Encryption Morning Report: Non-farm payrolls surge, Bitcoin and US stocks both plummet

Author: Shen Chao TechFlow

Market Dynamics Yesterday

The United States released important macroeconomic data.

According to Jinshi Data, the number of initial jobless claims in the U.S. for the week ending November 15 was 220,000, expected to be 230,000. The U.S. unemployment rate in September was 4.4%, expected to be 4.30%, with the previous value at 4.30%. The seasonally adjusted non-farm payrolls in the U.S. for September was 119,000, expected to be 50,000, with the previous value revised from 22,000 to -4,000.

Trump's nominee for CFTC chairman, Selig, has been approved by the Senate committee.

According to The Block, the U.S. Senate Agriculture Committee approved the nomination of Michael Selig as chairman of the Commodity Futures Trading Commission (CFTC) with a partisan vote of 12 to 11 on Thursday. The nomination will be sent to the full Senate for a final vote. This appointment is of great interest as Congress is considering granting the CFTC broader regulatory authority over cryptocurrencies.

During the nomination hearing on Wednesday, Selig was questioned by lawmakers about whether the CFTC needs to increase funding to meet its regulatory responsibilities for digital assets. In comparison to the SEC, which has 4,200 full-time employees, the CFTC currently has only 543 full-time employees. Selig stated that once he assumes the role of chairman, he will assess whether the agency needs additional funding.

Selig emphasized the need for clear rules for the crypto industry that protect investors while allowing software developers and new exchanges to thrive. He stated: “This is a real opportunity to establish a framework that allows software developers to flourish, enables new exchanges to be set up, protects investors, and incorporates the necessary controls that exchanges should have.”

U.S. Congressman proposes “Bitcoin for America” bill, aiming to enshrine strategic Bitcoin reserves into law.

According to Bitcoin Magazine, U.S. Congressman Warren Davidson has proposed the “Bitcoin for America” bill. The bill mainly includes two core components: codifying the strategic Bitcoin reserve executive order into law, and eliminating capital gains tax when using BTC to pay taxes.

Solana posted, “Something big is about to happen.”

Solana announced on social media that something big is going to happen.

GMGN announces support for token trading functionality in the Monad ecosystem.

GMGN released a video on social media announcing that it will support token trading features in the Monad ecosystem.

Nillion: An unauthorized market maker has privately sold NIL tokens, and a buyback has been initiated while pursuing legal responsibility.

According to Nillion's official disclosure, the project encountered an unauthorized sale of NIL tokens by a market maker without legal authorization from the Nillion Association yesterday. The market maker refused to respond to any communication from the team during and for several hours after the flash crash sale.

The Nillion Association has begun using treasury funds to repurchase the sold tokens and has pledged to use all unauthorized sale funds recovered from the market maker to purchase more NIL tokens. The association stated that it is making every effort to pursue this matter legally and is working overnight with exchange partners to ensure that all accounts and wallets related to this incident have now been frozen.

BOB has announced that the airdrop claim is now open.

According to the official announcement, BOB (Build on Bitcoin) has announced that the airdrop claim is now open, and eligible users can proceed with the claim operation.

According to previous news, Binance alpha has announced the launch of BOB, with an airdrop claim threshold of 240 alpha points.

Vitalik Buterin warns that institutions like BlackRock pose two major threats to Ethereum.

According to Dlnews, Ethereum founder Vitalik Buterin issued a warning at the Devconnect conference in Buenos Aires that the continued accumulation of Ether by large asset management institutions like BlackRock poses two existential threats to the network. First, the influence of these institutions could drive away core communities and developers who care about decentralization; second, institutional pressure could lead to poor technical choices, such as a 150-millisecond block time, which would make it difficult for average users to run nodes. Currently, nine companies on Wall Street offering Ethereum ETFs have accumulated over $18 billion in Ether, with corporate treasuries holding an additional $18 billion. Buterin emphasized that Ethereum should focus on “global, permissionless, and censorship-resistant protocols” to maintain its unique value.

Bitmine has increased its holdings by 17,242 ETH, worth approximately $49.07 million.

According to on-chain analyst Onchain Lens (@OnchainLens), Bitmine has further purchased 17,242 ETH from FalconX and BitGo, equivalent to approximately $49.07 million at current prices.

Metaplanet: Will issue $150 million Class B perpetual preferred stock to continue increasing its Bitcoin holdings.

According to an official announcement, the Japanese Bitcoin cryptocurrency company Metaplanet has announced the issuance of Class B perpetual preferred shares worth $150 million, with a fixed dividend rate of 4.9% and a conversion price of 1,000 yen, which will be used to continue increasing its Bitcoin holdings.

Bloomberg: Polymarket is seeking to raise a new round of financing at a valuation of $12 billion.

According to Bloomberg, the cryptocurrency prediction market Polymarket is seeking a new round of financing at a valuation of $12 billion, up from the previous $10 billion valuation.

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