☀️ Market Morning Brief 11-1
Overnight highlights:
① China’s October PMI readings all fell below 50: manufacturing at 49.3, non-manufacturing at 49.7, and the composite at 49.7. The official explanation was that demand was brought forward ahead of the National Day holiday.
② Tether released its Q3 report, with quarterly operating profit of $1.5 billion, unchanged from the previous quarter. Excess reserves rose from $4.1 billion at the end of Q2 to $7.95 billion.
③ SEC Chair Atkins reiterated in Dallas that most crypto assets are not securities in themselves, consistent with the stance taken since March this year.
④ Kaiko data show that USDC’s share of euro-denominated stablecoin trading has climbed to 56%, up from around 10% in early 2024. The main driver is European exchanges restricting USDT under MiCA rules.
Today’s watchlist:
① Tomorrow afternoon (November 2), about 101.6 million BTW tokens are due to be unlocked. This is a routine monthly release, accounting for about 1% of the total supply.
② Two major events are on the U.S. calendar this week: the midterm elections on November 3 and the release of October’s nonfarm payrolls on November 6.
③ ZEC’s NU7 upgrade is scheduled to go live on mainnet on November 5, marking the final week before the upgrade.
With policy news, data releases, and token unlocks taking turns, there’ll be no shortage of headlines this week.
$BTW
$ZEC
$USDC
Overnight highlights:
① China’s October PMI readings all fell below 50: manufacturing at 49.3, non-manufacturing at 49.7, and the composite at 49.7. The official explanation was that demand was brought forward ahead of the National Day holiday.
② Tether released its Q3 report, with quarterly operating profit of $1.5 billion, unchanged from the previous quarter. Excess reserves rose from $4.1 billion at the end of Q2 to $7.95 billion.
③ SEC Chair Atkins reiterated in Dallas that most crypto assets are not securities in themselves, consistent with the stance taken since March this year.
④ Kaiko data show that USDC’s share of euro-denominated stablecoin trading has climbed to 56%, up from around 10% in early 2024. The main driver is European exchanges restricting USDT under MiCA rules.
Today’s watchlist:
① Tomorrow afternoon (November 2), about 101.6 million BTW tokens are due to be unlocked. This is a routine monthly release, accounting for about 1% of the total supply.
② Two major events are on the U.S. calendar this week: the midterm elections on November 3 and the release of October’s nonfarm payrolls on November 6.
③ ZEC’s NU7 upgrade is scheduled to go live on mainnet on November 5, marking the final week before the upgrade.
With policy news, data releases, and token unlocks taking turns, there’ll be no shortage of headlines this week.
$BTW
$ZEC
$USDC