Alibaba's Cross-border Business Plans to Cooperate with JPMorgan Chase to Test a CBDC Payment Solution

On November 14th, as per the monitoring of lookonchain, Strategy transferred 58,915 BTC (amounting to 5.77 billion USD) to a new wallet address today. This transfer might be for custody purposes.

On November 14th, based on HTX market data, Bitcoin dropped below $96,000, experiencing a 24-hour decline of 6.81%.

On November 14th, as per the monitoring of OnchainLens, a BlackRock IBIT address transferred 43,240 ETH to a Coinbase address, with a value of $136.7 million.

On November 14th, the US dollar witnessed an increase following the remarks made by Federal Reserve officials, which heightened doubts regarding another rate cut in December. Fed officials Kashkari, Harker, and Mester all offered cautious remarks on the rate cut. Previously, Federal Reserve Chairman Powell stated at the October meeting that another rate cut in December was not a certainty. LSEG data indicates that the market is currently pricing in a 44% possibility of another rate cut in December, which is higher than the 30% a week ago, as policymakers express caution regarding inflation. The conclusion of the record-breaking government shutdown will result in a large backlog of official data pouring in, which may change rate expectations. Nevertheless, the timing and reliability of the data release remain uncertain. (Forex Live)

On November 14th, Nasdaq futures continued to lose, extending the decline to 1%. Dow Jones futures fell by 0.44%, and S&P 500 Index futures dropped by 0.63%. During the session, European stocks further extended their losses: the decline of the STOXX Europe 600 Index widened to 1.5%, hitting an intraday low. The DAX Index in Germany fell by 1.4%, the CAC 40 Index in France dropped by 1.32%, and the FTSE 100 Index in the UK declined by 1.1%. (FX168)

On November 14th, Alibaba's cross-border e-commerce platform, Alibaba.com, announced a partnership with JPMorgan Chase to introduce a tokenized payment system, aiming to provide a faster cross-border settlement solution for its global B2B business. This partnership is regarded as one of the first large-scale applications of bank-endorsed blockchain technology in the international trade field. The collaboration was announced at the CoCreate Europe event held in London. Alibaba stated that it will make use of JPMorgan Chase's tokenization infrastructure to address the long-standing problems in cross-border B2B payments, such as the presence of multiple intermediaries, high exchange costs, and long settlement cycles. Traditional cross-border payments usually require multiple bank transfers. In contrast, tokenized payments can achieve synchronous cross-jurisdictional fund flows, which can significantly reduce delays and costs. (Jinse)