Bitcoin plunged by 18% in November, its biggest monthly loss in five months. Meanwhile, ether lost 21% during the month. The hardest-hit digital assets were a group of tokens commonly associated with Sam Bankman-Fried, the disgraced ex-CEO of fallen crypto exchange FTX. , the utility token of FTX, tumbled 90% to $1 from $26. Serum (SRM), the native token of a decentralized exchange on the Bankman-Fried-championed Solana blockchain, sank 70%.
Traditional-finance giant TP ICAP has registered as a digital-asset provider with the U.K.’s Financial Conduct Authority. The world’s largest interdealer-broker is attempting to break into the crypto world via its Fusion Digital Assets marketplace. TP ICAP is working with Fidelity Digital Assets to offer the platform, which will match orders and execute spot crypto trades.
Telegram is pushing forward with a buildout of crypto infrastructure. The messaging app, which is already a go-to for many crypto traders, is planning to build crypto wallets. The app has sold $50 million in usernames in less than a month through its blockchain-based auction platform, Fragment, CEO Pavel Durov said Wednesday.
Chart of the Day
- The chart shows U.S. financial conditions have eased notably since the release of the October inflation report on Nov. 10.
- The more the Federal Reserve pivots away from aggressive liquidity tightening, the greater the loosening of financial conditions and the bigger the risk of the central bank missing its inflation target.
- Therefore, the Fed may push back against easing financial conditions, more so as investors on Wednesday focused on Chairman Jerome Powell acknowledging the slowing in the rate hikes while ignoring his core message of stubbornly higher core inflation.
