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Stocks whipsawed near key technical levels as traders await the release of employment data later today for clues on the Federal Reserve’s next step. The remarkably resilient US job market is expected to cool, but turning points in the labor market may be hard to capture. The dollar index slid to its lowest level since June this year, and the 10-year Treasury yield declined by 10 basis points.
In the crypto market, Thursday’s rally was short-lived as traders remained cautious about the industry’s outlook and macroeconomic uncertainty. Major cryptocurrencies struggled to defend the newly reclaimed support levels. As of the time of writing, BTC’s price action remains choppy around the $17k handle, after posting a marginal loss in the last 24 hours. In a similar vein, ETH is changing hands at $1,280, moving slightly lower from a day ago. The abysmal performance of the market in November has spelled an end to the “ultrasound money” narrative, for the time being, as the daily ETH supply once again flips to the inflationary model. Mid-to-large-cap altcoins saw mixed performances, with TWT leading the pack on a 9% increase in the same period.
BTC mining revenues took a 20% plunge in November in the mining sector, plummeting to around $472.64 million. The majority of the revenues come from block reward subsidies, while only 3% are from transaction fees.
NFT marketplace Magic Eden is set to roll out code allowing NFT creators on the platform to enforce creator royalties on new collections. This move came shortly after the Solana-based marketplace announced an imminent shift towards an optional royal model – one that allows buyers and sellers to determine what percentage of the sale will go to the original artist. Magic Eden’s previous decision to not enforce creator royalties has ignited criticism from the community. The latest solution, dubbed the Open Creator Protocol (OCP), is built on top of Solana’s SPL-managed token standard. It will help to enforce royalties on all collections that adopt the protocol, and allow users to ban marketplaces that have not enforced royalties on their collections. Royalties will remain optional for new collections that opt out of OCP.