Bitwise CIO: Market Underestimating Likelihood of Crypto Market Structure Legislation Success

On November 12th, Matrixport released a market view which stated, "When compared to the expansion of market capitalization, the cryptocurrency trading volume is unusually low. Over the past 12 months, the market capitalization has increased from $2.4 trillion to $3.7 trillion. Meanwhile, the average daily trading volume has shrunk from $352 billion to $178 billion (a 50% decrease). This shrinking trading volume reflects a cooling of market participation, weakening of momentum, and constitutes a structural caution signal." "On-chain signals suggest that Bitcoin may have entered a phase of a bear market. Although there have been catalysts, the short-term momentum may not be strong enough to sustain an upward trend. In a low-liquidity and weakly biased environment, trading platforms are under significant pressure, and market activity and trading revenue continue to be suppressed."

On November 12th, as per the report in Techinasia, Coinbase has initiated Coinbase Business in Singapore, signifying its maiden international business expansion beyond the United States. The novel platform furnishes cryptocurrency trading and payment services to local startups and small enterprises, by capitalizing on a partnership with Standard Chartered Bank to facilitate real-time transfers in Singapore dollars. Coinbase claims that the service empowers businesses to settle payments promptly by using stablecoins like USDC and XSGD, with the aim of minimizing international transaction costs and transaction risks. Presently, the company is receiving early access applications from eligible Singaporean businesses. This action comes after Coinbase's recent involvement in the Monetary Authority of Singapore's (MAS) BLOOM initiative, which centers around the digital asset settlement sector in Singapore.

November 12th. As per The Block, the Malaysian tech consulting firm VCI Global intends to acquire OOB tokens worth $100 million. OOB is the utility token of the crypto payment company Oobit, which is backed by Tether. Under the transaction framework, VCI Global has already obtained $50 million worth of OOB tokens by issuing restricted shares to the OOB Foundation. The company announced on Tuesday that it plans to repurchase an additional $50 million worth of tokens through the secondary market following the public issuance of the tokens. VCI Global stated that after the transaction is finalized, Tether will become its largest shareholder.

On November 12th, as monitored by Onchain Lens, the "Whale That Once Shorted 66,000 ETH" has once again transferred 30,549 ETH from Binance. The value of this transfer is $1.0536 billion. Currently, this whale holds a total of 385,713 ETH, with a value of $1.3 billion.

On November 12th, the cryptocurrency analyst @ali_charts shared a message saying, "If this Bitcoin cycle follows the trend from 2015 to 2018 or from 2018 to 2022, then the peak occurred on October 26th, and the macro downtrend may have already kicked off."

On November 12th, according to Bloomberg, JPMorgan has begun to provide its institutional clients with a deposit token named JPM Coin. Naveen Mallela, the Co-Head of Kinexys Global at the bank's blockchain division, stated that JPM Coin represents JPMorgan's US dollar deposits. Users can transfer and receive funds through the Base public chain linked to Coinbase, enabling 24/7 and instantaneous settlement payments, transforming the previous several-day and business hours-only processing limitations. JPMorgan plans to eventually make this token available to non-institutional clients, expand to other currency denominations after approval, and intends to extend to other blockchains. The JPM Coin (JPMD) pilot program was announced in June. JPMorgan has registered the stock code JPME for the Euro deposit token, and JPM Coin will be accepted as collateral on Coinbase.