certainty and potentially encouraging institutional investment.
Trending Tokens
2.
Zcash (ZEC): ZEC jumped 10% in 24h to $671, market cap over $11B, fueled by privacy coin rally, Binance support, and flipping Bitcoin Cash in capitalization.
3.
MYX Finance (MYX): MYX rose 7% in 24h with $64M volume, outperforming DeFi peers as trading activity spiked after a recent 40% surge and liquidity cluster focus.
Smart Money Movements
4.
Cypherpunk Holdings increased its Zcash position by $18 million, bringing total ZEC holdings to $150 million, signaling continued institutional confidence in privacy coins.
5.
A whale transferred 5,673 BTC worth $515 million from Coinbase Institutional to an unknown wallet, highlighting ongoing large-scale Bitcoin movements by major holders.
Events to Watch
Nov 20 (Thu)
The delayed U.S. September Employment Report will be released, providing key nonfarm payroll data; market impact expected.
Nov 21 (Fri)
EIP Summit at Devconnect Argentina takes place in Buenos Aires, gathering Ethereum core developers and industry leaders.
Nov 21 (Fri)
Datagram Network will unlock 14.33 million DGRAM tokens, worth about $130,330, representing 0.14% of total supply.
Nov 24 (Mon)
Executive Forum in Gold Reserves Management convenes in Basel, Switzerland, with global financial leaders attending.
Nov 25 (Tue)
Preliminary U.S. Q3 2025 GDP data will be released, offering insights into economic growth and influencing global markets.
III. Phemex Market Focus
New Listings
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